Mold-Tek Technologies Limited

Industrials — Engineering & Construction · NSE

₹104.90+₹4.83 (+4.83%)

DalalBaazaar Score

45 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, 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 both sales and profits growing well. Debt is 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

Company site ↗

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

What does this company do?

Mold-Tek Technologies Limited provides civil and mechanical design engineering services in India and internationally.

IndustryEngineering & Construction

SectorIndustrials

Employees1,176

Annual revenue₹182 Cr

How does it make money?

Turns over ₹182 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 1,176 employees supports ₹15.4 lakh of revenue a year, the signature of a people-led business.

EBITDA margin10.5%

Net margin5.6%

Revenue / employee₹15.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

ADANI PORT & SEZ LTDP/E 29.9x · ROE 14.1%

SIEMENS LTDP/E 88.8x · ROE 10.5%

What is its competitive advantage?Little sign of one

Returns on capital of 10.5% 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.

ROCE10.5%

ROE7.9%

Peer median ROE14.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +24% while net margin moved -72% 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+24%

Margin effect-72%

DalalBaazaar Score

45/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 7.3% — barely ahead of inflation
✗ Profit has declined at 29.9% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows

Quality vs. Valuation

Company Quality

47/ 100

Average

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

Valuation

41/ 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.

Historical Valuation

Current P/E

33.9x

3Y Median

13.3x

40 monthly readings · mean 14.8x · range 6.3x–29.9x

Sector Median

30.1x

median of 3 sector peers

⚠️Current valuation is approximately 155% above its 3y median of 13.3x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟡Against its sector it is priced broadly in line with the peer median of 30.1x.

vs. its own history

Expensive

13.3x median over 40 months · +155%

vs. sector peers

Fair

30.1x median of 3 peers · +13%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

33.9x

P/B

4.67x

EV/EBITDA

30.6x

PEG

—

Dividend Yield

0.95%

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 30% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Margins are compressing
EBITDA margin has slipped from 30.7% to 10.5% over 3 years.
Return on equity is falling
ROE has dropped from 28.2% to 7.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 36.0% to 10.5% — often a sign of competition or overexpansion.
Valuation above its historical average
At 33.9x the stock trades 155% above its own median of 13.3x.

Red Flags

3 items require attention · 2 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 4.00x — earnings must service borrowings before shareholders see anything.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 20.2 points, from 30.7% to 10.5%.
🟡Profit is decliningFinancial
Net profit is down 66% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 30% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
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 30.7% to 10.5%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 4.00x. Interest is payable whether or not the business has a good year.
The price already assumes success
The stock trades 155% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Growth barely outpaces inflation
Revenue compounding at 7.3% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 28.2% to 7.9%. 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.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 9%✓ 10.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 6% a year✓ 7.3% CAGR
Latest reported year was 78.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹14 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 10.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 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 · 5 neutral · 2 weak

Market Cap

₹604 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

33.9x

Fair

Fairly valued against the generic band

P/B Ratio

4.67x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹3.09

Profitable

Profitable on a per-share basis

ROE

7.9%

Weak

Weak capital efficiency

ROCE

10.5%

Moderate

Moderate return on the capital in the business

Debt/Equity

4.00x

High

High leverage

Revenue Growth (YoY)

78.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

1204.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.95%

Modest

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

Free Cash Flow

₹14 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹104.9

Operating Margin

17.6%

Good

Healthy core-business profitability

Net Margin

8.9%

Average

Average bottom-line conversion

Current Ratio

2.18

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.07

Defensive

Steadier than the market

52W Range Position

79%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

103.5 / 99.9

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

53.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹147 Cr	₹161 Cr	₹146 Cr	₹182 Cr	+7.3%
EBITDA	₹45 Cr	₹46 Cr	₹22 Cr	₹19 Cr	-24.9%
EBITDA Margin	30.7%	28.5%	15.0%	10.5%	—
PAT (Net Profit)	₹29 Cr	₹28 Cr	₹12 Cr	₹10 Cr	-29.9%
EPS	₹10.15	₹9.72	₹4.22	₹3.51	-29.8%
ROE	28.2%	22.9%	10.3%	7.9%	—
ROCE	36.0%	29.3%	13.9%	10.5%	—
Total Debt	₹7 Cr	₹10 Cr	₹7 Cr	₹5 Cr	-11.2%
Free Cash Flow	₹22 Cr	₹28 Cr	₹20 Cr	₹14 Cr	-13.7%

🟢 Revenue has grown at 7.3% a year over 3 years.

🔴 EBITDA has shrunk at 24.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 30.7% to 10.5% over 3 years (-20.2 pts).

🔴 PAT (Net Profit) has shrunk at 29.9% a year over 3 years.

🔴 EPS has shrunk at 29.8% a year over 3 years.

🔴 ROE has fallen from 28.2% to 7.9% over 3 years (-20.3 pts).

🔴 ROCE has fallen from 36.0% to 10.5% over 3 years (-25.6 pts).

🟢 Total Debt has shrunk at 11.2% a year over 3 years.

🔴 Free Cash Flow has shrunk at 13.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹172 Cr

Total Liabilities

₹44 Cr

Total Debt

₹5 Cr

Cash & Equivalents

₹25 Cr

Operating Cash Flow

₹15 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

55.3%

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

11 Sept 2026

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

1 positive1 mixed4 general

Mold-Tek Tech Share Price - Live NSE: MOLDTECH Stock Price & Chart

Upstox, 16 Oct

Mold-Tek Technologies Share Price and Technical Outlook

Kalkine India, 14 Oct

Mold-Tek Technologies 52 Week High Streak and Valuation

Univest, 13 Oct

Mold-Tek Technologies approves 1:1 bonus shares, ₹2 dividend

scanx.trade, 26 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

2 Mold-Tek Group companies to consider bonus issues on August 26. Do you own?

The Economic Times, 21 Aug

Mold-Tek Packaging (NSEI:MOLDTKPAC) Stock Forecast & Analyst Predictions

Simply Wall Street, 09 OctAnalyst view

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

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate9/20

🟢Financial HealthStrong14.5/20

🔴GrowthWeak5.7/20

🔴ProfitabilityWeak5.8/15

🔴ValuationDemanding6.1/15

🔴RiskHigh4.3/10

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

This thesis breaks if

✓EBITDA margin holds above 9%10.5%
✓Revenue growth stays above 6% a year7.3% CAGR
✓Free cash flow remains positive₹14 Cr
✓Debt / EBITDA stays below 2x0.3x
✓ROCE stays above 8%10.5%