# Macfos share price today (Macfos Ltd, BSE: 543787)

> Macfos share price today: ₹1,108.25 at the BSE close on 3 November 2026, up 60.4% in a year. Macfos (BSE: 543787) is worth ₹1,148 crore, trades at a P/E of 39.9 and has closed between ₹712.23 and ₹1,300.25 over the past 52 weeks. > Macfos Ltd's results are improving, while its P/E is near the low end of its own history over 2.5 years, higher than only 18% of past readings. 543787 · E-Commerce - Platform - Utility · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/macfos-ltd

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## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: ₹1,108.25 (+60.4% in a year)
- P/E: 39.9× (lower than 82% of the last 2.5 years)
- Revenue (Sep 2026): ₹98.7 Cr (+44.2% on a year ago)
- Profit (Sep 2026): ₹7.3 Cr (+45.3% on a year ago)
- Operating margin: 11.7% (+0.5 points on a year ago)
- ROCE: 34%, FY26
- ROIC: 19.1%, against a 12.0% cost of capital: +7.1 points

The main question: profits are rising, but only −49% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Macfos share price today? Macfos Ltd's share price was ₹1,108.25 at the close on 3 November 2026. It has been rising for 44 weeks. That is 10.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹712 and ₹1,300, and at that close it sat 67% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 3.7 years the share price moved +673% while the NIFTY 500 moved +47%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Macfos this quarter? Two changes stood out: revenue up on a year earlier for 4 quarters in a row and profit up on a year earlier for 4 quarters in a row. 1. Revenue up on a year earlier for 4 quarters in a row In the September 2026 quarter revenue was ₹99 crore, +44.2% on a year earlier. 2. Profit up on a year earlier for 4 quarters in a row In the September 2026 quarter profit was ₹7 crore, +45.3% on a year earlier. ## What are Macfos' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Macfos reported revenue of ₹98.7 crore, up 44.2% from ₹68.5 crore a year earlier, and a profit of ₹7.35 crore, up 45.3% from ₹5.06 crore. ### Macfos results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹98.7 crore | ₹68.5 crore | +44.2% |
| Profit | ₹7.35 crore | ₹5.06 crore | +45.3% |
| Earnings per share | ₹7.10 | ₹4.87 | +45.8% |
| Operating margin | 11.7% | 11.1% | +0.5 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). The newest call in our records is from 30 April 2026, about January to March 2026; a call about these results is not in our records yet. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Macfos share price history? Macfos closed at ₹1,108.25 on 3 November 2026, up 60.4% from ₹690.82 a year earlier (31 October 2025) and up 275.4% over three years. Its highest weekly close since March 2023 was ₹1,332.82 on 20 December 2024. ### Macfos share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹945.80 | +17.2% |
| 1 month ago · 1 Oct 2026 | ₹1,049.65 | +5.6% |
| 6 months ago · 30 Apr 2026 | ₹997.75 | +11.1% |
| 1 year ago · 31 Oct 2025 | ₹690.82 | +60.4% |
| 3 years ago · 3 Nov 2023 | ₹295.23 | +275.4% |
| Earliest weekly close in our records · 3 Mar 2023 | ₹143.45 | +672.6% |
| Highest weekly close since March 2023 · 20 Dec 2024 | ₹1,332.82 | −16.8% |
| Lowest weekly close since March 2023 · 17 Mar 2023 | ₹132.23 | +738.1% |
| 52-week high (weekly close) · 4 Jun 2026 | ₹1,300.25 | −14.8% |
| 52-week low (weekly close) · 7 Nov 2025 | ₹712.23 | +55.6% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (200 weekly closes from 3 March 2023 to 3 November 2026.)

