---
title: "Muzali Arts Ltd (539410) — Share Price, Financials & Analysis"
symbol: "539410"
company: "Muzali Arts Ltd"
canonical: "https://tapetide.com/stocks/539410"
isin: "INE873S01022"
bse_code: "539410"
sector: "Services"
industry: "Commercial Services & Supplies"
generated_at: "2026-10-13T11:01:24.741Z"
---

# Muzali Arts Ltd (539410)

Canonical page: https://tapetide.com/stocks/539410

## Company

- **BSE Code:** 539410
- **ISIN:** INE873S01022
- **Sector:** Services
- **Industry:** Commercial Services & Supplies
- **Macro Sector:** Services
- **Stock Type:** EQUITY
- **Listed Since:** 2015-10-28
- **Face Value:** ₹1
- **F&O Eligible:** No
- **Website:** sinnerenergy.com

## About

Incorporated in 1995, Muzali Arts Ltd (formerly Welcon International Ltd) is engaged in manufacturing of furniture and trading of Antique items[1]

## Latest Price

## Key Insights

### Strengths

- Company is almost debt free.
- Stock is trading at 0.61 times its book value

### Weaknesses

- Promoter holding is low: 32.8%
- Company has a low return on equity of -10.9% over last 3 years.
- Company has high debtors of 421 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 116% | 38% | 20% |
| revenue growth | — | -25% | — |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0.05 | 0.12 | 0.14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.46 | 0 |
| Expenses | 0.24 | 0.06 | 1 | 3 | 0.04 | 0.02 | 0.22 | 0.03 | 0.07 | 0.03 | 0.23 | 0.08 |
| Operating Profit | -0.19 | 0.06 | -0.86 | -3 | -0.04 | -0.02 | -0.22 | -0.03 | -0.07 | -0.03 | 0.23 | -0.08 |
| OPM % | -380 | 50 | -614.29 | — | — | — | — | — | — | — | 50 | — |
| Other Income | 0.2 | 0.01 | 0.04 | 0.15 | 0.11 | 0.11 | 0.1 | 0.1 | 0.11 | 0.09 | 0.11 | 0.1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0.01 | 0.07 | -0.82 | -2.85 | 0.07 | 0.09 | -0.12 | 0.07 | 0.04 | 0.06 | 0.34 | 0.02 |
| Tax % | -400 | 0 | 0 | 1.4 | 42.86 | 33.33 | 25 | 42.86 | 0 | -183.33 | 29.41 | 150 |
| Net Profit | 0.05 | 0.06 | -0.82 | -2.89 | 0.04 | 0.06 | -0.15 | 0.05 | 0.03 | 0.16 | 0.24 | 0 |
| EPS in Rs | 0.01 | 0.01 | -0.14 | -0.49 | 0.01 | 0.01 | -0.03 | 0.01 | 0.01 | 0.03 | 0.04 | 0 |

### Profit & Loss

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

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 8.82 | 15.89 | 3.77 | 0 | 2.75 | 1.07 | 0.3 | 0 | 0.46 | 0.46 |
| Expenses | 8 | 16.85 | 3.85 | 1.46 | 2.68 | 2.14 | 1.64 | 3.28 | 0.37 | 0.41 |
| Operating Profit | 0.82 | -0.96 | -0.08 | -1.46 | 0.07 | -1.07 | -1.34 | -3.28 | 0.09 | 0.05 |
| OPM % | 9.3 | -6.04 | -2.12 | — | 2.55 | -100 | -446.67 | — | 19.57 | 10.87 |
| Other Income | 0.34 | 1.34 | 0.82 | 0.61 | 0.37 | -2.08 | 0.31 | 0.46 | 0.41 | 0.41 |
| Interest | 0.06 | 0.24 | 0.17 | 0.08 | 0.13 | 0.11 | 0.03 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0 |
| Profit before tax | 1.1 | 0.14 | 0.57 | -0.93 | 0.3 | -3.27 | -1.07 | -2.82 | 0.5 | 0.46 |
| Tax % | 27.27 | 28.57 | 26.32 | 0 | 16.67 | -2.45 | 0 | 4.26 | 4 | — |
| Net Profit | 0.79 | 0.1 | 0.41 | -0.94 | 0.25 | -3.19 | -1.07 | -2.94 | 0.48 | 0.43 |
| EPS in Rs | 0.39 | 0.05 | 0.2 | -0.19 | 0.05 | -0.54 | -0.18 | -0.5 | 0.08 | 0.08 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

