---
title: "Morgan Industries Ltd (523564) — Share Price, Financials & Analysis"
symbol: "523564"
company: "Morgan Industries Ltd"
canonical: "https://tapetide.com/stocks/523564"
isin: "INE701E01017"
bse_code: "523564"
generated_at: "2026-10-13T11:00:22.337Z"
---

# Morgan Industries Ltd (523564)

Canonical page: https://tapetide.com/stocks/523564

## Company

- **BSE Code:** 523564
- **ISIN:** INE701E01017
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** groupmorgan.in

## About

Morgan Industries Ltd. engages in manufacturing Adhesive & Adhesive Tapes, Vinyl Films.

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of -2.45% over last 3 years.
- Company might be capitalizing the interest cost
- Company has high debtors of 154 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | — | -21% | 8% |
| revenue growth | -33% | 33% | 6% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2013 | Jun 2013 | Sep 2013 | Dec 2013 | Mar 2014 | Jun 2014 | Sep 2014 | Dec 2014 | Mar 2015 | Jun 2015 | Sep 2015 | Dec 2015 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 12.15 | 9.35 | 8.43 | 8.73 | 15.34 | 11.17 | 14.18 | 16.34 | 11.47 | 9 | 9.02 | 8.67 |
| Expenses | 11.67 | 8.39 | 7.49 | 7.79 | 16.77 | 10.3 | 13.29 | 15.67 | 11.77 | 10.13 | 9.21 | 8.26 |
| Operating Profit | 0.48 | 0.96 | 0.94 | 0.94 | -1.43 | 0.87 | 0.89 | 0.67 | -0.3 | -1.13 | -0.19 | 0.41 |
| OPM % | 3.95 | 10.27 | 11.15 | 10.77 | -9.32 | 7.79 | 6.28 | 4.1 | -2.62 | -12.56 | -2.11 | 4.73 |
| Other Income | 0.02 | 0.02 | 0 | 0 | 2.07 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0.67 | 0.67 | 0.62 | 0.58 | 0.66 | 0.66 | 0.59 | 0.59 | 0.54 | 0.67 | 0.71 | 0.66 |
| Depreciation | -0.16 | 0.19 | 0.22 | 0.22 | 0.21 | 0.18 | 0.22 | 0.05 | 0.78 | 0.15 | 0.15 | 0.15 |
| Profit before tax | -0.01 | 0.12 | 0.1 | 0.14 | -0.23 | 0.03 | 0.08 | 0.03 | -1.62 | -1.95 | -1.05 | -0.4 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.43 | 0 | 0 | 0 |
| Net Profit | -0.01 | 0.12 | 0.09 | 0.13 | -0.23 | 0.03 | 0.08 | 0.03 | -1.37 | -1.95 | -1.05 | -0.4 |
| EPS in Rs | -0.01 | 0.08 | 0.06 | 0.09 | -0.15 | 0.02 | 0.05 | 0.02 | -0.91 | -1.3 | -0.7 | -0.27 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2007 9m | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 26.04 | 45.18 | 59.98 | 38.92 | 37.42 | 22.32 | 30.09 | 41.85 | 52.28 | 38.16 |