## What is the latest news on Macfos? 3 Nov 2026: Macfos closed at ₹1,108.25, up 17.2% on the week and up 5.6% on the month. Results for July to September 2026: Revenue up 44.2% and profit up 45.3% on a year earlier. ### Earlier

- 30 Apr 2026: Macfos held its results call for January to March 2026. Management guided: Indian TAM expected approximately ₹10,000 crore by 2030; acknowledged difficulty calculating TAM for new tech segments; many 'ifs and buts' per CEO. ## What dividend does Macfos pay? No. Macfos Ltd paid out 0% of its profit as dividends in each of its last 3 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate (as of 3 November 2026). ## What did Macfos management say on the latest results call? On the call for January to March 2026, held on 30 April 2026, Macfos' management guided: Indian TAM expected approximately ₹10,000 crore by 2030; acknowledged difficulty calculating TAM for new tech segments; many 'ifs and buts' per CEO. > “We have converted most of our debt into inventory. We sell that inventory to generate revenue. It is a low-risk debt if the business model is understood correctly.”
> Atul Dumbre, Chairman and Managing Director, on the call for January to March 2026

### What management guided

- Electronics market hot for at least next 2-3 years; CEO sees dependency on electronics only increasing. - Robu 2.0 decision timeline: Within 2 years will determine if in or out of defense business. - Robu 2.0 revenue share: No specific goals given; 5-10 year goal but not overloading small child with adult expectations - REFUSED to provide revenue split or goals due to strategic stage. - Gross margin goals: 10.0% higher on Robu 2.0 products versus regular business.0 mix growth. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/53084-30-Apr-2026.pdf). (From the call for January to March 2026, 30 April 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What is the future of Macfos? What is changing in the business? What is changing at Macfos, from the latest results and calls: operating leverage inflection, value-added product mix shift (robu 2.0, smartnix + drones) and tam expansion (india electronics market growth + customer maturation). - Operating Leverage Inflection. Every ₹1 of incremental revenue dropping ~1.55x to operating profit. FY26 operating profit grew 103% on 64-67% revenue growth, fixed-cost absorption accelerating at scale. ⚠ estimate
- Value-Added Product Mix Shift (Robu 2.0, SmartNix + Drones). ~300 SmartNix modules + 5-10 drone products aiming for 10% higher gross margin than distribution, at 10% revenue mix, adds 1pp group margin. ⚠ estimate
- TAM Expansion (India Electronics Market Growth + Customer Maturation). Indian electronics TAM expected ₹10,000 Cr by 2030; average order value lifted from ₹6,000 Q3 to ₹7,300 Q4, customer maturation and larger basket sizes structurally widening addressable revenue. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What could change the Macfos story? What are the risks? Four instances of management saying X in Oct 2025 and directly contradicting X in Apr 2026, growth guidance softening, main board flip, Robu 2.0 drone-only vs SmartNix reality, inventory rotation confidence vs rising dead stock. ### The main risks

- Management communication integrity, four documented cross-call contradictions: Four instances of management saying X in Oct 2025 and directly contradicting X in Apr 2026, growth guidance softening, main board flip, Robu 2.0 drone-only vs SmartNix reality, inventory rotation confidence vs rising dead stock. ✓ fact
- Slow-moving inventory rise + write-off risk: Slow-moving inventory rose from 2.64% to 6.21%; return/replacement costs nearly doubled to ₹109.89 lakhs in FY26, at 122 inventory days with 1.5 lakh+ SKUs, write-offs materialize from the components category. ✓ fact
- Memory chip shortage and import cost pressure: Memory chip shortage impacting development boards and drone controllers, CEO acknowledged balancing price increases vs competition as a 'balancing act' without committing to pass-through rate. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What to watch in Macfos' next results? When Macfos reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Robu 2.0 drones and defense engagement order book visibility - CEO flagged 2-year decision point (in or out); next quarter metrics should signal trajectory clarity on military and government traction. - What to check (from the call)
- Robu 2.0 drones and defense engagement order book visibility - CEO flagged 2-year decision point (in or out); next quarter metrics should signal trajectory clarity on military and government traction. - Robu 2.0 revenue as percentage of total and gross margin trajectory - Strategic to track toward stated long-term margin expansion leverage; early indicators should show mix shift direction. - Gross margin maintenance and dead inventory write-off realization - Components category dead stock intentional; track if write-offs materialize as expected and lag length. - Inventory rotation days improvement and debt reduction pace - Key KPI per CEO; critical to reduce leverage and self-fund growth as company scales; H2 FY26 baseline critical for Q1 progression. ## Which stock lists is Macfos on? Macfos is on one of our India lists: Momentum stocks. [Momentum stocks Market cap cr: 1201.4827980139723](https://www.sectoralpha.in/momentum-stocks-india)

