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Last Updated: April 2, 2026, 3:17 am
Author: Getaka|Social: XLinkedIn

Maha Rashtra Apex Corporation Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,221.65Undervalued by 2,205.00%vs CMP ₹53.00

P/E (12.9) × ROE (71.2%) × BV (₹163.00) × DY (2.00%)

₹596.75Undervalued by 1,025.94%vs CMP ₹53.00
MoS: +91.1% (Strong)Confidence: 53/100 (Moderate)Models: 6 Under, 1 Fair, 2 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹2,106.1824%Under (+3873.9%)
Graham NumberEarnings₹230.3714%Under (+334.7%)
Earnings PowerEarnings₹66.2012%Under (+24.9%)
DCFCash Flow₹174.5412%Under (+229.3%)
Net Asset ValueAssets₹163.348%Under (+208.2%)
EV/EBITDAEnterprise₹17.7910%Over (-66.4%)
Earnings YieldEarnings₹144.708%Under (+173%)
ROCE CapitalReturns₹49.418%Fair (-6.8%)
Revenue MultipleRevenue₹4.276%Over (-91.9%)
Consensus (9 models)₹596.75100%Undervalued
Key Drivers: EPS CAGR 72.4% lifts DCF — verify sustainability. | Wide model spread (₹4–₹2,106) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 72.4%

*Investments are subject to market risks

Investment Snapshot

66
Maha Rashtra Apex Corporation Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health76/100 · Strong
ROCE 72.0% ExcellentROE 71.2% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed
Smart Money50/100 · Moderate
Promoter holding at 62.5% Stable
Earnings Quality75/100 · Strong
OPM expanding (-254% → -188%) ImprovingWorking capital: -2,865 days (improving) Efficient
Quarterly Momentum35/100 · Weak
Revenue (4Q): -70% YoY DecliningProfit (4Q): -95% YoY DecliningOPM: 71.6% (up 25,991.6% YoY) Margin expansion
Industry Rank80/100 · Strong
P/E 12.9 vs industry 98.5 Cheaper than peersROCE 72.0% vs industry 21.7% Above peersROE 71.2% vs industry 14.2% Above peers3Y sales CAGR: 0% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:17 am

Market Cap 149 Cr.
Current Price 53.0
Intrinsic Value₹596.75
High / Low 78.2/37.2
Stock P/E12.9
Book Value 163
Dividend Yield0.00 %
ROCE72.0 %
ROE71.2 %
Face Value 10.0
PEG Ratio0.18

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Maha Rashtra Apex Corporation Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Maha Rashtra Apex Corporation Ltd 149 Cr. 53.0 78.2/37.212.9 1630.00 %72.0 %71.2 % 10.0
Indbank Merchant Banking Services Ltd 138 Cr. 31.1 47.2/23.519.6 21.50.00 %13.4 %9.67 % 10.0
Adinath Exim Resources Ltd 132 Cr. 143 166/41.2 29.80.00 %1.05 %0.76 % 10.0
Escorp Asset Management Ltd 124 Cr. 112 213/64.526.7 63.50.00 %33.0 %28.1 % 10.0
Steel City Securities Ltd 113 Cr. 74.8 117/71.38.15 88.55.35 %18.2 %13.8 % 10.0
Industry Average6,725.79 Cr1,029.6498.514,364.490.43%21.71%14.20%7.23

All Competitor Stocks of Maha Rashtra Apex Corporation Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1.080.570.480.730.636.880.530.480.050.300.050.061.97
Expenses 1.043.000.930.8790.811.251.029.2813.010.450.4731.060.56
Operating Profit 0.04-2.43-0.45-0.14-90.185.63-0.49-8.80-12.96-0.15-0.42-31.001.41
OPM % 3.70%-426.32%-93.75%-19.18%-14,314.29%81.83%-92.45%-1,833.33%-25,920.00%-50.00%-840.00%-51,666.67%71.57%
Other Income 0.372.520.843.030.50413.840.790.846.3126.5624.300.323.83
Interest 0.000.000.000.000.010.000.010.010.00-0.020.000.000.00
Depreciation 0.010.010.010.010.010.010.010.010.010.010.010.010.01
Profit before tax 0.400.080.382.88-89.70419.460.28-7.98-6.6626.4223.87-30.695.23
Tax % 2.50%-225.00%0.00%15.62%0.00%0.25%0.00%-0.13%2.10%15.22%0.00%0.00%6.12%
Net Profit 0.390.250.382.42-89.70418.390.28-7.97-6.8022.4023.86-30.694.91
EPS in Rs 0.280.180.271.71-63.39295.680.20-5.63-4.8115.8316.86-21.693.47

