Marvel Decor Limited

Sector n/a · NSE

₹109.90−₹4.10 (−3.60%)

DalalBaazaar Score

53 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by 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 modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

The 60-second version of Marvel Decor 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 ₹68 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.

EBITDA margin12.5%

Net margin6.3%

What is its competitive advantage?Little sign of one

Returns on capital of 8.7% 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.

ROCE8.7%

ROE6.5%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +38% while net margin moved +55% 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+38%

Margin effect+55%

DalalBaazaar Score

53/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

58/ 100

Average

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

Valuation

18/ 100

Expensive

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.

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

P/E (Trailing)

—

P/B

—

EV/EBITDA

25.2x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

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

🔴 What Needs Attention3

Debt is rising
Total debt is up 54% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Receivables growing faster than sales
Receivables are up 112% against revenue growth of 38% — customers are taking longer to pay.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 54% over 3 years, from ₹14 Cr to ₹21 Cr.
🔴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.
🔴Receivables growing faster than salesFinancial
Receivables up 112% against revenue up 38% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

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?

Sales are being booked faster than collected
Receivables are up 112% against revenue up 38%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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
3 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 8% a year✓ 11.3% CAGR
Latest reported year was 8.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 10%✓ 12.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹5 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✓ 8.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 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

2 good · 7 neutral · 2 weak

Market Cap

₹195 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

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

6.5%

Weak

Weak capital efficiency

ROCE

8.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.32x

Low

Conservative leverage

Revenue Growth (YoY)

8.5%

Modest

Modest growth

Profit Growth (YoY)

13.6%

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

-₹5 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹109.9

Gross Margin

65.2%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

6.3%

Average

Average bottom-line conversion

Current Ratio

2.92

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

59.2 / 59.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

3.4

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹50 Cr	₹53 Cr	₹63 Cr	₹68 Cr	+11.3%
EBITDA	₹6 Cr	₹7 Cr	₹8 Cr	₹9 Cr	+14.0%
EBITDA Margin	11.6%	13.0%	12.0%	12.5%	—
PAT (Net Profit)	₹2 Cr	₹3 Cr	₹4 Cr	₹4 Cr	+28.8%
EPS	₹1.19	₹1.89	₹2.16	—	—
ROE	4.3%	5.7%	6.1%	6.5%	—
ROCE	7.7%	9.5%	9.0%	8.7%	—
Total Debt	₹14 Cr	₹14 Cr	₹16 Cr	₹21 Cr	+15.6%
Free Cash Flow	-₹2 Cr	-₹1 Cr	-₹8 Cr	-₹5 Cr	—

🟢 Revenue has grown at 11.3% a year over 3 years.

🟢 EBITDA has grown at 14.0% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 12.5% over 3 years.

🟢 PAT (Net Profit) has grown at 28.8% a year over 3 years.

🟢 ROE has risen from 4.3% to 6.5% over 3 years (+2.3 pts).

🟡 ROCE has held roughly flat at 8.7% over 3 years.

🔴 Total Debt has grown at 15.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹101 Cr

Total Liabilities

₹34 Cr

Total Debt

₹21 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹1 Cr

Capex

-₹4 Cr

Recent News

1 mixed5 general

Marvel Decor Share Price News: Price Fall and Valuation

Univest, 12 OctPrice 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.

Here's Why We Think Marvel Decor (NSE:MDL) Is Well Worth Watching

Simply Wall Street, 07 Oct

Marvel Decor wins Rs 4.15 crore work order from International client for Motorized Roller Blinds

scanx.trade, 18 Sept

Eternal Ltd Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 09 Oct

Avengers take over Mumbai Ganpati Pandal as Iron Man, Captain America, Hulk and Deadpool join festivities...

Moneycontrol.com, 16 Sept

Marvel Decor (NSEI:MDL) Stock Price

Simply Wall Street, 31 Jul

Watch Items

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

🟡Business QualityAdequate9/20

🟡Financial HealthAdequate11.8/20

🟢GrowthStrong16.1/20

🔴ProfitabilityWeak6.2/15

🟡ValuationFair7.5/15

🔴RiskHigh2.4/10

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. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 8% a year11.3% CAGR
✓EBITDA margin holds above 10%12.5%
✗Debt / EBITDA stays below 2x2.5x
✗Free cash flow remains positive-₹5 Cr
✓ROCE stays above 8%8.7%