## Is Macfos profitable? Macfos Ltd earned ₹7.3 Cr of net profit in the Sep 2026 quarter, +45.3% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹26.0 Cr. Over 2 years profit has grown 53.7% a year on average. That is 7.4% of the quarter's revenue. The same quarter a year earlier earned ₹5.1 Cr. For the full year, FY26 profit was ₹26.0 Cr (+44.4% on the year before). Why profit moved: revenue changed +44.2% on a year earlier and the margin moved +0.5 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +67.7% and revenue +54.2%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Macfos make, and is it growing? Macfos Ltd reported ₹98.7 Cr of revenue in the Sep 2026 quarter, +44.2% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 2 years it has grown 57.2% a year on average. The last full year, FY26, came in at ₹309 Cr. Why this happened. The India electronics distribution market is growing driven by AI/IoT/drone/3D-printing adoption and the Make-in-India industrial push. CEO sees the market 'hot for at least next 2-3 years.' Average order value growth from H2 average ₹6,776 to Q4 approximately ₹7,300 confirms customer maturation, early startups graduating to mid-sized companies, enabling larger basket sizes. Corporate/B2B share growing faster than B2C. Macfos has no direct full-portfolio competitor in India. International players (Digi-Key, Mouser, Arrow) lack India-specific support. TAM estimated at ₹10,000 Cr by 2030. The last four reported quarters add to ₹361 Cr. FY26 revenue was ₹309 Cr, +21.2% on the year before. Recent pace: the last four quarters grew +54.2% on average, against 57.2% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +53.0%, against +28.5% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +62.9%, against +29.0% a year (accelerating). ## How much of every ₹100 of sales does Macfos keep? Macfos Ltd's operating margin was 11.7% in the Sep 2026 quarter, 0.5 percentage points higher than the same quarter a year ago. Across 3 years it has been between 10.0% and 12.0%. The latest quarter is within that range. Why this happened. FY26 confirmed operating leverage at scale: revenue ₹312 Cr (ex-one-off, ~64-67% YoY), EBITDA ₹39 Cr (+103% YoY), PAT ₹25.65 Cr (+105% YoY). Gross margin held flat at 24% while scale grew, meaning fixed-cost leverage drove the EBITDA expansion. Q4 FY26 was the strongest quarter: ₹102.14 Cr revenue with 13.6% OPM, versus 10.3% in Q4 FY25. The fixed costs (salary <5% of revenue, digital marketing <1.5% of revenue, ERP/IT infrastructure) are being absorbed over a growing revenue base. This is the primary earnings engine. Why the margin moved: operating margin changed +0.5 percentage points on the year while gross margin changed +1.3 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is Macfos' profit turning into cash? Over the last 3 years Macfos Ltd's operations used more cash than they brought in, so cash conversion was −49%, a gap worth watching. In FY26 its operations used ₹8.0 Cr of cash, against ₹26.0 Cr of profit. After ₹4.0 Cr of spending on assets, free cash was −₹12.0 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why −49% of profit came in as cash: the cash cycle got 38 days longer between FY24 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: less of the profit turns into cash than it should, and the cash cycle is 38 days longer. The next section looks at where the cash is stuck. ## Where does Macfos' cash go? Macfos Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 113 days in FY26, up from 75 days in FY24. It spent ₹9.0 Cr on assets over the last 2 years. Customers take 16 days to pay, and stock sits for 122 days on average. At FY26 sales of ₹309 Cr, each day of that cycle ties up about ₹0.8 Cr, so roughly ₹96.0 Cr is tied up in the business at any time. FY26: customers took 16 days to pay and stock sat for 122 days, about 4.0 months of sales sitting as stock, for a full cycle of 113 days, longer than FY24's 75. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 122 days. Customers pay about 16 days after that. Suppliers are paid at 26 days. Together that makes the 113-day cycle. Spending on assets: ₹9.0 Cr over the last 2 years, against ₹3.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet. In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit. ## What is Macfos' P/E ratio, and how does it compare with its own history? Macfos Ltd's P/E is 39.9×, near the low end of its own history: it has been lower only 18% of the time. Its usual P/E (the middle reading) is 43.3×, over 2.5 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +43.6% while the price moved +60.4%. The price did better than earnings, which pushed the multiple up within its own range. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Macfos business getting better or worse? Macfos Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: revenue growth has eased from +72.2% at its peak to +44.2% (from single-quarter figures), but the business is still expanding. This is based on 9 quarters of 2 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Macfos story, and has it been checked? Macfos Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: EARLY EXPANSION. Our read, 17 May 2026. From the numbers. COMPRESSED with GOLDEN SETUP, EPS at ₹24.75 stepping up rapidly from ₹11.16 (FY24) → ₹17.23 (FY25) → ₹24.75 (FY26).…

