BSE: 540730
Mehai Technology Limited
Provides information technology and software services and sells goods, with revenue recorded under two named streams. In FY26, the 'Sale of services' line brought in Rs 44.95 crore with Rs 3.56 crore of EBIT, while 'Sale of goods' brought in Rs 16.86 crore with Rs 1.83 crore of EBIT. The company has recently amended its objects clause to also enter petroleum and hydrocarbon trading and recycling, pharmaceutical products trading, grain processing, and dental and oral care products manufacturing, though the segment data shown reflects the existing services and goods business. Consolidated FY26 revenue stood at Rs 124.45 crore with net profit of Rs 7.75 crore and total assets of Rs 299.21 crore. Materials are the dominant cost at 29.1% of revenue, with employee cost a low 1.4%, other operating expenses 8.1% and depreciation 0.6%, while capex ran at 25.6% of revenue. Operations are funded with significant working capital, supported by a Rs 74.11 crore rights issue completed in late 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sale of services, Sale of goods. Small-cap, asset-light services plus goods trading, recently diversifying into petroleum, pharma, grain processing and dental products
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 9 | 15 | 119 | 124 |
| EBITDA (ex other income) | 1 | 2 | 13 | 15 |
| margin % | 10.5 | 13.7 | 11.1 | 12.4 |
| Owners' profit | 0 | 0 | 7 | 0 |
| EPS, as reported (₹) | 0.48 | 0.43 | 0.27 | 0.10 |
| ROE % · ROCE % | 3.8 · 6.2 | 1.4 · 4.4 | 7.6 · 11.9 | 3.5 · 7.1 |
| Debt / equity (x) | 0.11 | 0.21 | 0.39 | 0.29 |
| Cash from operations | 3 | 2 | (22) | 14 |
| Capex | 0 | (37) | (35) | (32) |
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 | 2 | 10 | 55 | 52 | 18 | 22 | 22 | 62 |
| Profit before tax | 0 | 1 | 8 | 1 | 2 | 2 | 3 | 4 |
| Net profit | 0 | 1 | 6 | 1 | 1 | 2 | 2 | 3 |
| EPS (₹) | 0.07 | 0.27 | 1.88 | 0.05 | 0.03 | 0.05 | 0.03 | 0.04 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sale of services | 65 | 52.0 |
| Sale of goods | 30 | 23.9 |
| sale of goods | 12 | 9.4 |
| Sales of Services | 6 | 4.4 |
| Sale of Goods | 13 | 10.3 |
| Total, before eliminations | 124 | 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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 30,351 | 17.8 | 2.91 | 14.1 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,166 | 18.3 | 3.85 | 17.4 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 4,696 | 20.0 | 5.20 | 13.9 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,593 | 24.5 | 4.11 | 18.4 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,178 | — | 13.10 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 755 | 8.3 | 0.59 | 190.1 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 748 | 65.8 | 6.19 | 47.7 | 6.0 | 6.9 | — | 4.9 |
| SHANKARA BUILDPRO LIMITED | 609 | 4.6 | 1.12 | 2.7 | 23.4 | 31.8 | — | 3.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.5 | 15.8 | 33 of 130 | 75% |
| P/B | 0.4 | 1.0 | 31 of 150 | 79% |
| ROCE | 5.0 | 2.1 | 65 of 177 | 64% |
| ROE | 3.5 | 2.3 | 69 of 158 | 57% |
| Debt / Equity | 0.3 | 0.1 | 106 of 154 | 31% |
| EBITDA margin | 9.3 | 4.5 | 46 of 137 | 67% |
| Revenue growth | 18.4 | (8.6) | 46 of 135 | 66% |
| Profit growth | 185.8 | 0.6 | 29 of 157 | 82% |
| Market cap | 84 | 22 | 45 of 180 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · Mehai Technology AGM 2026 results: all 4 resolutions passed | compliance | minimal | — | — |
| 30 Sept 2026 · BWR assigns BBB- Stable rating to Mehai Technology bank loans | credit debt | medium | — | — |
| 29 Sept 2026 · Mehai Technology 13th AGM - 4 Ordinary Resolutions Transacted | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Intimation of Closure of Trading Window | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper ad published for 13th AGM notice and e-voting | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper ad published for 13th AGM on Sep 29, 2026 via video conferencing | compliance | minimal | — | — |
| 7 Sept 2026 · Mehai Technology submits revised 13th Annual Report for FY 2025-26 | results | high | — | — |
| 7 Sept 2026 · Revised 13th Annual Report for FY 2025-26 submitted to BSE | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · Notice of 13th AGM on Sep 29, 2026 with FY26 Annual Report | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Web link to 13th AGM notice and Annual Report for FY 2025-26 | 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.