Manoj Ceramic Limited

Basic Materials — Building Materials · BSE

₹62.00+₹0.25 (+0.40%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Cash generation is currently 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 Manoj Ceramic Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Manoj Ceramic Limited provides trading, marketing, importing, and exporting of a diverse range of building materials in India and the United Kingdom.

IndustryBuilding Materials

SectorBasic Materials

Employees166

Annual revenue₹201 Cr

How does it make money?

Turns over ₹201 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation. Each of its 166 employees supports ₹1.21 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.21 Cr

Who are its competitors?

The closest listed comparisons in its industry are ULTRATECH CEMENT LIMITED, GRASIM INDUSTRIES LTD, AMBUJA CEMENTS LTD, SHREE CEMENT 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 15.3% 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 ROE7.4%

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 +176% while net margin moved +18% 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+176%

Margin effect+18%

DalalBaazaar Score

58/ 100

Moderate

Weighted across six categories. Every point is explained below.

• Beta of 0.95 — moves roughly with the market
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

55/ 100

Average

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

Valuation

88/ 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

7.1x

3Y Median

11.3x

35 monthly readings · mean 13.9x · range 5.5x–34.9x

Sector Median

36.2x

median of 4 sector peers

🟢Current valuation is approximately 37% below its 3y median of 11.3x. 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 80% below the peer median of 36.2x.

vs. its own history

Cheap

11.3x median over 35 months · -37%

vs. sector peers

Cheap

36.2x median of 4 peers · -80%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.5x

PEG

0.15

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 28.0% to 8.7% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 25.2% to 15.3% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🟡Debt is increasingFinancial
Total debt is up 41% over 3 years.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 64% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 37% 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 80% 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?

Returns on shareholder capital are falling
ROE has dropped from 28.0% to 8.7%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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 30% a year✓ 40.4% CAGR
Latest reported year was 23.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 10%✓ 12.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 3.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹33 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✓ 3.4x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

6 / 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 · 3 neutral · 2 weak

Market Cap

₹86 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

7.1x

Cheap

Cheap against the generic band

P/B Ratio

0.61x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹8.72

Profitable

Profitable on a per-share basis

ROE

9.8%

Moderate

Moderate capital efficiency

ROCE

15.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.51x

Low

Conservative leverage

Revenue Growth (YoY)

23.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-29.9%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

-₹42 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

6.9%

Average

Average asset productivity

Operating Margin

10.9%

Average

Average margins

Net Margin

5.9%

Average

Average bottom-line conversion

Current Ratio

2.47

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.95

Market-like

Moves roughly in line with the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

69.8 / 82.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

18.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹73 Cr	₹96 Cr	₹164 Cr	₹201 Cr	+40.4%
EBITDA	₹10 Cr	₹15 Cr	₹24 Cr	₹24 Cr	+35.2%
EBITDA Margin	13.4%	15.9%	14.5%	12.0%	—
PAT (Net Profit)	₹4 Cr	₹5 Cr	₹11 Cr	₹12 Cr	+48.3%
EPS	₹4.41	₹12.15	₹11.09	—	—
ROE	28.0%	17.4%	10.2%	8.7%	—
ROCE	25.2%	25.4%	16.4%	15.3%	—
Total Debt	₹51 Cr	₹57 Cr	₹58 Cr	₹71 Cr	+12.1%
Free Cash Flow	-₹10 Cr	-₹13 Cr	-₹45 Cr	-₹33 Cr	—

🟢 Revenue has grown at 40.4% a year over 3 years.

🟢 EBITDA has grown at 35.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 13.4% to 12.0% over 3 years (-1.4 pts).

🟢 PAT (Net Profit) has grown at 48.3% a year over 3 years.

🔴 ROE has fallen from 28.0% to 8.7% over 3 years (-19.4 pts).

🔴 ROCE has fallen from 25.2% to 15.3% over 3 years (-9.9 pts).

🔴 Total Debt has grown at 12.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹246 Cr

Total Liabilities

₹108 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹32 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

70.2%

Peer Comparison

Company	P/E	ROE
ULTRATECH CEMENT LIMITED	37.6x	11.1%
GRASIM INDUSTRIES LTD	34.8x	5.5%
AMBUJA CEMENTS LTD	20.4x	7.4%
SHREE CEMENT LIMITED	49.7x	7.0%

Recent News

1 positive2 mixed3 general

Manoj Ceramic discloses EGM voting results for preference share conversion

scanx.trade, 17 OctResults

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

Manoj Ceramic Limited Share Price - Live MCPL Stock Price & Chart

Upstox, 05 May

Manoj Ceramic Share Price: price fall, valuation and peers

Univest, 18 SeptPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Manoj Ceramic Ltd Key Financial Ratios – Valuation, Profitability & More

Value Research, 04 Sept

Manoj Ceramic Ltd. (BSE:MCPL): A Simple Guide to Its Business and Se

Kalkine India, 14 Sept

Manoj Ceramic FY26 Results: Revenue up 23.4%, PAT rises 10.1%

scanx.trade, 22 SeptResults

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

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
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 · Valuation

MiddlingFinancial Health

WeakBusiness Quality · Profitability · 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.

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