Mehul Colours Ltd
Incorporated in 1995, Mehul Colours Ltd manufactures Colour Masterbatches,
and pigments.[1]
- Market Cap ₹ 61.2 Cr.
- Current Price ₹ 58.0
- High / Low ₹ 92.5 / 48.0
- Stock P/E 11.7
- Book Value ₹ 39.1
- Dividend Yield 0.00 %
- ROCE 23.4 %
- ROE 17.9 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.0%
- Promoter holding has increased by 2.30% over last quarter.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 108 days to 160 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals
Part of BSE SME IPO
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 20.26 | 21.18 | 21.94 | 22.82 | 30.40 | |
| 18.13 | 16.95 | 17.87 | 15.83 | 24.37 | |
| Operating Profit | 2.13 | 4.23 | 4.07 | 6.99 | 6.03 |
| OPM % | 10.51% | 19.97% | 18.55% | 30.63% | 19.84% |
| 0.11 | 0.16 | 0.66 | 0.81 | 1.41 | |
| Interest | 0.06 | 0.06 | 0.06 | 0.05 | 0.02 |
| Depreciation | 0.24 | 0.23 | 0.32 | 0.35 | 0.38 |
| Profit before tax | 1.94 | 4.10 | 4.35 | 7.40 | 7.04 |
| Tax % | 25.26% | 28.29% | 25.98% | 25.68% | 25.71% |
| 1.45 | 2.94 | 3.22 | 5.50 | 5.22 | |
| EPS in Rs | 7.29 | 4.95 | |||
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 13% |
| TTM: | 33% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 21% |
| TTM: | -5% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 28% |
| 3 Years: | 26% |
| Last Year: | 18% |
Balance Sheet
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 0.29 | 0.29 | 0.29 | 7.54 | 10.55 |
| Reserves | 5.13 | 8.07 | 11.27 | 9.52 | 30.72 |
| 0.37 | 0.00 | 0.36 | 0.00 | 1.97 | |
| 3.74 | 2.78 | 1.95 | 1.90 | 1.97 | |
| Total Liabilities | 9.53 | 11.14 | 13.87 | 18.96 | 45.21 |
| 0.82 | 0.93 | 1.31 | 2.03 | 3.95 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 3.09 | 4.43 | 6.39 | 12.47 |
| 8.71 | 7.12 | 8.13 | 10.54 | 28.79 | |
| Total Assets | 9.53 | 11.14 | 13.87 | 18.96 | 45.21 |
Cash Flows
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 0.07 | 4.69 | 2.09 | 1.91 | -0.17 | |
| -0.07 | -3.29 | -1.42 | -2.30 | -7.72 | |
| 0.02 | -0.41 | 0.33 | -0.39 | 20.93 | |
| Net Cash Flow | 0.02 | 0.99 | 1.01 | -0.78 | 13.04 |
| Free Cash Flow | -0.02 | 4.34 | 1.52 | 0.92 | -2.37 |
| CFO/OP | 31% | 135% | 82% | 54% | 21% |
Ratios
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 122.33 | 66.86 | 56.40 | 88.77 | 95.57 |
| Inventory Days | 27.85 | 47.41 | 54.60 | 76.61 | 48.78 |
| Days Payable | 59.95 | 44.16 | 25.52 | 11.42 | 11.88 |
| Cash Conversion Cycle | 90.23 | 70.11 | 85.48 | 153.96 | 132.47 |
| Working Capital Days | 79.45 | 53.08 | 59.56 | 105.57 | 160.29 |
| ROCE % | 59.22% | 42.80% | 51.28% | 23.42% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Capacity Utilization - Unit I % |
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| Capacity Utilization - Unit II % |
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| Export Revenue Share % |
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| Masterbatch Revenue Share % |
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| Top 10 Customer Concentration % |
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| Top 10 Supplier Concentration % |
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| Total Installed Capacity MT |
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| Total Production Volume (Masterbatches) MT |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
31 May - Mehul Colours reported FY26 revenue of ₹30.40 crore, PAT of ₹5.22 crore, on May 30, 2026.
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Statement Of Funds Utilization Or Deviation/Variation Raised From The Initial Public Offering (IPO)
30 May - Regulation 32 statement: IPO proceeds of ₹2,165.76 lakh, no deviation; ₹1,062.43 lakh utilized as of 31 March 2026.
- Financial Results For The Half-Year And Year Ended 31St March, 2026 30 May
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Board Meeting Outcome for Outcome Of The Board Meeting Held On 30Th May, 2026
30 May - Board approved audited FY26 results and IPO fund utilization; net profit ₹522.29 lakh, unmodified audit opinion.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
28 May - Mehul Colours says Regulation 24A secretarial compliance report is not applicable for FY2025-26.
Business Overview:[1]
The company manufactures masterbatches, which are concentrated mixtures of pigments and additives used to add colour and enhance the properties of plastic products. It also sells pigments, finely ground colourants blended in-house to offer customized solutions for various industries.