Maha Rashtra Apex Corporation Limited

Financial Services — Credit Services · NSE

₹49.70+₹0.42 (+0.85%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by short-term liabilities exceed short-term assets, negative free cash flow, the company is currently loss-making.

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

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Maha Rashtra Apex Corporation Limited does not have significant operations. Previously, the company was engaged in the hire purchase and leasing business.

IndustryCredit Services

SectorFinancial Services

Employees18

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹-321 reaches shareholders as profit, with ₹-316 left at the operating level before interest, tax and depreciation. Each of its 18 employees supports ₹11.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹11.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, STATE BANK OF INDIA, HDFC BANK LTD, ICICI BANK LTD.. 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?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +1% 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+1%

Margin effect-84%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 0.2% — barely ahead of inflation
✗ Profit fell 92.7% in the latest year

Quality vs. Valuation

Company Quality

52/ 100

Average

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

Valuation

36/ 100

Expensive

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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -1968.2% to -315.5% over 3 years.
Return on equity is rising
ROE has improved from -37.1% to -1.5%.
Return on capital is rising
ROCE has improved from -36.9% to -1.3%.

🔴 What Needs Attention1

Short-term liquidity is tight
Current ratio of 0.31 — near-term obligations exceed near-term assets.

Red Flags

1 item require attention · 1 high

🔴The company is lossmakingFinancial
Net profit of -₹7 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -1968.2% to -315.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 0.2% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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.

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

1EBITDA margin holds above -318%✓ -315.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ -1.5%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Revenue growth stays above 4% a year✗ 0.2% CAGR
Latest reported year was -0.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.

Investment Checklist

2 / 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

1 good · 2 neutral · 8 weak

Market Cap

₹140 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.15x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.85

Loss-making

Negative earnings per share — the business is losing money

ROE

-1.5%

Weak

Weak capital efficiency

ROCE

-1.3%

Weak

Low return on total capital employed

Debt/Equity

3.81x

High

High leverage

Revenue Growth (YoY)

-0.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-92.7%

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

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

66.4%

Good

Healthy core-business profitability

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.31

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.54

Defensive

Steadier than the market

52W Range Position

10%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

51.1 / 53.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

36.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹9 Cr	₹1 Cr	₹2 Cr	+0.2%
EBITDA	-₹42 Cr	-₹41 Cr	₹13 Cr	-₹7 Cr	—
EBITDA Margin	-1968.2%	-474.8%	938.2%	-315.5%	—
PAT (Net Profit)	-₹42 Cr	-₹40 Cr	₹20 Cr	-₹7 Cr	—
EPS	₹-16.05	₹127	₹7.53	₹-2.63	—
ROE	-37.1%	-9.1%	4.2%	-1.5%	—
ROCE	-36.9%	-8.7%	5.1%	-1.3%	—
Total Debt	₹6 Cr	₹6 Cr	₹0 Cr	₹0 Cr	-57.4%
Free Cash Flow	-₹8 Cr	-₹9 Cr	-₹5 Cr	-₹2 Cr	—

🟡 Revenue has been broadly flat over 3 years (0.2% a year).

🟢 EBITDA Margin has risen from -1968.2% to -315.5% over 3 years (+1652.7 pts).

🟢 ROE has risen from -37.1% to -1.5% over 3 years (+35.6 pts).

🟢 ROCE has risen from -36.9% to -1.3% over 3 years (+35.6 pts).

🟢 Total Debt has shrunk at 57.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹536 Cr

Total Liabilities

₹77 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

-₹2 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

74.0%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
STATE BANK OF INDIA	10.3x	15.2%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%

Recent News

1 mixed5 general

Maha Rashtra Apex (MAHAPEXLTD) Share/Stock Price Live, NSE

TechGraph, 08 Oct

Maharashtra Apex Corporation (MAHAPEXLTD.NS) Eases 1.76% to ₹50.1 as Traders Eye ₹47.59 Support - Volume Oscillator

https://www.siam.in/, 02 Oct

Maha Rashtra Apex Corporation Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Maha Rashtra Apex Corporation's rights issue opens soon. Record date, entitlement ratio, other details

Livemint, 31 Mar

Maha Rashtra Apex Corporation Confirms Rights Issue Terms and March 20 Record Date

scanx.trade, 05 Mar

Maha Rashtra Apex Share Price Falls 55% | MAHARAJP Technical Analysis

Kalkine India, 20 MarPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Revenue growth is negative (-0.8%) on the latest reported period — check if this is one-off or a trend.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingValuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

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. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 3 tripwires tripped — Return on equity stays above 8%; Revenue growth stays above 4% a year · see Key things to watch ↑