---
title: "Majestic Research Services & Solutions Ltd (539229) — Share Price, Financials & Analysis"
symbol: "539229"
company: "Majestic Research Services & Solutions Ltd"
canonical: "https://tapetide.com/stocks/539229"
isin: "INE196R01012"
bse_code: "539229"
sector: "Diversified"
industry: "Diversified"
generated_at: "2026-09-13T19:16:44.530Z"
---

# Majestic Research Services & Solutions Ltd (539229)

Canonical page: https://tapetide.com/stocks/539229

## Company

- **BSE Code:** 539229
- **ISIN:** INE196R01012
- **Sector:** Diversified
- **Industry:** Diversified
- **Macro Sector:** Diversified
- **Stock Type:** EQUITY
- **Listed Since:** 2015-07-16
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** mrssindia.com

## About

Majestic Research Services and Solutions Limited is an India-based market research agency. The Company offers a range of qualitative and quantitative research services both nationally and internationally.

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.

## Growth Rates

| Metric | 1Y | 5Y |
| --- | --- | --- |
| net income growth | -127% | 15% |

## Financial Statements

### Quarterly Results

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

| Item | Mar 2019 | Sep 2019 | Mar 2020 | Sep 2020 | Mar 2021 | Sep 2021 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 27 | 20 | 1 | 0 | 1 | 1 | 0 | 0 |
| Expenses | 16 | 14 | 7 | 0 | 19 | 5 | 0 | 0 |
| Operating Profit | 11 | 6 | -7 | 0 | -19 | -4 | 0 | 0 |
| OPM % | 40 | 30 | -1077 | — | -3309 | -831 | — | — |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | -15 | 0 |
| Interest | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 2 | 2 | 1 | 2 | 1 | 0 | 0 |
| Profit before tax | 7 | 3 | -9 | -1 | -21 | -5 | -15 | 0 |
| Tax % | 29 | 30 | -10 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | 5 | 2 | -8 | -1 | -21 | -5 | -15 | 0 |
| EPS in Rs | 5.11 | 2.19 | -8.07 | -1.39 | -21.12 | -4.97 | -15.35 | -0.09 |

### Profit & Loss

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

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 6 | 11 | 23 | 46 | 56 | 21 | 1 | 0 | 0 | 0 |
| Expenses | 4 | 8 | 15 | 29 | 36 | 21 | 21 | 0 | 0 | 0 |
| Operating Profit | 1 | 3 | 7 | 17 | 20 | 0 | -20 | 0 | 0 | 0 |
| OPM % | 20 | 27 | 33 | 37 | 36 | -2.2 | -3553 | — | — | — |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 1 | 4 | 5 | 2 | 0 | 0 | 0 |
| Profit before tax | 1 | 3 | 7 | 16 | 15 | -6 | -23 | 0 | 0 | -15 |
| Tax % | 32 | 32 | 34 | 29 | 29 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | 1 | 2 | 5 | 11 | 10 | -6 | -23 | 0 | 0 | -15 |
| EPS in Rs | 0.87 | 2.32 | 4.63 | 10.93 | 10.37 | -5.88 | -22.5 | -0.18 | -0.11 | -15.44 |
| Dividend Payout % | 0 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 3 | 4 | 5 | 10 | 10 | 10 | 10 | — | — | 10 |
| Reserves | 1 | 3 | 15 | 21 | 32 | 26 | 3 | — | — | -12 |
| Borrowings | 1 | 1 | 0 | 12 | 10 | 13 | 13 | — | — | 9 |
| Other Liabilities | 1 | 2 | 4 | 10 | 16 | 18 | 18 | — | — | 0 |
| Total Liabilities | 6 | 9 | 25 | 53 | 68 | 67 | 44 | — | — | 7 |
| Fixed Assets | 0 | 0 | 1 | 6 | 14 | 9 | 6 | — | — | 6 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | — | 0 |
| Investments | 0 | 0 | 0 | 3 | 3 | 3 | 3 | — | — | 0 |
| Other Assets | 5 | 9 | 24 | 44 | 52 | 55 | 35 | — | — | 0 |
| Total Assets | 6 | 9 | 25 | 53 | 68 | 67 | 44 | — | — | 7 |

### Cash Flow

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

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -1 | 1 | 4 | 15 | -9 | -6 | 0 | — | 0 | 12 |
| Cash from Investing Activity | 0 | 0 | 0 | -9 | -12 | 0 | 0 | — | 0 | 3 |
| Cash from Financing Activity | 1 | 0 | 8 | 8 | -2 | 5 | 0 | — | 0 | -17 |
| Net Cash Flow | 0 | 1 | 12 | 13 | -23 | 0 | 0 | — | 0 | -2 |
| Free Cash Flow | -1 | 0 | 3 | 8 | -21 | -5 | 0 | — | 0 | 12 |
| CFO/OP | -64 | 26 | 63 | 87 | -44 | -1063 | 0 | — | 33 | -4193 |

