MMP Industries 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.

MMP Industries Ltd trades at ₹470, in a confirmed uptrend and 15 weeks into that stage. That is +58.7% against its own 200-day average. It sits at 100% of a 52-week range of ₹202 to ₹470. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 9 straight weeks.

Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹470 it trades +58.7% versus its 200-day average and sits at 100% of its 52-week range (₹202–₹470).

Against the market, two honest reads. Cumulative: over the last 8.4 years the stock moved +237% while the NIFTY 500 moved +146% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 9 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.

Story check

MMP Industries Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: MID_CONTRACTION. Still open: The thesis breaks if subsequent reported quarters fail to convert the foil-utilisation and polymer-commercialisation plans into operating profit while borrowings continue to rise.

Our read, 19 July 2026. A reinvestment story with commercialisation catalysts, but profitability quality must prove itself beyond an unusual year-end print.

From the numbers. The multiple is above its own middle range, and normalization only partly changes that reading because operating margin is close to its through-cycle level. Price remains below the earlier peak, but the fundamental…

From the price. Price stage 2, week 15 — above its 200-day line, relative strength rising.

From the research. A reinvestment story with commercialisation catalysts, but profitability quality must prove itself beyond an unusual year-end print.

🚨 Where they disagree. The multiple is above its own middle range, and normalization only partly changes that reading because operating margin is close to its through-cycle level. Price remains below the earlier peak, but the fundamental curve still requires commercial delivery rather than a valuation reversal.

What is proven. A reinvestment story with commercialisation catalysts, but profitability quality must prove itself beyond an unusual year-end print.

What is not proven yet. The thesis breaks if subsequent reported quarters fail to convert the foil-utilisation and polymer-commercialisation plans into operating profit while borrowings continue to rise.

🚨 What would change our mind. The thesis breaks if subsequent reported quarters fail to convert the foil-utilisation and polymer-commercialisation plans into operating profit while borrowings continue to rise.

🚨 Layer 1 read, 22 August 2026 — DROP. Sales grew 49%, profit barely moved — the +380% headline is measured against a quarter wrecked by a one-off. MMP looks like a company whose profit almost quintupled. It is not. The comparison quarter, June 2025, carried a 15 crore charge booked below the operating line plus a one-off tax effect — about 19 crore in all — and management separately said an April fire cut that year's operating profit. On a like-for-like basis profit is roughly the same as a year ago. The deeper problem is that quarterly sales grew from 126 crore to 233 crore over two years while the profit margin slipped from 11% to 9%, because the extra business came in the low-margin conductor line that management admitted did not add to profit. Everything that would fix that — foil capacity filling up, polymer approvals — is still…

What would change Layer 1’s mind. Two consecutive quarters where the operating margin clears 11% — the level it last held in Jun 2024 — with foil conversion utilisation actually disclosed above 60%, would prove the mix shift is happening and turn this from a diluting grower into a real inflection. The mirror image, borrowings rising past the 185 Cr level while operating margin stays at 9%, would take it from bottom-of-keep to a drop candidate.

The test written in advance. The thesis breaks if subsequent reported quarters fail to convert the foil-utilisation and polymer-commercialisation plans into operating profit while borrowings continue to rise. — the thesis as written as stated by the next result.

The test written in advance. Year-end earnings quality — Year-end earnings quality Quarterly operating profit and other income versus profit before tax by the next result.

The test written in advance. Commercialisation and guidance execution — Commercialisation and guidance execution Disclosed approvals, conversion utilisation, and segment revenue reconciliation by the next result.

What the company does. Revenue expanded in the latest financial year, while profit fell after disruption and below-line effects. Cash conversion has funded asset growth, but borrowings have also increased during the build-out. Foil utilisation, polymer approvals, and conductor integration are the delivery gates before conviction can rise.

🚨 What the surface reading misses. The surface reading is: The latest quarter appears to show a sharp earnings acceleration. The research reads it further: The comparison is against a low base, and a large portion of current-quarter profit before tax is below the operating line.

