Monte Carlo Fashions financials and balance sheet

NSE: MONTECARLOBSE: 538836Textiles & ApparelsSmall Cap

₹488.50₹20.75 (4.07%)BSE ₹489.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹509.25.

52-week range of traded prices to 23 Oct 2026

₹464.00Low, 30 Mar 2026₹860.95High, 20 Nov 2025

Next results date: the board meets on 3 Nov 2026 to consider: financial results.

Market cap: ₹1,013 Cr1,400th largest listed
P/E: 9.7
P/B: 1.1
Dividend yield: 4.09%
ROE: 12.1%
ROCE: 12.4%
Debt to equity: 0.36
Volume, NSE: 47,54346.8% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Monte Carlo Fashions annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

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 9.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹656 Cr, differs from its quarters added, ₹678 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue1,276
Materials and goods−643
Employee costs−147
Other expenses−258
Operating profit227
Depreciation−66
Other income+36
One-off items0.0
Finance costs−51
Profit before tax147
Tax−35
Net profit112

What the company owns

Plant, investments and other assets₹733 Cr
Inventory₹571 Cr
Receivables₹499 Cr
Current investments₹113 Cr
Cash and bank₹1 Cr

What pays for it: net worth and liabilities

Net worth₹906 Cr
Other liabilities₹531 Cr
Borrowings₹334 Cr
Owed to suppliers₹146 Cr

Profit and loss

Standalone, ₹ crore, years to March.Monte Carlo Fashions quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 25 Jun	Mar 2021Filed 15 May	Mar 2022Filed 13 Jun	Mar 2023Filed 29 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Revenue from operations	584	646	656	726	622	904	1,118	1,062	1,100	1,276
	506	545	558	601	506	724	900	919	915	1,049
Materials and goods bought	328	375	344	383	331	468	593	610	573	643
Employee costs	–	–	59	70	60	81	97	106	122	147
Other expenses	–	–	154	148	116	175	210	203	219	258
Operating profit before depreciation	78	101	98	124	116	180	218	143	186	227
Operating margin	13.3%	15.6%	15.0%	17.1%	18.6%	19.9%	19.5%	13.5%	16.9%	17.8%
Materials, % of revenue	–	–	52.5%	52.8%	53.2%	51.7%	53.0%	57.5%	52.1%	50.4%
Employee costs, % of revenue	–	–	9.1%	9.6%	9.6%	9.0%	8.6%	10.0%	11.1%	11.5%
Other expenses, % of revenue	–	–	23.5%	20.5%	18.6%	19.4%	18.8%	19.1%	19.9%	20.2%
Depreciation and amortisation	25	21	19	33	34	37	42	51	60	66
Operating profit after depreciation	53	80	79	91	81	143	176	92	125	162
Other income	22	18	18	12	20	25	21	28	35	36
Finance costs	12	8	9	17	14	16	24	37	48	51
Profit before one-off items and tax	63	90	89	86	88	153	172	82	112	147
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	63	90	89	86	88	153	172	82	112	147
	20	30	29	23	22	39	40	21	33	35
Current tax	22	31	23	23	24	42	48	24	33	45
Deferred tax	−2	−1	6	−1	−2	−4	−9	−3	0	−10
Net profit	42	60	60	63	66	114	133	61	80	112
Other comprehensive income	–	–	0	−1	3	0	−2	0	0	1
Total comprehensive income	–	–	59	62	69	114	131	61	79	113
Net margin	7.2%	9.2%	9.1%	8.6%	10.7%	12.6%	11.9%	5.7%	7.3%	8.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 22 May	Mar 2020Filed 25 Jun	Mar 2021Filed 15 May	Mar 2022Filed 13 Jun	Mar 2023Filed 29 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
	484	545	604	687	777	796	834	906
Share capital	21	21	21	21	21	21	21	21
Reserves	463	524	583	667	756	775	813	885
	45	32	30	68	202	217	294	334
Repayable after a year	13	16	12	8	3	0	0	0
Repayable within a year	32	15	18	60	199	217	294	334
	273	259	229	326	544	524	640	745
Trade payables	135	167	139	148	194	141	122	146
Other financial liabilities	99	64	59	86	36	51	66	–
Other liabilities	7	9	12	15	93	105	148	251
Provisions	1	2	1	12	10	10	11	13
Tax owed	–	–	1	7	10	–	0	1
	32	107	103	108	176	197	248	267
Other financial liabilities	15	87	91	100	142	167	222	265
Other liabilities	1	1	1	0	31	29	25	–
Provisions	2	2	0	0	1	1	1	2
Total assets	788	910	937	1,122	1,497	1,517	1,722	1,917
	219	297	257	312	435	534	567	670
Plant in use, after depreciation	149	152	149	153	155	175	183	169
Plant being built	0	2	1	1	19	0	0	24
Intangible assets	1	1	76	78	126	153	207	3
Intangible assets being developed	–	–	–	2	0	–	0	0
Investments	48	36	4	27	73	120	122	0
Loans given	4	4	6	0	0	0	0	0
Other financial assets	0	8	10	35	37	41	15	419
Deferred tax	7	8	9	13	22	25	26	35
Other assets	10	86	2	4	3	20	14	20
	569	613	679	809	1,062	983	1,155	1,247
Inventories	191	216	202	289	460	435	503	571
Trade receivables	220	252	229	265	380	370	416	499
Cash and cash equivalents	33	1	0	0	1	1	1	1
Other bank balances	2	11	40	71	13	7	34	0
Current investments	90	98	174	141	170	121	138	113
Loans given	1	1	1	0	1	1	0	1
Other financial assets	1	1	3	4	13	13	16	10
Tax paid in advance	–	–	–	–	0	–	0	52
Other assets	32	32	30	40	24	36	47	–
Net debt	−80	−79	−184	−143	18	89	121	220