| Expenses | 22.72 | 40.37 | 55.44 | 36.86 | 34.85 | 19.69 | 26.48 | 40.39 | 50.97 | 39.37 |
| Operating Profit | 3.32 | 4.81 | 4.54 | 2.06 | 2.57 | 2.63 | 3.61 | 1.46 | 1.31 | -1.21 |
| OPM % | 12.75 | 10.65 | 7.57 | 5.29 | 6.87 | 11.78 | 12 | 3.49 | 2.51 | -3.17 |
| Other Income | 0 | 0.07 | 0.07 | 0.11 | 0.03 | 0.11 | 0.02 | 2.09 | 0.88 | 0 |
| Interest | 1.5 | 2.19 | 3.23 | 2.93 | 2.51 | 2.65 | 2.84 | 2.59 | 2.45 | 2.58 |
| Depreciation | 0.98 | 1.39 | 1.18 | 1.21 | 1.21 | 1.21 | 0.72 | 0.85 | 1.23 | 1.23 |
| Profit before tax | 0.84 | 1.3 | 0.2 | -1.97 | -1.12 | -1.12 | 0.07 | 0.11 | -1.49 | -5.02 |
| Tax % | -3.57 | 1.54 | 785 | 18.27 | -13.39 | -32.14 | -285.71 | -18.18 | -16.78 | — |
| Net Profit | 0.87 | 1.28 | -1.37 | -2.33 | -0.97 | -0.77 | 0.27 | 0.13 | -1.24 | -4.77 |
| EPS in Rs | 0.58 | 0.85 | -0.91 | -1.55 | -0.65 | -0.51 | 0.18 | 0.09 | -0.83 | -3.18 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| Reserves | -0.37 | 2 | 3.28 | 0.41 | -1.92 | -2.89 | -3.66 | -3.4 | -3.27 | -4.51 |
| Borrowings | 17.96 | 20.16 | 26.67 | 34.64 | 38.63 | 37.64 | 36.72 | 31.38 | 32.11 | 35.84 |
| Other Liabilities | 7.43 | 8.11 | 11.34 | 12.85 | 12.92 | 11.3 | 14.31 | 14.61 | 17.34 | 17.8 |
| Total Liabilities | 40.02 | 45.27 | 56.29 | 62.9 | 64.63 | 61.05 | 62.37 | 57.59 | 61.18 | 64.13 |
| Fixed Assets | 7.2 | 7.63 | 8.15 | 7.79 | 6.58 | 5.39 | 4.21 | 3.56 | 5.62 | 5.02 |
| CWIP | 3.71 | 5.29 | 13.86 | 15.85 | 17.57 | 17.57 | 17.74 | 17.74 | 17.91 | 17.85 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 29.11 | 32.35 | 34.28 | 39.26 | 40.48 | 38.09 | 40.42 | 36.29 | 37.65 | 41.26 |
| Total Assets | 40.02 | 45.27 | 56.29 | 62.9 | 64.63 | 61.05 | 62.37 | 57.59 | 61.18 | 64.13 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0.57 | 2.17 | 4.67 | -0.34 | -2.05 | 0.94 | 1.56 | 6.98 | -4.73 | -3.24 |
| Cash from Investing Activity | -0.27 | -1.72 | -10.41 | -2.74 | -1.62 | 0.02 | -0.15 | -0.07 | -3.05 | -0.56 |
| Cash from Financing Activity | -0.32 | 0.81 | 4.5 | 3.78 | 2.78 | -1.4 | -1.13 | -5.36 | 6.09 | 3.7 |
| Net Cash Flow | -0.02 | 1.26 | -1.24 | 0.7 | -0.89 | -0.44 | 0.28 | 1.55 | -1.69 | -0.1 |
| Free Cash Flow | 0.29 | 0.45 | -5.81 | -3.14 | -3.78 | 0.93 | 1.36 | 6.9 | -7.8 | -3.8 |
| CFO/OP | 11 | 65 | 97 | -7 | -124 | 37 | 59 | 193 | -324 | -247 |