Last Updated: March 4, 2026, 12:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 10:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 22191095889982
Expenses 1534557395251333
Operating Profit 0-3-1554-15-1-43-415-30
OPM % 15%-152%-97%53%51%45%-20%62%-8%-500%-438%63%-1,267%
Other Income 163317152732333555
Interest 332211000000-0
Depreciation 0000000000000
Profit before tax -20-0651014322-42-3934025
Tax % 2%58%60%1%17%-0%0%-5%30%0%4%1%
Net Profit -20-029541014341-42-4033620
EPS in Rs -1.260.05-0.0620.5438.137.089.6823.830.95-29.60-28.59237.2614.47
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)100.00%86.21%-81.48%40.00%142.86%-97.06%-4300.00%4.76%940.00%
Change in YoY Net Profit Growth (%)0.00%-13.79%-167.69%121.48%102.86%-239.92%-4202.94%4304.76%935.24%

Maha Rashtra Apex Corporation Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 9 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-4%
5 Years:-24%
3 Years:-44%
TTM:-90%
Compounded Profit Growth
10 Years:20%
5 Years:-4%
3 Years:167%
TTM:-93%
Stock Price CAGR
10 Years:22%
5 Years:11%
3 Years:8%
1 Year:-41%
Return on Equity
10 Years:%
5 Years:29%
3 Years:35%
Last Year:2%

Last Updated: September 5, 2025, 10:10 am

Balance Sheet

Last Updated: February 1, 2026, 1:01 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 14.1114.1114.1114.1114.1214.1214.1214.1214.1214.1214.1214.1214.12
Reserves -86.66-86.63-86.7522.9876.8387.29101.01134.77136.2798.83431.82451.72445.09
Borrowings 3.539.520.485.945.625.935.930.320.320.390.500.32-0.00
Other Liabilities 144.36142.98132.02109.01104.57103.19107.12111.39109.8895.6887.3676.9676.99
Total Liabilities 75.3479.9859.86152.04201.14210.53228.18260.60260.59209.02533.80543.12536.20
Fixed Assets 6.716.926.863.033.012.902.952.922.882.852.773.633.62
CWIP -0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00
Investments 19.0318.8118.90139.19190.46196.09209.31238.20235.59187.92504.34512.61504.74
Other Assets 49.6054.2534.109.827.6711.5415.9219.4822.1218.2526.6926.8827.84
Total Assets 75.3479.9859.86152.04201.14210.53228.18260.60260.59209.02533.80543.12536.20

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1115-1-00-251-2-8-9-4
Cash from Investing Activity + 111-0-06-0-01561
Cash from Financing Activity + -13-10-11-0-1-1-611106
Net Cash Flow -26-12-0-13-11-0-2-22
Free Cash Flow 1115-110-251-2-8-9-5
CFO/OP 4,635%-492%94%1%6%-45%-444%39%375%17%21%-92%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-3.53-12.52-1.48-0.94-0.62-1.93-6.934.68-1.32-43.39-41.504.68

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 2,1311,4531,5131516271889580
Inventory Days
Days Payable
Cash Conversion Cycle 2,1311,4531,5131516271889580
Working Capital Days -26,591-21,343-27,216-4,730-3,952-4,142-7,176-4,515-4,571-3,675-2,747-2,865
ROCE %8%4%12%23%-0%-33%-15%72%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 62.54%62.54%62.54%62.54%62.54%62.54%62.54%62.54%62.54%62.54%62.54%62.54%
DIIs 0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 37.46%37.47%37.46%37.45%37.46%37.46%37.46%37.46%37.46%37.47%37.47%37.47%
No. of Shareholders 10,43010,51610,34010,72710,83411,65012,83515,57815,87015,56115,33315,274