### Ratios

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 309 | 203 | 164 | 126 | 266 | 716 | 12967 | — | — | — |
| Cash Conversion Cycle | 309 | 203 | 164 | 126 | 266 | 716 | 12967 | — | — | — |
| Working Capital Days | 219 | 183 | 108 | 28 | 182 | 513 | 5622 | — | — | — |
| ROCE % | 21 | 48 | 52 | 52 | 34 | -10 | -60 | — | — | — |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Sep 2021 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 60.06% | 60.18% | 60.18% | 51.71% | 51.71% | 51.24% | 51.23% |
| FIIs | 0% | 0.51% | 0.51% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0.08% | 0% | 6.86% | 6.86% | 6.86% | 6.86% |
| Public | 39.94% | 39.23% | 39.3% | 41.43% | 41.44% | 41.9% | 41.9% |
| No. of Shareholders | 487 | 786 | 954 | 927 | 1038 | 1271 | 1358 |

### Quarterly

| Category | Sep 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Mar 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 60.18% | 60.18% | 60.18% | 58.69% | 51.71% | 51.71% | 27.74% | 51.71% | 51.24% | 51.24% | 51.23% | 51.23% |
| FIIs | 0.51% | 0.51% | 0.51% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 6.86% | 6.86% | 10.27% | 6.86% | 6.86% | 6.86% | 6.86% | 6.86% |
| Public | 39.3% | 39.3% | 39.3% | 41.31% | 41.43% | 41.43% | 61.99% | 41.44% | 41.9% | 41.9% | 41.91% | 41.9% |
| No. of Shareholders | 923 | 954 | 954 | 953 | 927 | 1038 | 1037 | 1038 | 1256 | 1271 | 1359 | 1358 |