🚨 What the surface reading misses. The surface reading is: Revenue growth with lower profit suggests a deterioration in earnings quality. The research reads it further: Management attributes the year to an operating disruption, subsidiary ramp-up losses, and exceptional losses, while the recorded margin change is modest.

Lever 1 · Operating leverage — BUILDING. Unused conversion capacity gives the product-mix plan a measurable operating lever. What proves it keeps working: Foil conversion utilisation. It stops working if Conversion utilisation does not advance after the planned commercial actions or aluminium-price pressure prevents volume growth.

Lever 2 · Value-added mix — BUILDING. Utility and contractor approvals are the gating event for a new power-infrastructure product line. What proves it keeps working: Polymer insulator commercialisation. It stops working if Approvals or commercial orders are delayed beyond the stated pathway.

Lever 3 · Management change — BUILDING. Backward integration and cable launch target a segment whose legacy profitability has lagged revenue growth. What proves it keeps working: Conductor integration and cable launch. It stops working if New products do not lift conductor profitability after launch or government-linked payment cycles remain elongated.

Sources: our stock research file (19 July 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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

MMP Industries Ltd reported ₹233 Cr of revenue in the Jun 26 quarter, +27.3% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.4% a year. The last full year, FY26, came in at ₹824 Cr. The last four reported quarters add to ₹874 Cr.

FY26 revenue came in at ₹824 Cr (+19.1% on the year), capping 10 years at 16.4% compound. The latest quarter (Jun 26) printed ₹233 Cr, +27.3% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +22.5% growth against the decade's 16.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +21.6% over the last 4 quarters against +22.4%/yr over the last 8 — stabilising; TTM profit +117.4% vs +19.5%/yr — accelerating.

FY26-Q3. Revenue moved ahead of the prior-year quarter and operating profit improved modestly, while net profit was broadly unchanged. The quarter offers a cleaner comparison than the later year-end result but does not establish the forward commercialisation case.

FY26-Q4. The latest quarter showed revenue and operating-profit growth, but the profit result also includes sizable other income and management-recognised exceptional credits. This is useful evidence of activity, not yet proof of repeatable earnings quality.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

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.

MMP Industries Ltd's operating margin is 9.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0% to 12.0%. The current quarter sits inside that band.

Why this happened. Management identifies pharmaceutical bulk orders, printed foil, and planned product launches as the route to raise conversion utilisation. This can improve mix only when reported volume and margin follow the stated path.

The latest quarter's operating margin is 9.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0%–12.0%.

Why the margin moved: operating margin went +2.0 pp year on year while gross margin went +2.0 pp — the gain came mostly from the gross line: input costs and pricing.

FY26-Q3. Revenue moved ahead of the prior-year quarter and operating profit improved modestly, while net profit was broadly unchanged. The quarter offers a cleaner comparison than the later year-end result but does not establish the forward commercialisation case.

FY26-Q4. The latest quarter showed revenue and operating-profit growth, but the profit result also includes sizable other income and management-recognised exceptional credits. This is useful evidence of activity, not yet proof of repeatable earnings quality.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

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

MMP Industries Ltd earned ₹14.0 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹31.0 Cr. The 10-year compound rate is 13.2%. That is 6.0% of the quarter's revenue. The same quarter a year earlier lost ₹5.0 Cr. 1 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹14.0 Cr, null year on year. On the full year, FY26 printed ₹31.0 Cr (−20.5%), and the 10-year compound rate is 13.2%.

Pace comparison, last four quarters: profit +26.8% vs revenue +22.5%. 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.

FY26-Q3. Revenue moved ahead of the prior-year quarter and operating profit improved modestly, while net profit was broadly unchanged. The quarter offers a cleaner comparison than the later year-end result but does not establish the forward commercialisation case.

FY26-Q4. The latest quarter showed revenue and operating-profit growth, but the profit result also includes sizable other income and management-recognised exceptional credits. This is useful evidence of activity, not yet proof of repeatable earnings quality.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

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 150% of MMP Industries Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹53.0 Cr of operating cash against ₹31.0 Cr of profit. After ₹48.0 Cr of capital spending, ₹5.0 Cr was left as free cash.

