Mardia Samyoung Capillary Tubes Company Limited

Basic Materials — Steel · BSE

₹55.50−₹0.81 (−1.44%)

DalalBaazaar Score

53 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a beta above 1.3, so it swings harder than the index.

In simple words: The business is earning a fairly low return on the money invested in it. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:55 pm

Understanding the Business

Company site ↗

The 60-second version of Mardia Samyoung Capillary Tubes Company Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Mardia Samyoung Capillary Tubes Company Limited engages in the manufacturing and trading of agricultural products in India.

IndustrySteel

SectorBasic Materials

Annual revenue₹74 Cr

How does it make money?

Turns over ₹74 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, JINDAL STEEL LIMITED, STEEL AUTHORITY OF INDIA. 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 3.7% 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.

Peer median ROE10.8%

DalalBaazaar Score

53/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Beta of 1.32 — amplifies market moves in both directions
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

54/ 100

Average

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

Valuation

58/ 100

Fair

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

25.6x

1.3Y Median

63.8x

16 monthly readings · mean 78.1x · range 24.7x–169.7x

Sector Median

18.2x

median of 4 sector peers

🟢Current valuation is approximately 60% below its 1.3y median of 63.8x. 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 41% above the peer median of 18.2x.

vs. its own history

Cheap

63.8x median over 16 months · -60%

vs. sector peers

Expensive

18.2x median of 4 peers · +41%

vs. generic bands

Fair

15x–35x

EV/EBITDA

11.1x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Debt is being paid down
Total debt is down 83% over 3 years.
Return on equity is rising
ROE has improved from -4.6% to 2.4%.
Return on capital is rising
ROCE has improved from -3.1% to 3.7%.
Very low debt
Debt/Equity of 0.00x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 3 high · 1 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.
🔴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 386.8 points, from 391.5% to 4.7%.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 873% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 83% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 60% 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.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 391.5% to 4.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
A premium to the sector to defend
It trades 41% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
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

1EBITDA margin holds above 3%✓ 4.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹86 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 8%✗ 3.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 63.8x✓ 25.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 10 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)
✓ 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

3 good · 5 neutral · 3 weak

Market Cap

₹39 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

25.6x

Fair

Fairly valued against the generic band

P/B Ratio

3.99x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.17

Profitable

Profitable on a per-share basis

ROE

2.4%

Weak

Weak capital efficiency

ROCE

3.7%

Weak

Low return on total capital employed

Debt/Equity

0.00x

Low

Conservative leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

85.6%

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

-₹86 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

5.7%

Average

Average margins

Net Margin

3.6%

Average

Average bottom-line conversion

Current Ratio

66.77

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.32

High swing

Swings more than the market in both directions

52W Range Position

20%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

55.0 / 55.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

51.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	-₹0 Cr	—	—	₹74 Cr	—
EBITDA	-₹0 Cr	-₹0 Cr	-₹3 Cr	₹3 Cr	—
EBITDA Margin	391.5%	—	—	4.7%	—
PAT (Net Profit)	-₹0 Cr	-₹1 Cr	₹1 Cr	₹2 Cr	—
EPS	₹-0.33	₹-0.73	₹1.72	₹0.33	—
ROE	-4.6%	-11.5%	21.3%	2.4%	—
ROCE	-3.1%	-9.9%	-14.0%	3.7%	—
Total Debt	₹0 Cr	₹1 Cr	—	₹0 Cr	-44.1%
Free Cash Flow	-₹0 Cr	-₹1 Cr	-₹3 Cr	-₹86 Cr	—

🟢 Revenue has turned positive, from -₹0 Cr to ₹74 Cr.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹3 Cr.

🔴 EBITDA Margin has fallen from 391.5% to 4.7% over 3 years (-386.8 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹2 Cr.

🟢 EPS has turned positive, from ₹-0.33 to ₹0.33.

🟢 ROE has risen from -4.6% to 2.4% over 3 years (+7.0 pts).

🟢 ROCE has risen from -3.1% to 3.7% over 3 years (+6.8 pts).

🟢 Total Debt has shrunk at 44.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹95 Cr

Total Liabilities

₹1 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹86 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.0%

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
JINDAL STEEL LIMITED	39.1x	5.3%
STEEL AUTHORITY OF INDIA	16.5x	7.1%

Recent News

2 mixed4 general

Mardia Samyoung Capillary Tubes Co Upper Circuit Today

Univest, 16 Oct

Mardia Samyoung Capillary Tubes Co Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Mardia Samyoung Capillary Tubes Company reports standalone net profit of Rs 1.05 crore in the June 2026 quarter

Business Standard, 12 AugResults

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

Mardia Samyoung Capillary Tubes Reports No Deviation in Preferential Issue Fund Utilisation for Quarter Ended March 31, 2026

scanx.trade, 12 MayFunding

🟡Mixed / dependsNew funding changes the capital structure. Debt raises leverage; an equity raise dilutes existing holders.

Mardia Samyoung Capillary Tubes Company Ltd. Share Price Live Today

CNBC TV18, 03 Jan

Mardia Samyoung Capillary Tubes Co Ltd. Lower Circuit: Price and Key Data

Univest, 30 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingGrowth · Profitability · Valuation

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

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