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

Mahickra Chemicals Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹220.23Fairly Valued by 2.43%vs CMP ₹215.00

P/E (83.2) × ROE (7.3%) × BV (₹45.10) × DY (0.09%)

₹75.16Overvalued by 65.04%vs CMP ₹215.00
MoS: -186.1% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹200.7122%Fair (-6.6%)
Graham NumberEarnings₹51.2716%Over (-76.2%)
Earnings PowerEarnings₹6.3911%Over (-97%)
DCFCash Flow₹7.1413%Over (-96.7%)
Net Asset ValueAssets₹44.977%Over (-79.1%)
EV/EBITDAEnterprise₹16.099%Over (-92.5%)
Earnings YieldEarnings₹25.907%Over (-88%)
ROCE CapitalReturns₹91.539%Over (-57.4%)
Revenue MultipleRevenue₹108.315%Over (-49.6%)
Consensus (9 models)₹75.16100%Overvalued
Key Drivers: Wide model spread (₹6–₹201) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -8.9%

*Investments are subject to market risks

Investment Snapshot

47
Mahickra Chemicals Ltd scores 47/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health62/100 · Moderate
ROCE 9.9% AverageROE 7.3% AverageD/E 0.33 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 48.3% Stable
Earnings Quality40/100 · Moderate
OPM stable around 2% SteadyWorking capital: 121 days Capital intensive
Quarterly Momentum25/100 · Weak
Revenue (4Q): -14% YoY DecliningProfit (4Q): -26% YoY Declining
Industry Rank55/100 · Moderate
P/E 83.2 vs industry 166.4 Cheaper than peersROCE 9.9% vs industry 10.9% Average3Y sales CAGR: -5% 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 175 Cr.
Current Price 215
Intrinsic Value₹125.99
High / Low 224/103
Stock P/E83.2
Book Value 45.1
Dividend Yield0.09 %
ROCE9.86 %
ROE7.33 %
Face Value 10.0
PEG Ratio-9.38

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

View Share Price Target for Mahickra Chemicals Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Mahickra Chemicals Ltd 175 Cr. 215 224/10383.2 45.10.09 %9.86 %7.33 % 10.0
Hindprakash Industries Ltd 134 Cr. 117 176/10787.1 43.90.00 %6.96 %3.32 % 10.0
Poddar Pigments Ltd 221 Cr. 208 354/20114.6 3461.92 %8.60 %6.43 % 10.0
AksharChem (India) Ltd 125 Cr. 155 331/141 3260.48 %3.46 %1.82 % 10.0
Asahi Songwon Colors Ltd 237 Cr. 201 492/17915.2 2190.75 %9.17 %8.15 % 10.0
Industry Average1,057.00 Cr238.70166.44186.930.49%10.89%9.02%8.13

All Competitor Stocks of Mahickra Chemicals Ltd

Quarterly Result

MetricSep 2019Mar 2020Sep 2020Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025
Sales 49.6944.5933.6952.8342.4059.9053.8849.1537.2134.7044.7943.3649.05
Expenses 49.0944.6132.7151.7040.8859.7053.3947.3335.6935.5542.4943.1747.58
Operating Profit 0.60-0.020.981.131.520.200.491.821.52-0.852.300.191.47
OPM % 1.21%-0.04%2.91%2.14%3.58%0.33%0.91%3.70%4.08%-2.45%5.14%0.44%3.00%
Other Income 2.421.930.902.081.262.672.461.250.032.240.342.290.75
Interest 0.320.370.330.240.350.400.480.420.580.580.680.610.73
Depreciation 0.040.060.050.060.110.140.240.310.280.000.150.150.16
Profit before tax 2.661.481.502.912.322.332.232.340.690.811.811.721.33
Tax % 33.83%16.22%29.33%28.87%28.45%27.90%28.70%27.35%28.99%28.40%25.41%30.81%31.58%
Net Profit 1.751.251.052.061.671.681.591.700.490.581.351.190.91
EPS in Rs 2.421.541.292.542.062.071.962.090.600.711.661.471.12

Last Updated: December 30, 2025, 2:37 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: December 15, 2025, 5:01 am