From the price. Price stage 2, week 44, above its 200-day line, relative strength rising. From the research. Where they disagree. COMPRESSED with GOLDEN SETUP, EPS at ₹24.75 stepping up rapidly from ₹11.16 (FY24) → ₹17.23 (FY25) → ₹24.75 (FY26). Earnings-driven compression: price lagging EPS acceleration. Q4 annualized EPS suggests FY27 trajectory toward ₹35-40 if growth sustains. Institutional signal MIXED, FII at 0.32%, DII rising to 7.06% (Mar 2025 vs 0.09% in Dec 2023); promoter stake-cutting offset by DII accumulation. What is proven. What is not proven yet. Four instances of management saying X in Oct 2025 and directly contradicting X in Apr 2026, growth guidance softening, main board flip, Robu 2.0 drone-only vs SmartNix reality, inventory rotation confidence vs rising dead stock. The test written in advance. Management communication integrity, four documented cross-call contradictions. Measured by: Management communication integrity, four documented cross-call contradictions Any new Q1 FY27 guidance statement vs Apr 2026 commitments by the next result. The test written in advance. Slow-moving inventory rise + write-off risk. Measured by: Slow-moving inventory rise + write-off risk Q1 FY27 slow-moving inventory percentage vs 7% threshold by the next result. The test written in advance. What the company does. FY26 closed with revenue +64-67% (ex-one-off), EBITDA +103%, PAT +105%, Q4 FY26 the strongest quarter ever at ₹102 Cr revenue and ₹9.87 Cr PAT, OPM expanding 330bps YoY to 13.6%. Robu 2.0 (~300 SmartNix modules + 5-10 drone products) goals 10% higher gross margin vs distribution; binary 2-year defense decision ahead; four cross-call management consistency failures are the primary shareholder discount. Lever 1 · Operating leverage: building. Every ₹1 of incremental revenue dropping ~1.55x to EBITDA. FY26 EBITDA grew 103% on 64-67% revenue growth, fixed-cost absorption accelerating at scale. What proves it keeps working: Operating Leverage Inflection. It stops working if Any new Q1 FY27 guidance statement vs Apr 2026 commitments. Lever 2 · Value-added mix: building. ~300 SmartNix modules + 5-10 drone products aiming for 10% higher gross margin than distribution, at 10% revenue mix, adds 1pp group margin. What proves it keeps working: Value-Added Product Mix Shift (Robu 2.0, SmartNix + Drones). It stops working if Any new Q1 FY27 guidance statement vs Apr 2026 commitments. Lever 14 · A bigger market to serve: building. Indian electronics TAM expected ₹10,000 Cr by 2030; average order value lifted from ₹6,000 Q3 to ₹7,300 Q4, customer maturation and larger basket sizes structurally widening addressable revenue. What proves it keeps working: TAM Expansion (India Electronics Market Growth + Customer Maturation). It stops working if Any new Q1 FY27 guidance statement vs Apr 2026 commitments. Lever 15 · Market-share gains: building. ~1.5 lakh SKUs with no full-portfolio Indian competitor; corporate sales grew from ~5% of revenue in 2019 to ~50% now, organized intermediary capturing fragmented distribution share. What proves it keeps working: Market Share Gains (SKU breadth + B2B corporate channel). It stops working if Any new Q1 FY27 guidance statement vs Apr 2026 commitments. Sources: our stock research file (17 May 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Macfos management deliver what it promised? What Macfos Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Growth Guidance Confidence Shift · 30 April 2026. In Oct 2025, management gave an unambiguous affirmation when asked directly whether their historic ~50% CAGR and 8% PAT margins would continue for the next two to three years, explicitly stating they were 'very confident' the growth path would be maintained. In Apr 2026, when