MCON Rasayan India Ltd.

•

₹ 48.50%

2026-08-21

mconrasayan.comBSE: -NSE: MCON

Market Cap₹ 36 Cr.

Current Price₹ 48

High / Low₹ 94 / 37

Stock P/E0.0

Book Value₹ 45

Price to Book2.74

Dividend Yield0.00 %

ROCE11.1 %

ROE9.3 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Company has delivered good sales growth of 41.4% CAGR over last 5 years
Operating margins have improved to 11.5% from 7.5%
Institutional investors have been accumulating - FII+DII up 3.5pp

CONS

Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.73x)
A large part of profit comes from other income (25.5% of PBT)
Equity base is being diluted - shares outstanding up 388.6%
Working capital days have increased from 47 to 167 days
Free cash flow has been persistently negative

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

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ChemicalsChemicalsChemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	SOLARINDS	19800.00	89.97	179170.31	0.06	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1650.00	63.40	167935.41	1.30	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2575.00	35.31	76329.39	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4679.55	83.59	51404.86	0.06	219.00	19.02	1588.00	23.97	10.02	26.83
5.	NAVINFLUOR	8281.50	53.80	42484.11	0.18	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1217.10	34.87	40998.14	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1767.85	30.78	24112.24	0.42	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1639.40	92.52	21759.40	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6581.75	24.36	19377.83	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	526.90	35.99	19112.07	0.19	155.00	260.47	2387.00	42.42	6.39	16.00
11.	DEEPAKFERT	1474.65	18.98	18678.34	0.68	490.04	100.95	3256.26	22.47	12.12	25.96
12.	MCON	48.50	0.00	35.58	0.00	—	—	—	—	11.11	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	9	9	19	31	42	51
	8	8	18	28	37	45
Operating Profit	1	1	1	3	6	7
OPM %	8	10	7	9	14	13
Other Income	0	0	0	0	0	1
Interest	0	0	0	1	2	2
Depreciation	0	0	0	0	1	2
	0	0	1	2	3	3
Tax %	31	26	28	26	28	15
Net Profit	0	0	0	1	2	2
EPS	0	1	3	3	4	3
Dividend Payout %	0	8	0	0	0	0
Minority Interest	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0
Adjusted EPS	0	1	1	2	4	3
Minority Interest	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0
Adjusted EPS	0	1	1	2	4	3

Mar 2020

: 9
: 8
Operating Profit: 1
OPM %: 8
Other Income: 0
Interest: 0
Depreciation: 0
: 0
Tax %: 31
Net Profit: 0
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0

Mar 2021

: 9
: 8
Operating Profit: 1
OPM %: 10
Other Income: 0
Interest: 0
Depreciation: 0
: 0
Tax %: 26
Net Profit: 0
EPS: 1
Dividend Payout %: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2022

: 19
: 18
Operating Profit: 1
OPM %: 7
Other Income: 0
Interest: 0
Depreciation: 0
: 1
Tax %: 28
Net Profit: 0
EPS: 3
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2023

: 31
: 28
Operating Profit: 3
OPM %: 9
Other Income: 0
Interest: 1
Depreciation: 0
: 2
Tax %: 26
Net Profit: 1
EPS: 3
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2024

: 42
: 37
Operating Profit: 6
OPM %: 14
Other Income: 0
Interest: 2
Depreciation: 1
: 3
Tax %: 28
Net Profit: 2
EPS: 4
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2025

: 51
: 45
Operating Profit: 7
OPM %: 13
Other Income: 1
Interest: 2
Depreciation: 2
: 3
Tax %: 15
Net Profit: 2
EPS: 3
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 41%
3 Years:: 38%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 129%
3 Years:: 66%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -34%
1 Year:: -41%

