M Tek Copper Limited

Basic Materials — Copper · NSE

₹53.51−₹0.60 (−1.11%)

DalalBaazaar Score

57 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by moderate debt load, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

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

What does this company do?

M Tek Copper Limited manufactures and sells copper wires and cables in India.

IndustryCopper

SectorBasic Materials

Employees112

Annual revenue₹234 Cr

How does it make money?

Turns over ₹234 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 112 employees supports ₹2.09 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.09 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, ULTRATECH CEMENT LIMITED, ASIAN PAINTS 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?Some evidence

ROCE of 20.3% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE22.3%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of 0.42 — 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

Quality vs. Valuation

Company Quality

57/ 100

Average

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

Valuation

56/ 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

32.4x

2Y Median

41.4x

28 monthly readings · mean 65.3x · range 25.3x–131.4x

Sector Median

28.7x

median of 4 sector peers

🟢Current valuation is approximately 22% below its 2y median of 41.4x. 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 is priced broadly in line with the peer median of 28.7x.

vs. its own history

Cheap

41.4x median over 28 months · -22%

vs. sector peers

Fair

28.7x median of 4 peers · +13%

vs. generic bands

Fair

15x–35x

EV/EBITDA

15.5x

PEG

12.47

What's Good / What's Bad

🟢 What's Going Well4

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from -11.1% to 8.9%.
Return on capital is rising
ROCE has improved from -11.6% to 20.3%.
High return on capital employed
ROCE of 20.3% 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

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 3855% over 3 years, from ₹1 Cr to ₹41 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 20.3% 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.
Priced below its own history
The stock trades 22% 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?

The debt load needs earnings to hold up
Debt is 3.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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 3%✓ 5.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 3.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✓ 3.1x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹6 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 17%✓ 20.3%
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

4 good · 7 neutral · 0 weak

Market Cap

₹145 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

32.4x

Fair

Fairly valued against the generic band

P/B Ratio

2.89x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.65

Profitable

Profitable on a per-share basis

ROE

8.9%

Moderate

Moderate capital efficiency

ROCE

20.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.83x

Moderate

Moderate leverage

Revenue Growth (YoY)

73.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

2.6%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹6 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

3.3%

Weak

Thin margins leave little room for error

Net Margin

1.7%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.62

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.42

Defensive

Steadier than the market

52W Range Position

22%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

55.9 / 57.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

29.3

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	₹36 Cr	₹125 Cr	₹234 Cr	—
EBITDA	-₹2 Cr	-₹1 Cr	₹7 Cr	₹12 Cr	—
EBITDA Margin	—	-2.9%	5.6%	5.1%	—
PAT (Net Profit)	-₹4 Cr	₹1 Cr	₹5 Cr	₹4 Cr	—
EPS	₹-1.63	₹0.45	₹1.73	—	—
ROE	-11.1%	3.0%	10.3%	8.9%	—
ROCE	-11.6%	3.9%	10.9%	20.3%	—
Total Debt	₹1 Cr	₹13 Cr	₹26 Cr	₹41 Cr	+240.7%
Free Cash Flow	-₹1 Cr	-₹2 Cr	₹3 Cr	₹6 Cr	—

🟢 EBITDA has turned positive, from -₹2 Cr to ₹12 Cr.

🟢 EBITDA Margin has risen from -2.9% to 5.1% over 3 years (+8.0 pts).

🟢 PAT (Net Profit) has turned positive, from -₹4 Cr to ₹4 Cr.

🟢 ROE has risen from -11.1% to 8.9% over 3 years (+20.0 pts).

🟢 ROCE has risen from -11.6% to 20.3% over 3 years (+31.9 pts).

🔴 Total Debt has grown at 240.7% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹6 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹113 Cr

Total Liabilities

₹63 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹6 Cr

Capex

-₹0 Cr

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
ULTRATECH CEMENT LIMITED	37.6x	11.1%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

2 mixed1 negative3 general

MADHAV COPPER Share Price

Upstox, 16 Oct

M Tek Copper (NSEI:MCL) - Stock Analysis

Simply Wall Street, 13 May

M Tek Copper NSE:MCL XBRL Filing Fine SEBI LODR

Kalkine India, 15 OctRegulatory

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

M Tek Copper Ltd: Madhav Copper Q2 FY27 Results Preview

Univest, 23 SeptResults

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

M Tek Copper (NSEI:MCL) Stock Forecast & Analyst Predictions

Simply Wall Street, 13 MayAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

M Tek Copper NSE:MCL Promoter Share Sale Disclosure

Kalkine India, 30 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

StrongFinancial Health

MiddlingBusiness Quality · Growth · Profitability · Valuation

WeakRisk

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 — Debt / EBITDA falls below 3x · see Key things to watch ↑