NSE: MINALIND · BSE: 522235
MINAL INDUSTRIES LTD.
Operates in the trading and distribution segment, classified under commercial services and supplies. Reported FY26 revenue of Rs. 42.83 crore, with materials forming the largest cost at Rs. 18.249 crore (42.6% of revenue). Employee costs were Rs. 4.7736 crore (11.1% of revenue) and other operating expenses Rs. 10.9302 crore (25.5%). The company holds a stake in subsidiary Minal Infojewels Ltd, on which interest income has not been accrued due to the subsidiary's accumulated losses. Its overseas subsidiary Minal International FZE was wound up, with Rs. 408.99 lakhs written off. The statutory auditor flagged a material uncertainty related to going concern, citing accumulated losses of Rs. 2,216.82 lakhs and overdue loans of around Rs. 1,464.95 lakhs with no reasonable recovery steps taken. An NCLT share ownership dispute filed by the Managing Director is pending. Capex is minimal at Rs. 0.4065 crore (0.9% of revenue), and debt-to-equity is 0.0887. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading and distribution. Small trading and distribution company with going concern uncertainty and accumulated losses
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 28 | 27 | 38 | 51 | 43 |
| EBITDA (ex other income) | (0) | (0) | (3) | 4 | (1) |
| margin % | (0.6) | (1.0) | (8.7) | 7.6 | (1.7) |
| Owners' profit | 0 | 0 | 0 | 3 | (0) |
| EPS, as reported (₹) | 0.03 | (0.02) | (0.11) | 0.22 | 0.03 |
| ROE % · ROCE % | 1.1 · 2.4 | (0.5) · 2.2 | (3.4) · (2.1) | 6.6 · 6.1 | 0.9 · 1.4 |
| Debt / equity (x) | 0.11 | 0.18 | 0.20 | 0.12 | 0.09 |
| Cash from operations | (3) | (3) | (3) | 6 | 7 |
| Capex | (0) | (0) | 0 | 0 | (0) |
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 | 12 | 11 | 9 | 19 | 10 | 9 | 9 | 15 |
| Profit before tax | 1 | 0 | (0) | 4 | 1 | (1) | (1) | 2 |
| Net profit | 0 | 0 | (0) | 4 | 1 | (1) | (1) | 2 |
| EPS (₹) | 0.02 | (0.04) | 0.00 | 0.18 | 0.04 | 0.04 | 0.05 | 0.08 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.1 | 15.8 | 77 of 130 | 41% |
| P/B | 1.2 | 1.0 | 83 of 150 | 45% |
| ROCE | 1.4 | 2.1 | 96 of 177 | 46% |
| ROE | 0.9 | 2.3 | 93 of 158 | 41% |
| Debt / Equity | 0.1 | 0.1 | 82 of 154 | 47% |
| EBITDA margin | 13.7 | 4.5 | 34 of 137 | 76% |
| Revenue growth | (20.8) | (8.6) | 78 of 135 | 43% |
| Profit growth | (54.1) | 0.6 | 100 of 157 | 37% |
| Market cap | 77 | 22 | 47 of 180 | 74% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Compliance certificate for share dematerialization, Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Minal Industries 38th AGM results: 5 resolutions passed on 29 Sept 2026 | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · 38th AGM results: all 5 resolutions approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 38th AGM proceedings held on September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 38th AGM held on 29 Sept 2026; voting results awaited | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Minal Industries 38th AGM held, 5 resolutions considered | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Promoter of Minal Industries passes away | ownership changes | medium | — | — |
| 21 Sept 2026 · Promoter demise; name to be removed from promoter group | ownership changes | high | — | — |
| 4 Sept 2026 · Minal Industries files newspaper ad confirming 38th AGM notice dispatch | compliance | minimal | — | — |
| 3 Sept 2026 · AGM Notice: Letters Sent to Shareholders Without Registered Emails | 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.