## Technical Indicators

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

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 3 / 7 / 9

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 4.63 | Sell |
| EMA (10) | 4.53 | Sell |
| SMA (20) | 4.35 | Buy |
| EMA (20) | 4.61 | Sell |
| SMA (50) | 5.42 | Sell |
| EMA (50) | 5.26 | Sell |
| SMA (100) | 6.45 | Sell |
| EMA (100) | 6.11 | Sell |
| SMA (200) | 7.44 | Sell |
| EMA (200) | 6.88 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 43.05 | Neutral |
| MACD (12,26,9) | -0.18 | Buy |
| Stochastic (14,3,3) | 61.34 | Neutral |
| ADX (14) | 21.01 | Neutral |
| Williams %R (14) | -47.9 | Neutral |
| ATR (14) | 0.33 | High Volatility |
| ROC (12) | 0.92 | Buy |
| Stoch RSI (14) | 54.22 | Neutral |
| UO (7,14,28) | 49.03 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-02 | [Board Meeting Outcome for Outcome Of The Board Meeting Pursuant To Regulation 30 Of SEBI (Listing Obligations & Disclosures Requirements) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7057029d-849c-41ba-b46d-a8a3d8c99b43.pdf) |
| 2026-08-06 | [Intimation Regarding Appointment Of Directors Pursuant To The Order Of The Honble National Company Law Tribunal (NCLT) In I.A. (Plan) No. 07/2024 Dated 20Th June 2025 Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regula](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fa69ccf8-8c41-439d-80e6-261745124d6b.pdf) |
| 2026-07-30 | [Revised Result For The Year Ended On 31.03.2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8a489f94-5d7c-45da-8b08-823f907eff03.pdf) |
| 2026-07-29 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=890f4412-4bfa-4fe6-a0ed-ca70032161b4.pdf) |
| 2026-07-08 | [Board Meeting Outcome for Outcome Of The Board Meeting Held Today I.E. 08Th July 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4d2e26eb-d0e1-4b61-b77c-5d2a076414b3.pdf) |
| 2026-07-08 | [Results-Delay in Financial Results](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8ad88a42-874c-4b43-a89c-56a41955d265.pdf) |
| 2026-07-08 | [Financial Result For The Year Ended On 31St March 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8cad7896-b628-4495-bd19-568981c81c5b.pdf) |
| 2026-06-30 | [Board Meeting Intimation for Intimation For The Board Meeting Rescheduled To Be Held On 08Th July 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bfec4bb8-0778-4436-b2ce-a42504e06324.pdf) |
| 2026-06-29 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7bd70e15-ab71-4e6e-b525-504c651821f3.pdf) |
| 2026-06-18 | [Record Date For Extinguishment (Reduction) And Reconstitution Of Shareholdings](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=56aac0b4-705f-43a4-b59c-3b62a0626d70.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 7 Oct 2024 - Outcome of 13th Committee of Creditors Meeting for MRSSL. | [Announcement under Regulation 30 (LODR)-Meeting Updates 7 Oct 2024 - Outcome of 13th Committee of Creditors Meeting for MRSSL.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c9415586-c520-4411-9ec0-b9dbed2fb355.pdf) |
| 7 January 2026 - Withdraws inadvertent trading-window closure intimation; SME-platform exempt for quarter ended 31 Dec 2025. | [Addendum 7 January 2026 - Withdraws inadvertent trading-window closure intimation; SME-platform exempt for quarter ended 31 Dec 2025.](https://nsearchives.nseindia.com/corporate/NEPTUNE_07012026173458_Clarification_Trading_Window_signed.pdf) |
| 7 January 2026 - Non-exclusive five-year CSIR license for bio-bitumen from rice-straw pyrolysis granted to Neptune on Jan 7, 2026. | [Arrangements for strategic, technical, manufacturing, or marketing tie up 7 January 2026 - Non-exclusive five-year CSIR license for bio-bitumen from rice-straw pyrolysis granted to Neptune on Jan 7, 2026.](https://nsearchives.nseindia.com/corporate/NEPTUNE_07012026165820_Disclosure_signed.pdf) |
| 6 February 2026 - CARE report: Rs73.20cr IPO proceeds; Rs62.95cr used, Rs10.25cr unutilized as of Dec 31, 2025. | [Monitoring Agency Report 6 February 2026 - CARE report: Rs73.20cr IPO proceeds; Rs62.95cr used, Rs10.25cr unutilized as of Dec 31, 2025.](https://nsearchives.nseindia.com/corporate/NEPTUNE_06022026160353_Attachment_signed.pdf) |
| 24 Jun 2025 - NCLT approved resolution plan for Majestic Research; consortium to acquire, pay Rs 8.26 Cr to creditors, ownership changes. | [Corporate Insolvency Resolution Process (CIRP)-Approval of Resolution plan by Tribunal 24 Jun 2025 - NCLT approved resolution plan for Majestic Research; consortium to acquire, pay Rs 8.26 Cr to creditors, ownership changes.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0be2a492-4cab-4477-a809-81eee4d84730.pdf) |
| 21 February 2026 - Neptune Petrochemicals Limited has informed about Copy of Newspaper Publication | [Copy of Newspaper Publication 21 February 2026 - Neptune Petrochemicals Limited has informed about Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/NEPTUNE_21022026125144_Attachment_signed.pdf) |
| 20 January 2026 - Board to subscribe 51% in Revolv Energy LLP; Rs1,00,000 capital (Rs51,000); shareholder approval sought. | [Outcome of Board Meeting 20 January 2026 - Board to subscribe 51% in Revolv Energy LLP; Rs1,00,000 capital (Rs51,000); shareholder approval sought.](https://nsearchives.nseindia.com/corporate/NEPTUNE_20012026171320_Outcome_of_Board_Meeting_signed.pdf) |
| 20 Dec 2024 - Outcome of 14th Committee of Creditors Meeting for MRSSL. | [Corporate Insolvency Resolution Process (CIRP)-Outcome of meeting of Committee of Creditors 20 Dec 2024 - Outcome of 14th Committee of Creditors Meeting for MRSSL.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a1454455-5d68-4696-9d02-108eab6bb813.pdf) |
| 19 February 2026 - EGM on 16 Mar 2026 to approve loans/investments/guarantees up to Rs.100 crore. | [Shareholders meeting 19 February 2026 - EGM on 16 Mar 2026 to approve loans/investments/guarantees up to Rs.100 crore.](https://nsearchives.nseindia.com/corporate/NEPTUNE_19022026151219_Intimation_EGM_Notice.pdf) |
| 12 Mar 2025 - Outcome of 15th Committee of Creditors Meeting for MRSSL. | [Corporate Insolvency Resolution Process (CIRP)-Outcome of meeting of Committee of Creditors 12 Mar 2025 - Outcome of 15th Committee of Creditors Meeting for MRSSL.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2106cc4f-ff57-4af8-919b-b86d7914cf60.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28009_NEPTUNE_2024_2025_A_8203066_01092025125050.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/539229/72465539229.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/539229/68459539229.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/539229/5392290319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/539229/5392290318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/539229/5392290317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/539229/5392290316.pdf) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/bseplus/AnnualReport/539229/5392290315.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| May 2018 | [Concall - May 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ec2fbf9f-d7c3-44ff-953a-6814904e9baf.pdf) |
| May 2018 | [Concall - May 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/5/ec2fbf9f-d7c3-44ff-953a-6814904e9baf.pdf) |
| Mar 2016 | [Concall - Mar 2016](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=E0787816_4E0B_4885_8665_FE01D75E047E_110351.pdf) |
| Jun 2017 | [Concall - Jun 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=195da0d9-8a09-47af-85b3-c1e962552702.pdf) |
| Jun 2017 | [Concall - Jun 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/6/195da0d9-8a09-47af-85b3-c1e962552702.pdf) |
| Apr 2017 | [Concall - Apr 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bb707c0e-a5cf-434a-b808-6ea01211229c.pdf) |
| Apr 2017 | [Concall - Apr 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/4/bb707c0e-a5cf-434a-b808-6ea01211229c.pdf) |

---

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 2026-09-13T19:16:44.530Z.