Mayur Floorings Limited

Industrials — Building Products & Equipment · BSE

₹16.21−₹0.79 (−4.65%)

DalalBaazaar Score

52 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, 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, 7:02 pm

Understanding the Business

Company site ↗

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

What does this company do?

Mayur Floorings Limited manufactures and sells mineral powders and other ancillary mineral products in India. It is involved in the manufacturing and processing of mineral powders mainly made from marble and dolomite.

IndustryBuilding Products & Equipment

SectorIndustrials

Employees6

Annual revenue₹9 Cr

How does it make money?

Turns over ₹9 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 6 employees supports ₹1.47 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.47 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. 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 7.4% 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 ROE15.2%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +190% while net margin moved +202% 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+190%

Margin effect+202%

DalalBaazaar Score

52/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of -0.31 — historically steadier than the index
✗ 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

52/ 100

Average

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

Valuation

69/ 100

Cheap

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

36.8x

3Y Median

103.6x

40 monthly readings · mean 383.8x · range 55.9x–1260.0x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 64% below its 3y median of 103.6x. 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 59% below the peer median of 88.8x.

vs. its own history

Cheap

103.6x median over 40 months · -64%

vs. sector peers

Cheap

88.8x median of 3 peers · -59%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

16.1x

PEG

0.35

What's Good / What's Bad

🟢 What's Going Well3

Return on equity is rising
ROE has improved from 0.4% to 4.1%.
Return on capital is rising
ROCE has improved from 2.6% to 7.4%.
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

5 items require attention · 4 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 188% over 3 years, from ₹1 Cr to ₹4 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.8x — little room if earnings dip.
🔴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.
🔴Receivables growing faster than salesFinancial
Receivables up 274% against revenue up 190% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹1 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 64% 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.
Cheaper than its peers
It trades 59% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

The debt load needs earnings to hold up
Debt is 5.0x 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 274% against revenue up 190%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 32% a year✓ 42.6% CAGR
Latest reported year was 30.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 8.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 5.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 1.8x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

7 / 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

3 good · 5 neutral · 3 weak

Market Cap

₹8 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

36.8x

Fair

Fairly valued against the generic band

P/B Ratio

1.97x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹0.44

Profitable

Profitable on a per-share basis

ROE

4.1%

Weak

Weak capital efficiency

ROCE

7.4%

Weak

Low return on total capital employed

Debt/Equity

0.90x

Moderate

Moderate leverage

Revenue Growth (YoY)

30.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

83.3%

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

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

4.9%

Weak

Thin margins leave little room for error

Net Margin

1.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.39

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.31

Defensive

Steadier than the market

52W Range Position

62%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

18.4 / 17.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

20.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹3 Cr	₹4 Cr	₹6 Cr	₹9 Cr	+42.6%
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	+50.1%
EBITDA Margin	7.1%	8.3%	7.4%	8.3%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+106.0%
EPS	₹0.01	₹0.14	₹0.18	₹0.29	+207.2%
ROE	0.4%	0.9%	2.7%	4.1%	—
ROCE	2.6%	3.8%	5.1%	7.4%	—
Total Debt	₹1 Cr	₹2 Cr	₹3 Cr	₹4 Cr	+42.2%
Free Cash Flow	₹0 Cr	-₹0 Cr	₹0 Cr	-₹1 Cr	—

🟢 Revenue has grown at 42.6% a year over 3 years.

🟢 EBITDA has grown at 50.1% a year over 3 years.

🟢 EBITDA Margin has risen from 7.1% to 8.3% over 3 years (+1.2 pts).

🟢 PAT (Net Profit) has grown at 106.0% a year over 3 years.

🟢 EPS has grown at 207.2% a year over 3 years.

🟢 ROE has risen from 0.4% to 4.1% over 3 years (+3.7 pts).

🟢 ROCE has risen from 2.6% to 7.4% over 3 years (+4.8 pts).

🔴 Total Debt has grown at 42.2% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹9 Cr

Total Liabilities

₹5 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

63.0%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 positive2 mixed3 general

Mayur Uniquoters Promoter Kiran Poddar Acquires Additional 9,068 Shares

scanx.trade, 02 Oct

Mayur Floorings Q1 FY27 Results: Revenue Rs 2 Cr, PAT Rs 0.06 Cr and Key Highlights

Univest, 10 AugResults

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

Mayur Floorings Standalone June 2026 Net Sales at Rs 2.54 crore, up 30.67% Y-o-Y

Moneycontrol.com, 17 Sept

Mayur Floorings AGM results: promoters hold 91% of votes polled

scanx.trade, 17 SeptResults

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

Anmol India standalone net profit rises 4.90% in the June 2026 quarter

Business Standard, 10 AugResults

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

VARMORA GRANITO LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 29 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongGrowth

MiddlingProfitability · Valuation

WeakBusiness Quality · Financial 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. 4 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