Mangalam Organics Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Mangalam Organics Ltd trades at ₹600, in a downtrend and 22 weeks into that stage. That is +28.2% against its own 200-day average. It sits at 96% of a 52-week range of ₹386 to ₹609. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a downtrend — week 22 of stage 4, confirmed. At ₹600 it trades +28.2% versus its 200-day average and sits at 96% of its 52-week range (₹386–₹609).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +2,652% while the NIFTY 500 moved +240% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Mangalam Organics Ltd trades at 18.6× P/E, mid-range by its own standards (57th percentile). Its long-run median P/E is 15.3×, measured across 5.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 18.6× is mid-range by its own standards (57th percentile), against a long-run median of 15.3× measured over 5.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +185.6% against a +59.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −3.6%/yr price move, ~−13.1%/yr came from earnings growth and ~+9.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Mangalam Organics Ltd was priced for profit growth of about 14.6% a year. Profit itself has compounded −23.0% a year over the past 5 years. The market pays that at 18.6× P/E, the 57th percentile of its own 6-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is above what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Mangalam Organics Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 7.0% — the per-curve reads carry the story. The read is built from 9 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Mangalam Organics Ltd reported ₹164 Cr of revenue in the Dec 25 quarter, +32.6% year on year. That is the 5th straight quarter of year-on-year growth. Over 5 years it has compounded at 7.2% a year. The last full year, FY25, came in at ₹530 Cr. The last four reported quarters add to ₹619 Cr.

FY25 revenue came in at ₹530 Cr (+7.3% on the year), capping 5 years at 7.2% compound. The latest quarter (Dec 25) printed ₹164 Cr, +32.6% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +28.4% growth against the decade's 7.2% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +27.5% over the last 4 quarters against +12.1%/yr over the last 8 — accelerating; TTM profit +151.4% vs +221.5%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Mangalam Organics Ltd's operating margin is 11.8% in the Dec 25 quarter, −0.9 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −1.0% to 38.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.8%, −0.9 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −1.0%–38.0%.

🚨 Why the margin moved: operating margin went −0.9 pp year on year while gross margin went −17.4 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Mangalam Organics Ltd earned ₹4.3 Cr of net profit in the Dec 25 quarter, +19.0% year on year. It is the 9th consecutive quarter of growth. Full-year FY25 profit was ₹13.0 Cr. The 5-year compound rate is −23.0%. That is 2.6% of the quarter's revenue. The same quarter a year earlier earned ₹3.6 Cr.

Dec 25 profit was ₹4.3 Cr, +19.0% year on year — the 9th consecutive quarter of growth. On the full year, FY25 printed ₹13.0 Cr (+225.0%), and the 5-year compound rate is −23.0%.

Why profit moved: revenue contributed +32.6% and the margin −0.9 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +202.6% vs revenue +28.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −27% of Mangalam Organics Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−8.0 Cr of operating cash against ₹13.0 Cr of profit. After ₹67.0 Cr of capital spending, ₹−75.0 Cr was left as free cash.

FY25: operating cash of ₹−8.0 Cr against reported profit of ₹13.0 Cr, leaving free cash of ₹−75.0 Cr after ₹67.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −27% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −27%: the cash cycle stretched 145 days between FY20 and FY25 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 145 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Mangalam Organics Ltd's cash conversion cycle runs 269 days in FY25, up from 124 days in FY20. Capital spending ran ₹148 Cr over the last 3 years. At FY25 sales of ₹530 Cr each day of that cycle holds about ₹1.5 Cr, so roughly ₹391 Cr sits inside the business at any moment.

FY25: debtors at 48 days, inventory at 285 days — roughly 9.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 269 days, looser than FY20's 124.

The full loop: cash goes out to suppliers and production on day 0; stock waits 285 days to sell; customers pay about 48 days after that; and suppliers themselves are paid at 63 days — netting out to the 269-day cycle.

In money terms: at FY25 sales of ₹530 Cr, each day of the cycle holds about ₹1.5 Cr — so the 269-day loop keeps roughly ₹391 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹148 Cr over the last 3 fiscal years against ₹59.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹26.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Mangalam Organics Ltd earns a ROCE of 7% in FY25. That is up from a trough of −4% in FY23. Return on invested capital clears the cost of that capital by −5.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 2.5% net margin on 0.85× asset turns.

FY25 ROCE is 7%, recovered from a FY23 trough of −4% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY25): 2.5% net margin × 0.85× asset turns × 2.12× balance-sheet leverage ≈ 4.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 7.0% − 12.0% = a −5.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Mangalam Organics Ltd carries ₹272 Cr of borrowings against ₹294 Cr of equity in FY25, a debt-to-equity of 0.93. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹20.0 Cr to ₹272 Cr. Capital spending ran ₹148 Cr across the last 3 of those years.

FY25: borrowings of ₹272 Cr against equity of ₹294 Cr — a debt-to-equity of 0.93. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹20.0 Cr to ₹272 Cr while capital spending ran ₹148 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters added 3.7 points of Mangalam Organics Ltd over 8 quarters, the biggest move on the register. That takes promoters to 58.6% of the company. Domestic institutions moved +3.6 points over the same window, to 3.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +3.7 points over 8 quarters to 58.6%; Domestic institutions: +3.6 points over 8 quarters to 3.6%; Foreign institutions: +0.0 points over 8 quarters to 0.0%.

Why the register moved: promoters drove it (+3.7 points), alongside domestic institutions (+3.6 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Mangalam Organics Ltd: the Z-score reads 2.38. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits in the grey band between the two. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 2.38 sits in the grey band — neither clearly safe nor clearly distressed.

The safety line in one sentence: the Z-score reads 2.38.

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