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Swing Capital

Mangalam Organics Ltd

NSE: MANORG BSE: 514418

Incorporated in 1981, Mangalam Organics Ltd is a manufacturer of Camphor, Resin and Sodium Acetate[1]

₹565
52W: ₹352 — ₹654
PE 32.3 · Book ₹349 · +62% vs book
Market Cap₹484 Cr
Stock P/E32.3Price to Earnings
ROCE6.21%Return on Capital
ROE2.71%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company's working capital requirements have reduced from 41.3 days to 19.4 days

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 1.82% over past five years.
  • −Company has a low return on equity of -1.57% over last 3 years.
  • −Earnings include an other income of Rs.25.5 Cr.

Shareholding Pattern

Promoters58.64%
FIIs0%
DIIs3.63%
Public37.72%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.91%58.64%▲3.758.64%58.64%58.64%58.64%58.64%58.64%
FIIs0%0.13%▲0.10%▼0.10%0%0%0%0%
DIIs0%1.42%▲1.41.42%1.42%2.78%▲1.43.63%▲0.93.63%3.63%
Public45.09%39.79%▼5.339.92%▲0.139.94%▲0.038.57%▼1.437.71%▼0.937.73%▲0.037.72%▼0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales136.8687.0283.2695.58109.77100.53103.97113.63130.14122.45
Expenses128.3978.1873.9385.8399.6686.9389.37100.59134.69110.07
Operating Profit8.478.849.339.7510.1113.614.613.04-4.5512.38
OPM %6.19%10.16%11.21%10.2%9.21%13.53%14.04%11.48%-3.5%10.11%
Net Profit0.320.672.831.371.382.832.176.921.911.11
EPS ₹0.370.783.31.61.613.32.538.082.231.3

AI Insights

Revenue Trend

TTM revenue at ₹470Cr, up 14.6% YoY. OPM at 8%.

Debt Position

Borrowings at ₹312Cr. Debt-to-equity ratio: 1.08x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹27Cr (13% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 3.63% (+3.63pp change). FIIs: 0% (+0.00pp change). Promoters hold 58.64%.

Margin & Efficiency

ROCE declining from 16% (Mar 2014) to 6% (Mar 2025). Working capital days: 19.

Valuation

PE 32.3x with 6.21% ROCE. Price is 62% above book value of ₹349. Dividend yield: 0%.

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