BSE: 501477
MULLER & PHIPPS (INDIA) LTD.
Acts as a trading and distribution company in the commercial services sector, with FY26 revenue from operations of Rs. 5.6316 crore. Its cost structure is dominated by employee expenses at 44.6% of revenue and other operating expenses at 42.5% of revenue, with no material cost of goods and negligible depreciation, consistent with an agency or commission-based distribution model rather than principal trading. FY25 sales rose by about 43%, driven by new oral care brand launches. The company also books commission income on sale of goods through related-party transactions with Foods and Inns Limited. As of March 31, 2026, accumulated losses stood at Rs. 495.10 lakhs and net worth was negative at Rs. (206.41) lakhs, with the statutory auditor flagging going concern issues. Two wholly-owned subsidiaries, Muller and Phipps Agencies Ltd and Muller and Phipps Industrial Services Ltd, also reported losses in FY25. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading and distribution of consumer goods including oral care brands, Commission on sale of goods (related-party arrangement with Foods and Inns Limited). Small-scale, services-led trading and distribution company under going-concern stress, with negative net worth
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4 | 4 | 4 | 6 | 6 |
| EBITDA (ex other income) | 0 | 0 | 0 | (1) | (1) |
| margin % | 4.7 | 1.1 | 8.8 | (16.4) | (21.9) |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 6.96 | 3.40 | 11.51 | 12.11 | 0.76 |
| ROE % · ROCE % | (19.5) · 24.8 | (10.5) · 14.1 | (55.4) · 30.6 | 36.4 · (36.7) | 2.3 · 1.8 |
| Debt / equity (x) | (0.59) | (0.52) | (0.59) | (0.40) | (0.36) |
| Cash from operations | 0 | 0 | 1 | (0) | 0 |
| 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 | 1 | 1 | 2 | 2 | 1 | 2 | 1 | 2 |
| Profit before tax | 0 | (0) | (0) | (0) | 1 | (0) | (0) | (0) |
| Net profit | 0 | (0) | (0) | (0) | 1 | (0) | (0) | (0) |
| EPS (₹) | 0.99 | (3.71) | (1.92) | 7.47 | 11.17 | 0.50 | 6.18 | 5.25 |
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) | 8.6 | 15.8 | 42 of 130 | 68% |
| EBITDA margin | (20.5) | 4.5 | 119 of 137 | 13% |
| Revenue growth | (11.5) | (8.6) | 70 of 135 | 49% |
| Profit growth | 29.7 | 0.6 | 68 of 157 | 57% |
| Market cap | 12 | 22 | 115 of 180 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) filed | compliance | minimal | — | — |
| 29 Sept 2026 · All 3 resolutions passed at 109th AGM with 99.99% majority | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closure from Oct 1, 2026 for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 28 Sept 2026 · 109th AGM Concluded - All Resolutions Passed | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Newspaper publication of 109th AGM notice by Muller and Phipps India | compliance | minimal | — | — |
| 4 Sept 2026 · Annual Report FY26: Loss narrows to Rs 3.13L on Rs 563.16L sales | results | high | — | — |
| 17 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results | compliance | minimal | — | — |
| 7 Aug 2026 · Board meeting on Aug 14 to consider Q1 FY27 results and 109th AGM notice | results | low | — | — |
| 15 Jul 2026 · Routine quarterly dematerialisation certificate filed with BSE | compliance | minimal | — | — |
| 29 Jun 2026 · Trading restriction period starts July 1 2026 ahead of Q1 results | 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.