M R Maniveni Foods Limited

Consumer Defensive — Farm Products · BSE

₹26.40₹0.00 (0.00%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by moderate debt load, 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, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

M R Maniveni Foods Limited engages in the manufacturing, processing, packaging, and sale of food products in India.

IndustryFarm Products

SectorConsumer Defensive

Annual revenue₹203 Cr

How does it make money?

Turns over ₹203 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹4 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES 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?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 29.6%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 19.0% against a peer median of 51.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE51.0%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 2 years revenue moved +70% while net margin moved +56% 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+70%

Margin effect+56%

DalalBaazaar Score

64/ 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

67/ 100

Good

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

Valuation

79/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

12.2x

Sector Median

43.3x

median of 4 sector peers

🟢Against its sector it trades 72% below the peer median of 43.3x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

43.3x median of 4 peers · -72%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

9.2x

PEG

0.19

What's Good / What's Bad

🟢 What's Going Well3

Return on equity is rising
ROE has improved from 15.3% to 22.2%.
Return on capital is rising
ROCE has improved from 21.3% to 29.6%.
High return on capital employed
ROCE of 29.6% is the mark of a business that converts capital into profit efficiently.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 106% over 2 years, from ₹10 Cr to ₹20 Cr.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹5 Cr in the latest year.
🟡Inventory building faster than salesFinancial
Inventory up 106% against revenue up 70% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 29.6% 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.
Cheaper than its peers
It trades 72% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

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

1Revenue growth stays above 23% a year✓ 30.4% CAGR
Latest reported year was 31.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 2%✓ 3.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹5 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 27%✓ 29.6%
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

6 good · 4 neutral · 1 weak

Market Cap

₹52 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.2x

Cheap

Cheap against the generic band

P/B Ratio

1.71x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.17

Profitable

Profitable on a per-share basis

ROE

19.0%

Strong

Strong capital efficiency

ROCE

29.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.98x

Moderate

Moderate leverage

Revenue Growth (YoY)

31.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

89.3%

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

-₹3 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

8.8%

Good

Assets are working hard

Operating Margin

1.9%

Weak

Thin margins leave little room for error

Net Margin

2.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.24

Comfortable

Healthy short-term liquidity

52W Range Position

14%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

25.4 / 28.0

Bearish alignment (short < long)

RSI (14)

51.3

Neutral momentum

Financial Trend (3-Year)

Metric	FY23	FY24	FY25	2Y CAGR
Revenue	₹120 Cr	₹155 Cr	₹203 Cr	+30.4%
EBITDA	₹4 Cr	₹5 Cr	₹8 Cr	+40.9%
EBITDA Margin	3.3%	3.3%	3.9%	—
PAT (Net Profit)	₹2 Cr	₹2 Cr	₹4 Cr	+62.9%
EPS	₹0.79	₹1.11	—	—
ROE	15.3%	17.6%	22.2%	—
ROCE	21.3%	27.4%	29.6%	—
Total Debt	₹10 Cr	₹15 Cr	₹20 Cr	+43.5%
Free Cash Flow	₹1 Cr	-₹3 Cr	-₹5 Cr	—

🟢 Revenue has grown at 30.4% a year over 2 years.

🟢 EBITDA has grown at 40.9% a year over 2 years.

🟡 EBITDA Margin has held roughly flat at 3.9% over 2 years.

🟢 PAT (Net Profit) has grown at 62.9% a year over 2 years.

🟢 ROE has risen from 15.3% to 22.2% over 2 years (+6.9 pts).

🟢 ROCE has risen from 21.3% to 29.6% over 2 years (+8.3 pts).

🔴 Total Debt has grown at 43.5% a year over 2 years.

🔴 Free Cash Flow has turned negative, from ₹1 Cr to -₹5 Cr.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹41 Cr

Total Liabilities

₹23 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹3 Cr

Capex

-₹9 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

98.8%

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

1 mixed5 general

M R Maniveni Foods Ltd. Share Price Live Today

CNBC TV18, 16 Oct

Compare with

Equitymaster, 17 Oct

M.R.Maniveni Foods shares rise 4% after weak market debut of 18% discount on BSE SME platform

Moneycontrol.com, 01 JunPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

M R Maniveni Foods appoints V Sundar as CS and T Sathya as CFO

scanx.trade, 28 Sept

M R Maniveni Foods IPO Date, Price Band, GMP, Subscription & Allotment

IndiaIPO, 18 May

MR Maniveni Foods IPO opens today. Check GMP, subscription, price band and other details

The Economic Times, 22 May

Watch Items

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

DalalBaazaar Thesis

StrongGrowth · Profitability · Valuation

MiddlingBusiness Quality · Financial Health

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive · see Key things to watch ↑