Maral Overseas financials and balance sheet

NSE: MARALOVERBSE: 521018Textiles & ApparelsSmall Cap

₹56.10₹2.14 (3.67%)BSE ₹56.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹58.24.

52-week range of traded prices to 23 Oct 2026

₹34.11Low, 30 Mar 2026₹68.89High, 8 Sep 2026

Next results date: the board meets on 27 Oct 2026 to consider: financial results.

Market cap: ₹233 Cr2,432nd largest listed
P/E: 10.7
P/B: 2.1
Dividend yield: Nonein the last 12 months
ROE: 19.9%
ROCE: 7.0%
Debt to equity: 3.08
Volume, NSE: 6,15372.7% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Maral Overseas annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹1,082 Cr, year to Mar 2022Back to profit in the year to Mar 2026, ₹3.26 Cr

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 4.0% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue981
Materials and goods−584
Employee costs−169
Other expenses−179
Operating profit48
Depreciation−33
Other income+23
One-off items−0.6
Finance costs−37
Profit before tax1.0
Tax+2.3
Net profit3.3

What the company owns

Plant, investments and other assets₹422 Cr
Inventory₹133 Cr
Receivables₹127 Cr
Cash and bank₹6 Cr
Current investments₹1 Cr

What pays for it: net worth and liabilities

Borrowings₹341 Cr
Other liabilities₹166 Cr
Net worth₹111 Cr
Owed to suppliers₹72 Cr

Maral Overseas business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Maral Overseas segment results by quarter

Revenue by segment

₹1,186 CrTotal

YARN₹681 Cr57.4% of total
FABRIC₹315 Cr26.5% of total
GARMENT₹190 Cr16.0% of total

Profit by segment

YARN₹33.4 Cr64.2% of total
FABRIC₹18.7 Cr35.8% of total

Segment results by year

Standalone, ₹ crore, years to March.

YARN
Revenue, ₹ crore
535
501
464
733
600
639
690
681
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
23
11
30
92
2
25
20
33
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
FABRIC
Revenue, ₹ crore
281
264
238
374
333
282
332
315
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
13
2
7
19
14
19
14
19
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
GARMENT
Revenue, ₹ crore
129
120
114
211
270
211
234
190
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−3
−10
3
1
−8
−16
−19
−10
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	945	884	816	1,318	1,203	1,133	1,257	1,186
Company revenue, as in its results	757	676	632	1,082	1,026	960	1,047	981
Revenue	535	501	464	733	600	639	690	681
Revenue growth	–	−6.4%	−7.4%	58.1%	−18.1%	6.5%	8.0%	−1.3%
Profit	23	11	30	92	2	25	20	33
Profit growth	–	−53.5%	176.8%	211.7%	−97.6%	1,044.1%	−22.2%	68.8%
Margin	4.3%	2.1%	6.4%	12.6%	0.4%	4.0%	2.9%	4.9%
Return on capital	41.4%	30.0%	80.7%	202.0%	7.4%	43.7%	34.2%	42.2%
Assets	267	243	226	271	299	451	464	452
Liabilities	211	207	189	225	269	393	406	373
Capital employed	56	36	37	46	30	58	58	79
Revenue	281	264	238	374	333	282	332	315
Revenue growth	–	−6.3%	−9.6%	57.1%	−11.1%	−15.1%	17.6%	−5.2%
Profit	13	2	7	19	14	19	14	19
Profit growth	–	−86.5%	274.0%	183.3%	−29.0%	39.3%	−27.8%	36.2%
Margin	4.8%	0.7%	2.8%	5.1%	4.1%	6.7%	4.1%	5.9%
Return on capital	65.3%	7.5%	20.3%	55.3%	39.6%	113.1%	115.7%	72.0%
Assets	134	128	145	156	171	153	148	140
Liabilities	113	103	111	121	137	136	136	114
Capital employed	21	24	33	35	34	17	12	26
Revenue	129	120	114	211	270	211	234	190
Revenue growth	–	−6.8%	−5.1%	85.3%	28.2%	−22.0%	11.2%	−18.9%
Profit	−3	−10	3	1	−8	−16	−19	−10
Profit growth	–	–	–	−83.6%	–	–	–	–
Margin	−2.2%	−8.1%	2.7%	0.2%	−3.0%	−7.4%	−8.0%	−5.3%
Return on capital	−7.1%	−25.1%	6.8%	0.6%	−10.8%	−27.9%	−48.3%	−29.9%
Assets	52	59	69	160	159	147	117	94
Liabilities	12	20	23	70	83	92	78	60
Capital employed	40	39	46	89	75	56	39	34