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

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 2.03 | 2.03 | 2.03 | 2.03 | 4.87 | 5.08 | 5.92 | 5.92 | 5.92 | 5.92 |
| Reserves | 1.38 | 2.17 | 2.13 | 2.56 | 7.92 | 7.55 | 7.03 | 6.08 | 3.14 | 3.63 |
| Borrowings | 0.29 | 2.47 | 2.57 | 2.03 | 0.93 | 2.11 | 0.11 | 0.01 | 0.01 | 0.1 |
| Other Liabilities | 4.71 | 5.49 | 7.61 | 4.44 | 1.02 | 1.58 | 1.23 | 0.23 | 0.35 | 0.31 |
| Total Liabilities | 8.41 | 12.16 | 14.34 | 11.06 | 14.74 | 16.32 | 14.29 | 12.24 | 9.42 | 9.96 |
| Fixed Assets | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.03 | 0.02 | 0.02 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0.01 | 0.08 | 0.08 | 0.08 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0.41 | 1.74 | 4.76 | 2.85 | 2.51 | 0 | 0 |
| Other Assets | 8.4 | 12.15 | 14.33 | 10.64 | 12.96 | 11.45 | 11.34 | 9.63 | 9.42 | 9.96 |
| Total Assets | 8.41 | 12.16 | 14.34 | 11.06 | 14.74 | 16.32 | 14.29 | 12.24 | 9.42 | 9.96 |

### Cash Flow

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

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 4.9 | -0.7 | 3.34 | -3.76 | -9.26 | -1.11 | -3.34 | -0.7 | 1.23 | -0.4 |
| Cash from Investing Activity | -4.89 | -0.69 | -3.76 | 4.3 | 3.36 | -1.46 | 2.37 | 0.37 | -1.4 | 0.45 |
| Cash from Financing Activity | 0.02 | 2.12 | -0.14 | -0.71 | 8.02 | 0.65 | 1.4 | 0.07 | 0 | 0.09 |
| Net Cash Flow | 0.03 | 0.73 | -0.56 | -0.18 | 2.12 | -1.91 | 0.43 | -0.26 | -0.17 | 0.14 |
| Free Cash Flow | 4.9 | -0.7 | 3.34 | -3.76 | -9.31 | -1.18 | -3.35 | -0.7 | 1.23 | -0.4 |
| CFO/OP | 9940 | -51 | -365 | 4650 | 625 | -1514 | 320 | 52 | -38 | -456 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 5.29 | 97.25 | 0 | 8.71 | — | 229.62 | 576.5 | 2238.67 | — | 420.54 |
| Inventory Days | 6.01 | 0 | 0 | 23.61 | — | 320.57 | 544.86 | 0 | — | — |
| Days Payable | 145.81 | — | — | 411.24 | — | 98.39 | 142.83 | — | — | — |
| Cash Conversion Cycle | -134.51 | 97.25 | 0 | -378.91 | — | 451.79 | 978.52 | 2238.67 | — | 420.54 |
| Working Capital Days | 113.58 | 243.75 | 133.92 | 598.33 | — | 1280.82 | 3223.6 | 10889.17 | — | 7355.54 |
| ROCE % | 6.65 | 22.37 | 5.67 | 11.09 | -8.36 | 3.09 | -5.11 | -8.3 | -26.76 | 5.34 |

## Shareholding Pattern

### annual

| Category | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 0% | 0% | 0% | 0% | 0% | 30.98% | 33.9% | 32.77% | 32.77% | 32.77% | 32.77% | 32.77% |
| FIIs | 0% | 0% | 0% | 5% | 5% | 2.08% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
| Public | 100% | 100% | 100% | 95% | 95% | 66.93% | 66.07% | 67.2% | 67.21% | 67.21% | 67.21% | 67.21% |
| No. of Shareholders | 994 | 1610 | 1776 | 2236 | 2202 | 2259 | 5348 | 6147 | 6438 | 6438 | 6428 | 6428 |

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 32.77% | 32.77% | 32.77% | 32.77% | 32.77% | 32.77% | 32.77% | 32.77% | 32.77% | 32.77% | 32.77% | 32.77% |
| FIIs | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
| Public | 67.2% | 67.2% | 67.21% | 67.21% | 67.21% | 67.21% | 67.21% | 67.21% | 67.21% | 67.21% | 67.21% | 67.21% |
| No. of Shareholders | 6330 | 6412 | 6438 | 6438 | 6438 | 6438 | 6438 | 6438 | 6428 | 6428 | 6428 | 6428 |