asked the same fundamental question about whether past growth rates can sustain, management gave a hedged, philosophical response acknowledging eventual sector saturation and did not reaffirm the prior commitment - a notable and unexplained softening of forward guidance even though FY26 like-for-like growth of 64-67% had actually exceeded the stated goal. Main Board Migration Narrative Shift · 30 April 2026. In Oct 2025, management stated that main board migration had never been discussed in detail and was not on the table, framing it as an option not yet seriously considered. In Apr 2026, management directly contradicted this by claiming the decision to migrate was made at the time of the original SME listing three years ago and that preparatory steps have since been taken - a materially inconsistent account of how long and how actively this value-relevant corporate action has been evaluated internally. Robu 2.0 Stated Drone-Only Focus vs. Actual Product Mix · 30 April 2026. In Oct 2025, management explicitly characterized Robu 2.0 as having narrowed to a singular sector focus on drones, using the phrase 'focusing on one sector' to describe the current strategic state of the initiative. In Apr 2026, management revealed approximately 300 SmartNix (non-drone) modules and only 5-10 drone products under Robu 2.0, and described both drones and SmartNix as 'major focus areas' - a product distribution and strategic framing that directly contradicts the prior representation of drones as the sole area of concentration. Inventory Rotation Confidence vs. Acknowledged Rise in Dead Stock · 30 April 2026. In Oct 2025, when an shareholder specifically asked whether 4x-4.5x annual inventory rotation could be maintained given rapid SKU additions, management gave a confident and unqualified confirmation of 4.5x turns with no caveats. In Apr 2026, management acknowledged that slow-moving inventory has materially increased - attributing the cause to the components category addition that predated the Oct 2025 call - raising the question of why the Oct 2025 rotation figure was presented with such confidence despite the drag from that same category already being present at the time. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Macfos earn on its capital? Macfos Ltd earned a ROCE of 34% in FY26. Its return on capital used (ROIC) is 7.1 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 8.4% net margin and 1.93× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 8.4% net margin × 1.93× asset turnover × 1.67× leverage (assets divided by equity) ≈ 27.1% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 19.1% − 12.0% = +7.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. ## Does Macfos have too much debt? Macfos Ltd had ₹36.0 Cr of borrowings against ₹96.0 Cr of equity in FY26, so its debt is 0.38× its equity. Its operating profit is 12 times its interest bill. Over 2 years borrowings went from ₹8.0 Cr to ₹36.0 Cr. Over the last 2 of those years it spent ₹9.0 Cr on assets. Part of the spending on assets is being paid for with borrowed money. ## What is the Macfos shareholding pattern? No group of Macfos Ltd's owners changed its stake by a full percentage point over the last two years. Domestic institutions moved +0.1 points over the same period, to 5.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −0.1 points over 8 quarters, to 0.2%; Domestic institutions: +0.1 points over 8 quarters, to 5.4%; Promoters: +0.0 points over 8 quarters, to 69.1%. ## How far is Macfos from balance-sheet trouble? For Macfos Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Macfos rank in its industry? 