Mahamaya Lifesciences Limited

Basic Materials — Agricultural Inputs · BSE

₹176.25−₹4.90 (−2.70%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

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

What does this company do?

Mahamaya Lifesciences Limited provides pesticides products in India. It offers high quality and effective agricultural crop protection solutions. The company also provides household pesticides, plant nutrition, and specialty chemicals. In addition, it exports its products.

IndustryAgricultural Inputs

SectorBasic Materials

Employees71

Annual revenue₹329 Cr

How does it make money?

Turns over ₹329 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹10 left at the operating level before interest, tax and depreciation. Each of its 71 employees supports ₹4.63 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin10.3%

Net margin5.0%

Revenue / employee₹4.63 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, ULTRATECH CEMENT LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

TATA STEEL LIMITEDP/E 19.8x · ROE 10.8%

JSW STEEL LIMITEDP/E 12.0x · ROE 24.7%

ULTRATECH CEMENT LIMITEDP/E 37.6x · ROE 11.1%

ASIAN PAINTS LIMITEDP/E 46.9x · ROE 22.3%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 24.6%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 19.3% against a peer median of 22.3% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE24.6%

ROE19.3%

Peer median ROE22.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +140% while net margin moved +84% 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+140%

Margin effect+84%

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

64/ 100

Average

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

Valuation

77/ 100

Cheap

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

21.2x

1.1Y Median

31.8x

13 monthly readings · mean 30.7x · range 21.6x–33.9x

Sector Median

28.7x

median of 4 sector peers

🟢Current valuation is approximately 33% below its 1.1y median of 31.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 26% below the peer median of 28.7x.

vs. its own history

Cheap

31.8x median over 13 months · -33%

vs. sector peers

Cheap

28.7x median of 4 peers · -26%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

21.2x

P/B

3.38x

EV/EBITDA

14.0x

PEG

0.33

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 6.5% to 10.3% over 3 years.
High return on capital employed
ROCE of 24.6% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 21.2x the stock trades 33% below its own median of 31.8x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention5

Debt is rising
Total debt is up 272% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 19.3% to 13.6% — each rupee of shareholder capital earns less than it did.
Receivables growing faster than sales
Receivables are up 643% against revenue growth of 140% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 306% against revenue growth of 140% — stock may not be moving.

Red Flags

5 items require attention · 5 high

🔴Debt has risen sharplyFinancial
Total debt is up 272% over 3 years, from ₹24 Cr to ₹91 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 643% against revenue up 140% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 306% against revenue up 140% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 24.6% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 6.5% to 10.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 33% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 26% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 643% against revenue up 140%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 19.3% to 13.6%. 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
5 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

1Revenue growth stays above 25% a year✓ 33.9% CAGR
Latest reported year was 39.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 8%✓ 10.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹46 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 22%✓ 24.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 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 trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹413 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.2x

Fair

Fairly valued against the generic band

P/B Ratio

3.38x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹8.33

Profitable

Profitable on a per-share basis

ROE

19.3%

Strong

Strong capital efficiency

ROCE

24.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.74x

Moderate

Moderate leverage

Revenue Growth (YoY)

39.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

19.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

-₹56 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹176.25

ROA

8.2%

Good

Assets are working hard

Operating Margin

11.2%

Average

Average margins

Net Margin

5.0%

Average

Average bottom-line conversion

Current Ratio

1.46

Comfortable

Healthy short-term liquidity

52W Range Position

69%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

180.1 / 182.6

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

45.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹137 Cr	₹162 Cr	₹264 Cr	₹329 Cr	+33.9%
EBITDA	₹9 Cr	₹13 Cr	₹25 Cr	₹34 Cr	+56.0%
EBITDA Margin	6.5%	8.3%	9.3%	10.3%	—
PAT (Net Profit)	₹4 Cr	₹5 Cr	₹13 Cr	₹17 Cr	+63.9%
EPS	₹1.6	₹2.23	₹5.47	—	—
ROE	19.3%	21.2%	25.9%	13.6%	—
ROCE	25.3%	35.0%	40.1%	24.6%	—
Total Debt	₹24 Cr	₹55 Cr	₹58 Cr	₹91 Cr	+55.0%
Free Cash Flow	-₹2 Cr	-₹25 Cr	-₹8 Cr	-₹46 Cr	—

🟢 Revenue has grown at 33.9% a year over 3 years.

🟢 EBITDA has grown at 56.0% a year over 3 years.

🟢 EBITDA Margin has risen from 6.5% to 10.3% over 3 years (+3.8 pts).

🟢 PAT (Net Profit) has grown at 63.9% a year over 3 years.

🔴 ROE has fallen from 19.3% to 13.6% over 3 years (-5.7 pts).

🟡 ROCE has held roughly flat at 24.6% over 3 years.

🔴 Total Debt has grown at 55.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹310 Cr

Total Liabilities

₹188 Cr

Total Debt

₹91 Cr

Cash & Equivalents

₹32 Cr

Operating Cash Flow

-₹30 Cr

Capex

-₹16 Cr

Shareholding (proxy)

Institutional Holding

4.5%

Insider Holding

76.0%

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
ULTRATECH CEMENT LIMITED	37.6x	11.1%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

1 positive1 mixed4 general

Multibagger hunter Vijay Kedia buys 4.5% in SME Mahamaya Lifesciences; adds smallcap SPML Infra in Q4

The Economic Times, 21 AprResults

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

Mahamaya Lifesciences FY26 revenue up 24.5% to ₹328.87 crore

scanx.trade, 09 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

MAHALIFE Stock Price and Chart — BSE:MAHALIFE

TradingView, 18 Nov

Mahamaya Lifesciences Limited (MAHALIFE.BO) stock historical prices and data

Yahoo Finance Singapore, 18 Dec

Mahamaya Lifesciences Ltd IPO Status, GMP, Price & Dates Today

Alice Blue, 25 Jun

Mahamaya Lifesciences (BSE:544611) - Stock Analysis

Simply Wall Street, 19 Nov

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate11.1/20

🟡Financial HealthAdequate9.8/20

🟢GrowthStrong18.5/20

🟡ProfitabilityModerate8.4/15

🟢ValuationAttractive10.7/15

🔴RiskHigh2.5/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 5 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 25% a year33.9% CAGR
✓EBITDA margin holds above 8%10.3%
✗Debt / EBITDA stays below 2x2.7x
✗Free cash flow remains positive-₹46 Cr
✓ROCE stays above 22%24.6%