RETURN ON EQUITY

10 Years:: —
5 Years:: 15%
3 Years:: 13%
Last Year:: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-
Equity Capital	1	2	2	6	6	7
	0	0	1	7	9	26
	2	2	5	4	10	12
Trade Payables	3	3	4	7	12	17
	2	2	3	6	8	9
Total Liabilities	8	8	14	30	46	71
ASSETS	-	-	-	-	-	-
	1	1	1	7	10	15
Capital Work in Progress	0	0	1	0	5	0
	1	2	4	7	11	29
	0	0	0	0	17	23
Cash & Bank	0	0	0	0	1	1
	5	4	7	16	1	2
Total Assets	8	8	14	30	46	71
Total Debt	3	3	7	8	16	20
Net Working Capital	1	2	2	8	5	23
Contingent Liabilities	0	0	0	0	0	0
Book Value per Share	10.96	11.89	16.00	21.22	24.77	45.22
Face Value	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	3	3	7	8	16	20
Net Working Capital	1	2	2	8	5	23
Contingent Liabilities	0	0	0	0	0	0
Book Value per Share	10.96	11.89	16.00	21.22	24.77	45.22
Face Value	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2020

Equity Capital: 1
: 0
: 2
Trade Payables: 3
: 2
Total Liabilities: 8
: 1
Capital Work in Progress: 0
: 1
: 0
Cash & Bank: 0
: 5
Total Assets: 8
Total Debt: 3
Net Working Capital: 1
Contingent Liabilities: 0
Book Value per Share: 10.96
Face Value: 10.00
Total Debt: 3
Net Working Capital: 1
Contingent Liabilities: 0
Book Value per Share: 10.96
Face Value: 10.00

Mar 2021

Equity Capital: 2
: 0
: 2
Trade Payables: 3
: 2
Total Liabilities: 8
: 1
Capital Work in Progress: 0
: 2
: 0
Cash & Bank: 0
: 4
Total Assets: 8
Total Debt: 3
Net Working Capital: 2
Contingent Liabilities: 0
Book Value per Share: 11.89
Face Value: 10.00
Total Debt: 3
Net Working Capital: 2
Contingent Liabilities: 0
Book Value per Share: 11.89
Face Value: 10.00

Mar 2022

Equity Capital: 2
: 1
: 5
Trade Payables: 4
: 3
Total Liabilities: 14
: 1
Capital Work in Progress: 1
: 4
: 0
Cash & Bank: 0
: 7
Total Assets: 14
Total Debt: 7
Net Working Capital: 2
Contingent Liabilities: 0
Book Value per Share: 16.00
Face Value: 10.00
Total Debt: 7
Net Working Capital: 2
Contingent Liabilities: 0
Book Value per Share: 16.00
Face Value: 10.00

Mar 2023

Equity Capital: 6
: 7
: 4
Trade Payables: 7
: 6
Total Liabilities: 30
: 7
Capital Work in Progress: 0
: 7
: 0
Cash & Bank: 0
: 16
Total Assets: 30
Total Debt: 8
Net Working Capital: 8
Contingent Liabilities: 0
Book Value per Share: 21.22
Face Value: 10.00
Total Debt: 8
Net Working Capital: 8
Contingent Liabilities: 0
Book Value per Share: 21.22
Face Value: 10.00

Mar 2024

Equity Capital: 6
: 9
: 10
Trade Payables: 12
: 8
Total Liabilities: 46
: 10
Capital Work in Progress: 5
: 11
: 17
Cash & Bank: 1
: 1
Total Assets: 46
Total Debt: 16
Net Working Capital: 5
Contingent Liabilities: 0
Book Value per Share: 24.77
Face Value: 10.00
Total Debt: 16
Net Working Capital: 5
Contingent Liabilities: 0
Book Value per Share: 24.77
Face Value: 10.00

Mar 2025

Equity Capital: 7
: 26
: 12
Trade Payables: 17
: 9
Total Liabilities: 71
: 15
Capital Work in Progress: 0
: 29
: 23
Cash & Bank: 1
: 2
Total Assets: 71
Total Debt: 20
Net Working Capital: 23
Contingent Liabilities: 0
Book Value per Share: 45.22
Face Value: 10.00
Total Debt: 20
Net Working Capital: 23
Contingent Liabilities: 0
Book Value per Share: 45.22
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-1	-0	-2	-5	4	-14
Cash from Investing	-0	-0	-1	-5	-9	-2
Cash from Financing	1	0	3	10	6	17
	-0	0	0	0	0	1
Free Cash Flow	-1	-0	-3	-10	-6	-16
OCF / Net Profit	-15.71	-0.09	-3.99	-4.63	1.75	-6.21
Cumulative 5-Year FCF	0	0	0	0	0	-35
OCF / Net Profit	-15.71	-0.09	-3.99	-4.63	1.75	-6.21
Cumulative 5-Year FCF	0	0	0	0	0	-35