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

Profit and loss

Standalone, ₹ crore, years to March.Maral Overseas quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 8 May	Mar 2020Filed 20 Jun	Mar 2021Filed 5 May	Mar 2022Filed 3 Jun	Mar 2023Filed 12 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue from operations	666	641	757	676	632	1,082	1,026	960	1,047	981
	621	615	721	668	578	965	1,006	923	1,024	932
Materials and goods bought	401	399	490	442	376	655	689	608	650	584
Employee costs	86	88	93	99	84	130	146	147	179	169
Other expenses	134	129	137	128	119	180	171	168	195	179
Operating profit before depreciation	45	25	36	8	54	117	19	37	23	48
Operating margin	6.8%	4.0%	4.8%	1.1%	8.5%	10.8%	1.9%	3.8%	2.2%	4.9%
Materials, % of revenue	60.1%	62.2%	64.8%	65.4%	59.4%	60.5%	67.1%	63.4%	62.1%	59.6%
Employee costs, % of revenue	13.0%	13.7%	12.3%	14.6%	13.3%	12.0%	14.3%	15.3%	17.1%	17.3%
Other expenses, % of revenue	20.1%	20.1%	18.1%	18.9%	18.8%	16.6%	16.7%	17.5%	18.6%	18.2%
Depreciation and amortisation	23	18	20	24	24	26	30	34	34	33
Operating profit after depreciation	23	7	16	−17	30	91	−11	3	−12	16
Other income	15	12	15	17	8	22	15	23	23	23
Finance costs	16	19	17	16	17	21	23	34	37	37
Profit before one-off items and tax	22	1	13	−15	21	92	−18	−8	−26	2
One-off items	–	–	0	0	0	0	0	0	0	−1
Profit before tax	22	1	13	−15	21	92	−18	−8	−26	1
	–	0	5	0	8	26	−2	1	−1	−2
Current tax	–	–	3	0	6	27	−1	0	0	0
Deferred tax	–	–	3	0	3	−2	−2	1	−1	−2
Net profit	15	1	8	−15	13	67	−16	−10	−24	3
Other comprehensive income	–	–	0	−2	1	1	0	0	2	−1
Total comprehensive income	–	–	8	−17	14	68	−16	−9	−23	2
Net margin	2.2%	0.2%	1.1%	−2.3%	2.0%	6.2%	−1.6%	−1.0%	−2.3%	0.3%

Earlier years, Mar 2008 to Mar 2016

₹ crore	Mar 2008	Sep 200918 months	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016
Revenue from operations	319	526	518	536	559	653	648	619
	327	498	461	504	502	–	–	–
Materials and goods bought	192	359	360	10	332	387	397	364
Employee costs	37	47	–	–	45	–	–	–
Other expenses	98	92	–	–	124	–	–	–
Operating profit before depreciation	−8	28	57	32	57	–	–	–
Operating margin	−2.4%	5.3%	10.9%	5.9%	10.2%	–	–	–
Materials, % of revenue	60.1%	68.2%	–	–	59.5%	–	–	–
Employee costs, % of revenue	11.6%	8.9%	–	–	8.1%	–	–	–
Other expenses, % of revenue	30.7%	17.5%	–	–	22.2%	–	–	–
Depreciation and amortisation	26	31	19	19	19	–	–	–
Operating profit after depreciation	−34	−3	37	13	38	–	–	–
Other income	13	1	0	12	9	7	15	14
Finance costs	22	40	25	27	23	19	19	19
Profit before one-off items and tax	–	−41	13	−2	24	31	18	16
One-off items	–	–	–	–	–	–	–	−2
Profit before tax	−43	−41	13	−2	24	31	18	14
Tax	2	0	–	–	–	2	1	3
Net profit	−45	−42	13	−2	24	29	17	10
Net margin	−14.1%	−8.0%	2.5%	−0.4%	4.3%	4.5%	2.6%	1.6%

