Maharashtra Corporation Limited

Consumer Cyclical — Textile Manufacturing · BSE

₹0.30−₹0.01 (−3.23%)

DalalBaazaar Score

48 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The company is currently losing money, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

The 60-second version of Maharashtra Corporation Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Maharashtra Corporation Limited engages in investing, trading, and distributing textile products, commodities, and goods in India.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-814 reaches shareholders as profit, with ₹-594 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -0.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -96% while net margin moved -1369% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-96%

Margin effect-1369%

DalalBaazaar Score

48/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of -0.7% is below 10% — capital is not working hard
✗ ROCE has fallen by 3.2 points — returns are eroding
✗ EBITDA margin of -593.6% is thin — little cushion if costs rise
✗ The business is lossmaking at the net level

Quality vs. Valuation

Company Quality

42/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

85/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 2.5% to -0.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 2.5% to -0.7% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 2 high

🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 660.5 points, from 67.0% to -593.6%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Self-funding with balance-sheet headroom
Positive free cash flow of ₹0 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 67.0% to -593.6%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 2.5% to -0.6%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above -596%✓ -593.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ -0.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 3 neutral · 5 weak

Market Cap

₹19 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

0.20x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0

Loss-making

Negative earnings per share — the business is losing money

ROE

-0.6%

Weak

Weak capital efficiency

ROCE

-0.7%

Weak

Low return on total capital employed

Debt/Equity

0.45x

Low

Conservative leverage

Revenue Growth (YoY)

-97.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

-439.4%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-771.1%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

19.87

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.67

Defensive

Steadier than the market

52W Range Position

20%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

0.3 / 0.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

53.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹1 Cr	₹2 Cr	₹0 Cr	-65.8%
EBITDA	₹1 Cr	₹0 Cr	₹1 Cr	-₹0 Cr	—
EBITDA Margin	67.0%	53.4%	58.7%	-593.6%	—
PAT (Net Profit)	₹1 Cr	₹0 Cr	₹0 Cr	-₹0 Cr	—
EPS	₹0.02	₹0.01	—	₹-0.01	—
ROE	2.5%	0.5%	0.2%	-0.6%	—
ROCE	2.5%	0.3%	0.2%	-0.7%	—
Total Debt	—	—	-₹0 Cr	₹0 Cr	—
Free Cash Flow	-₹16 Cr	-₹30 Cr	-₹1 Cr	₹0 Cr	—

🔴 Revenue has shrunk at 65.8% a year over 3 years.

🔴 EBITDA has turned negative, from ₹1 Cr to -₹0 Cr.

🔴 EBITDA Margin has fallen from 67.0% to -593.6% over 3 years (-660.5 pts).

🔴 PAT (Net Profit) has turned negative, from ₹1 Cr to -₹0 Cr.

🔴 EPS has turned negative, from ₹0.02 to ₹-0.01.

🔴 ROE has fallen from 2.5% to -0.6% over 3 years (-3.1 pts).

🔴 ROCE has fallen from 2.5% to -0.7% over 3 years (-3.2 pts).

🟢 Total Debt has turned positive, from -₹0 Cr to ₹0 Cr.

🟢 Free Cash Flow has turned positive, from -₹16 Cr to ₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹62 Cr

Total Liabilities

₹0 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

26.3%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 positive1 mixed4 general

Maharashtra Corporation discloses e-voting results for 44th AGM

scanx.trade, 04 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Maharashtra Corporation Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

BSE and NSE to remain closed on Thursday for Maharashtra municipal elections

News On AIR, 27 May

Maharashtra Corporation Ltd sets 44th AGM for September 30, 2026

scanx.trade, 11 Sept

Maharashtra Scooters, Dixon Tech, Bharat Dynamics, Jai Corp among stocks to turn ex-dividend on Monday

Business Today, 20 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Maharashtra Scooters Share Price Forecast: 3 Year Outlook to 2030

Univest, 21 Jul

Watch Items

Revenue growth is negative (-97.1%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 3 tripwires tripped — ROCE stays above 8% · see Key things to watch ↑