Mafatlal Industries financials and balance sheet

NSE: MAFATINDBSE: 500264Textiles & ApparelsSmall Cap

₹105.92₹2.37 (2.19%)BSE ₹106.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹108.29.

52-week range of BSE trades to 23 Oct 2026

₹104.20Low, 23 Oct 2026₹204.90High, 28 Oct 2025

Next results date: the board meets on 4 Nov 2026 to consider: quarterly results.

Market cap: ₹765 Cr1,506th largest listed
P/E: 13.0
P/B: 1.0
Dividend yield: 2.36%
ROE: 7.8%
ROCE: 5.9%
Debt to equity: 0.08
Volume, NSE: 28,81568.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Mafatlal Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹3,871 Cr, year to Mar 2026A loss in 5 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,871
Materials and goods−3,456
Employee costs−64
Other expenses−260
Operating profit92
Depreciation−17
Other income+32
One-off items−2.9
Finance costs−8.7
Profit before tax95
Tax−5.6
Net profit89

What the company owns

Receivables₹710 Cr
Plant, investments and other assets₹676 Cr
Cash and bank₹259 Cr
Inventory₹106 Cr

What pays for it: net worth and liabilities

Net worth₹771 Cr
Owed to suppliers₹714 Cr
Other liabilities₹203 Cr
Borrowings₹61 Cr

Mafatlal Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Mafatlal Industries segment results by quarter

Revenue by segment

₹3,871 CrTotal

Consumer durables and others₹2,314 Cr59.8% of total
Textile and related products₹1,495 Cr38.6% of total
Digital infrastructure₹62 Cr1.6% of total

Profit by segment

Consumer durables and others₹32.4 Cr28.8% of total
Textile and related products₹74.5 Cr66.2% of total
Digital infrastructure₹5.6 Cr5.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Consumer durables and others
Revenue, ₹ crore
392
1,497
2,314
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5
23
32
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Textile and related products
Revenue, ₹ crore
1,327
1,556
1,217
1,495
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
42
46
58
75
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Digital infrastructure
Revenue, ₹ crore
130
93
62
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
13
16
6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	1,372	2,079	2,807	3,871
Company revenue, as in its results	1,024	1,006	603	991	1,372	2,079	2,807	3,871
Revenue	–	–	–	–	–	392	1,497	2,314
Revenue growth	–	–	–	–	–	–	281.5%	54.6%
Profit	–	–	–	–	–	5	23	32
Profit growth	–	–	–	–	–	–	338.7%	43.9%
Margin	–	–	–	–	–	1.3%	1.5%	1.4%
Assets	–	–	–	–	–	207	22	248
Liabilities	–	–	–	–	–	325	127	337
Capital employed	–	–	–	–	–	−117	−105	−89
Revenue	–	–	–	–	1,327	1,556	1,217	1,495
Revenue growth	–	–	–	–	–	17.3%	−21.8%	22.8%
Profit	–	–	–	–	42	46	58	75
Profit growth	–	–	–	–	–	8.1%	27.3%	27.7%
Margin	–	–	–	–	3.2%	2.9%	4.8%	5.0%
Return on capital	–	–	–	–	26.6%	73.7%	30.4%	53.7%
Assets	–	–	–	–	602	580	610	688
Liabilities	–	–	–	–	443	518	418	550
Capital employed	–	–	–	–	159	62	192	139
Revenue	–	–	–	–	–	130	93	62
Revenue growth	–	–	–	–	–	–	−28.6%	−32.9%
Profit	–	–	–	–	–	13	16	6
Profit growth	–	–	–	–	–	–	25.3%	−65.5%
Margin	–	–	–	–	–	9.9%	17.4%	9.0%
Return on capital	–	–	–	–	–	85.6%	30.6%	14.2%
Assets	–	–	–	–	–	55	63	43
Liabilities	–	–	–	–	–	40	10	4
Capital employed	–	–	–	–	–	15	53	39
Revenue	–	–	–	–	45	–	–	–
Profit	–	–	–	–	4	–	–	–
Margin	–	–	–	–	9.7%	–	–	–
Assets	–	–	–	–	1	–	–	–
Liabilities	–	–	–	–	1	–	–	–
Capital employed	–	–	–	–	0	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Mafatlal Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 30 Jun	Mar 2021Filed 28 May	Mar 2022Filed 10 Jun	Mar 2023Filed 31 May	Mar 2024Filed 24 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 5 May
Revenue from operations	1,270	1,168	1,024	1,006	603	991	1,372	2,079	2,807	3,871
	–	1,175	1,085	1,012	650	979	1,343	2,033	2,739	3,780
Materials and goods bought	820	785	739	784	528	794	1,073	1,732	2,419	3,456
Employee costs	–	135	121	89	54	45	53	61	60	64
Other expenses	–	255	225	140	68	141	217	240	261	260
Operating profit before depreciation	–	−8	−61	−7	−47	12	28	46	68	92
Operating margin	–	−0.7%	−6.0%	−0.7%	−7.8%	1.2%	2.1%	2.2%	2.4%	2.4%
Materials, % of revenue	–	67.3%	72.2%	78.0%	87.5%	80.1%	78.2%	83.3%	86.2%	89.3%
Employee costs, % of revenue	–	11.5%	11.8%	8.8%	9.0%	4.5%	3.9%	2.9%	2.1%	1.6%
Other expenses, % of revenue	–	21.9%	22.0%	13.9%	11.3%	14.2%	15.8%	11.6%	9.3%	6.7%
Depreciation and amortisation	27	36	36	17	17	16	15	15	15	17
Operating profit after depreciation	–	−44	−97	−24	−64	−4	13	31	53	75
Other income	11	33	31	57	36	64	45	64	38	32
Finance costs	–	31	30	31	22	19	18	15	11	9
Profit before one-off items and tax	−16	−42	−96	1	−50	42	40	79	80	98
One-off items	9	0	−84	−15	−41	−10	−1	0	−6	−3
Profit before tax	−7	−42	−180	−13	−91	32	40	79	74	95
	−5	0	0	0	3	3	3	−20	−24	6
Current tax	–	–	0	0	0	0	0	0	0	0
Deferred tax	–	–	0	0	3	3	3	−20	−24	6
	−2	−42	−180	−14	−94	29	37	99	98	89
Belonging to the company's shareholders	−2	−42	−180	−14	−94	29	37	99	98	90
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	0	0	−1
Other comprehensive income	–	–	−112	−209	275	188	−111	97	−168	−45
Total comprehensive income	–	–	−292	−223	182	217	−74	196	−70	44
Net margin	−0.2%	−3.6%	−17.6%	−1.4%	−15.6%	2.9%	2.7%	4.8%	3.5%	2.3%

Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 20 May	Mar 2020Filed 30 Jun	Mar 2021Filed 28 May	Mar 2022Filed 10 Jun	Mar 2023Filed 31 May	Mar 2024Filed 24 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 5 May
	507	285	467	686	614	814	741	771
	507	285	466	686	614	814	741	772
Share capital	14	14	14	14	14	14	14	14
Reserves	493	271	453	672	600	800	727	757
Belonging to outside owners of subsidiaries	0	0	0	0	0	0	0	0
	180	134	122	112	94	82	68	61
Repayable after a year	56	62	60	44	26	27	23	33
Repayable within a year	124	72	61	68	67	54	46	28
	421	438	399	466	513	942	610	929
Trade payables	215	314	249	347	371	766	443	714
Other financial liabilities	34	23	34	24	31	78	99	156
Other liabilities	36	–	0	14	31	31	12	18
Provisions	9	13	11	13	13	12	10	13
Tax owed	3	16	44	0	0	0	0	0
	68	72	75	65	47	50	39	50
Other financial liabilities	6	6	13	20	21	23	16	15
Other liabilities	5	4	3	1	0	–	0	1
Provisions	0	0	0	0	0	0	0	0
Liabilities going with businesses held for sale	10	21	3	6	0	–	–	–
	1,006	816	944	1,223	1,175	1,806	1,390	1,750
Held for sale or for a demerger	79	25	1	0	0	–	–	–
	543	330	598	762	647	758	596	592
Plant in use, after depreciation	132	132	109	93	91	80	75	78
Plant being built	0	0	0	0	0	0	0	10
Intangible assets	4	3	2	1	1	4	8	6
Intangible assets being developed	1	–	0	0	0	0	0	0
Property held to earn rent	3	3	10	2	2	2	2	2
Investments	374	168	443	633	523	631	443	389
Loans given	1	5	5	0	0	0	0	0
Other financial assets	11	6	16	8	7	4	5	12
Deferred tax	12	12	11	8	5	15	60	63
Trade receivables	0	0	0	0	0	1	1	0
Other assets	5	1	1	17	17	21	2	30
	384	462	346	462	528	1,049	794	1,159
Inventories	105	106	24	72	106	80	97	106
Trade receivables	196	255	217	254	286	638	479	710
Cash and cash equivalents	10	27	35	54	49	182	51	124
Other bank balances	9	9	23	37	24	85	111	135
Current investments	0	1	1	0	0	0	0	0
Loans given	0	7	16	0	0	0	0	1
Other financial assets	3	40	0	16	21	63	10	10
Tax paid in advance	18	17	0	0	–	–	20	23
Other assets	43	–	30	29	42	–	26	50
Net debt	161	98	63	21	20	−186	−94	−198

