NSE: MWL · BSE: 544764
MANGALAM WORLDWIDE LTD
Manufactures stainless steel products at its Halol facility in Gujarat and exports to 20 European countries. FY26 standalone revenue was Rs 1,214.98 crore, with consolidated revenue of Rs 1,207.98 crore. Materials dominate the cost structure at 83.3% of revenue, with other operating expenses at 12.2% and employee costs at 2.9%. The company commissioned a 10.4 MW ground-mounted solar plant at Halol in July 2026, taking total captive solar capacity to 11.6 MW, which it states will offset over 12,500 metric tonnes of CO2 annually and cut electricity costs by 20 to 40 percent. In Q1 FY27, consolidated revenue rose to Rs 316.85 crore with adjusted EBITDA of Rs 29.72 crore. Outstanding debt stood at Rs 10,000 lakhs with a D/E ratio of 1.14 times. The company is listed on NSE (MWL) and BSE (544764), recently completed a stock split from Rs 10 to Re 1 face value, and migrated to the main boards of both exchanges. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Stainless steel products. Asset-heavy stainless steel manufacturer with export focus and captive solar power
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,061 | 1,208 |
| EBITDA (ex other income) | 57 | 91 |
| margin % | 5.3 | 7.5 |
| Owners' profit | 29 | 50 |
| EPS, as reported (₹) | 10.59 | 16.87 |
| ROE % · ROCE % | 11.3 · 18.7 | 16.4 · 21.4 |
| Debt / equity (x) | 0.73 | 0.76 |
| Cash from operations | (87) | (20) |
| Capex | 0 | (26) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 594 | 276 | 317 | 350 | 265 | 316 |
| Profit before tax | 16 | 10 | 10 | 14 | 16 | 13 |
| Net profit | 17 | 10 | 11 | 14 | 15 | 12 |
| EPS (₹) | 5.61 | 3.41 | 3.55 | 4.74 | 5.17 | 4.01 |
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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.2 | 15.4 | 6 of 105 | 95% |
| P/B | 0.4 | 1.5 | 9 of 101 | 91% |
| ROCE | 12.4 | 9.1 | 41 of 115 | 65% |
| ROE | 16.4 | 8.6 | 14 of 103 | 87% |
| Debt / Equity | 0.8 | 0.2 | 89 of 101 | 12% |
| EBITDA margin | 9.4 | 11.0 | 57 of 100 | 43% |
| Revenue growth | 14.7 | 13.7 | 47 of 97 | 52% |
| Profit growth | 18.7 | 29.3 | 62 of 105 | 41% |
| Market cap | 113 | 216 | 72 of 122 | 41% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Newspaper publication of Q2 and H1 FY26 unaudited financial results | compliance | minimal | — | — |
| 16 Oct 2026 · Q2 FY27: Revenue up 13.4%, EBITDA jumps 80.7% on value-added mix | investor communications | medium | — | — |
| 15 Oct 2026 · Mangalam Worldwide Q2 PAT up 31% YoY; Belgium subsidiary formed | compliance | low | — | — |
| 15 Oct 2026 · Q2 FY27 Results: Revenue up 16% YoY, PAT up 31%, but operating cash flow turns negative | results | high | — | — |
| 15 Oct 2026 · Q2 FY27 Results: Revenue up 16% YoY, PAT jumps 31% YoY | results | low | — | — |
| 15 Oct 2026 · Q2 FY27 Results: Revenue Rs 360 cr, PAT up 31% YoY | results | high | — | — |
| 12 Oct 2026 · Board to consider Q2/H1 results on October 15 | results | low | — | — |
| 10 Oct 2026 · Board meeting on Oct 15, 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 10 Oct 2026 · Postal Ballot: Director Appointment and Remuneration Resolutions Passed | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Postal Ballot Proceedings: Director Appointment and Remuneration Approval | board shareholder meetings | medium | — | — |
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.