NSE: MCL
M TEK COPPER LIMITED
Manufactures copper products from a base in Gujarat, generating Rs 234.20 crore in revenue in FY26, up about 88% from the prior year. Raw materials accounted for 86.8% of revenue that year, making copper the dominant input cost, while employee cost was 1.4% and other operating expenses were 4.1%. In mid-2026 the company rebranded from Madhav Copper Limited to M TEK COPPER LIMITED following shareholder approval, with no stated change in operations or financial structure. Working capital expanded sharply during the year, with inventories at Rs 5,077 lakh, trade receivables at Rs 2,051 lakh, and short-term borrowings at Rs 4,107 lakh, signalling stretched liquidity tied up in stock and receivables. The statutory auditor issued an unmodified opinion on FY26 financials. The company paid several regulatory penalties in 2026 for board-composition shortfalls, delayed disclosures, and an income tax matter, which management states had no material impact on operations. Specific product mix, plant count, manufacturing capacity, and customer base are not disclosed in the available facts. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Copper products. Raw-material intensive copper manufacturing, asset-light (capex 0.2% of revenue)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 122 | 0 | 36 | 125 | 234 |
| EBITDA (ex other income) | 0 | (3) | (1) | 6 | 10 |
| margin % | 0.1 | — | (3.5) | 4.9 | 4.5 |
| Owners' profit | 0 | (4) | 1 | 5 | 5 |
| EPS, as reported (₹) | (0.90) | (1.63) | 0.45 | 3.46 | 1.65 |
| ROE % · ROCE % | — · — | (11.1) · (4.8) | 3.0 · 3.9 | 10.3 · 11.0 | 10.6 · 20.6 |
| Debt / equity (x) | — | 0.03 | 0.33 | 0.56 | 0.83 |
| Cash from operations | 3 | (1) | (1) | 2 | 6 |
| Capex | 0 | 0 | (1) | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26 | 33 | 42 | 46 | 97 | 53 | 84 | 80 |
| Profit before tax | 1 | 1 | 0 | 1 | 2 | 1 | 4 | 2 |
| Net profit | 1 | 1 | 2 | 1 | 1 | 1 | 3 | 1 |
| EPS (₹) | 0.35 | 0.66 | 1.26 | 0.38 | 0.62 | 0.28 | 1.07 | 0.39 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PRECISION WIRES INDIA LTD | 7,353 | 41.9 | 9.52 | — | 20.1 | 21.9 | — | — |
| KSH INTERNATIONAL LIMITED | 6,302 | 45.3 | 7.80 | — | 13.6 | 17.3 | — | 7.1 |
| VIDYA WIRES LIMITED | 1,812 | 27.4 | 3.78 | 19.3 | 12.0 | 15.6 | — | 4.6 |
| EURO PANEL PRODUCTS LTD | 341 | 13.3 | 2.13 | 8.7 | 16.6 | 19.2 | — | 10.9 |
| BEDMUTHA INDUST LTD | 339 | 20.2 | 2.23 | 7.1 | 4.3 | 1.6 | 30.4 | 3.9 |
| CUBEXTUBINGS-ROLLSETT | 290 | 38.5 | 3.48 | — | 8.9 | 10.8 | — | 4.9 |
| CENTURY EXTRUSIONS LTD | 144 | 11.6 | 1.74 | — | 13.2 | 16.9 | — | 7.8 |
| M TEK COPPER LIMITED ◆ | 136 | 21.2 | 2.71 | — | 10.6 | 14.0 | — | 3.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.2 | 24.3 | 5 of 10 | 56% |
| P/B | 2.7 | 2.5 | 6 of 10 | 44% |
| ROCE | 14.0 | 14.8 | 6 of 10 | 44% |
| ROE | 10.7 | 11.3 | 6 of 10 | 44% |
| Debt / Equity | 0.8 | 0.5 | 8 of 10 | 22% |
| EBITDA margin | 3.8 | 4.6 | 7 of 9 | 25% |
| Revenue growth | 73.7 | 60.4 | 2 of 7 | 83% |
| Profit growth | 0.3 | 89.0 | 6 of 6 | 0% |
| Market cap | 136 | 314 | 8 of 10 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · NSE penalty for delayed XBRL voting results filing | regulatory legal | high | — | — |
| 15 Oct 2026 · NSE notice for non-compliance with SEBI LODR regulations | regulatory legal | high | — | — |
| 13 Oct 2026 · M Tek Copper files quarterly dematerialization certificate for Sep 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · Promoter Divya Monpara sells 8,500 shares of M Tek Copper via open market | ownership changes | high | — | — |
| 5 Oct 2026 · Promoter sells 8,500 shares of M Tek Copper in open market | ownership changes | high | — | — |
| 5 Oct 2026 · Promoter Rajesh Patel sells equity shares via open market | ownership changes | high | — | — |
| 5 Oct 2026 · Promoter Rajesh Patel sells 8,500 shares in open market | ownership changes | high | — | — |
| 1 Oct 2026 · Promoter Vishal Monpara sells 8,500 equity shares via open market sale | ownership changes | high | — | — |
| 1 Oct 2026 · Promoter sells 8,500 shares in open market | ownership changes | high | — | — |
| 30 Sept 2026 · Promoter Rajesh Patel discloses equity share sale under PIT rules | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.