Shareholding Pattern Chart

No. of Shareholders

Maha Rashtra Apex Corporation Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 13.95245.82-29.720.9523.93
Diluted EPS (Rs.) 13.95245.82-29.720.9523.93
Cash EPS (Rs.) 8.515.533.673.655.83
Book Value[Excl.RevalReserv]/Share (Rs.) 329.96326.4380.01106.53105.47
Book Value[Incl.RevalReserv]/Share (Rs.) 329.96326.4380.01106.53105.47
Revenue From Operations / Share (Rs.) 0.966.171.512.762.17
PBDIT / Share (Rs.) 3.614.922.913.203.86
PBIT / Share (Rs.) 3.594.892.883.173.84
PBT / Share (Rs.) 11.436.573.734.044.69
Net Profit / Share (Rs.) 8.495.503.653.635.81
NP After MI And SOA / Share (Rs.) 237.80245.37-29.660.9523.88
PBDIT Margin (%) 374.7479.63192.90116.10177.81
PBIT Margin (%) 372.0679.17191.00115.16176.75
PBT Margin (%) 1185.26106.48247.00146.51215.83
Net Profit Margin (%) 880.6589.09241.67131.50267.43
NP After MI And SOA Margin (%) 24669.023975.34-1966.0634.471099.83
Return on Networth / Equity (%) 72.0675.16-37.070.8922.64
Return on Capital Employeed (%) 1.081.493.592.983.63
Return On Assets (%) 61.8163.13-20.030.5112.93
Asset Turnover Ratio (%) 0.000.020.000.010.00
Current Ratio (X) 0.270.190.140.160.13
Quick Ratio (X) 0.270.190.140.160.13
Interest Coverage Ratio (X) 25499.50475.291521.81273.88179.32
Interest Coverage Ratio (Post Tax) (X) 4589.50368.691464.81236.26230.29
Enterprise Value (Cr.) 143.62185.77122.56126.9987.84
EV / Net Operating Revenue (X) 105.5321.3257.5432.6328.65
EV / EBITDA (X) 28.1626.7729.8328.1016.11
MarketCap / Net Operating Revenue (X) 107.8921.3959.0233.8930.32
Price / BV (X) 0.310.401.110.870.62
Price / Net Operating Revenue (X) 108.0021.3959.0533.9030.33
EarningsYield 2.291.86-0.330.010.36

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Maha Rashtra Apex Corporation Ltd. is a Public Limited Listed company incorporated on 26/03/1943 and has its registered office in the State of Karnataka, India. Company's Corporate Identification Number(CIN) is L85110KA1943PLC001177 and registration number is 001177. Currently company belongs to the Industry of Finance & Investments. Company's Total Operating Revenue is Rs. 0.44 Cr. and Equity Capital is Rs. 14.12 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Finance & Investments3rd Floor, Front Wing, North Block, Bengaluru Karnataka 560042Contact not found
Management
NamePosition Held
Mr. K B ShettyChairman
Mr. Aspi Nariman KatgaraManaging Director
Mrs. V B JyothiDirector
Mr. Nagarajan SivarmakrishnanDirector
Mr. Yazdin Jimmy MistryDirector
Mrs. Vidya Mananjay MoreDirector

FAQ

What is the intrinsic value of Maha Rashtra Apex Corporation Ltd and is it undervalued?

As of 19 April 2026, Maha Rashtra Apex Corporation Ltd's intrinsic value is ₹596.75, which is 1025.94% higher than the current market price of ₹53.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (71.2 %), book value (₹163), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Maha Rashtra Apex Corporation Ltd?

Maha Rashtra Apex Corporation Ltd is trading at ₹53.00 as of 19 April 2026, with a FY2026-2027 high of ₹78.2 and low of ₹37.2. The stock is currently in the middle of its 52-week range. Market cap stands at ₹149 Cr..

How does Maha Rashtra Apex Corporation Ltd's P/E ratio compare to its industry?

Maha Rashtra Apex Corporation Ltd has a P/E ratio of 12.9, which is below the industry average of 98.51. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Maha Rashtra Apex Corporation Ltd financially healthy?

Key indicators for Maha Rashtra Apex Corporation Ltd: ROCE of 72.0 % indicates efficient capital utilization; ROE of 71.2 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Maha Rashtra Apex Corporation Ltd profitable and how is the profit trend?

Maha Rashtra Apex Corporation Ltd reported a net profit of ₹336 Cr in Mar 2025 on revenue of ₹8 Cr. Compared to ₹1 Cr in Mar 2022, the net profit shows an improving trend.

Does Maha Rashtra Apex Corporation Ltd pay dividends?

Maha Rashtra Apex Corporation Ltd has a dividend yield of 0.00 % at the current price of ₹53.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Maha Rashtra Apex Corporation Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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