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Swing Capital

Madhav Copper Ltd

NSE: MCLMetal

Incorporated in 2012, Madhav Copper Ltd is in the business of Copper Fabricated Product and Winding wires[1]

₹62.7
52W: ₹42 — ₹93.2
PE 51.2 · Book ₹17.2 · +265% vs book
Market Cap₹170 Cr
Stock P/E51.2Price to Earnings
ROCE8.5%Return on Capital
ROE10.9%Return on Equity
Div. Yield0%Face Value ₹5

Strengths

  • +Company is expected to give good quarter
  • +Debtor days have improved from 42.4 to 31.9 days.
  • +Company's median sales growth is 81.4% of last 10 years
  • +Company's working capital requirements have reduced from 208 days to 100 days

Weaknesses

  • −Stock is trading at 3.75 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −The company has delivered a poor sales growth of -9.25% over past five years.
  • −Tax rate seems low
  • −Company has a low return on equity of 1.39% over last 3 years.
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters65.21%
FIIs0%
DIIs0%
Public34.79%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters66.34%66.34%66.34%66.34%66.34%66.34%65.21%▼1.165.21%
FIIs0%0%0%0%0%0%0%0%
DIIs0%0%0%0%0%0%0%0%
Public33.66%33.66%33.66%33.66%33.66%33.66%34.79%▲1.134.79%

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales6.0213.4714.5824.4925.7332.8641.5246.251.1452.8
Expenses6.6813.5614.522.724.2631.0940.3544.1849.3150.49
Operating Profit-0.66-0.090.081.791.471.771.172.021.832.31
OPM %-10.96%-0.67%0.55%7.31%5.71%5.39%2.82%4.37%3.58%4.38%
Net Profit-1.06-0.94.21.120.940.911.721.04-0.20.76
EPS ₹-0.39-0.331.550.410.350.340.630.38-0.070.28

AI Insights

Revenue Trend

TTM revenue at ₹192Cr, up 54.8% YoY. OPM at 4%.

Debt Position

Borrowings at ₹40Cr. Debt-to-equity ratio: 1.21x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹3Cr (38% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 65.21%.

Margin & Efficiency

ROCE improving from -18% (Mar 2014) to 8% (Mar 2025). Working capital days: 100.

Valuation

PE 51.2x with 8.5% ROCE. Price is 265% above book value of ₹17.2. Dividend yield: 0%.

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