BSE: 517336
MODERN MALLEABLES LTD.
Manufactures iron and steel products from its base in Kolkata, with activity spanning the power sector and telecommunications alongside iron contracting and manufacturing. The company is classified under Industrial Products / Iron & Steel Products and is listed on BSE (Scrip Code 517336) and the Calcutta Stock Exchange (Scrip Code 023035). In FY26 it reported revenue of ₹150.87 crore, net profit of ₹19.34 crore, and an EBITDA margin of 18.18%. The cost book is dominated by raw materials at 70.9% of revenue, with employee costs at 2.1%, other operating expenses at 9.6%, depreciation at 0.6% and capex at 0.9% of revenue. Capital work in progress stood at ₹13,955.46 Lakhs as of FY26, indicating ongoing capacity or capability expansion in progress. The company holds ISO 9001:2008 certification and is registered as an iron and steel entity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron contracting and manufacturing, Power sector, Telecommunications. Cyclical, asset-heavy iron and steel products manufacturing with a material-intensive cost structure and ongoing capacity build
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 52 | 68 | 52 | 151 |
| EBITDA (ex other income) | 11 | 16 | 1 | 27 |
| margin % | 20.9 | 23.4 | 1.6 | 18.0 |
| Owners' profit | 9 | 14 | 10 | 19 |
| EPS, as reported (₹) | 0.80 | 1.20 | 0.96 | 1.66 |
| ROE % · ROCE % | 8.9 · 11.8 | 9.2 · 11.1 | 6.3 · 7.1 | 10.9 · 14.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.03 | 0.06 |
| Cash from operations | — | 6 | (11) | 7 |
| Capex | — | 0 | (2) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 13 | 26 | 28 | 38 | 31 | 53 | 55 |
| Profit before tax | 0 | (1) | 13 | 3 | 5 | 6 | 12 | 10 |
| Net profit | 0 | (1) | 11 | 2 | 4 | 4 | 9 | 8 |
| EPS (₹) | 0.02 | (0.05) | 1.03 | 0.21 | 0.34 | 0.36 | 0.75 | 0.64 |
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) | 22.3 | 15.4 | 66 of 105 | 38% |
| P/B | 3.0 | 1.5 | 76 of 101 | 24% |
| ROCE | 14.0 | 9.1 | 32 of 115 | 73% |
| ROE | 10.9 | 8.6 | 38 of 103 | 64% |
| Debt / Equity | 0.1 | 0.2 | 33 of 101 | 68% |
| EBITDA margin | 19.4 | 11.0 | 26 of 100 | 75% |
| Revenue growth | 98.5 | 13.7 | 8 of 97 | 93% |
| Profit growth | 206.6 | 29.3 | 16 of 105 | 86% |
| Market cap | 542 | 216 | 50 of 122 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Quarterly certificate from registrar under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Trading window closed from Oct 1, 2026 till Q2/H1 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · 42nd AGM - All six resolutions passed with 100 percent approval | compliance | minimal | — | — |
| 21 Sept 2026 · 42nd AGM held on 18 Sep 2026, all 6 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 19 Sept 2026 · 42nd AGM of Modern Malleables held on 18 Sept 2026; 6 resolutions passed | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Newspaper publication on special window for physical shares demat | compliance | minimal | — | — |
| 26 Aug 2026 · Newspaper publication of 42nd AGM notice for FY 2025-26 | compliance | minimal | — | — |
| 26 Aug 2026 · Board fixes 42nd AGM date, approves Director's Report | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Modern Malleables fixes 42nd AGM on Sept 18, 2026; annual report dispatched | compliance | minimal | — | — |
| 25 Aug 2026 · Modern Malleables files FY26 Annual Report; 42nd AGM on Sep 18, 2026 | results | 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.