Marc Technocrats Limited

Sector n/a · YHD

—

DalalBaazaar Score

70 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

No individual risk factor stands out on this snapshot.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

The 60-second version of Marc Technocrats 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 ₹70 Cr a year. Of every ₹100 of sales, about ₹15 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation.

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

ROCE has stayed above 15% in every year available and stands at 20.5%. Returns that high normally get competed away; when they persist, something is protecting them. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

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 +246% while net margin moved +16% 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+246%

Margin effect+16%

DalalBaazaar Score

70/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

80/ 100

Excellent

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

Valuation

—/ 100

Unknown

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

Not enough data to separate business quality from valuation for this company.

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

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 17% over 3 years.
High return on capital employed
ROCE of 20.5% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

1 item require attention · 1 high

🔴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.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 20.5% 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.
Deleveraging frees up earnings
Debt is down 17% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
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?

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.

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

1Revenue growth stays above 38% a year✓ 51.2% CAGR
Latest reported year was 45.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 19%✓ 21.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹2 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 18%✓ 20.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 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

5 good · 6 neutral · 0 weak

Market Cap

Not available

No data

Source didn't return this field

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

15.3%

Strong

Strong capital efficiency

ROCE

20.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.71x

Moderate

Moderate leverage

Revenue Growth (YoY)

45.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

39.4%

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

₹2 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Gross Margin

96.9%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

15.1%

Good

Strong bottom-line conversion

Current Ratio

4.69

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

150.3 / 143.4

Bullish alignment (short > long)

RSI (14)

60.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹20 Cr	₹26 Cr	₹48 Cr	₹70 Cr	+51.2%
EBITDA	₹4 Cr	₹5 Cr	₹11 Cr	₹15 Cr	+53.3%
EBITDA Margin	20.3%	20.8%	23.2%	21.1%	—
PAT (Net Profit)	₹3 Cr	₹3 Cr	₹8 Cr	₹11 Cr	+58.8%
EPS	₹1.52	₹1.99	₹4.38	—	—
ROE	15.6%	16.9%	26.9%	15.3%	—
ROCE	20.1%	22.0%	35.4%	20.5%	—
Total Debt	₹1 Cr	₹1 Cr	₹1 Cr	₹0 Cr	-6.1%
Free Cash Flow	₹3 Cr	₹3 Cr	₹2 Cr	₹2 Cr	-18.1%

🟢 Revenue has grown at 51.2% a year over 3 years.

🟢 EBITDA has grown at 53.3% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 21.1% over 3 years.

🟢 PAT (Net Profit) has grown at 58.8% a year over 3 years.

🟡 ROE has held roughly flat at 15.3% over 3 years.

🟡 ROCE has held roughly flat at 20.5% over 3 years.

🟢 Total Debt has shrunk at 6.1% a year over 3 years.

🔴 Free Cash Flow has shrunk at 18.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹85 Cr

Total Liabilities

₹15 Cr

Cash & Equivalents

₹4 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹1 Cr

Recent News

6 general

MARC TECHNOCRATS Lower Circuit Today: Price, Data and Peers

Univest, 05 Oct

MARC TECHNOCRATS LIMITED Share Price

Upstox, 18 Jul

MARC Technocrats shares list at 20% discount on IPO price on NSE SME platform

The Economic Times, 24 Dec

Concerns Surrounding Marc Technocrats' (NSE:MARC) Performance

Simply Wall Street, 11 Jul

MARC Technocrats IPO Opens: ₹88-₹93 Price Band, ₹42.59Cr Size

HDFC Sky, 17 Dec

Weak market debut: Marc Technocrats shares list at 20% discount to SME IPO price

Moneycontrol.com, 24 Dec

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
4 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

MiddlingValuation

WeakRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