Maitreya Medicare Limited

Sector n/a · NSE

₹120.65₹0.00 (0.00%)

DalalBaazaar Score

31 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

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

In simple words: The business is earning a fairly low return on the money invested in it, 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, 6:08 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

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

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-5 reaches shareholders as profit, with ₹337 left at the operating level before interest, tax and depreciation.

EBITDA margin337.4%

Net margin-5.5%

What is its competitive advantage?Little sign of one

Returns on capital of -0.0% 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.

ROCE-0.0%

ROE-0.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -99% while net margin moved -339% 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-99%

Margin effect-339%

DalalBaazaar Score

31/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 79.1% a year
✗ Profit fell 235.6% in the latest year

Quality vs. Valuation

Company Quality

28/ 100

Weak

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

Valuation

18/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

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

P/E (Trailing)

—

P/B

—

EV/EBITDA

63.6x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from 6.8% to 337.4% over 3 years.

🔴 What Needs Attention6

Debt is rising
Total debt is up 208% 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 11.8% to -0.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 12.4% to -0.0% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 88% against revenue growth of -99% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 23% against revenue growth of -99% — stock may not be moving.

Red Flags

7 items require attention · 5 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 208% over 3 years, from ₹8 Cr to ₹23 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only -0.7x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🔴Receivables growing faster than salesFinancial
Receivables up 88% against revenue up -99% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 23% against revenue up -99% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 4.9x to -0.7x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹19 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 6.8% to 337.4%. 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?

The debt load needs earnings to hold up
Debt is 15.3x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 88% against revenue up -99%. 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 11.8% to -0.1%. 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.

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

1EBITDA margin holds above 335%✓ 337.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 15.3x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹19 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ -0.7x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✗ -0.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

2 / 9 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

0 good · 6 neutral · 5 weak

Market Cap

₹82 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

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

-0.1%

Weak

Weak capital efficiency

ROCE

-0.0%

Weak

Low return on total capital employed

Debt/Equity

0.80x

Moderate

Moderate leverage

Revenue Growth (YoY)

-3.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

-235.6%

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

-₹19 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹120.65

Gross Margin

78.7%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

-5.5%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.47

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

116.0 / 117.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

66.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY22	FY23	FY25	FY26	3Y CAGR
Revenue	₹49 Cr	₹39 Cr	₹0 Cr	₹0 Cr	-79.1%
EBITDA	₹3 Cr	₹8 Cr	₹1 Cr	₹2 Cr	-23.3%
EBITDA Margin	6.8%	19.2%	317.5%	337.4%	—
PAT (Net Profit)	₹1 Cr	₹4 Cr	₹0 Cr	-₹0 Cr	—
EPS	₹1.68	—	₹2.63	—	—
ROE	11.8%	29.4%	—	-0.1%	—
ROCE	12.4%	31.3%	—	-0.0%	—
Total Debt	₹8 Cr	₹6 Cr	—	₹23 Cr	+45.5%
Free Cash Flow	-₹1 Cr	₹2 Cr	₹3 Cr	-₹19 Cr	—

🔴 Revenue has shrunk at 79.1% a year over 3 years.

🔴 EBITDA has shrunk at 23.3% a year over 3 years.

🟢 EBITDA Margin has risen from 6.8% to 337.4% over 3 years (+330.6 pts).

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

🔴 ROE has fallen from 11.8% to -0.1% over 3 years (-11.9 pts).

🔴 ROCE has fallen from 12.4% to -0.0% over 3 years (-12.4 pts).

🔴 Total Debt has grown at 45.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹68 Cr

Total Liabilities

₹39 Cr

Total Debt

₹23 Cr

Cash & Equivalents

₹9 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹27 Cr

Recent News

1 negative5 general

Momentum Stocks: Maitreya Medicare, Bombay Burmah, Vikas Ecotech up 4-7% on sheer momentum

Moneycontrol.com, 27 Aug

MAITREYA Stock Price and Chart — NSE:MAITREYA

TradingView, 22 Nov

Maitreya Medicare (NSEI:MAITREYA) - Stock Analysis

Simply Wall Street, 10 Nov

Dr. Pranav Thaker resigns as Whole-time Director of Maitreya Medicare

scanx.trade, 25 MayManagement

🔴Potentially negativeA senior departure, and an auditor's resignation especially, is worth understanding before anything else in this report.

Maitreya Medicare lists at 98%, Mish Designs at 31% premium to IPO prices

Moneycontrol.com, 07 Nov

Maitreya Medicare Limited (MAITREYA) Leadership & Management Team Analysis

Simply Wall Street, 11 Nov

Watch Items

Revenue growth is negative (-3.9%) 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.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak7.5/20

🔴Financial HealthStretched8.1/20

🔴GrowthWeak2.4/20

🔴ProfitabilityWeak2.5/15

🟡ValuationFair7.5/15

🔴RiskHigh2.5/10

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 5 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 335%337.4%
✗Debt / EBITDA falls below 3x15.3x
✗Free cash flow remains positive-₹19 Cr
✗Interest cover stays above 3x-0.7x
✗ROCE stays above 8%-0.0%