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 10 Jun	Mar 2023Filed 31 May	Mar 2024Filed 24 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 5 May
	7	−5	−7	159	−89	141
	3	−1	−6	160	−91	172
	57	−4	−45	105	−168	72
Receivables	35	−33	−56	−363	154	−230
Inventories	82	−48	−35	26	−17	−8
Payables	−65	98	48	395	−322	333
Other working capital	5	−21	−2	47	17	−22
Tax paid	4	−4	−2	−4	2	−31
Interest paid	0	0	0	15	0	0
Capital spending	2	4	15	6	13	24
Free cash flow	5	−9	−22	153	−103	117
	31	76	36	−2	−11	−35
Plant and property sold	1	44	8	21	3	2
Interest received	1	2	2	5	8	10
Dividends received	0	5	8	8	8	5
	−29	−52	−34	−23	−30	−33
Borrowings raised	49	0	2	30	9	18
Borrowings repaid	−55	−36	−19	−42	−22	−26
Interest paid	−22	−19	−16	−14	−11	−9
Lease payments	0	–	0	0	−1	−1
Dividends paid	0	0	0	0	7	16
Shares bought back	0	0	0	0	0	0
Shares issued	0	2	0	4	2	1
Net change in cash	9	18	−5	133	−131	73

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Lease payments is left blank for the year to Mar 2022: the line is filed below nought and is smaller than the rounding of its section's total, so the statement does not show which way it moved cash.

Consolidated, ₹ per share, years to March.Mafatlal Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 30 Jun	Mar 2021Filed 28 May	Mar 2022Filed 10 Jun	Mar 2023Filed 31 May	Mar 2024Filed 24 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 5 May
	−₹0.31	−₹6.01	−₹25.89	−₹1.97	−₹13.51	₹4.10	₹5.26	₹13.92	₹13.67	₹12.49
As stated that year	−₹1.54	−₹30.03	−₹129.43	−₹9.85	−₹67.53	₹20.48	₹5.26	₹13.92	₹13.67	₹12.49
	−₹0.31	−₹6.01	−₹25.89	−₹1.97	−₹13.51	₹4.09	₹5.22	₹13.75	₹13.59	₹12.46
As stated that year	−₹1.54	−₹30.03	−₹129.43	−₹9.85	−₹67.53	₹20.43	₹5.22	₹13.75	₹13.59	₹12.46
	₹0.40	–	–	–	–	–	–	–	₹2.00	₹2.50
As declared that year	₹2.00	–	–	–	–	–	–	–	₹2.00	₹2.50
	–	–	₹72.89	₹40.92	₹67.00	₹97.52	₹87.04	₹113.90	₹103.07	₹106.94
On that year's share count	–	–	₹364.46	₹204.58	₹335.02	₹487.59	₹87.04	₹113.90	₹103.07	₹106.94
Dividend payout	–	–	–	–	–	–	–	–	14.7%	20.0%
Shareholder yield	–	–	–	–	−0.1%	−0.9%	−0.1%	−0.4%	0.6%	1.9%
Market cap at the year end (₹ crore)	348	363	151	87	122	245	289	808	871	781

