NSE: MHLXMIRU · BSE: 514450
MAHALAXMI RUBTECH LIMITED
Manufactures and sells textile products across two reported segments: Polymer-based Technical Textile & Rubber, and Traditional Textile. The Polymer-based Technical Textile & Rubber segment, which accounted for 26.5% of period segment revenue at ₹55.68 crore, generated an EBIT of ₹11.09 crore, while the Traditional Textile segment accounted for the larger 73.5% share at ₹154.46 crore but earned only ₹0.89 crore in EBIT over the same reference period. A company filing also describes the business as operating in offset printing blankets and technical coated fabrics. FY26 revenue from operations stood at ₹111.97 crore, with profit after tax of ₹21.78 crore. Materials were the largest cost line at 47.0% of revenue, followed by other operating expenses at 14.8% and employee cost at 9.3%. The company reported ₹1,640 lakh in cash and cash equivalents with long-term borrowings of just ₹4 lakh at year-end, indicating a near debt-free balance sheet. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Traditional Textile (74%), Polymer based Technical Textile & Rubber (27%). Small, asset-light textile maker with two distinct segments — a high-margin polymer/technical textile line and a low-margin traditional textile line
Exhibit 1: Financial summary, FY19–FY23 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY22 | FY23 |
|---|---|---|---|---|---|
| Revenue | 186 | 181 | 138 | 197 | 267 |
| EBITDA (ex other income) | 16 | 16 | 18 | 18 | 19 |
| margin % | 8.4 | 9.0 | 12.7 | 9.0 | 7.0 |
| Owners' profit | 5 | 5 | 6 | 8 | 8 |
| EPS, as reported (₹) | 3.77 | 3.44 | 4.56 | 6.34 | 7.95 |
| ROE % · ROCE % | 6.0 · 8.3 | 5.2 · 7.3 | 6.4 · 9.9 | 9.8 · 13.9 | 9.7 · 15.9 |
| Debt / equity (x) | 0.38 | 0.30 | 0.32 | 0.70 | 0.64 |
| Cash from operations | — | — | 16 | 8 | 6 |
| Capex | — | — | (7) | (7) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 66 | 60 | 67 | 66 | 75 | 65 | 70 | 75 |
| Profit before tax | 4 | 3 | 2 | 3 | 3 | 2 | 4 | 3 |
| Net profit | 3 | 2 | 2 | 2 | 2 | 2 | 3 | 2 |
| EPS (₹) | 3.25 | 1.89 | 1.75 | 1.98 | 2.33 | 1.48 | 2.64 | 2.12 |
Exhibit 3: Segment revenue, FY23
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Polymer Based Technical Textile & Rubber | 19 | 7.1 |
| Traditional Textile | 200 | 74.2 |
| Polymer based Technical Textile & Rubber | 50 | 18.7 |
| Total, before eliminations | 270 | 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. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 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) | 21.0 | 16.8 | 96 of 179 | 47% |
| P/B | 2.1 | 1.1 | 135 of 185 | 27% |
| ROCE | 6.0 | 4.3 | 92 of 215 | 58% |
| ROE | 4.8 | 4.7 | 91 of 188 | 52% |
| Debt / Equity | 0.6 | 0.4 | 111 of 188 | 41% |
| EBITDA margin | 8.0 | 9.8 | 120 of 198 | 40% |
| Revenue growth | 12.8 | 6.9 | 69 of 192 | 64% |
| Profit growth | 7.1 | 20.0 | 122 of 203 | 40% |
| Market cap | 191 | 61 | 66 of 223 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board to review Q2 and half-year results on October 31 | results | low | — | — |
| 7 Oct 2026 · Routine Compliance Certificate on Share Dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed for insiders ahead of Q2 FY27 results | compliance | minimal | — | — |
| 26 Sept 2026 · All 7 resolutions passed at Mahalaxmi Rubtech 35th AGM | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Outcome of 35th AGM held on September 25, 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Notice of 35th AGM on September 25, 2026 via video conferencing | compliance | minimal | — | — |
| 27 Aug 2026 · Annual Report FY 2025-26 filed; 35th AGM on September 25, 2026 via video conferencing | results | medium | — | — |
| 27 Aug 2026 · Mahalaxmi Rubtech 35th AGM on September 25, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Book closure Sep 18 to Sep 25, 2026 for 35th AGM | corporate actions | low | — | — |
| 26 Aug 2026 · AGM Notice Published - 35th AGM on Sept 18, 2026 via Video Conferencing | compliance | minimal | — | — |
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.