---
title: "Mahindra Ugine Steel Company Ltd(Merged) (MAHINDUGIN) — Share Price, Financials & Analysis"
symbol: "MAHINDUGIN"
company: "Mahindra Ugine Steel Company Ltd(Merged)"
canonical: "https://tapetide.com/stocks/MAHINDUGIN"
nse_symbol: "MAHINDUGIN"
generated_at: "2026-10-13T11:01:21.165Z"
---

# Mahindra Ugine Steel Company Ltd(Merged) (MAHINDUGIN)

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

## Company

- **NSE Symbol:** MAHINDUGIN
- **Stock Type:** DELISTED
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** muscoindia.com

## About

Mahindra Ugine Steel Company Ltd is an India-based company that is engaged in the manufacturing of Stampings products.

## Latest Price

## Key Insights

### Strengths

- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 25.6% CAGR over last 5 years

### Weaknesses

- Stock is trading at 5.05 times its book value
- The company has delivered a poor sales growth of -7.61% over past five years.
- Company has a low return on equity of -3.49% over last 3 years.
- Earnings include an other income of Rs.237 Cr.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 230% | 77% | 26% |
| revenue growth | -1% | -19% | -8% |

## Financial Statements

### Quarterly Results

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

| Item | Dec 2011 | Mar 2012 | Jun 2012 | Sep 2012 | Dec 2012 | Mar 2013 | Jun 2013 | Sep 2013 | Dec 2013 | Mar 2014 | Jun 2014 | Sep 2014 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 391.57 | 395.02 | 384.79 | 214.04 | 203.46 | 187.63 | 182.3 | 163.62 | 192.29 | 184.81 | 177.93 | 178.2 |
| Expenses | 397.63 | 375.46 | 368.96 | 196.88 | 184.33 | 175.88 | 166.95 | 150.95 | 172.93 | 181.18 | 162.55 | 164.02 |
| Operating Profit | -6.06 | 19.56 | 15.83 | 17.16 | 19.13 | 11.75 | 15.35 | 12.67 | 19.36 | 3.63 | 15.38 | 14.18 |
| OPM % | -1.55 | 4.95 | 4.11 | 8.02 | 9.4 | 6.26 | 8.42 | 7.74 | 10.07 | 1.96 | 8.64 | 7.96 |
| Other Income | 0.49 | 93.32 | -47.1 | 0.22 | 0.05 | 1.89 | 0.13 | 2.3 | 230.46 | 2.1 | 2.42 | 2.4 |
| Interest | 15.15 | 15.49 | 15.41 | 11.5 | 7.85 | 7.43 | 6.58 | 6.83 | 0.37 | 0.13 | 0.05 | 0.11 |
| Depreciation | 7.59 | 8.3 | 8.56 | 4.06 | 3.72 | 3.81 | 3.86 | 4.02 | 4.05 | 4.13 | 5.07 | 4.77 |
| Profit before tax | -28.31 | 89.09 | -55.24 | 1.82 | 7.61 | 2.4 | 5.04 | 4.12 | 245.4 | 1.47 | 12.68 | 11.7 |
| Tax % | -14.16 | 24.85 | -30.34 | -21.43 | 72.01 | 81.67 | 27.38 | 16.75 | 24.82 | 332.65 | 31.78 | 30.34 |
| Net Profit | -24.3 | 66.95 | -38.48 | 2.21 | 2.13 | 0.43 | 3.66 | 3.43 | 184.48 | -3.43 | 8.65 | 8.15 |
| EPS in Rs | -7.48 | 20.6 | -11.84 | 0.68 | 0.66 | 0.13 | 1.13 | 1.06 | 56.76 | -1.05 | 2.65 | 2.49 |

### Profit & Loss

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

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 613 | 716 | 920 | 1074 | 1088 | 1341 | 1536 | 766 | 723 | 733 |
| Expenses | 511 | 622 | 826 | 1044 | 1009 | 1276 | 1578 | 697 | 672 | 681 |
| Operating Profit | 102 | 94 | 94 | 31 | 79 | 64 | -42 | 69 | 51 | 53 |
| OPM % | 17 | 13 | 10 | 2.8 | 7 | 4.8 | -2.7 | 9 | 7 | 7 |
| Other Income | 18 | 2 | 5 | 2 | 1 | 2 | 183 | -48 | 235 | 237 |
| Interest | 11 | 12 | 29 | 36 | 41 | 45 | 57 | 26 | 14 | 1 |
| Depreciation | 13 | 17 | 27 | 25 | 31 | 31 | 31 | 15 | 16 | 18 |
| Profit before tax | 95 | 68 | 44 | -29 | 9 | -10 | 53 | -20 | 256 | 271 |
| Tax % | 32 | 34 | 33 | -34 | 46 | -38 | 30 | 68 | 27 | — |
| Net Profit | 65 | 45 | 29 | -19 | 5 | -6 | 37 | -34 | 188 | 198 |
| EPS in Rs | 20.02 | 13.82 | 9.07 | -5.79 | 1.44 | -1.84 | 11.35 | -10.38 | 57.54 | 60.85 |
| Dividend Payout % | 22 | 33 | 33 | 0 | 70 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