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 19.5280.0294.2886.49102.28103.0171.9288.1692.41
Expenses 18.7578.9893.7084.38100.53100.5971.2585.6690.75
Operating Profit 0.771.040.582.111.752.420.672.501.66
OPM % 3.94%1.30%0.62%2.44%1.71%2.35%0.93%2.84%1.80%
Other Income 0.462.474.352.983.933.622.272.623.04
Interest 0.240.530.690.570.780.931.161.291.34
Depreciation 0.050.070.100.120.250.550.280.300.31
Profit before tax 0.942.914.144.404.654.561.503.533.05
Tax % 21.28%29.90%27.54%29.55%27.74%27.85%28.67%28.33%
Net Profit 0.742.042.993.113.353.281.072.532.10
EPS in Rs 1.442.823.683.834.124.041.323.112.59
Dividend Payout % 0.00%0.00%8.15%5.22%15.76%16.09%22.77%6.42%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)175.68%46.57%4.01%7.72%-2.09%-67.38%136.45%
Change in YoY Net Profit Growth (%)0.00%-129.11%-42.56%3.70%-9.81%-65.29%203.83%

Mahickra Chemicals Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 7 years from 2018-2019 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:-1%
3 Years:-5%
TTM:23%
Compounded Profit Growth
10 Years:%
5 Years:-3%
3 Years:-9%
TTM:136%
Stock Price CAGR
10 Years:%
5 Years:16%
3 Years:29%
1 Year:37%
Return on Equity
10 Years:%
5 Years:9%
3 Years:7%
Last Year:7%

Last Updated: September 5, 2025, 10:15 am

Balance Sheet

Last Updated: January 7, 2026, 4:01 pm

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 5.137.238.128.128.128.128.128.128.12
Reserves 2.647.8415.8618.8121.6324.3725.2027.5728.48
Borrowings 6.344.805.5510.5610.0210.0813.4415.3014.90
Other Liabilities 20.5023.2320.9020.2125.3920.9114.0217.2819.87
Total Liabilities 34.6143.1050.4357.7065.1663.4860.7868.2771.37
Fixed Assets 0.670.790.850.961.684.484.595.155.02
CWIP 0.000.002.152.562.930.430.700.000.00
Investments 0.000.000.000.000.000.050.050.050.05
Other Assets 33.9442.3147.4354.1860.5558.5255.4463.0766.30
Total Assets 34.6143.1050.4357.7065.1663.4860.7868.2771.37

Reserves and Borrowings Chart

Cash Flow

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -11.15-4.23-3.47-2.503.242.32-1.33-0.19
Cash from Investing Activity + -0.72-0.20-2.50-0.63-1.44-0.91-0.66-0.16
Cash from Financing Activity + 13.143.225.993.13-1.82-1.401.950.40
Net Cash Flow 1.27-1.200.010.00-0.020.00-0.030.05
Free Cash Flow -11.87-4.43-5.79-3.131.891.46-1.99-0.35
CFO/OP -1,417%-328%-397%-59%259%149%-75%21%

Free Cash Flow

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-5.57-3.76-4.97-8.45-8.27-7.66-12.77-12.80

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 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 312.83107.69106.04142.94135.96130.29119.16105.78
Inventory Days 212.4442.2348.9870.9872.0677.95143.12149.95
Days Payable 416.27111.0083.1889.2697.6976.5271.9073.36
Cash Conversion Cycle 109.0038.9371.84124.65110.34131.73190.39182.37
Working Capital Days 116.3166.3781.92101.3392.7199.92139.97121.47
ROCE %20.25%19.55%14.83%14.06%13.72%5.96%9.86%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2020Sep 2020Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025
Promoters 45.07%47.05%49.82%50.61%51.33%52.18%53.05%53.84%54.95%51.81%48.57%48.27%
FIIs 0.00%0.00%0.00%0.00%0.00%0.59%0.59%0.59%0.59%0.59%0.59%0.00%
DIIs 2.88%2.88%2.88%2.88%0.59%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public 52.05%50.08%47.30%46.51%48.08%47.23%46.36%45.57%44.46%47.60%50.84%51.73%
No. of Shareholders 329341309327305312291303309351374355