FY26: operating cash of ₹53.0 Cr against reported profit of ₹31.0 Cr, leaving free cash of ₹5.0 Cr after ₹48.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 150% 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 150%: the cash cycle tightened 42 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 4.9× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

MMP Industries Ltd's cash conversion cycle runs 102 days in FY26, down from 144 days in FY21. Capital spending ran ₹142 Cr over the last 3 years. At FY26 sales of ₹824 Cr each day of that cycle holds about ₹2.3 Cr, so roughly ₹230 Cr sits inside the business at any moment.

FY26: debtors at 39 days, inventory at 88 days — roughly 2.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 102 days, tighter than FY21's 144.

The full loop: cash goes out to suppliers and production on day 0; stock waits 88 days to sell; customers pay about 39 days after that; and suppliers themselves are paid at 26 days — netting out to the 102-day cycle.

In money terms: at FY26 sales of ₹824 Cr, each day of the cycle holds about ₹2.3 Cr — so the 102-day loop keeps roughly ₹230 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹142 Cr over the last 3 fiscal years against ₹29.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹38.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

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.⚠ unverified

MMP Industries Ltd earns a ROCE of 12% in FY26. That is up from a trough of 10% in FY12. Return on invested capital clears the cost of that capital by −3.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.8% net margin on 1.32× asset turns.

FY26 ROCE is 12%, recovered from a FY12 trough of 10% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 3.8% net margin × 1.32× asset turns × 1.81× balance-sheet leverage ≈ 9.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 8.1% − 12.0% = a −3.9 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. Low is the safe corner; the trend matters as much as the level.⚠ unverified

MMP Industries Ltd carries total debt of ₹185 Cr against shareholder equity of ₹347 Cr as of Mar 26, a debt-to-equity of 0.53. On the annual view that ratio went from 0.22 in FY22 to 0.53 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹185 Cr against shareholder equity of ₹347 Cr — a debt-to-equity of 0.53. On the annual view, debt-to-equity went from 0.22 (FY22) to 0.53 (FY26). Read the returns on this page with that leverage in mind.

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.

Foreign institutions cut 5.1 points of MMP Industries Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 0.0% of the company. Domestic institutions moved −0.5 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. Management points to the wire-rod project and cable launch as the repair path for conductors. The opportunity is real only if segment profitability changes after execution, not merely after capacity is installed.

The register over the last two years — Foreign institutions: −5.1 points over 8 quarters to 0.0%; Domestic institutions: −0.5 points over 8 quarters to 0.0%; Promoters: +0.0 points over 8 quarters to 74.5%.

🚨 Why the register moved: foreign institutions drove it (−5.1 points), alongside domestic institutions (−0.5 points) — distribution into the market’s bid.

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.

MMP Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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.

MMP Industries Ltd trades at 26.8× P/E, about the priciest it has ever traded. Its long-run median P/E is 16.1×, measured across 8.4 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 26.8× is about the priciest it has ever traded, against a long-run median of 16.1× measured over 8.4 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 −20.2% against a +70.0% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +22.8%/yr price move, ~+14.6%/yr came from earnings growth and ~+8.2 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 full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

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.

Solved at its 27 August 2026 price, MMP Industries Ltd was paying for profit growth of about 12.8% a year. Profit itself has compounded 13.2% a year over the past 10 years. Today the market pays 26.8× P/E, the 98th percentile of its own 8-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is close to what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 27 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. 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.

Stage: Turning around 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).

MMP Industries Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −34.3% at the trough to +117.4%, a 3-quarter improving streak, ROCE holding at 12.0%. The read is built from 9 quarters across 4 curves, on partial evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

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.

4-Factor Sector Score

59.4/100 — rank 1 of 4 in Aluminium Products · 76% evidence confidence

MMP Industries Ltd scores 59.4 out of 100 against the 4 companies it is compared with in Aluminium Products, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 21.6 + 9.6 + 8.2 + 20 = 59.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Frequently asked questions