Mar 2020

: -1
Cash from Investing: -0
Cash from Financing: 1
: -0
Free Cash Flow: -1
OCF / Net Profit: -15.71
Cumulative 5-Year FCF: 0
OCF / Net Profit: -15.71
Cumulative 5-Year FCF: 0

Mar 2021

: -0
Cash from Investing: -0
Cash from Financing: 0
: 0
Free Cash Flow: -0
OCF / Net Profit: -0.09
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.09
Cumulative 5-Year FCF: 0

Mar 2022

: -2
Cash from Investing: -1
Cash from Financing: 3
: 0
Free Cash Flow: -3
OCF / Net Profit: -3.99
Cumulative 5-Year FCF: 0
OCF / Net Profit: -3.99
Cumulative 5-Year FCF: 0

Mar 2023

: -5
Cash from Investing: -5
Cash from Financing: 10
: 0
Free Cash Flow: -10
OCF / Net Profit: -4.63
Cumulative 5-Year FCF: 0
OCF / Net Profit: -4.63
Cumulative 5-Year FCF: 0

Mar 2024

: 4
Cash from Investing: -9
Cash from Financing: 6
: 0
Free Cash Flow: -6
OCF / Net Profit: 1.75
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.75
Cumulative 5-Year FCF: 0

Mar 2025

: -14
Cash from Investing: -2
Cash from Financing: 17
: 1
Free Cash Flow: -16
OCF / Net Profit: -6.21
Cumulative 5-Year FCF: -35
OCF / Net Profit: -6.21
Cumulative 5-Year FCF: -35

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-
EPS (₹)	0.36	1.25	3.30	1.80	3.56	3.10
Book Value (₹)	10.96	11.89	16.00	21.22	24.77	45.22
Dividend per Share (₹)	0.00	0.10	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.54	1.38	2.42	2.40	5.25	5.63
PROFITABILITY	-	-	-	-	-	-
Operating Margin %	7.55%	10.36%	7.49%	8.68%	12.58%	11.53%
Net Margin %	0.40%	2.08%	2.58%	3.66%	5.32%	4.48%
ROE %	3.27%	12.92%	23.68%	14.39%	15.46%	9.33%
ROCE %	8.42%	13.62%	14.87%	14.64%	17.38%	11.11%
	0.47%	2.34%	4.38%	5.10%	5.92%	3.91%
EFFICIENCY	-	-	-	-	-	-
Debtor Days	128	138	83	91	118	142
Inventory Days	56	77	64	64	77	144
Payable Days	278	262	120	125	168	238
	-94	-48	27	30	27	49
FINANCIAL HEALTH	-	-	-	-	-	-
Debt to Equity (x)	2.90x	1.94x	3.09x	0.63x	1.02x	0.59x
Interest Coverage (x)	1.17x	1.63x	2.61x	2.97x	3.06x	2.34x
	1.23x	1.37x	1.19x	1.63x	1.22x	1.73x
GROWTH	-	-	-	-	-	-
Revenue Growth %	0.00%	0.13%	114.03%	61.50%	35.75%	20.46%
Operating Profit Growth %	0.00%	37.33%	54.89%	87.09%	112.09%	14.43%
Net Profit Growth %	0.00%	416.02%	165.20%	129.19%	97.39%	1.46%
	0.00%	0.00%	0.00%	0.00%	97.40%	-12.73%
VALUATION	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	32.60x	39.98x
P/B (x)	0.00x	0.00x	0.00x	0.00x	4.68x	2.74x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	15.46x	16.70x