Standalone, ₹ crore, years to March, then September.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 8 May	Mar 2020Filed 20 Jun	Mar 2021Filed 5 May	Mar 2022Filed 3 Jun	Mar 2023Filed 12 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	101	84	98	166	141	132	109	111
Share capital	42	42	42	42	42	42	42	42
Reserves	59	42	56	124	99	90	67	69
	225	200	175	217	329	424	416	341
Repayable after a year	51	38	48	67	90	155	147	102
Repayable within a year	174	162	127	150	239	269	269	239
	300	286	264	313	347	370	399	372
Trade payables	58	58	61	111	52	36	64	72
Other financial liabilities	50	55	63	32	36	46	46	49
Other liabilities	15	10	12	16	18	17	17	13
Provisions	3	1	1	1	1	2	3	0
Tax owed	0	0	0	2	0	0	0	–
	54	63	80	111	145	257	225	207
Other financial liabilities	0	4	5	22	37	48	–	–
Other liabilities	0	0	–	–	0	0	30	58
Provisions	3	3	3	4	4	5	5	5
Deferred tax	0	1	8	5	3	4	3	1
Total assets	454	433	442	590	633	758	732	690
	200	202	179	194	260	396	374	342
Plant in use, after depreciation	185	179	158	173	201	345	336	307
Plant being built	3	0	2	3	41	9	1	0
Intangible assets	3	3	3	2	2	1	1	1
Loans given	0	0	0	0	0	0	0	0
Other financial assets	0	11	8	7	6	31	24	22
Deferred tax	−1	–	–	0	–	–	0	–
Other assets	10	9	9	9	10	10	12	13
	254	231	263	395	372	362	358	348
Inventories	109	98	100	201	180	164	136	133
Trade receivables	96	75	98	109	99	121	139	127
Cash and cash equivalents	4	8	0	1	3	1	0	1
Other bank balances	2	1	3	6	4	4	5	5
Current investments	0	0	1	1	1	1	1	1
Loans given	1	1	1	1	1	1	1	1
Other financial assets	3	9	10	9	7	18	23	23
Tax paid in advance	0	0	–	–	2	2	1	1
Other assets	38	38	51	68	76	49	52	55
Net debt	218	190	171	210	321	418	410	333

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

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 5 May	Mar 2022Filed 3 Jun	Mar 2023Filed 12 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	38	34	16	63	76	90
	39	62	18	63	74	90
	−17	−63	−2	21	48	39
Receivables	−26	−17	13	−11	−12	15
Inventories	−1	−101	22	16	28	3
Payables	5	61	−53	−13	35	17
Other working capital	5	−4	17	29	−2	5
Tax paid	−1	−28	−3	−1	2	0
Capital spending	4	30	92	125	32	14
Free cash flow	34	4	−76	−62	44	75
	−3	−31	−90	−124	−28	−7
Plant and property sold	0	0	0	1	1	1
Interest received	3	2	2	0	3	6
Dividends received	0	0	0	0	0	0
	−43	−2	76	59	−48	−82
Borrowings raised	34	39	48	100	28	18
Borrowings repaid	−60	−18	−20	−23	−33	−61
Interest paid	−15	−20	−19	−27	−32	−31
Lease payments	−2	−3	−9	−9	−7	−6
Dividends paid	0	0	8	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	30
Net change in cash	−8	1	2	−2	0	1

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.

Standalone, ₹ per share, years to March.Maral Overseas dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 8 May	Mar 2020Filed 20 Jun	Mar 2021Filed 5 May	Mar 2022Filed 3 Jun	Mar 2023Filed 12 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Earnings per share	₹3.17	₹0.24	₹1.96	−₹3.68	₹3.02	₹16.14	−₹3.84	–	−₹5.83	₹0.79
Diluted earnings per share	₹3.12	₹0.24	₹1.96	−₹3.68	₹3.02	₹16.14	−₹3.84	–	−₹5.83	₹0.79
Dividend per share	–	–	–	–	–	₹2.00	–	–	–	–
Book value per share	–	–	₹24.23	₹20.18	₹23.53	₹39.90	₹33.97	₹31.69	₹26.23	₹26.68
Dividend payout	–	–	–	–	–	12.4%	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.0%	4.3%	0.0%	0.0%	−20.4%
Market cap at the year end (₹ crore)	174	127	108	37	134	341	194	260	252	147