### Ratios

| Item | Jun 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 116.12 | 192.45 | 115.28 | 109.05 | 223.67 | 232.05 | 408.5 | 238.48 | 176.7 | 154.43 |
| Inventory Days | 136.64 | 223.81 | 123.39 | 120.33 | 167.87 | 136.74 | 271.37 | 186.54 | 136.17 | 124.69 |
| Days Payable | 32.36 | 42.9 | 35.2 | 31.94 | 30.8 | 7.27 | 71.19 | 26.81 | 94.02 | 54.63 |
| Cash Conversion Cycle | 220.41 | 373.37 | 203.48 | 197.44 | 360.74 | 361.52 | 608.68 | 398.21 | 218.85 | 224.49 |
| Working Capital Days | 177.57 | 308.51 | 170.3 | 153.59 | 259.21 | 265.02 | 414.88 | 231.45 | 168.07 | 153.53 |
| ROCE % | — | — | 8.5 | 7.22 | 1.89 | 2.74 | 3.03 | 6.39 | 6.22 | 2.13 |

## Shareholding Pattern

### annual

| Category | Dec 2025 |
| --- | --- |
| Promoters | 75% |
| FIIs | 1.38% |
| DIIs | 12.49% |
| Public | 11.13% |
| No. of Shareholders | 150346 |

### Quarterly

| Category | Dec 2025 |
| --- | --- |
| Promoters | 75% |
| FIIs | 1.38% |
| DIIs | 12.49% |
| Public | 11.13% |
| No. of Shareholders | 150346 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 4 / 5 / 10

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 281.91 | Buy |
| EMA (10) | 283.29 | Buy |
| SMA (20) | 287.2 | Sell |
| EMA (20) | 288.75 | Sell |
| SMA (50) | 312.61 | Sell |
| EMA (50) | 313.23 | Sell |
| SMA (100) | 359.41 | Sell |
| EMA (100) | 355.33 | Sell |
| SMA (200) | 439.14 | Sell |
| EMA (200) | 421.43 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 44.46 | Neutral |
| MACD (12,26,9) | -8.88 | Buy |
| Stochastic (14,3,3) | 17.53 | Buy |
| ADX (14) | 15.7 | Neutral |
| Williams %R (14) | -78.07 | Neutral |
| ATR (14) | 15.08 | High Volatility |
| ROC (12) | -4.79 | Sell |
| Stoch RSI (14) | 83.15 | Sell |
| UO (7,14,28) | 50.19 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-01-29 | [Transcript Of Earnings Call -Q3 & 9M-FY2026 - Financial Results](https://www.bseindia.com/xml-data/corpfiling/AttachHis/755d4924-a5c8-4c51-a858-cba22797e5c9.pdf) |
| 2026-01-27 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d603d912-bb86-4527-8fc6-211c16e3a421.pdf) |
| 2026-01-24 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2d75679a-b902-430d-a4a7-de47898341fe.pdf) |
| 2026-01-22 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/57ae012c-4d83-404e-9d68-8c2ce5b67a45.pdf) |
| 2026-01-21 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release](https://www.bseindia.com/xml-data/corpfiling/AttachHis/dd0b515b-e34e-4533-99e3-53cf478f05a5.pdf) |
| 2016-06-11 | [EGM on Jun 27, 2016](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=023524E1_9E87_4D27_AF8C_D3AF74CD0C92_162426.pdf) |
| 2016-06-11 | [EGM on Jun 27, 2016](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2016/6/023524E1_9E87_4D27_AF8C_D3AF74CD0C92_162426.pdf) |
| 2016-03-07 | [Standalone Financial Results for September 30, 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0517D449_5A74_4675_9584_8C332B5EF051_150910.pdf) |
| 2016-03-07 | [Standalone Financial Results for December 31, 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3FDEAE43_5CC4_4C29_8874_1B5E87AC3C83_151235.pdf) |
| 2016-03-07 | [Standalone Financial Results for September 30, 2015](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2016/3/0517D449_5A74_4675_9584_8C332B5EF051_150910.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Jan 2026 | [Concall - Jan 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ab6ee674-fe5b-4acd-9c3e-7304d21a7a53.pdf) |
| Jan 2026 | [Concall - Jan 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/755d4924-a5c8-4c51-a858-cba22797e5c9.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a1021993-2a88-4299-b1bf-19eeae237e36.pdf) |
| Oct 2025 | [Concall - Oct 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b5d05723-911a-4088-96b0-d30f0ada7f1f.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2025-05-13 | Credit rating update — ICRA |
| 2024-07-03 | Credit rating update — ICRA |
| 2023-07-28 | Credit rating update — ICRA |
| 2022-12-06 | Credit rating update — ICRA |
| 2022-08-10 | Credit rating update — ICRA |
| 2021-09-24 | Credit rating update — ICRA |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:00:22.337Z.