---
title: "Mangalam Alloys Ltd (MAL) — Share Price, Financials & Analysis"
symbol: "MAL"
company: "Mangalam Alloys Ltd"
canonical: "https://tapetide.com/stocks/MAL"
isin: "INE100C01024"
nse_symbol: "MAL"
bse_code: "MAL"
sector: "Consumer Goods"
industry: "Jewellery & Watches"
market_cap_cr: 120.22
generated_at: "2026-09-13T19:35:36.610Z"
---

# Mangalam Alloys Ltd (MAL)

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

## Company

- **NSE Symbol:** MAL
- **BSE Code:** MAL
- **ISIN:** INE100C01024
- **Sector:** Consumer Goods
- **Industry:** Jewellery & Watches
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2023-10-04
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** mangalamalloys.com

## About

Incorporated in 1988, Mangalam Alloys Ltd manufactures and distributes high quality Stainless Steel products[1]

## Latest Price

- **Price:** ₹48.7
- **Change:** +2.3 (+4.96%)
- **Open:** ₹48.7
- **Day High:** ₹48.7
- **Day Low:** ₹48.7
- **Previous Close:** ₹46.4
- **Volume:** 25600
- **As Of:** 2026-09-11T07:37:36+00:00

## Key Fundamentals

Observed at 2026-09-11T04:34:48.565826Z.

- **Market Cap:** ₹120.22 Cr
- **Classification:** SME
- **P/E (reported):** 7.8
- **Book Value:** ₹63.94
- **Price to Book:** 0.73
- **Dividend Yield:** 0%
- **ROE:** -0.02%
- **ROCE:** 11.01%
- **Debt to Equity:** 1.87
- **Revenue (yearly):** ₹311.3 Cr
- **Net Income:** ₹0 Cr
- **EBITDA:** ₹24.7 Cr
- **52-Week High:** ₹46.4
- **52-Week Low:** ₹30
- **RSI (14):** 80.78

## Tapetide Score

- **Score:** 34 / 100
- **Score date:** 2026-09-04
- **Archetype:** Weak and Under Pressure
- **What it means:** Weak financials are the defining feature, and neither the valuation nor the trend reading is strong enough to offset them. Worth reading the risk flags and recent filings closely before anything else.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Falling
- **Percentile:** 4.9 (of 4473 scored stocks)
- **Confidence:** 84%
- **Data coverage:** 67%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 19.24 | 9% |
| growth | 38.41 | 9% |
| momentum | 1.91 | 12% |
| ownership | 50 | 24% |
| quality | 28.13 | 22% |
| valuation | 25.55 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 0.76 times its book value
- Company has delivered good profit growth of 32.7% CAGR over last 5 years

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 10.1% over past five years.
- Company has a low return on equity of 10.1% over last 3 years.
- Promoters have pledged 54.2% of their holding.

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -66.07% | — | — |
| ebitda margin growth | 15.8% | 81.28% | 1.4% | — |
| net income growth | 0.9% | -100% | 34% | 33% |
| revenue growth | 199.8% | 3.08% | 13% | 10% |
| roce | — | 235.67% | -32.2% | — |
| roe | — | -99.81% | -0.23% | — |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 100 | 202 | 140 | 164 | 198 | 234 | 219 | 219 |
| Expenses | 89 | 182 | 120 | 152 | 184 | 195 | 191 | 192 |
| Operating Profit | 12 | 20 | 20 | 12 | 14 | 39 | 28 | 27 |
| OPM % | 12 | 10 | 14 | 7 | 7 | 17 | 13 | 12 |
| Other Income | 1 | 4 | 0 | 1 | 2 | 0 | 0 | 3 |
| Interest | 7 | 10 | 9 | 10 | 11 | 15 | 13 | 18 |
| Depreciation | 4 | 2 | 3 | 4 | 4 | 4 | 4 | 4 |
| Profit before tax | 2 | 11 | 8 | 0 | 1 | 20 | 12 | 9 |
| Tax % | 0 | 25 | 28 | -1576 | 0 | 38 | 0 | 67 |
| Net Profit | 2 | 8 | 6 | 5 | 1 | 12 | 12 | 3 |
| EPS in Rs | 0.91 | 4.55 | 2.43 | 2.21 | 0.38 | 5.03 | 4.76 | 1.18 |