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Mafatlal Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 30 Jun	Mar 2021Filed 28 May	Mar 2022Filed 10 Jun	Mar 2023Filed 31 May	Mar 2024Filed 24 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 5 May
Revenue growth	−4.0%	−8.1%	−12.3%	−1.8%	−40.0%	64.3%	38.4%	51.5%	35.1%	37.9%
Operating profit growth	–	–	–	–	–	–	142.1%	60.7%	49.9%	34.1%
Net profit growth	–	–	–	–	–	–	29.4%	166.4%	−0.8%	−9.0%
Earnings per share growth	–	–	–	–	–	–	28.4%	164.6%	−1.8%	−8.6%
	–	–	−35.5%	−3.5%	−25.0%	5.0%	5.7%	13.8%	12.6%	11.9%
	–	–	–	32.0 pts	−21.6 pts	30.0 pts	0.7 pts	8.1 pts	−1.2 pts	−0.7 pts
From the net margin	–	–	–	32.8 pts	−36.1 pts	29.7 pts	−0.3 pts	4.3 pts	−3.7 pts	−4.2 pts
From asset turnover	–	–	–	−0.2 pts	15.0 pts	1.6 pts	1.2 pts	2.2 pts	2.6 pts	3.4 pts
From borrowing	–	–	–	−0.5 pts	−0.4 pts	−1.2 pts	−0.1 pts	1.6 pts	−0.2 pts	0.1 pts
Return on capital employed	–	–	−14.1%	−5.8%	−10.9%	−0.5%	1.8%	3.4%	6.6%	9.0%
Cash conversion	–	–	–	–	–	−17.2%	−19.3%	160.8%	−91.3%	157.9%
Interest cover	–	–	–	–	–	–	0.7	2.0	4.9	8.6
Debt to equity	–	–	0.36	0.47	0.26	0.16	0.15	0.10	0.09	0.08
Receivable days	–	–	70	92	131	94	76	112	62	67
Inventory days	–	–	52	49	17	33	36	17	15	11
Payable days	–	–	106	146	172	159	126	161	67	75
Cash conversion cycle, days	–	–	15	−4	−24	−33	−14	−32	10	3
Working capital days	–	–	24	21	−31	−10	3	−19	9	0
Asset turnover	–	–	1.02	1.10	0.68	0.91	1.14	1.39	1.76	2.47
Assets per rupee of net worth	–	–	1.98	2.30	2.34	1.88	1.84	2.09	2.06	2.08
Sales per rupee of plant	–	–	7.75	7.61	5.51	10.67	15.07	26.06	37.57	49.45
Capital spending to depreciation	–	–	–	–	0.09	0.28	0.99	0.40	0.88	1.40
Plant being built, % of plant in use	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	12.6%

Interest cover is left blank for the years to Mar 2018, Mar 2019, Mar 2020, Mar 2021 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.7%
Cash from operations against operating profit: 153.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.3%	45.1%	41.3%
Profit growth, yearly rate	18.0%	–	34.3%
Return on equity, average	–	9.8%	12.8%
Return on capital employed, average	–	4.1%	6.3%
Operating margin, average	−0.5%	2.0%	2.3%
Net margin, average	−2.2%	3.2%	3.5%
Asset turnover, average	–	1.53	1.87
Cash conversion cycle, days, average	–	−13	−7
Interest cover, average	–	4.0	5.1
Debt to equity, average	–	0.12	0.09

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	198	210	141
Cash from investing	62	−49	−35
Cash from financing	−172	−86	−33
Capital spending	63	43	24
Dividends paid	23	23	16
Shares bought back	0	0	0
Shares issued for cash	9	7	1
Borrowings raised	59	57	18
Borrowings repaid	145	90	26

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	3	6	5	7	2	5
Altman Z-scorePublished threshold 1.81	1.35	1.90	1.15	1.98	2.37	2.50	3.92	3.65
Beneish M-scorePublished threshold −1.78	–	–	−2.59	−2.34	−2.24	−1.61	−1.29	−1.96
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−14.91	−3.87	0.69	−3.87	12.44	−1.03
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	0.89	0.27	0.73
Receivables growth less revenue growthOur threshold 0 percentage points	–	31.99	25.13	−46.94	−26.09	71.67	−59.93	10.25
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−5.04	−44.22	143.69	12.44	−86.13	−17.95	−34.35
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−0.68	−4.50	1.43	1.35	−0.01	−0.26	0.73
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.00	–	–	0.00	0.00	0.04	0.48
Effective tax ratePublished threshold 17.16 per cent	–	–	–	9.05	7.01	−24.94	−31.75	5.95
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	−4.43	2.97	−30.00	−34.08	−27.21

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	LT/ST Fund-based/Non-fund-based-CC/WCDL/OD/LC/BGLong and short-term scales	CARE A- / CARE A2+Review, Upgrade	Stable	17.08
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LCLong and short-term scales	CARE A- / CARE A2+Review, Upgrade	Stable	182
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long TermLong-term scale	CARE A-Review, Upgrade	Stable	39.92
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-OthersShort-term scale	CARE A2+Review, Upgrade		91
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE A-Review, Upgrade	Stable	90
18 Sep 2025	Acuite Ratings & Research Limited	Bank Loan RatingsLong-term scale	ACUITE A-NA	Stable	21
18 Sep 2025	Acuite Ratings & Research Limited	Bank Loan RatingsShort-term scale	ACUITE A2+NA		187
18 Sep 2025	Acuite Ratings & Research Limited	Bank Loan RatingsShort-term scale	ACUITE A2+NA		33
18 Sep 2025	Acuite Ratings & Research Limited	Bank Loan RatingsLong-term scale	ACUITE A-NA	Stable	136

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.