NSE: MOLDTECH · BSE: 526263
MOLD-TEK TECHNOLOGIES LTD
Provides outsourced engineering services, split across two main lines. The civil engineering services (CES) line does structural design, poles and towers, and electrical substation work for US customers, with 80–90% of CES work coming from the US. The CES order book stood at $5 million in May 2026, up 76% from $2.84 million in June 2024, and the civil work on hand grew from 4 million to 5 million over the quarter. Poles and towers is the fastest-growing piece within CES, with the team scaled from 50 to 80 people. The manufacturing engineering services (MES) line does body-in-white (BIW) detailing for automobile customers; this division was downsized from 160 to 60 people in January 2026 after an EV-led slowdown. In November 2025 the company acquired Beryl Engineering (Tampa), a 40-member US structural engineering team that contributed ₹22.9 crore of revenue in its first five months and is targeted at $7 million in FY27. FY26 consolidated revenue was ₹181.68 crore with a 10.8% EBITDA margin. Employee costs are 72.5% of revenue, making it a people-intensive services business with low capex (0.5% of revenue). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil engineering services (CES), Manufacturing engineering services (MES), Beryl Engineering (US subsidiary). People-intensive engineering services outsourcing with low capex and a mix of US infrastructure (growing) and auto MES (shrinking) work.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 98 | 147 | 161 | 146 | 182 |
| EBITDA (ex other income) | 20 | 42 | 42 | 20 | 11 |
| margin % | 20.2 | 28.8 | 26.1 | 13.4 | 6.3 |
| Owners' profit | 4 | 3 | (3) | 12 | 2 |
| EPS, as reported (₹) | 4.71 | 10.36 | 9.81 | 4.26 | 3.51 |
| ROE % · ROCE % | 18.3 · 23.8 | 28.2 · 36.0 | 22.9 · 29.3 | 10.3 · 13.9 | 7.9 · 10.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 15 | 34 | 33 | 24 | 15 |
| Capex | (3) | (11) | 0 | (4) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34 | 30 | 33 | 40 | 53 | 55 | 60 | 61 |
| Profit before tax | 1 | (2) | 1 | 4 | 5 | 3 | 12 | 13 |
| Net profit | 1 | (2) | 1 | 3 | 4 | 2 | 9 | 10 |
| EPS (₹) | 0.19 | (0.55) | 0.24 | 1.12 | 1.35 | 0.80 | 3.13 | 3.34 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.3 | 13.5 | 43 of 102 | 58% |
| P/B | 1.9 | 1.3 | 54 of 85 | 37% |
| ROCE | 16.7 | 6.3 | 15 of 98 | 86% |
| ROE | 12.4 | 6.4 | 13 of 84 | 86% |
| Debt / Equity | 0.0 | 0.4 | 1 of 87 | 93% |
| EBITDA margin | 22.5 | 10.1 | 8 of 105 | 93% |
| Revenue growth | 51.2 | 7.5 | 15 of 86 | 84% |
| Profit growth | 197.3 | 15.1 | 10 of 83 | 89% |
| Market cap | 281 | 509 | 60 of 107 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Q2 profit over triples; management guides FY28 revenue growth of 18-20% | investor communications | medium | — | — |
| 5 Nov 2026 · Newspaper publication of September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 4 Nov 2026 · Q2 FY27 investor conference call recording uploaded | investor communications | low | — | — |
| 4 Nov 2026 · Mold-Tek discloses key managerial personnel details | compliance | minimal | — | — |
| 4 Nov 2026 · Chetana Attal appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 4 Nov 2026 · Chetana Attal appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 4 Nov 2026 · H1 FY27 revenue up 64%, profit after tax rises 4.8 times | compliance | low | — | — |
| 4 Nov 2026 · Q2 FY27 consolidated revenue up 51%, PAT up 197%, EBITDA margin 24% | results | high | — | — |
| 4 Nov 2026 · Second-quarter profit jumps nearly threefold; results approved and compliance officer appointed | board shareholder meetings | low | — | — |
| 31 Oct 2026 · Mold-Tek schedules investor call for Q2 FY27 results | board shareholder meetings | low | — | — |
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.