Shareholding Pattern Chart

No. of Shareholders

Mahickra Chemicals 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 22
FaceValue 10.0010.0010.0010.00
Basic EPS (Rs.) 3.121.324.054.12
Diluted EPS (Rs.) 3.121.324.054.12
Cash EPS (Rs.) 3.491.664.724.43
Book Value[Excl.RevalReserv]/Share (Rs.) 43.9541.0340.0136.63
Book Value[Incl.RevalReserv]/Share (Rs.) 43.9541.0340.0136.63
Revenue From Operations / Share (Rs.) 108.5488.54126.85125.95
PBDIT / Share (Rs.) 6.303.627.396.95
PBIT / Share (Rs.) 5.933.286.716.64
PBT / Share (Rs.) 4.341.855.615.72
Net Profit / Share (Rs.) 3.121.324.044.12
NP After MI And SOA / Share (Rs.) 3.121.324.054.12
PBDIT Margin (%) 5.804.085.825.52
PBIT Margin (%) 5.463.705.295.27
PBT Margin (%) 4.002.084.424.54
Net Profit Margin (%) 2.871.493.183.27
NP After MI And SOA Margin (%) 2.871.493.193.27
Return on Networth / Equity (%) 7.093.2210.1111.25
Return on Capital Employeed (%) 13.327.8216.1917.36
Return On Assets (%) 3.701.765.085.13
Long Term Debt / Equity (X) 0.000.010.020.03
Total Debt / Equity (X) 0.420.400.310.33
Asset Turnover Ratio (%) 1.371.151.590.00
Current Ratio (X) 1.922.031.911.76
Quick Ratio (X) 0.931.171.301.25
Inventory Turnover Ratio (X) 3.222.944.980.00
Dividend Payout Ratio (NP) (%) 6.4122.7016.0615.76
Dividend Payout Ratio (CP) (%) 5.7318.0613.7414.66
Earning Retention Ratio (%) 93.5977.3083.9484.24
Cash Earning Retention Ratio (%) 94.2781.9486.2685.34
Interest Coverage Ratio (X) 3.962.536.747.53
Interest Coverage Ratio (Post Tax) (X) 2.961.924.685.46
Enterprise Value (Cr.) 117.08112.9789.6379.02
EV / Net Operating Revenue (X) 1.331.570.860.77
EV / EBITDA (X) 22.8838.4214.9213.99
MarketCap / Net Operating Revenue (X) 1.161.380.770.67
Retention Ratios (%) 93.5877.2983.9384.23
Price / BV (X) 2.852.992.452.32
Price / Net Operating Revenue (X) 1.161.380.770.67
EarningsYield 0.020.010.040.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Mahickra Chemicals Ltd. is a Public Limited Listed company incorporated on 05/09/2017 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L24304GJ2017PLC099781 and registration number is 099781. Currently Company is involved in the business activities of Manufacture of dyes and pigments from any source in basic form or as concentrate. Company's Total Operating Revenue is Rs. 88.16 Cr. and Equity Capital is Rs. 8.12 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Dyes & PigmentsPlot No. 1209, Phase-3, GIDC Vatva, Ahmedabad Gujarat 382445Contact not found
Management
NamePosition Held
Mr. Miteshkumar C GandhiChairman & Managing Director
Mr. Ashishkumar C GandhiWhole Time Director
Mrs. Komal Miteshkumar GandhiWhole Time Director
Mrs. Amisha ShahIndependent Director
Mr. Niren DesaiIndependent Director
Mrs. Basari MehtaIndependent Director

FAQ

What is the intrinsic value of Mahickra Chemicals Ltd and is it undervalued?

As of 03 April 2026, Mahickra Chemicals Ltd's intrinsic value is ₹75.16, which is 65.04% lower than the current market price of ₹215.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (7.33 %), book value (₹45.1), dividend yield (0.09 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Mahickra Chemicals Ltd?

Mahickra Chemicals Ltd is trading at ₹215.00 as of 03 April 2026, with a FY2026-2027 high of ₹224 and low of ₹103. The stock is currently near its 52-week high. Market cap stands at ₹175 Cr..

How does Mahickra Chemicals Ltd's P/E ratio compare to its industry?

Mahickra Chemicals Ltd has a P/E ratio of 83.2, which is below the industry average of 166.44. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Mahickra Chemicals Ltd financially healthy?

Key indicators for Mahickra Chemicals Ltd: ROCE of 9.86 % is on the lower side compared to the industry average of 10.89%; ROE of 7.33 % is below ideal levels (industry average: 9.02%). Dividend yield is 0.09 %.

Is Mahickra Chemicals Ltd profitable and how is the profit trend?

Mahickra Chemicals Ltd reported a net profit of ₹3 Cr in Mar 2025 on revenue of ₹88 Cr. Compared to ₹3 Cr in Mar 2022, the net profit shows a declining trend.

Does Mahickra Chemicals Ltd pay dividends?

Mahickra Chemicals Ltd has a dividend yield of 0.09 % at the current price of ₹215.00. The company pays dividends, though the yield is modest.

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 Mahickra Chemicals 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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