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 15 May	Mar 2022Filed 13 Jun	Mar 2023Filed 29 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
	112	83	−5	83	70	100
	127	114	−5	83	94	141
	4	−85	−180	−18	−95	−122
Receivables	20	−36	−123	8	−44	−85
Inventories	15	−88	−171	26	−69	−68
Payables	−29	9	55	−53	−20	25
Other working capital	−2	29	60	0	37	6
Tax paid	−14	−31	0	0	−23	−42
Capital spending	17	25	46	29	38	38
Free cash flow	95	58	−51	54	32	62
	−82	−48	−48	3	−32	−14
Plant and property sold	0	0	0	1	0	0
Companies bought	0	0	−9	−7	0	0
Interest received	4	5	10	14	17	31
	−31	−22	53	−85	−38	−86
Borrowings raised	3	12	139	18	79	41
Borrowings repaid	−5	−16	−6	−6	−3	0
Interest paid	−7	0	−14	−24	−31	−31
Lease payments	0	−17	0	0	−43	−54
Dividends paid	–	31	41	41	41	41
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−1	12	0	0	0	0

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. Dividends paid is left blank for the year to Mar 2021: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Standalone, ₹ per share, years to March.Monte Carlo Fashions dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 25 Jun	Mar 2021Filed 15 May	Mar 2022Filed 13 Jun	Mar 2023Filed 29 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Earnings per share	₹19.47	₹27.48	₹27.46	₹30.24	₹31.98	₹55.00	₹64.03	₹29.43	₹38.49	₹53.89
Diluted earnings per share	₹19.47	₹27.48	₹26.85	₹30.24	₹31.98	₹55.00	₹64.03	₹29.43	₹38.49	₹53.89
Dividend per share	₹10.00	₹12.00	–	₹5.00	₹15.00	₹20.00	₹20.00	₹20.00	₹20.00	₹20.00
Book value per share	–	–	₹233.32	₹262.96	₹291.38	₹331.54	₹374.70	₹384.09	₹402.36	₹436.85
Dividend payout	51.3%	43.7%	–	16.5%	46.9%	36.4%	31.2%	68.0%	52.0%	37.1%
Shareholder yield	–	–	–	–	–	3.1%	3.2%	3.2%	3.8%	4.3%
Market cap at the year end (₹ crore)	894	1,019	789	276	469	1,004	1,289	1,299	1,089	968

Shareholder yield is left blank for the year to Mar 2021: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Ratios

