Maruti Interior Products Limited

Consumer Cyclical — Furnishings, Fixtures & Appliances · BSE

₹35.00−₹1.00 (−2.78%)

DalalBaazaar Score

73 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, but sales are shrinking. Short-term liquidity 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 Maruti Interior Products Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Maruti Interior Products Limited engages in the manufacturing and trading of modular kitchen storage systems, and kitchen and furniture hardware products and related accessories under the Everyday Kitchen and Spitze by Everyday brands in India.

IndustryFurnishings, Fixtures & Appliances

SectorConsumer Cyclical

Annual revenue₹53 Cr

How does it make money?

Turns over ₹53 Cr a year. Of every ₹100 of sales, about ₹20 reaches shareholders as profit, with ₹26 left at the operating level before interest, tax and depreciation.

EBITDA margin26.4%

Net margin19.8%

Who are its competitors?

The closest listed comparisons in its industry are HAVELLS INDIA LIMITED, VOLTAS LTD, TITAN COMPANY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

HAVELLS INDIA LIMITEDP/E 43.5x · ROE 17.1%

VOLTAS LTDP/E 75.8x · ROE 7.0%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

What is its competitive advantage?Some evidence

ROCE of 23.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE23.2%

ROE22.7%

Peer median ROE17.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +39% while net margin moved +85% 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+39%

Margin effect+85%

DalalBaazaar Score

73/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.19 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

75/ 100

Good

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

Valuation

76/ 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

17.9x

3Y Median

128.1x

40 monthly readings · mean 135.7x · range 34.8x–296.3x

Sector Median

68.5x

median of 3 sector peers

🟢Current valuation is approximately 86% below its 3y median of 128.1x. 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 74% below the peer median of 68.5x.

vs. its own history

Cheap

128.1x median over 40 months · -86%

vs. sector peers

Cheap

68.5x median of 3 peers · -74%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

17.9x

P/B

1.15x

EV/EBITDA

17.0x

PEG

0.48

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well7

Margins are improving
EBITDA margin is up from 16.3% to 26.4% over 3 years.
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 14.7% to 22.7%.
Return on capital is rising
ROCE has improved from 19.3% to 23.2%.
High return on capital employed
ROCE of 23.2% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 17.9x the stock trades 86% below its own median of 128.1x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 896% over 3 years — worth checking what it funded.
Inventory building faster than sales
Inventory is up 71% against revenue growth of 39% — stock may not be moving.
Short-term liquidity is tight
Current ratio of 0.90 — near-term obligations exceed near-term assets.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 896% over 3 years, from ₹3 Cr to ₹27 Cr.
🟡Inventory building faster than salesFinancial
Inventory up 71% against revenue up 39% — stock may not be moving.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.90 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 23.2% 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.
Margin expansion has further to run
EBITDA margin has risen from 16.3% to 26.4%. 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 86% 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 74% 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 9% a year✓ 11.6% CAGR
Latest reported year was -8.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 24%✓ 26.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹3 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 20%✓ 23.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 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

6 good · 3 neutral · 2 weak

Market Cap

₹212 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

17.9x

Fair

Fairly valued against the generic band

P/B Ratio

1.15x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.96

Profitable

Profitable on a per-share basis

ROE

22.7%

Strong

Strong capital efficiency

ROCE

23.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.58x

Low

Conservative leverage

Revenue Growth (YoY)

-8.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-97.4%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹35

Operating Margin

7.6%

Average

Average margins

Net Margin

17.4%

Good

Strong bottom-line conversion

Current Ratio

0.90

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

-0.19

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

36.4 / 35.4

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

42.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹38 Cr	₹38 Cr	₹44 Cr	₹53 Cr	+11.6%
EBITDA	₹6 Cr	₹6 Cr	₹8 Cr	₹14 Cr	+31.1%
EBITDA Margin	16.3%	15.0%	19.4%	26.4%	—
PAT (Net Profit)	₹4 Cr	₹3 Cr	₹5 Cr	₹10 Cr	+37.0%
EPS	₹0.76	₹0.63	₹0.91	—	—
ROE	14.7%	11.1%	13.6%	22.7%	—
ROCE	19.3%	14.8%	19.0%	23.2%	—
Total Debt	₹3 Cr	₹6 Cr	₹8 Cr	₹27 Cr	+115.1%
Free Cash Flow	-₹1 Cr	-₹6 Cr	₹1 Cr	₹3 Cr	—

🟢 Revenue has grown at 11.6% a year over 3 years.

🟢 EBITDA has grown at 31.1% a year over 3 years.

🟢 EBITDA Margin has risen from 16.3% to 26.4% over 3 years (+10.1 pts).

🟢 PAT (Net Profit) has grown at 37.0% a year over 3 years.

🟢 ROE has risen from 14.7% to 22.7% over 3 years (+7.9 pts).

🟢 ROCE has risen from 19.3% to 23.2% over 3 years (+3.9 pts).

🔴 Total Debt has grown at 115.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹3 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹90 Cr

Total Liabilities

₹44 Cr

Total Debt

₹27 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹5 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

83.1%

Corporate Actions

Ex-Dividend Date

09 Jun 2023

Peer Comparison

Company	P/E	ROE
HAVELLS INDIA LIMITED	43.5x	17.1%
VOLTAS LTD	75.8x	7.0%
TITAN COMPANY LIMITED	68.5x	36.7%

Recent News

1 negative5 general

Maruti Interior Products Ltd. Upper Circuit: Price and Key Data

Univest, 30 Sept

Maruti Interior Products Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Maruti Interior Products consolidated net profit declines 89.82% in the June 2026 quarter

Business Standard, 09 SeptResults

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

Maruti Interior Products Limited Publishes Rights Issue Extension Advertisement

scanx.trade, 06 Apr

Maruti Interior Products Ltd. Upper Circuit: Price and Key Data

Univest, 25 Sept

Unicorn Fund, Greenx Wealth Multihorizons Opportunity Fund pick up over 1.4% stake in Maruti Interior...

Moneycontrol.com, 08 Jan

Watch Items

Revenue growth is negative (-8.8%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong17.9/20

🟡Financial HealthAdequate12.1/20

🟢GrowthStrong13.3/20

🟢ProfitabilityStrong12.9/15

🟢ValuationAttractive12/15

🟡RiskModerate5.2/10

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. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 9% a year11.6% CAGR
✓EBITDA margin holds above 24%26.4%
✓Free cash flow remains positive₹3 Cr
✓Debt / EBITDA stays below 2x1.9x
✓ROCE stays above 20%23.2%