60.5 out of 100, rank 3 of 13 in E-Commerce - Platform - Utility, with 80% of the evidence available. Macfos Ltd scores 60.5 out of 100 against the 13 companies it is compared with in E-Commerce - Platform - Utility, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 19 + 18.2 + 9.9 + 13.4 = 60.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Macfos compared with? Macfos ranks 3 of 13 E-Commerce - Platform - Utility companies on the 4-Factor Sector Score, with 60.5 out of 100. 1. [MPS Ltd](https://www.sectoralpha.in/stocks/mps-ltd) MPSLTD · losing its lead · Most evidence points up · 81% evidence 66.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 10% · Profit 19% · Operating margin change 7 points · 88% evidence Capital efficiency 20.9/25 · ROCE 38.7% · Operating margin 34% · 100% evidence Valuation 13.5/20 · P/E 21.7× · PEG 0.61 · 100% evidence Relative strength 11.6/20 · Lead over its industry n/a · Lead over NIFTY 500 18.4% · 1 year 6.8% · 25% evidence · 10 of 12 weeks ahead Exact sum: 20.9 + 20.9 + 13.5 + 11.6 = 66.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Creative Newtech Ltd](https://www.sectoralpha.in/stocks/creative-newtech-ltd) CNL · leader · Evidence leans up · 82% evidence 61.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 36.4% · Profit 35% · Operating margin change 1.5 points · 95% evidence Capital efficiency 14.2/25 · ROCE 18.8% · Operating margin 5% · 76% evidence Valuation 11.2/20 · P/E 20.7× · PEG n/a · 50% evidence Relative strength 14.0/20 · Lead over its industry 30.8% · Lead over NIFTY 500 44.1% · 1 year 60% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.6 + 14.2 + 11.2 + 14 = 61 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Macfos Ltd this page turning · Evidence leans up · 80% evidence 60.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.0/35 · Revenue 28.5% · Profit 40.5% · Operating margin change 0.6 points · 95% evidence Capital efficiency 18.2/25 · ROCE 33.8% · Operating margin 11.7% · 95% evidence Valuation 9.9/20 · P/E 41× · PEG n/a · 15% evidence Relative strength 13.4/20 · Lead over its industry 12.5% · Lead over NIFTY 500 26.2% · 1 year 64.7% · 100% evidence · 3 of 12 weeks ahead Exact sum: 19 + 18.2 + 9.9 + 13.4 = 60.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [MSTC Ltd](https://www.sectoralpha.in/stocks/mstc-ltd) MSTCLTD · quiet · Evidence leans up · 63% evidence 58.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Revenue 21% · Profit -42.9% · Operating margin change 5 points · 83% evidence Capital efficiency 20.1/25 · ROCE 30.3% · Operating margin 61% · 76% evidence Valuation 10.0/20 · P/E 16.1× · PEG n/a · 50% evidence Relative strength 9.3/20 · Lead over its industry n/a · Lead over NIFTY 500 3.9% · 1 year -1% · 25% evidence · 8 of 12 weeks ahead Exact sum: 19.3 + 20.1 + 10 + 9.3 = 58.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Pine Labs Ltd](https://www.sectoralpha.in/stocks/pine-labs-ltd) PINELABS · breaking out · Evidence leans up · 63% evidence 58.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 35.5/43.75 · Revenue 21.1% · Profit 100% · Operating margin change 4 points · 100% evidence Capital efficiency 11.7/31.25 · ROCE 4.2% · Operating margin 16% · 100% evidence Valuation 11.3/25 · P/E 109× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 35.5 + 11.7 + 11.3 = 58.5 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 6. [One 97 Communications Ltd](https://www.sectoralpha.in/stocks/one-97-communications-ltd) PAYTM · leader · Evidence leans up · 68% evidence 54.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.1/35 · Revenue 23.8% · Profit 100% · Operating margin change 3 points · 100% evidence Capital efficiency 6.3/25 · ROCE 5% · Operating margin 10% · 100% evidence Valuation 8.8/20 · P/E 125× · PEG n/a · 15% evidence Relative strength 12.2/20 · Lead over its industry n/a · Lead over NIFTY 500 31.1% · 1 year 25.4% · 25% evidence · 12 of 12 weeks ahead Exact sum: 27.1 + 6.3 + 8.8 + 12.2 = 54.