Mangalam Worldwide Ltd (MWL) — share price & stock analysis

Market cap

₹1,122 Cr

P/E

22.4×

ROE

18.0%

vs own history (since 2023)

85th pctile

Book value / share

₹101

EPS (TTM)

₹16.9

10-yr median P/E

19.2×

Revenue (FY26)

₹1,208 Cr

Profit after tax (FY26)

₹50 Cr

Weinstein stage

Stage 2 (129 weeks)

Data as of

1 July 2026

2 of the 5 things we track are currently moving the right way — some things working, some not.

Where the levels actually stand: ROCE 18% — decent; debt moderate (0.79× equity); margins at an all-time high. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The business grew faster than the stock

Since Apr 2023, earnings per share grew 215% while the stock is up 170%. The business has outrun its own share price.pricettm_eps

When profits grow faster than the price, the stock quietly gets cheaper while doing better — the market hasn’t fully caught up.

Today’s P/E of 22.4× means the market is paying up — this is the expensive end of its own history since 2023 (85th percentile).pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (19.2×).

Stage 2: the trend is up, and has been for 129 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 129 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹287 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 57 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Up in 7 of 8 years — the long arc of a compounder

Over 8 years, sales went from ₹31.0 Cr to ₹1,208 Cr (about 58% a year), and profit from ₹0.0 Cr to ₹50.0 Cr.revenuenet_profit

Margins widened 7.5 points along the way — growth with improving economics.operating_profit

Sales declined 18% last quarter

Mar 26 sales were ₹265 Cr, down 18% on the same quarter last year.revenue

A shrinking topline puts the burden of the story on margins and one-offs — watch whether this is a pause or a slide.

Margins are widening — 5% → 10% in a year

Of every ₹100 of sales, the company keeps ₹10.5 as operating profit (a year ago it kept ₹4.7).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 2.0% in FY21 and has been rebuilt to 7.5% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (19% → 27%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct

Profit exploded 88% — mostly from keeping more of each sale

Mar 26 profit after tax was ₹15.0 Cr, up 88% year on year.net_profit

Profits on paper, cash lagging behind

Over the last 5 profitable years, the business reported ₹133 Cr of profit and collected ₹−132 Cr of operating cash — about -99% conversion.operating_cash_flownet_profit

The wrinkle is the latest year: FY26 collected ₹24.0 Cr against ₹50.0 Cr of reported profit — about 48%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 186 days to go out the door as materials and come back as collected cash — up from 131 days the year before.cash_conversion_cycle

The biggest mover: inventory sitting longer in the warehouse (123 → 181 days).inventory_days

Building hard — new capacity is under construction

The productive asset base has gone from ₹1.0 Cr (FY18) to ₹91.0 Cr, with another ₹16.0 Cr of capacity under construction right now.fixed_assetscwip

Work-in-progress is 18% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip

The build is bigger than the cash engine: investing outflows (₹52.0 Cr) exceeded operating cash (₹−73.0 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Debt is present but comfortable

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹79 — total borrowings have grown from ₹1.0 Cr to ₹236 Cr over the window.borrowings

Every ₹100 kept in the business earns ₹18 — decent, not special

Return on capital employed is 18.0% (a year ago: 14.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

A Dec 24 event lifted promoter holding — not steady buying

Promoters hold 66.5% (up 3 points over 8 quarters). Foreign funds own 0.0%, domestic funds 0.0%.promoters_pctfiis_pctdiis_pct

The promoter move came in a single step (Dec 24) — promoters rarely buy on-market, so a jump like this is almost always an allotment, infusion or restructuring: a capital event, not a slow accumulation of conviction. Worth knowing which, before reading it as a signal.promoters_pct

Strong on the data — worth the deeper look if the story keeps its promises

The numbers lean positive, and the price hasn’t fully caught up with the improvement.

Best thing in the data: margins rising (4.6% → 10.6%).operating_profit

Biggest worry: sales falling (₹324 Cr → ₹265 Cr).revenue

One dissent worth hearing: our valuation lens reads negative — “its fair-value math says the price sits about 46% above what the numbers justify”. When a lens disagrees with the committee, it is usually pointing at the thing that breaks first.

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data