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Swing Capital

Meghmani Organics Ltd

NSE: MOL BSE: 543331Chemicals

Founded in 1986 as M/s Gujarat Industries, the company was incorporated in 1995 as Meghmani Organics Limited. The company manufactures Pigments and Agrochemicals through its 6 manufacturing facilities located in Gujarat. The company is amongst the top 3 Phthalocyanine based pigment players in the world and amongst the top 10 producers of pesticides in India.[1]Meghmani Organics Ltd (MOL) manufactures green and blue pigment products, which are used to manufacture printing ink, plastic, paints, textiles, leather, and rubber.

₹49.7
52W: ₹36.4 — ₹106
PE 10.1 · Book ₹69.1 · -28% vs book
Market Cap₹1,263 Cr
Stock P/E10.1Price to Earnings
ROCE10.4%Return on Capital
ROE7.39%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Stock is trading at 0.73 times its book value

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −The company has delivered a poor sales growth of 5.20% over past five years.
  • −Company has a low return on equity of 2.75% over last 3 years.
  • −Contingent liabilities of Rs.648 Cr.
  • −Earnings include an other income of Rs.93.5 Cr.

Shareholding Pattern

Promoters48.95%
FIIs1.34%
DIIs0%
Public49.66%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters49.32%49.33%▲0.049.33%49.41%▲0.148.98%▼0.448.98%48.98%48.95%▼0.0
FIIs1.39%2.22%▲0.81.9%▼0.31.81%▼0.11.94%▲0.11.48%▼0.51.33%▼0.11.34%▲0.0
DIIs0.2%0.42%▲0.20.27%▼0.10.48%▲0.20.37%▼0.10%▼0.40%0%
Public49.05%47.98%▼1.148.46%▲0.548.24%▼0.248.68%▲0.449.5%▲0.849.65%▲0.149.66%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales345400411533558502593558485457
Expenses345390397491498438512487433430
Operating Profit0101441606581705126
OPM %0%3%3%8%11%13%14%13%11%6%
Net Profit-270-69303441432220
EPS ₹-1.07-0.02-0.250.341.191.341.591.690.880.77

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,092Cr, up 4.4% YoY. OPM at 11%.

Debt Position

Borrowings at ₹532Cr. Debt-to-equity ratio: 0.31x. Healthy balance sheet.

Capex Cycle

CWIP at ₹69Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (-0.45pp change). FIIs: 1.34% (-0.16pp change). Promoters hold 48.95%.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 10% (Mar 2026). Working capital days: 19.

Valuation

PE 10.1x with 10.4% ROCE. Price is -28% above book value of ₹69.1. Dividend yield: 0%.

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