Standalone, years to March.Monte Carlo Fashions PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 25 Jun	Mar 2021Filed 15 May	Mar 2022Filed 13 Jun	Mar 2023Filed 29 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Revenue growth	−6.0%	10.7%	–	10.5%	−14.3%	45.4%	23.6%	−5.0%	3.6%	15.9%
Operating profit growth	−37.1%	30.1%	–	26.5%	−7.1%	55.8%	21.0%	−34.4%	29.8%	22.5%
Net profit growth	−28.2%	41.1%	–	5.2%	5.8%	72.0%	16.4%	−54.0%	30.8%	40.0%
Earnings per share growth	–	41.1%	–	10.1%	5.8%	72.0%	16.4%	−54.0%	30.8%	40.0%
	–	–	12.3%	12.2%	11.5%	17.7%	18.1%	7.8%	9.8%	12.8%
	–	–	–	−0.1 pts	−0.6 pts	6.1 pts	0.5 pts	−10.4 pts	2.0 pts	3.1 pts
From the net margin	–	–	–	−0.6 pts	2.8 pts	2.1 pts	−1.0 pts	−9.4 pts	2.0 pts	2.0 pts
From asset turnover	–	–	–	0.3 pts	−3.2 pts	4.2 pts	−0.5 pts	−1.5 pts	−0.4 pts	0.4 pts
From borrowing	–	–	–	0.2 pts	−0.3 pts	−0.1 pts	2.0 pts	0.5 pts	0.4 pts	0.6 pts
Return on capital employed	–	–	15.0%	15.8%	12.8%	18.9%	18.0%	9.1%	11.1%	13.0%
Cash conversion	–	–	–	–	169.1%	72.6%	−3.9%	135.3%	88.2%	89.1%
Interest cover	4.4	10.4	8.9	5.4	6.0	9.1	7.2	2.4	2.6	3.2
Debt to equity	–	–	0.09	0.06	0.05	0.10	0.26	0.27	0.35	0.37
Receivable days	–	–	122	127	135	107	124	127	138	143
Inventory days	–	–	203	206	222	226	283	260	321	324
Payable days	–	–	143	159	153	115	119	85	78	83
Cash conversion cycle, days	–	–	182	173	204	217	288	303	381	384
Working capital days	–	–	113	131	149	134	174	188	211	207
Asset turnover	–	–	0.83	0.85	0.67	0.88	0.85	0.70	0.68	0.70
Assets per rupee of net worth	–	–	1.63	1.65	1.61	1.59	1.79	1.92	1.99	2.09
Sales per rupee of plant	–	–	4.42	4.78	4.17	5.90	7.19	6.08	6.01	7.57
Capital spending to depreciation	–	–	–	–	0.51	0.67	1.10	0.56	0.63	0.58
Plant being built, % of plant in use	–	–	0.0%	1.6%	0.8%	0.8%	12.5%	0.0%	0.2%	14.0%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2019: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. 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: 6.1%
Cash from operations against operating profit: 43.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.5%	15.5%	4.5%
Profit growth, yearly rate	6.6%	11.0%	−5.6%
Return on equity, average	–	13.2%	10.1%
Return on capital employed, average	–	14.0%	11.1%
Operating margin, average	16.7%	17.5%	16.0%
Net margin, average	9.1%	9.2%	7.3%
Asset turnover, average	–	0.76	0.70
Cash conversion cycle, days, average	–	315	356
Interest cover, average	6.0	4.9	2.7
Debt to equity, average	–	0.27	0.33

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	330	252	100
Cash from investing	−139	−43	−14
Cash from financing	−178	−209	−86
Capital spending	176	105	38
Dividends paid	197	124	41
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	289	138	41
Borrowings repaid	31	9	0

Accounting checks

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

Check	Mar 2017	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	7	4	–	–	–
Altman Z-scorePublished threshold 1.81	–	–	4.00	2.90	3.32	–	–	–	–	–
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.76	−2.22	–	–	–	–
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.94	7.74	–	–	–	–
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.61	–	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	4.15	5.29	−29.86	–	–	–	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	1.84	6.84	2.10	–	–	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.19	−0.09	1.11	–	–	–	–
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.07	0.04	0.03	–	–	–	–
Effective tax ratePublished threshold 17.16 per cent	32.52	33.54	32.68	26.70	24.68	–	–	–	–	–

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
23 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Stable	75
23 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		20

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