Earnings per share is left blank for the year to Mar 2024: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Standalone, years to March.Maral Overseas PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 8 May	Mar 2020Filed 20 Jun	Mar 2021Filed 5 May	Mar 2022Filed 3 Jun	Mar 2023Filed 12 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue growth	7.7%	−3.9%	18.2%	−10.7%	−6.5%	71.3%	−5.2%	−6.4%	9.1%	−6.3%
Operating profit growth	–	−43.9%	42.0%	−79.1%	614.7%	118.9%	−83.4%	89.5%	−38.5%	113.7%
Net profit growth	46.6%	−93.4%	721.2%	–	–	434.6%	–	–	–	–
Earnings per share growth	65.1%	−92.4%	716.7%	–	–	434.4%	–	–	–	–
	–	–	8.1%	−16.6%	13.8%	50.9%	−10.4%	−7.2%	−20.1%	3.0%
	–	–	–	−24.7 pts	30.4 pts	37.1 pts	−61.3 pts	3.2 pts	−13.0 pts	23.1 pts
From the net margin	–	–	–	−25.1 pts	31.1 pts	29.3 pts	−63.7 pts	3.6 pts	−9.1 pts	23.0 pts
From asset turnover	–	–	–	1.5 pts	−0.8 pts	19.5 pts	2.6 pts	1.2 pts	−0.3 pts	−0.1 pts
From borrowing	–	–	–	−1.0 pts	0.0 pts	−11.7 pts	−0.2 pts	−1.6 pts	−3.6 pts	0.1 pts
Return on capital employed	–	–	4.8%	−6.0%	10.9%	23.8%	−2.2%	0.5%	−2.2%	3.5%
Cash conversion	–	–	–	–	304.0%	50.8%	–	–	–	2,746.7%
Interest cover	1.5	0.4	0.9	–	1.8	4.3	–	0.1	–	0.4
Debt to equity	–	–	2.24	2.38	1.79	1.31	2.33	3.23	3.82	3.08
Receivable days	–	–	46	41	56	37	35	46	48	47
Inventory days	–	–	81	81	97	112	95	98	76	83
Payable days	–	–	43	48	59	62	28	22	36	45
Cash conversion cycle, days	–	–	84	74	94	87	103	123	89	85
Working capital days	–	–	59	52	70	76	91	97	77	77
Asset turnover	–	–	1.67	1.52	1.45	2.10	1.68	1.38	1.41	1.38
Assets per rupee of net worth	–	–	4.51	4.81	4.82	3.92	3.99	5.10	6.20	6.48
Sales per rupee of plant	–	–	4.09	3.78	4.00	6.27	5.09	2.78	3.12	3.20
Capital spending to depreciation	–	–	–	–	0.16	1.16	3.06	3.64	0.94	0.44
Plant being built, % of plant in use	–	–	1.6%	0.0%	1.1%	1.9%	20.4%	2.7%	0.4%	0.0%

Interest cover is left blank for the years to Mar 2020, Mar 2023 and Mar 2025: 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

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.5%
Cash from operations against operating profit: 185.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	4.7%	9.2%	−1.5%
Profit growth, yearly rate	−10.8%	−23.6%	–
Return on equity, average	–	3.2%	−8.1%
Return on capital employed, average	–	4.7%	0.6%
Operating margin, average	4.9%	4.7%	3.6%
Net margin, average	0.5%	0.3%	−1.0%
Asset turnover, average	–	1.59	1.39
Cash conversion cycle, days, average	–	97	99
Interest cover, average	–	–	0.2
Debt to equity, average	–	2.75	3.37

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	278	228	90
Cash from investing	−279	−159	−7
Cash from financing	2	−71	−82
Capital spending	293	171	14
Dividends paid	8	0	0
Shares bought back	0	0	0
Shares issued for cash	30	30	30
Borrowings raised	232	145	18
Borrowings repaid	156	118	61

Accounting checks

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

Check	Mar 2018	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	–	–	–	6	6	3	5	5	8
Altman Z-scorePublished threshold 1.81	–	2.13	1.61	2.12	3.42	2.15	1.78	1.78	1.86
Beneish M-scorePublished threshold −1.78	–	–	–	−2.54	−1.92	−2.14	−2.82	−3.13	−3.17
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−5.28	12.41	9.50	7.34	−9.63	−11.17
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	1.38	2.72	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−10.75	36.30	−59.44	−4.08	28.46	5.72	−2.33
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−0.41	16.48	27.41	−15.83	3.05	−24.04	8.13
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	0.83	2.25	1.47	0.76	−1.59	0.65	0.30
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.00	0.55	0.08	0.70	0.05	0.05	0.01
Effective tax ratePublished threshold 17.16 per cent	−65.00	39.10	–	39.96	27.57	–	–	–	−224.16
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−2.61	–	–	–	−225.75

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
10 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based-Short Term	CARE A4+Review, Re-affirm		195
10 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE BB+Review, Re-affirm	Positive	164.56
10 Sep 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A4+Review, Re-affirm		22.53

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