Mena Mani Industries Limited

Industrials — Conglomerates · BSE

₹14.28+₹0.05 (+0.35%)

DalalBaazaar Score

44 / 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 modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:56 pm

Understanding the Business

Company site ↗

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

What does this company do?

Mena Mani Industries Limited engages in the trading of biofuels in India. It is also involved in construction and other information technological activities.

IndustryConglomerates

SectorIndustrials

Employees2

Annual revenue₹17 Cr

How does it make money?

Turns over ₹17 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹2 left at the operating level before interest, tax and depreciation. Each of its 2 employees supports ₹8.27 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹8.27 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 0.6% 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?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +134% while net margin moved -81% 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+134%

Margin effect-81%

DalalBaazaar Score

44/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of 0.6% is below 10% — capital is not working hard
✗ ROCE has fallen by 4.3 points — returns are eroding
✗ EBITDA margin of 2.2% is thin — little cushion if costs rise
✗ Net margin of 6.6% is slim
• Revenue has compounded at 32.8% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

44/ 100

Weak

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

Valuation

42/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

158.7x

3Y Median

247.9x

40 monthly readings · mean 436.6x · range 47.9x–1570.0x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 36% below its 3y median of 247.9x. 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 79% above the peer median of 88.8x.

vs. its own history

Cheap

247.9x median over 40 months · -36%

vs. sector peers

Expensive

88.8x median of 3 peers · +79%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

478.0x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 11% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 4.9% to 0.6% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 2 high · 2 watch

🔴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.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 8.8 points, from 11.0% to 2.2%.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹1 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 55% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 36% 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.
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?

Margins are being competed away
EBITDA margin has fallen from 11.0% to 2.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 39.2x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
A premium to the sector to defend
It trades 79% above the peer median. That premium needs a reason that persists, or it closes.
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
2 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 25% a year✓ 32.8% CAGR
Latest reported year was 8.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 0%✓ 2.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 39.2x
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.
5ROCE stays above 8%✗ 0.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 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

2 good · 4 neutral · 5 weak

Market Cap

₹166 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

158.7x

Expensive

Expensive — verify against sector peers

P/B Ratio

12.69x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹0.09

Profitable

Profitable on a per-share basis

ROE

1.2%

Weak

Weak capital efficiency

ROCE

0.6%

Weak

Low return on total capital employed

Debt/Equity

1.01x

Moderate

Moderate leverage

Revenue Growth (YoY)

8.0%

Modest

Modest growth

Profit Growth (YoY)

493.8%

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

24.7%

Good

Healthy core-business profitability

Net Margin

6.6%

Average

Average bottom-line conversion

Current Ratio

9.53

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.59

Defensive

Steadier than the market

52W Range Position

83%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

13.7 / 14.0

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

81.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹7 Cr	₹13 Cr	₹16 Cr	₹17 Cr	+32.8%
EBITDA	₹1 Cr	₹1 Cr	₹1 Cr	₹0 Cr	-21.9%
EBITDA Margin	11.0%	7.4%	3.6%	2.2%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-23.6%
EPS	₹0.04	₹0.01	₹0.15	₹0.01	-35.9%
ROCE	4.9%	4.6%	3.0%	0.6%	—
Total Debt	₹16 Cr	₹16 Cr	₹15 Cr	₹15 Cr	-3.9%
Free Cash Flow	₹1 Cr	₹0 Cr	₹1 Cr	-₹1 Cr	—

🟢 Revenue has grown at 32.8% a year over 3 years.

🔴 EBITDA has shrunk at 21.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 11.0% to 2.2% over 3 years (-8.8 pts).

🔴 PAT (Net Profit) has shrunk at 23.6% a year over 3 years.

🔴 EPS has shrunk at 35.9% a year over 3 years.

🔴 ROCE has fallen from 4.9% to 0.6% over 3 years (-4.3 pts).

🟢 Total Debt has shrunk at 3.9% a year over 3 years.

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

Balance Sheet & Cash Flow — FY2026

Total Assets

₹32 Cr

Total Liabilities

₹17 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

-₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

76.7%

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 mixed5 general

Mena Mani Industries Ltd. Upper Circuit Today: Price, Data and Peers

Univest, 30 Sept

Mena Mani Industries Ltd. Share Price Live Today

CNBC TV18, 12 Aug

Mena Mani Industries Ltd. Peer Comparison – Compare with Others

Value Research, 14 Sept

Mena Mani Industries reports net profit of ₹17.02 lakh for FY26

scanx.trade, 29 Sept

Mena Mani Industries Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 03 Sept

Mena Mani Industries approves hotel expansion, capital hike to ₹31.5 crore

scanx.trade, 26 AugCapacity

🟡Mixed / dependsCapacity additions can raise revenue over two to three years, but the capital spend usually pressures free cash flow first. Worth checking whether the capex is funded from operations or from borrowing.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

MiddlingFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 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; ROCE stays above 8% · see Key things to watch ↑