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 | 10 |
| 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 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 43 | 34 | 30 | 33 | 40 | 53 | 55 | 60 |
| Profit before tax | 11 | 1 | (2) | 1 | 4 | 5 | 3 | 12 |
| Net profit | 8 | 1 | (2) | 1 | 3 | 4 | 2 | 9 |
| EPS (₹) | 2.80 | 0.19 | (0.55) | 0.24 | 1.12 | 1.35 | 0.80 | 3.13 |
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. | 5,35,992 | 32.3 | 4.17 | 19.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 43,725 | 48.7 | 4.45 | 31.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,595 | 21.6 | 3.18 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| NBCC (INDIA) LIMITED | 22,448 | 30.3 | 6.98 | 18.9 | 23.1 | 29.7 | 13.5 | 9.6 |
| IRB INFRA DEV LTD. | 21,849 | 16.8 | 1.04 | 10.0 | 4.1 | 2.5 | 7.6 | 55.6 |
| CEMINDIA PROJECTS LIMITED | 21,576 | 35.9 | 8.99 | 18.3 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,007 | 20.4 | 5.09 | 17.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,793 | 27.4 | 2.84 | 19.3 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.9 | 14.7 | 83 of 108 | 23% |
| P/B | 4.4 | 1.5 | 77 of 87 | 12% |
| ROCE | 10.0 | 10.0 | 56 of 109 | 49% |
| ROE | 7.9 | 9.2 | 52 of 91 | 43% |
| Debt / Equity | 0.0 | 0.3 | 4 of 91 | 88% |
| EBITDA margin | 23.4 | 12.4 | 13 of 88 | 86% |
| Revenue growth | 78.8 | 6.2 | 8 of 86 | 92% |
| Profit growth | 1215.1 | 2.7 | 3 of 84 | 98% |
| Market cap | 569 | 454 | 51 of 110 | 54% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 21 Sept 2026 · Independent Director re-appointed for second 5-year term | management changes | medium | — | — |
| 21 Sept 2026 · Mold-Tek Technologies 42nd AGM: Dividend, Bonus Shares and Director Approvals | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Notice of 42nd AGM and e-voting info published in newspapers | compliance | minimal | — | — |
| 30 Aug 2026 · 42nd AGM Notice, Annual Report FY26, Bonus Issue 1:1 and Final Dividend | board shareholder meetings | medium | — | — |
| 30 Aug 2026 · Mold-Tek Technologies 42nd AGM on Sept 21, 2026; includes 1:1 bonus share proposal | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Mold-Tek Technologies: 42nd AGM notice and dividend | compliance | minimal | — | — |
| 26 Aug 2026 · Mold-Tek announces 1:1 bonus shares plus Rs 2 final dividend | corporate actions | high | — | — |
| 26 Aug 2026 · Mold-Tek announces 1:1 bonus issue, Rs 2 dividend, AGM Sep 21 | corporate actions | high | — | — |
| 26 Aug 2026 · Mold-Tek announces 1:1 bonus issue and final dividend of Rs 2 per share | corporate actions | high | — | — |
| 26 Aug 2026 · Bonus Issue 1:1, Rs 2 Dividend and 42nd AGM on Sep 21, 2026 | 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.