BSE: 543934
Machhar Industries Limited
Operates three business divisions: Explosives, Transportation, and AdBlue. The Explosive Division deals in industrial explosives, the AdBlue Division produces AdBlue (a urea-based diesel exhaust fluid sold under a standardized brand name), and the Transportation Division runs freight and logistics services. For FY26, total revenue stood at Rs 15.56 crore against a net profit of Rs 0.58 crore, with EBITDA margin of around 8.95%. Transportation is described in FY26 filings as the largest contributor, with revenue of Rs 689.62 lakhs. The Explosives division has been on a turnaround track, narrowing its segment loss from Rs 106.37 lakhs in FY25 to Rs 24.16 lakhs in FY26. Other operating expenses dominate the cost structure at 65.0% of revenue, while raw materials account for 18.7% and employee costs for 9.1%. The company is small-scale, BSE-listed, with total assets of Rs 13.85 crore and borrowings of only Rs 0.83 crore as of March 2026, and operates out of Aurangabad. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transportation Division, Explosive Division, AdBlue Division. Small, multi-division specialty chemicals and logistics business
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 17 | 16 | 16 |
| EBITDA (ex other income) | 1 | 0 | 1 |
| margin % | 6.4 | 2.9 | 7.3 |
| Owners' profit | 1 | 0 | 0 |
| EPS, as reported (₹) | 9.08 | 0.66 | 7.87 |
| ROE % · ROCE % | 4.8 · 7.2 | 1.7 · 4.3 | 6.0 · 9.6 |
| Debt / equity (x) | 0.09 | 0.26 | 0.25 |
| Cash from operations | (0) | 0 | 1 |
| Capex | 0 | (0) | (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 | 4 | 3 | 4 | 4 | 4 | 4 | 4 | 6 |
| Profit before tax | 0 | (0) | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | (0) | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | (0.40) | (2.85) | 1.02 | 4.52 | 1.49 | 3.88 | 2.16 | 3.89 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EXPLOSIVE DIVISION | 2 | 14.4 |
| TRANSPORTATION DIVISION | 5 | 35.2 |
| ADBLUE DIVISION | 2 | 16.0 |
| ADD BLUE DIVISION | 1 | 6.0 |
| EXPLOSIVE DISIVISON | 1 | 5.6 |
| Explosive Division | 1 | 5.0 |
| Transportation Division | 1 | 9.0 |
| Adblue Division | 1 | 8.8 |
| Total, before eliminations | 16 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.3 | 23.1 | 70 of 99 | 30% |
| P/B | 3.0 | 2.8 | 57 of 99 | 42% |
| ROCE | 8.0 | 10.1 | 60 of 106 | 44% |
| ROE | 6.0 | 8.1 | 61 of 99 | 39% |
| Debt / Equity | 0.3 | 0.2 | 55 of 99 | 45% |
| EBITDA margin | 8.8 | 15.5 | 78 of 99 | 21% |
| Revenue growth | 73.4 | 24.4 | 10 of 94 | 90% |
| Profit growth | 152.6 | 55.1 | 21 of 92 | 78% |
| Market cap | 29 | 699 | 98 of 108 | 9% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · September quarter profit rises; whole-time director reappointment approved | management changes | medium | — | — |
| 23 Oct 2026 · Machhar Industries reports higher Q2 and half-year profit | management changes | medium | — | — |
| 23 Oct 2026 · September quarter profit rises; director reappointment proposed | management changes | medium | — | — |
| 13 Oct 2026 · Vehicle loan facility from HDFC Bank for EV purchase | credit debt | low | — | — |
| 6 Oct 2026 · Quarterly compliance certificate filed with BSE under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 6 Oct 2026 · Board Meeting on 23 Oct 2026 to Approve Q2 FY26-27 Results | results | low | — | — |
| 22 Sept 2026 · Machhar Industries 18th AGM concludes; four resolutions passed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Machhar Industries 18th AGM held on 22 Sept 2026; 4 resolutions transacted | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Book closure from Sep 16 to Sep 22, 2026 for 18th AGM | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 18th AGM scheduled for 22 Sept 2026; Annual Report dispatched | board shareholder meetings | low | — | — |
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.