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Indiamart Intermesh Ltd](https://www.sectoralpha.in/stocks/indiamart-intermesh-ltd) INDIAMART · quiet · Evidence leans up · 100% evidence 54.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.8/35 · Revenue 12% · Profit -7% · Operating margin change 4 points · 100% evidence Capital efficiency 19.0/25 · ROCE 28% · Operating margin 34% · 100% evidence Valuation 19.5/20 · P/E 17.8× · PEG 0.68 · 100% evidence Relative strength 0.0/20 · Lead over its industry -30.9% · Lead over NIFTY 500 -22% · 1 year -39.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.8 + 19 + 19.5 + 0 = 54.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [RNFI Services Ltd](https://www.sectoralpha.in/stocks/rnfi-services-ltd) RNFI · breaking out · Too little evidence to rank firmly · 56% evidence 51.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.5/35 · Revenue 6.5% · Profit 34.1% · Operating margin change -0.8 points · 83% evidence Capital efficiency 15.5/25 · ROCE 27.3% · Operating margin 3.9% · 76% evidence Valuation 10.1/20 · P/E 28.2× · PEG n/a · 15% evidence Relative strength 11.0/20 · Lead over its industry n/a · Lead over NIFTY 500 12.1% · 1 year -13% · 25% evidence · 9 of 12 weeks ahead Exact sum: 14.5 + 15.5 + 10.1 + 11 = 51.1 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 9. [TBO Tek Ltd](https://www.sectoralpha.in/stocks/tbo-tek-ltd) TBOTEK · leader · Evidence leans down · 74% evidence 48.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.8/35 · Revenue 69% · Profit 14.2% · Operating margin change 1 points · 88% evidence Capital efficiency 16.7/25 · ROCE 18.3% · Operating margin 15% · 100% evidence Valuation 4.3/20 · P/E 61.8× · PEG 6.18 · 65% evidence Relative strength 10.7/20 · Lead over its industry n/a · Lead over NIFTY 500 9.9% · 1 year 3.3% · 25% evidence · 12 of 12 weeks ahead Exact sum: 16.8 + 16.7 + 4.3 + 10.7 = 48.5 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 10. [Info Edge (India) Ltd](https://www.sectoralpha.in/stocks/info-edge-indialtd) NAUKRI · losing its lead · Evidence leans down · 75% evidence 45.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.2/35 · Revenue 13.2% · Profit 33.5% · Operating margin change 4 points · 95% evidence Capital efficiency 9.8/25 · ROCE 3.5% · Operating margin 39% · 76% evidence Valuation 9.6/20 · P/E 46.6× · PEG n/a · 15% evidence Relative strength 4.5/20 · Lead over its industry -3.7% · Lead over NIFTY 500 7.1% · 1 year -13.7% · 100% evidence · 11 of 12 weeks ahead Exact sum: 21.2 + 9.8 + 9.6 + 4.5 = 45.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [One Mobikwik Systems Ltd](https://www.sectoralpha.in/stocks/one-mobikwik-systems-ltd) MOBIKWIK · breaking out · Too little evidence to rank firmly · 56% evidence 43.0 out of 100 Growth Capital Valuation Relative
12. [Just Dial Ltd](https://www.sectoralpha.in/stocks/just-dial-ltd) JUSTDIAL · quiet · Evidence leans down · 78% evidence 41.8 out of 100 Growth Capital Valuation Relative
13. [Urban Company Ltd](https://www.sectoralpha.in/stocks/urban-company-ltd) URBANCO · breaking out · Too little evidence to rank firmly · 56% evidence 32.4 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [E-Commerce - Platform - Utility](https://www.sectoralpha.in/sectors/e-commerce-platform-utility), all 13 compared on one page. ## Which companies are close to Macfos in size? Macfos is the 12th largest of 13 E-Commerce - Platform - Utility companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Just Dial, MPS, MSTC, One Mobikwik Systems and Creative Newtech. Just below it: RNFI Services. ### E-Commerce - Platform - Utility companies close in size