## Technical Indicators

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

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 6 / 11

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 136.01 | Buy |
| EMA (10) | 136.09 | Buy |
| SMA (20) | 138.24 | Sell |
| EMA (20) | 137.87 | Sell |
| SMA (50) | 142.73 | Sell |
| EMA (50) | 143.13 | Sell |
| SMA (100) | 152.85 | Sell |
| EMA (100) | 152.28 | Sell |
| SMA (200) | 173.78 | Sell |
| EMA (200) | 165.71 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 46.2 | Neutral |
| MACD (12,26,9) | -2.4 | Sell |
| Stochastic (14,3,3) | 46.77 | Neutral |
| ADX (14) | 16.27 | Neutral |
| Williams %R (14) | -43.35 | Neutral |
| ATR (14) | 6 | High Volatility |
| ROC (12) | -2.46 | Sell |
| Stoch RSI (14) | 81.71 | Sell |
| UO (7,14,28) | 53.42 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-04-28 | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a9266171-8228-4ab6-932d-306952b720de.pdf) |
| 2026-04-28 | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A](https://www.bseindia.com/xml-data/corpfiling/AttachLive/a9266171-8228-4ab6-932d-306952b720de.pdf) |
| 2026-04-14 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c1dce563-35dc-4826-873c-37e5fd0134dd.pdf) |
| 2026-03-31 | [Closure of Trading Window](https://www.bseindia.com/xml-data/corpfiling/AttachHis/acb782ac-a575-4a89-8867-f8c4b8c86fd2.pdf) |
| 2026-03-31 | [Separate Meeting Of The Independent Directors](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1fdb6c5f-50b1-45d4-b079-1e4d43a144d0.pdf) |
| 2026-02-12 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/10e7fffb-6397-437a-9603-e0c1fd0b320b.pdf) |
| 2026-02-09 | [Unaudited Financial Results For The Quarter And Nine Months Ended 31St December, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e04146b6-c17a-4b2f-bdb4-d5fbc36a1953.pdf) |
| 2026-02-09 | [Board Meeting Outcome for Unaudited Financial Results For The Quarter And Nine Months Ended 31St December, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e2dcf54c-042d-465c-914d-703c902fd4f5.pdf) |
| 2026-02-03 | [Board Meeting Intimation for Unaudited Financial Result For The Second Quarter And Nine Months Ended On 31St December 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b1627150-eea7-4d19-b45b-d24843a1fbfe.pdf) |
| 2026-01-12 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018](https://www.bseindia.com/xml-data/corpfiling/AttachHis/52f86410-31a1-479b-b914-4a744b0b8a1f.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2023 | [Annual Report 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f4e00b52-fb8e-481f-aca4-cdf3fbb67192.pdf) |
| 2022 | [Annual Report 2022](https://www.bseindia.com/bseplus/AnnualReport/539410/76886539410.pdf) |
| 2021 | [Annual Report 2021](https://www.bseindia.com/bseplus/AnnualReport/539410/71897539410.pdf) |
| 2020 | [Annual Report 2020](https://www.bseindia.com/bseplus/AnnualReport/539410/67691539410_02_12_20.pdf) |
| Mar 2019 | [Annual Report 2019](https://www.bseindia.com/bseplus/AnnualReport/539410/5394100319.pdf) |
| Mar 2018 | [Annual Report 2018](https://www.bseindia.com/bseplus/AnnualReport/539410/5394100318.pdf) |
| Mar 2017 | [Annual Report 2017](https://www.bseindia.com/bseplus/AnnualReport/539410/5394100317.pdf) |
| Mar 2016 | [Annual Report 2016](https://www.bseindia.com/bseplus/AnnualReport/539410/5394100316.pdf) |
| 2015 | [Annual Report 2015](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2015/WELCON_INTERNATIONAL_LTD-539410-MARCH-2015.PDF) |
| 2012 | [Annual Report 2012](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2012/WELCON_INTERNATIONAL_LTD-539410-MARCH-2012.PDF) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2025-11-28 | Credit rating update — CRISIL |
| 2025-05-29 | Credit rating update — ICRA |
| 2025-04-03 | Credit rating update — CRISIL |
| 2024-12-13 | Credit rating update — CRISIL |
| 2024-05-06 | Credit rating update — ICRA |
| 2024-01-30 | Credit rating update — CRISIL |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-10-09 | [Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 - Revocation Of Suspension And Resumption Of Trading In Equity Shares Of Muzali Arts Limited.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c61eec41-bad2-4b1c-a64f-e0c72c83c5ca.pdf) |
| 2026-10-09 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3ae9ac47-29e1-4ac3-872c-6b409688df41.pdf) |
| 2026-09-29 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0ae0f0b5-736a-4795-9abb-73dd16c7b0a7.pdf) |
| 2026-09-29 | [Shareholder Meeting / Postal Ballot-Scrutinizers Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d0c6d46d-b2b2-4731-a96e-946aa5cf656d.pdf) |
| 2026-09-26 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=765b69f6-f27f-418b-815b-063229e70925.pdf) |
| 2026-09-26 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5275a1ab-11d0-4b48-950c-fab821f59c8c.pdf) |
| 2026-09-15 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5ca62288-d9f8-43cb-81fb-036799202d4f.pdf) |
| 2026-09-08 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bf952501-e159-486b-b70f-cc9dc71a8513.pdf) |
| 2026-09-07 | [Submission Of AGM Notice And Annual Report For FY 2025-26 Under Regulation 34 Of SEBI (LODR) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b2d4f172-5bbb-4706-9c17-c80368f57024.pdf) |
| 2026-09-01 | [Board Meeting Outcome for Held On 1St September 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=519e0b6b-3d80-443c-aadf-6374b12abe8e.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 2026-10-13T11:01:24.741Z.