NSE: MAFATIND · BSE: 500264
MAFATLAL INDUSTRIES LTD.
Manufactures and sells textiles and related products, operates a digital infrastructure line, and trades consumer durables, with the bulk of FY26 revenue coming from broader unnamed business categories. For the year ended 31 March 2026, textile and related products contributed ₹470.49 crores of segment revenue, digital infrastructure ₹13.57 crores, and consumer durables and others ₹399.64 crores, with EBIT of ₹9.27 crores, ₹1.3 crores and ₹7.3 crores respectively. The company runs a manufacturing facility at Nadiad, Gujarat, where it commissioned a 4 MWp captive ground-mounted solar photovoltaic project built at an investment of about ₹11 crores, expected to generate around 66 lakh kWh of net usable electricity per year to cover part of the unit's energy needs. FY26 revenue from operations was ₹3,870.4 crores (up 37.9% year-on-year), with a closing order book of ₹775 crores providing near-term revenue visibility. The disclosed cost shape for FY26 lists materials at 3.9% of revenue, employees at 1.6%, other operating expenses at 6.7%, depreciation at 0.4% and capex at 0.6%, and the business carried an EBITDA margin of 3.11%. Gross debt was reduced to ₹60.77 crores during the year, with ROCE reported at 23%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textile and related products, Digital infrastructure, Consumer durables and others, Other unnamed segment lines. Diversified manufacturer-trader across textiles, consumer durables and digital infrastructure with thin EBITDA margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 991 | 1,372 | 2,079 | 2,807 | 3,871 |
| EBITDA (ex other income) | 2 | 28 | 46 | 62 | 89 |
| margin % | 0.2 | 2.0 | 2.2 | 2.2 | 2.3 |
| Owners' profit | 29 | 37 | 99 | 98 | 90 |
| EPS, as reported (₹) | 20.48 | 5.26 | 13.92 | 13.67 | 12.49 |
| ROE % · ROCE % | 4.2 · 6.6 | 6.0 · 8.7 | 12.1 · 10.9 | 13.2 · 10.9 | 11.5 · 12.6 |
| Debt / equity (x) | 0.16 | 0.15 | 0.10 | 0.09 | 0.08 |
| Cash from operations | (5) | (7) | 159 | (89) | 141 |
| Capex | (4) | (15) | (6) | (13) | (24) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 452 | 996 | 910 | 450 | 1,240 | 1,030 | 717 | 884 |
| Profit before tax | 24 | 20 | 20 | 10 | 42 | 28 | 11 | 13 |
| Net profit | 30 | 20 | 24 | 23 | 46 | 22 | 4 | 18 |
| EPS (₹) | 4.24 | 2.78 | 3.43 | 3.22 | 6.33 | 2.99 | 0.56 | 2.43 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Textile and related products | 1,495 | 38.6 |
| Digital infrastructure | 36 | 0.9 |
| Consumer durables and others | 1,845 | 47.7 |
| Digital Infrastructure | 26 | 0.7 |
| Consumer durable and others | 469 | 12.1 |
| Total, before eliminations | 3,871 | 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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 35,410 | 38.8 | 6.21 | 25.6 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,311 | 73.9 | 4.08 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,333 | 16.6 | 1.35 | 11.0 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 11,018 | 27.7 | 2.31 | 13.5 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,338 | 55.3 | 3.54 | 20.1 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,621 | 36.8 | 5.63 | 23.8 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,197 | 22.0 | 2.79 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,161 | 68.6 | 2.22 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.7 | 16.5 | 42 of 179 | 77% |
| P/B | 1.0 | 1.1 | 82 of 185 | 56% |
| ROCE | 11.5 | 4.3 | 45 of 215 | 79% |
| ROE | 11.6 | 4.7 | 42 of 188 | 78% |
| Debt / Equity | 0.1 | 0.4 | 46 of 188 | 76% |
| EBITDA margin | 2.2 | 9.8 | 160 of 198 | 19% |
| Revenue growth | 96.5 | 6.9 | 19 of 192 | 91% |
| Profit growth | (22.8) | 20.0 | 139 of 203 | 32% |
| Market cap | 773 | 59 | 30 of 223 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Mafatlal signs MoU to supply combat uniform fabric to Indian Air Force | business updates | medium | — | — |
| 9 Oct 2026 · Board meeting on 4 Nov 2026 to approve Q2/H1 FY26 results | results | low | — | — |
| 9 Oct 2026 · CARE Ratings upgrades Mafatlal Industries to A-/A2+ from BBB+/A2 | credit debt | high | — | — |
| 7 Oct 2026 · Compliance certificate for demat remat activities for Sep 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · Special window for re-lodgement of physical share transfer requests | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Mafatlal Industries to attend Arihant Capital investor conference on Sept 28 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Mafatlal Industries to attend virtual investor meeting on Sep 24 | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Mafatlal Industries to hold virtual analyst meet on Aug 27 | board shareholder meetings | low | — | — |
| 8 Aug 2026 · 112th AGM voting results: all 7 resolutions approved | 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.