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Swing Capital

Manali Petrochemicals Ltd

NSE: MANALIPETC BSE: 500268

Incorporated in 1986, Manali Petrochemicals Limited manufactures and sells Propylene Oxide (PO), Propylene Glycol (PG) and Polyols (PY), which are used as industrial raw materials. Located in Chennai, the company is the only domestic manufacturer of Propylene Glycol. Also, it is the first and largest Indian manufacturer of Propylene Oxide which is the input material for the aforesaid derivative products.

₹54.8
52W: ₹39.1 — ₹81.1
PE 65.1 · Book ₹55 · +-0% vs book
Market Cap₹943 Cr
Stock P/E65.1Price to Earnings
ROCE0.26%Return on Capital
ROE0.58%Return on Equity
Div. Yield0.91%Face Value ₹5

Strengths

  • +Stock is trading at 1.00 times its book value

Weaknesses

  • −The company has delivered a poor sales growth of -0.88% over past five years.
  • −Company has a low return on equity of 1.38% over last 3 years.
  • −Earnings include an other income of Rs.30.7 Cr.

Shareholding Pattern

Promoters44.87%
FIIs0.37%
DIIs0.01%
Public54.77%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.87%44.87%44.87%44.87%44.87%44.87%44.87%44.87%
FIIs1.32%1.1%▼0.21.06%▼0.00.66%▼0.40.45%▼0.20.44%▼0.00.29%▼0.20.37%▲0.1
DIIs0.07%0.01%▼0.10.01%0.01%0.01%0.01%0.01%0.01%
Public53.74%54.02%▲0.354.07%▲0.054.47%▲0.454.67%▲0.254.69%▲0.054.83%▲0.154.77%▼0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales215.91155.25190.48177.76165.54140.95163.27163.25180.15195.14
Expenses210.1158.75183.86171.88175.36139.63156.04157178.49189.43
Operating Profit5.81-3.56.625.88-9.821.327.236.251.665.71
OPM %2.69%-2.25%3.48%3.31%-5.93%0.94%4.43%3.83%0.92%2.93%
Net Profit3.27-4.27-2.031.75-10.72-2.833.083.020.184.55
EPS ₹0.19-0.25-0.120.1-0.62-0.160.180.180.010.26

AI Insights

Revenue Trend

TTM revenue at ₹702Cr, up 8.3% YoY. OPM at 3%.

Debt Position

Borrowings at ₹147Cr. Debt-to-equity ratio: 0.17x. Healthy balance sheet.

Capex Cycle

CWIP at ₹97Cr (35% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.01% (-0.02pp change). FIIs: 0.37% (-1.59pp change). Promoters hold 44.87%.

Margin & Efficiency

ROCE declining from 23% (Mar 2014) to 0% (Mar 2025). Working capital days: 55.

Valuation

PE 65.1x with 0.26% ROCE. Price is -0% above book value of ₹55. Dividend yield: 0.91%.

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