Mar 2020

EPS (₹): 0.36
Book Value (₹): 10.96
Dividend per Share (₹): 0.00
Cash EPS (₹): 1.54
Operating Margin %: 7.55%
Net Margin %: 0.40%
ROE %: 3.27%
ROCE %: 8.42%
: 0.47%
Debtor Days: 128
Inventory Days: 56
Payable Days: 278
: -94
Debt to Equity (x): 2.90x
Interest Coverage (x): 1.17x
: 1.23x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 1.25
Book Value (₹): 11.89
Dividend per Share (₹): 0.10
Cash EPS (₹): 1.38
Operating Margin %: 10.36%
Net Margin %: 2.08%
ROE %: 12.92%
ROCE %: 13.62%
: 2.34%
Debtor Days: 138
Inventory Days: 77
Payable Days: 262
: -48
Debt to Equity (x): 1.94x
Interest Coverage (x): 1.63x
: 1.37x
Revenue Growth %: 0.13%
Operating Profit Growth %: 37.33%
Net Profit Growth %: 416.02%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 3.30
Book Value (₹): 16.00
Dividend per Share (₹): 0.00
Cash EPS (₹): 2.42
Operating Margin %: 7.49%
Net Margin %: 2.58%
ROE %: 23.68%
ROCE %: 14.87%
: 4.38%
Debtor Days: 83
Inventory Days: 64
Payable Days: 120
: 27
Debt to Equity (x): 3.09x
Interest Coverage (x): 2.61x
: 1.19x
Revenue Growth %: 114.03%
Operating Profit Growth %: 54.89%
Net Profit Growth %: 165.20%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 1.80
Book Value (₹): 21.22
Dividend per Share (₹): 0.00
Cash EPS (₹): 2.40
Operating Margin %: 8.68%
Net Margin %: 3.66%
ROE %: 14.39%
ROCE %: 14.64%
: 5.10%
Debtor Days: 91
Inventory Days: 64
Payable Days: 125
: 30
Debt to Equity (x): 0.63x
Interest Coverage (x): 2.97x
: 1.63x
Revenue Growth %: 61.50%
Operating Profit Growth %: 87.09%
Net Profit Growth %: 129.19%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 3.56
Book Value (₹): 24.77
Dividend per Share (₹): 0.00
Cash EPS (₹): 5.25
Operating Margin %: 12.58%
Net Margin %: 5.32%
ROE %: 15.46%
ROCE %: 17.38%
: 5.92%
Debtor Days: 118
Inventory Days: 77
Payable Days: 168
: 27
Debt to Equity (x): 1.02x
Interest Coverage (x): 3.06x
: 1.22x
Revenue Growth %: 35.75%
Operating Profit Growth %: 112.09%
Net Profit Growth %: 97.39%
: 97.40%
P/E (x): 32.60x
P/B (x): 4.68x
Dividend Yield %: 0.00%
: 15.46x

Mar 2025

EPS (₹): 3.10
Book Value (₹): 45.22
Dividend per Share (₹): 0.00
Cash EPS (₹): 5.63
Operating Margin %: 11.53%
Net Margin %: 4.48%
ROE %: 9.33%
ROCE %: 11.11%
: 3.91%
Debtor Days: 142
Inventory Days: 144
Payable Days: 238
: 49
Debt to Equity (x): 0.59x
Interest Coverage (x): 2.34x
: 1.73x
Revenue Growth %: 20.46%
Operating Profit Growth %: 14.43%
Net Profit Growth %: 1.46%
: -12.73%
P/E (x): 39.98x
P/B (x): 2.74x
Dividend Yield %: 0.00%
: 16.70x

Shareholding Pattern

Numbers in percentages

TRADES

	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	66.65	66.65	66.65	66.65	57.32	57.32	57.41
	0.00	0.00	0.00	1.51	4.12	1.73	0.00
	0.00	0.00	0.00	0.00	2.62	3.48	3.48
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	33.35	33.35	33.35	31.85	35.94	37.47	39.11

Mar 2023

: 66.65
: 0.00
: 0.00
Government: 0.00
: 33.35

Sep 2023

: 66.65
: 0.00
: 0.00
Government: 0.00
: 33.35

Mar 2024

: 66.65
: 0.00
: 0.00
Government: 0.00
: 33.35

Sep 2024

: 66.65
: 1.51
: 0.00
Government: 0.00
: 31.85

Mar 2025

: 57.32
: 4.12
: 2.62
Government: 0.00
: 35.94

Sep 2025

: 57.32
: 1.73
: 3.48
Government: 0.00
: 37.47

Mar 2026

: 57.41
: 0.00
: 3.48
Government: 0.00
: 39.11

Documents

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Annual Reports

Credit Ratings

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Concalls

Jun 2026
Transcript PPTREC
Nov 2025
Transcript PPTREC
Jun 2025
Transcript PPTREC