Multibase India Limited

Basic Materials — Specialty Chemicals · BSE

₹169.65+₹0.55 (+0.33%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:50 pm

Understanding the Business

Company site ↗

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

What does this company do?

Multibase India Limited manufactures, trades, and sells thermoplastic elastomers and silicone-based products in India and internationally.

IndustrySpecialty Chemicals

SectorBasic Materials

Employees22

Annual revenue₹67 Cr

How does it make money?

Turns over ₹67 Cr a year. Of every ₹100 of sales, about ₹16 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation. Each of its 22 employees supports ₹3.03 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹3.03 Cr

Who are its competitors?

The closest listed comparisons in its industry are ASIAN PAINTS LIMITED, PIDILITE INDUSTRIES LTD, SRF LTD, UPL 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?Some evidence

ROCE of 15.3% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE22.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -8% while net margin moved +16% 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-8%

Margin effect+16%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 2.7% a year
✗ Profit CAGR of only 2.1%

Quality vs. Valuation

Company Quality

67/ 100

Good

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

Valuation

67/ 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

18.6x

3Y Median

29.6x

40 monthly readings · mean 27.0x · range 13.9x–50.0x

Sector Median

40.4x

median of 4 sector peers

🟢Current valuation is approximately 37% below its 3y median of 29.6x. 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 54% below the peer median of 40.4x.

vs. its own history

Cheap

29.6x median over 40 months · -37%

vs. sector peers

Cheap

40.4x median of 4 peers · -54%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.1x

PEG

8.75

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 19.7% to 22.7% over 3 years.
Cash generation is improving
Free cash flow is up 42% over 3 years.
Return on equity is rising
ROE has improved from 7.8% to 11.7%.
Return on capital is rising
ROCE has improved from 10.3% to 15.3%.
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

2 items require attention · 2 watch

🟡Receivables growing faster than salesFinancial
Receivables up 19% against revenue up -8% — sales are being booked faster than they are collected.
🟡Inventory building faster than salesFinancial
Inventory up 30% against revenue up -8% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 19.7% to 22.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 37% 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 54% 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?

Sales are being booked faster than collected
Receivables are up 19% against revenue up -8%. 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.

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

1EBITDA margin holds above 21%✓ 22.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹11 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 12%✓ 15.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 29.6x✓ 18.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 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
✓ 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

5 good · 6 neutral · 0 weak

Market Cap

₹214 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

18.6x

Fair

Fairly valued against the generic band

P/B Ratio

2.41x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹9.1

Profitable

Profitable on a per-share basis

ROE

11.7%

Moderate

Moderate capital efficiency

ROCE

15.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

25.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

46.2%

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

₹11 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

7.8x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

16.3%

Good

Healthy core-business profitability

Net Margin

16.2%

Good

Strong bottom-line conversion

Current Ratio

7.35

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.39

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

169.8 / 176.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹72 Cr	₹65 Cr	₹71 Cr	₹67 Cr	-2.7%
EBITDA	₹14 Cr	₹16 Cr	₹21 Cr	₹15 Cr	+2.1%
EBITDA Margin	19.7%	24.9%	29.5%	22.7%	—
PAT (Net Profit)	₹10 Cr	₹11 Cr	₹15 Cr	₹10 Cr	+2.1%
EPS	₹7.76	₹8.84	₹11.61	₹8.26	+2.1%
ROE	7.8%	8.3%	18.7%	11.7%	—
ROCE	10.3%	11.0%	24.5%	15.3%	—
Free Cash Flow	₹8 Cr	₹3 Cr	₹4 Cr	₹11 Cr	+12.4%

🔴 Revenue has shrunk at 2.7% a year over 3 years.

🟢 EBITDA has grown at 2.1% a year over 3 years.

🟢 EBITDA Margin has risen from 19.7% to 22.7% over 3 years (+3.0 pts).

🟢 PAT (Net Profit) has grown at 2.1% a year over 3 years.

🟢 EPS has grown at 2.1% a year over 3 years.

🟢 ROE has risen from 7.8% to 11.7% over 3 years (+4.0 pts).

🟢 ROCE has risen from 10.3% to 15.3% over 3 years (+5.0 pts).

🟢 Free Cash Flow has grown at 12.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹103 Cr

Total Liabilities

₹14 Cr

Total Debt

—

Cash & Equivalents

₹62 Cr

Operating Cash Flow

₹13 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

75.0%

Corporate Actions

Ex-Dividend Date

27 Nov 2024

Peer Comparison

Company	P/E	ROE
ASIAN PAINTS LIMITED	46.9x	22.3%
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

2 positive1 negative3 general

Multibase India Ltd. Peer Comparison – Compare with Others

Value Research, 02 Sept

Multibase India Share Price News: Price Action and Valuation

Univest, 11 Aug

Multibase FY26 Net Profit Falls to ₹1,042.75 Lakh

scanx.trade, 22 MayResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Multibase India Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 02 Sept

Dividend stock: Multibagger small-cap stock declares ₹53 per share dividend. Should you buy before record date?

Livemint, 20 NovCapital return

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

Dividend yield shake-up: Vedanta drops to 7th, smallcap surprise for top slot. Check top 10 stocks

The Economic Times, 01 JanCapital return

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

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

StrongBusiness Quality · Financial Health · Profitability · Valuation

MiddlingRisk

WeakGrowth

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 4 tripwires holding · see Key things to watch ↑