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

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 32 | 32 | 32 | 32 | 32 | 32 | 32 | 32 | 33 |
| Reserves | 111 | 137 | 155 | 137 | 139 | 133 | 170 | 136 | 325 |
| Borrowings | 105 | 207 | 316 | 336 | 340 | 343 | 308 | 232 | 0 |
| Other Liabilities | 158 | 205 | 205 | 186 | 248 | 296 | 362 | 104 | 110 |
| Total Liabilities | 406 | 582 | 710 | 691 | 759 | 804 | 872 | 504 | 467 |
| Fixed Assets | 102 | 133 | 201 | 222 | 305 | 287 | 319 | 137 | 137 |
| CWIP | 14 | 100 | 91 | 104 | 1 | 14 | 6 | 3 | 6 |
| Investments | 1 | 1 | 0 | 14 | 14 | 14 | 14 | 111 | 7 |
| Other Assets | 290 | 349 | 417 | 351 | 439 | 489 | 533 | 253 | 317 |
| Total Assets | 406 | 582 | 710 | 691 | 759 | 804 | 872 | 504 | 467 |

### Cash Flow

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

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 39 | 77 | 9 | 86 | 41 | 67 | 59 | -60 | 76 |
| Cash from Investing Activity | -17 | -141 | -73 | -67 | -15 | -26 | 33 | -3 | 195 |
| Cash from Financing Activity | -16 | 70 | 69 | -28 | -38 | -44 | -91 | 65 | -245 |
| Net Cash Flow | 6 | 5 | 5 | -9 | -11 | -3 | 1 | 2 | 26 |
| Free Cash Flow | 12 | -65 | -67 | 31 | 26 | 40 | 92 | -62 | 174 |
| CFO/OP | 68 | 105 | 31 | 309 | 56 | 112 | -143 | -69 | 150 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 86 | 84 | 81 | 60 | 78 | 72 | 69 | 63 | 56 |
| Inventory Days | 122 | 119 | 98 | 62 | 81 | 68 | 61 | 26 | 26 |
| Days Payable | 141 | 156 | 114 | 83 | 119 | 107 | 105 | 49 | 54 |
| Cash Conversion Cycle | 67 | 46 | 65 | 39 | 40 | 33 | 25 | 41 | 28 |
| Working Capital Days | 78 | 69 | 81 | 53 | 66 | 46 | 37 | 45 | 64 |
| ROCE % | — | 26 | 16 | 2 | 10 | 7 | 4 | 12 | 11 |

## 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) | 20.76 | Sell |
| EMA (10) | 20.77 | Sell |
| SMA (20) | 21.27 | Sell |
| EMA (20) | 20.78 | Sell |
| SMA (50) | 20.26 | Buy |
| EMA (50) | 21.01 | Sell |
| SMA (100) | 23.12 | Sell |
| EMA (100) | 21.86 | Sell |
| SMA (200) | 22.94 | Sell |
| EMA (200) | 22.27 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 48.46 | Neutral |
| MACD (12,26,9) | 0.05 | Sell |
| Stochastic (14,3,3) | 31.18 | Neutral |
| ADX (14) | 17.08 | Neutral |
| Williams %R (14) | -77.26 | Neutral |
| ATR (14) | 1.26 | High Volatility |
| ROC (12) | -9.09 | Sell |
| Stoch RSI (14) | 31.58 | Neutral |
| UO (7,14,28) | 26.09 | Buy |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| Mar 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport/504823/5048230314.pdf) |
| Mar 2014 | [Annual Report 2014](http://www.bseindia.com/bseplus/AnnualReport/504823/5048230314.pdf) |
| Mar 2013 | [Annual Report 2013](https://www.bseindia.com/bseplus/AnnualReport/504823/5048230313.pdf) |
| 2013 | [Annual Report 2013](https://archives.nseindia.com/annual_reports/AR_257_MAHINDUGIN_2012_2013_03072013115127.zip) |
| Mar 2012 | [Annual Report 2012](https://www.bseindia.com/bseplus/AnnualReport/504823/5048230312.pdf) |
| 2012 | [Annual Report 2012](https://archives.nseindia.com/annual_reports/AR_MAHINDUGIN_2011_2012_11072012121819.zip) |
| Mar 2011 | [Annual Report 2011](https://www.bseindia.com/bseplus/AnnualReport/504823/5048230311.pdf) |
| 2011 | [Annual Report 2011](https://archives.nseindia.com/annual_reports/AR_MAHINDUGIN_2010_2011_08082011050525.zip) |
| Mar 2010 | [Annual Report 2010](https://www.bseindia.com/bseplus/AnnualReport/504823/5048230310.pdf) |
| 2009 | [Annual Report 2009](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2009/MAHINDRA_UGINE_STEEL_CO_LTD-504823-MARCH-2009.PDF) |

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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 2026-10-13T11:01:21.165Z.