Mangalam Global Enterprise Limited

Consumer Defensive — Farm Products · NSE

₹17.00+₹0.13 (+0.77%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: Strong business and financial position, with both sales and profits growing well. Thin profit margins are 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 Mangalam Global Enterprise Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Mangalam Global Enterprise Limited, together with its subsidiaries, manufactures, trades, and imports of edible and non-edible oils, and agricultural products India and internationally.

IndustryFarm Products

SectorConsumer Defensive

Employees101

Annual revenue₹3,378 Cr

How does it make money?

Turns over ₹3,378 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 101 employees supports ₹33.45 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹33.45 Cr

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD. 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?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 31.6%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 18.2% against a peer median of 51.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE51.0%

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 +140% while net margin moved +48% 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+140%

Margin effect+48%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.13 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Trading within 10% of its 52-week high — entries here carry more pullback risk

Quality vs. Valuation

Company Quality

68/ 100

Good

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

Valuation

81/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

11.8x

3Y Median

22.2x

40 monthly readings · mean 25.5x · range 10.3x–50.6x

Sector Median

43.3x

median of 4 sector peers

🟢Current valuation is approximately 47% below its 3y median of 22.2x. 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 73% below the peer median of 43.3x.

vs. its own history

Cheap

22.2x median over 40 months · -47%

vs. sector peers

Cheap

43.3x median of 4 peers · -73%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

10.4x

PEG

0.22

What's Good / What's Bad

🟢 What's Going Well5

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 18.2%.
Return on capital is rising
ROCE has improved from 19.8% to 31.6%.
High return on capital employed
ROCE of 31.6% is the mark of a business that converts capital into profit efficiently.
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

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 31.6% 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 47% 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 73% 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?

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 25% a year✓ 33.9% CAGR
Latest reported year was 10.9%. 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 stays below 2x✗ 2.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Interest cover stays above 3x✗ 2.9x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹44 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

9 / 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

7 good · 4 neutral · 0 weak

Market Cap

₹560 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

11.8x

Cheap

Cheap against the generic band

P/B Ratio

2.26x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.44

Profitable

Profitable on a per-share basis

ROE

18.2%

Strong

Strong capital efficiency

ROCE

31.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.87x

Moderate

Moderate leverage

Revenue Growth (YoY)

10.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

30.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.06%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹44 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

1.9%

Weak

Thin margins leave little room for error

Net Margin

1.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.37

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.13

Defensive

Steadier than the market

52W Range Position

94%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

15.9 / 15.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

66.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,406 Cr	₹1,818 Cr	₹2,269 Cr	₹3,378 Cr	+33.9%
EBITDA	₹31 Cr	₹50 Cr	₹64 Cr	₹74 Cr	+33.4%
EBITDA Margin	2.2%	2.7%	2.8%	2.2%	—
PAT (Net Profit)	₹13 Cr	₹20 Cr	₹23 Cr	₹45 Cr	+52.7%
EPS	₹0.44	₹0.35	₹0.72	₹1.37	+45.6%
ROE	11.1%	14.6%	11.5%	18.2%	—
ROCE	19.8%	26.4%	26.6%	31.6%	—
Total Debt	₹237 Cr	₹201 Cr	₹224 Cr	₹215 Cr	-3.2%
Free Cash Flow	-₹95 Cr	₹38 Cr	-₹48 Cr	₹44 Cr	—

🟢 Revenue has grown at 33.9% a year over 3 years.

🟢 EBITDA has grown at 33.4% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 2.2% over 3 years.

🟢 PAT (Net Profit) has grown at 52.7% a year over 3 years.

🟢 EPS has grown at 45.6% a year over 3 years.

🟢 ROE has risen from 11.1% to 18.2% over 3 years (+7.1 pts).

🟢 ROCE has risen from 19.8% to 31.6% over 3 years (+11.8 pts).

🟢 Total Debt has shrunk at 3.2% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹95 Cr to ₹44 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹805 Cr

Total Liabilities

₹557 Cr

Cash & Equivalents

₹4 Cr

Operating Cash Flow

₹46 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

81.7%

Corporate Actions

Dividend Rate

₹0.01

Ex-Dividend Date

17 Jul 2026

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

2 mixed4 general

Mangalam Global Enterprise opens new NEAT EVERYDAY store in Ahmedabad

scanx.trade, 13 Oct

Mangalam Global vs Nifty 50: Share Price Performance Compared

Univest, 06 Oct

Mangalam Global Enterprise Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Mangalam Global to consider ₹150 crore NCD issuance on Oct 16

scanx.trade, 13 Oct

Mangalam Global Enterprise Share Price Surges After Sharp Rebound: Can MGEL Extend the Rally?

Kalkine India, 20 AprPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

MGEL Share Price Update on Price Rise and Sector Context

Univest, 07 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Profitability · Valuation

MiddlingBusiness Quality · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Interest cover stays above 3x · see Key things to watch ↑