Mapro Industries Limited

Industrials — Engineering & Construction · BSE

₹82.44+₹1.61 (+1.99%)

DalalBaazaar Score

53 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Mapro Industries Limited undertakes civil construction contracts through sub-contracting in India. It also trades in iron, steel, and cement. The company was formerly known as Meena Air Products Limited and changed its name to Mapro Industries Limited in September 1995.

IndustryEngineering & Construction

SectorIndustrials

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹176 reaches shareholders as profit, with ₹611 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS 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?Little sign of one

Returns on capital of 1.6% 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 ROE14.1%

DalalBaazaar Score

53/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of -1.25 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

54/ 100

Average

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

Valuation

45/ 100

Fair

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

64.9x

1.3Y Median

159.4x

16 monthly readings · mean 236.4x · range 94.2x–1237.2x

Sector Median

30.1x

median of 3 sector peers

🟢Current valuation is approximately 59% below its 1.3y median of 159.4x. 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 116% above the peer median of 30.1x.

vs. its own history

Cheap

159.4x median over 16 months · -59%

vs. sector peers

Expensive

30.1x median of 3 peers · +116%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

64.9x

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 Attention0

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

Red Flags

2 items require attention · 1 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 1.73x — earnings must service borrowings before shareholders see anything.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.77 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 59% 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.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 1.73x. Interest is payable whether or not the business has a good year.
A premium to the sector to defend
It trades 116% above the peer median. That premium needs a reason that persists, or it closes.
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 609%✓ 611.0%
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.
3Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 8%✗ 1.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 159.4x✓ 64.9x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 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)
✓ 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

3 good · 4 neutral · 4 weak

Market Cap

₹69 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

64.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

2.53x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.27

Profitable

Profitable on a per-share basis

ROE

3.4%

Weak

Weak capital efficiency

ROCE

1.6%

Weak

Low return on total capital employed

Debt/Equity

1.73x

High

High leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

450.0%

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

₹4 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

ROA

-0.2%

Weak

Assets generate little profit

Operating Margin

70.9%

Good

Healthy core-business profitability

Net Margin

147.3%

Good

Strong bottom-line conversion

Current Ratio

0.77

Tight

Tight short-term liquidity

Beta (vs Nifty)

-1.25

Defensive

Steadier than the market

52W Range Position

80%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

67.4 / 60.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹0 Cr	₹1 Cr	₹0 Cr	₹1 Cr	—
PAT (Net Profit)	-₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	—
EPS	₹-0.02	—	₹0.32	₹0.37	—
ROE	—	0.1%	1.0%	1.2%	—
ROCE	—	0.2%	1.4%	1.6%	—
Free Cash Flow	-₹1 Cr	-₹1 Cr	-₹0 Cr	₹0 Cr	—

🟢 EBITDA has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹0 Cr.

🟢 EPS has turned positive, from ₹-0.02 to ₹0.37.

🟢 ROE has risen from 0.1% to 1.2% over 3 years (+1.0 pts).

🟢 ROCE has risen from 0.2% to 1.6% over 3 years (+1.4 pts).

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹27 Cr

Total Liabilities

₹1 Cr

Total Debt

₹0 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

64.6%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

1 positive1 mixed1 negative3 general

Mapro Industries receives open offer proposal at ₹60.13 per share

scanx.trade, 14 Oct

Mapro Industries Susp - 08/01/16 | Stock Share Price Live

MarketSmith India, 13 Sept

Arambhveer launches Rs 13.12 crore open offer for control of Mapro Industries

Dalal Street Investment Journal, 14 Oct

Mapro Industries Q1 results FY27: PAT Rs 26 Lakh, Revenue Rs 0.16

Univest, 03 AugResults

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

Mapro Industries Q3FY26 Results: Profit Surges 608% YoY to ₹27.91 Lakhs

scanx.trade, 16 JanResults

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

Sebi imposes Rs 2 lakh fine on former Mapro promoters

The Times of India, 24 JulRegulatory

🔴Potentially negativeRegulatory and legal actions carry a financial cost and a governance question. The second usually matters more than the first.

Watch Items

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.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongBusiness Quality

MiddlingGrowth · Profitability · Valuation

WeakFinancial Health · 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.

1 of 5 tripwires tripped — ROCE stays above 8% · see Key things to watch ↑