1. [Just Dial Ltd](https://www.sectoralpha.in/stocks/just-dial-ltd) ₹5,481 crore
2. [MPS Ltd](https://www.sectoralpha.in/stocks/mps-ltd) ₹3,970 crore
3. [MSTC Ltd](https://www.sectoralpha.in/stocks/mstc-ltd) ₹3,765 crore
4. [One Mobikwik Systems Ltd](https://www.sectoralpha.in/stocks/one-mobikwik-systems-ltd) ₹1,693 crore
5. [Creative Newtech Ltd](https://www.sectoralpha.in/stocks/creative-newtech-ltd) ₹1,670 crore
6. Macfos Ltd ₹1,179 crore
7. [RNFI Services Ltd](https://www.sectoralpha.in/stocks/rnfi-services-ltd) ₹800 crore

[All 13 E-Commerce - Platform - Utility companies, largest first](https://www.sectoralpha.in/sectors/e-commerce-platform-utility#all-companies)

### Companies close in size in other industries

1. [Haryana Financial Corporation Ltd](https://www.sectoralpha.in/stocks/haryana-financial-corporation-ltd) ₹1,189 crore · Finance - PSU Lending
2. [ICE Make Refrigeration Ltd](https://www.sectoralpha.in/stocks/ice-make-refrigeration-ltd) ₹1,185 crore · Refrigeration
3. Macfos Ltd ₹1,179 crore
4. [IFGL Refractories Ltd](https://www.sectoralpha.in/stocks/ifgl-refractories-ltd) ₹1,176 crore · Refractories
5. [Manali Petrochemicals Ltd](https://www.sectoralpha.in/stocks/manali-petrochemicals-ltd) ₹1,176 crore · Petrochem - Polymers

## What else do people ask about Macfos? ### What is Macfos's share price today? Macfos Ltd's share price is ₹1,108.25, +60.4% over the past year. The whole company is worth ₹1,148 Cr on the market. In the last 52 weeks it traded between ₹712 to ₹1,300; today it is 67% of the way up from the low, 10.1% above its 200-day average (as of 3 November 2026). ### What were Macfos's latest quarterly results? Macfos Ltd reported revenue of ₹98.7 Cr and net profit of ₹7.3 Cr for the Sep 2026 quarter. Revenue rose 44.2% and profit rose 45.3% compared with a year earlier. Earnings per share were ₹7.10. The operating margin was 11.7%, 0.5 percentage points higher than a year earlier (as of 3 November 2026). ### What is Macfos's market cap? Macfos Ltd's market capitalisation is ₹1,148 Cr at a share price of ₹1,108.25. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Macfos performing? Macfos Ltd's share price has been rising for 44 weeks. In its latest quarter, revenue rose 44.2% and profit rose 45.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 3 November 2026). ### Will Macfos's share price go up? This page does not forecast Macfos Ltd's share price. What it shows instead: the share price is ₹1,108.25, and it has been rising for 44 weeks. Its P/E of 39.9× is higher than 18% of its own last 3 years (as of 3 November 2026). ### Who owns Macfos? Promoters own 69.1% of Macfos Ltd, foreign institutions 0.2%, domestic institutions 5.4% and the public 25.3% (latest quarter). No group of owners changed its stake by a full point over the last two years (as of 3 November 2026). ### Where is Macfos in its business cycle? Macfos Ltd's FY26 operating margin was 12.0%, against a 3-year range of 10.0% to 12.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 11.7%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Macfos story? The main question: profits are rising, but only −49% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Macfos a stock worth studying right now? What the numbers show: Macfos Ltd's results are improving, while its P/E is near the low end of its own history over 2.5 years, higher than only 18% of past readings. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Macfos share price forecast for 2026? What management itself guided: Indian TAM expected approximately ₹10,000 crore by 2030; acknowledged difficulty calculating TAM for new tech segments; many 'ifs and buts' per CEO. What is changing at Macfos, from the latest results and calls: operating leverage inflection, value-added product mix shift (robu 2.0, smartnix + drones) and tam expansion (india electronics market growth + customer maturation). What would change the story: Four instances of management saying X in Oct 2025 and directly contradicting X in Apr 2026, growth guidance softening, main board flip, Robu 2.0 drone-only vs SmartNix reality, inventory rotation confidence vs rising dead stock. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india

This is research, not advice. We’re not SEBI-registered.