### 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 269 | 359 | 346 | 271 | 309 | 303 | 304 | 431 | 438 |
| Expenses | 242 | 325 | 316 | 258 | 280 | 269 | 270 | 378 | 383 |
| Operating Profit | 26 | 34 | 30 | 13 | 28 | 33 | 34 | 53 | 55 |
| OPM % | 10 | 10 | 9 | 4.8 | 9 | 11 | 11 | 12 | 13 |
| Other Income | 2 | 0 | 0 | 1 | 0 | 5 | 1 | 2 | 3 |
| Interest | 10 | 12 | 15 | 15 | 14 | 19 | 20 | 26 | 30 |
| Depreciation | 6 | 6 | 7 | 8 | 8 | 7 | 7 | 8 | 8 |
| Profit before tax | 12 | 17 | 8 | -9 | 6 | 13 | 8 | 21 | 21 |
| Tax % | 26 | 25 | 19 | -28 | 17 | 22 | -43 | 37 | 29 |
| Net Profit | 9 | 12 | 7 | -7 | 5 | 10 | 11 | 13 | 15 |
| EPS in Rs | 5.09 | 7.01 | 3.68 | -3.52 | 2.72 | 5.46 | 4.65 | 5.41 | 5.95 |
| 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 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 18 | 18 | 18 | 19 | 19 | 19 | 25 | 25 | 25 |
| Reserves | 32 | 44 | 50 | 45 | 50 | 60 | 105 | 118 | 133 |
| Borrowings | 116 | 143 | 151 | 168 | 164 | 154 | 151 | 178 | 296 |
| Other Liabilities | 60 | 80 | 107 | 81 | 68 | 99 | 110 | 139 | 80 |
| Total Liabilities | 225 | 285 | 326 | 312 | 301 | 332 | 390 | 460 | 534 |
| Fixed Assets | 50 | 71 | 83 | 78 | 82 | 77 | 96 | 90 | 85 |
| CWIP | 14 | 0 | 0 | 0 | 0 | 6 | 0 | 0 | 11 |
| Investments | 19 | 19 | 19 | 19 | 19 | 0 | 0 | 0 | 1 |
| Other Assets | 142 | 195 | 223 | 215 | 199 | 248 | 295 | 369 | 437 |
| Total Assets | 225 | 285 | 326 | 312 | 301 | 332 | 390 | 460 | 534 |

### Cash Flow

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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 9 | 0 | 12 | 5 | 31 | 13 | 9 | 1 | -4 |
| Cash from Investing Activity | -19 | -13 | -20 | -2 | -12 | 17 | -18 | -1 | -11 |
| Cash from Financing Activity | 10 | 13 | 8 | -3 | -18 | -29 | 10 | 1 | 14 |
| Net Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -1 |
| Free Cash Flow | -10 | -13 | -8 | 3 | 18 | 5 | -11 | -1 | -17 |
| CFO/OP | 41 | 7 | 50 | 45 | 108 | 41 | 25 | 12 | 4 |

### Ratios

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 80 | 77 | 80 | 80 | 69 | 110 | 107 | 95 | 83 |
| Inventory Days | 134 | 155 | 188 | 240 | 199 | 220 | 244 | 213 | 268 |
| Days Payable | 103 | 106 | 131 | 124 | 91 | 140 | 159 | 133 | 60 |
| Cash Conversion Cycle | 111 | 126 | 137 | 196 | 177 | 190 | 191 | 174 | 291 |
| Working Capital Days | 114 | 27 | 29 | 55 | 49 | 73 | 108 | 90 | 142 |
| ROCE % | — | 15 | 11 | 2 | 9 | 11 | 11 | 16 | 13 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Promoters | 59.74% | 59.74% | 59.74% | 59.74% | 59.74% | 59.74% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0.22% |
| Public | 30.69% | 26.61% | 29.61% | 30.22% | 27.34% | 27.42% |
| Others | 9.56% | 13.65% | 10.64% | 10.04% | 12.91% | 12.62% |
| No. of Shareholders | 8742 | 2435 | 2302 | 2155 | 1552 | 1541 |

## Technical Indicators

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

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 5 / 2

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 14.42 | Buy |
| EMA (10) | 19.57 | Buy |
| SMA (20) | 12.83 | Buy |
| EMA (20) | 14.86 | Buy |
| SMA (50) | 9.95 | Buy |
| EMA (50) | 12.66 | Buy |
| SMA (100) | 15.14 | Buy |
| EMA (100) | 16.78 | Buy |
| SMA (200) | 30.49 | Buy |
| EMA (200) | 25.33 | Buy |

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

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 64.22 | Neutral |
| MACD (12,26,9) | 4.27 | Buy |
| Stochastic (14,3,3) | 66.67 | Neutral |
| ADX (14) | 13.1 | Neutral |
| Williams %R (14) | 0 | Sell |
| ATR (14) | 9.59 | High Volatility |
| ROC (12) | 1626.95 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 58.67 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 Sep - Newspaper advertisement published for 38th AGM on 30 September 2026 via VC/OAVM. | [Copy of Newspaper Publication 9 Sep - Newspaper advertisement published for 38th AGM on 30 September 2026 via VC/OAVM.](https://nsearchives.nseindia.com/corporate/MANGALAMALLOYS_09092026111501_Regulation_30_Newspaper_Publication_Signed.pdf) |
| 7 Sep - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written … | [Price movement 7 Sep - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=MAL&tabIndex=sme) |
| 7 Sep - Book closure from 21-30 September 2026 for 32nd AGM on 28 September; voting cut-off 23 September. | [Updates 7 Sep - Book closure from 21-30 September 2026 for 32nd AGM on 28 September; voting cut-off 23 September.](https://nsearchives.nseindia.com/corporate/MANGALAMALLOYS_07092026174241_Book_closure_Signed.pdf) |
| 7 Sep - Board approved FY26 report, AGM notice, book closure, scrutinizer appointment, and regularized Megha Tushar Mehta as Executive Director. | [Outcome of Board Meeting 7 Sep - Board approved FY26 report, AGM notice, book closure, scrutinizer appointment, and regularized Megha Tushar Mehta as Executive Director.](https://nsearchives.nseindia.com/corporate/MANGALAMALLOYS_07092026173725_BMOutome_07092026_Signed.pdf) |
| 7 Sep - 38th AGM on 30 September 2026; record date set for 23 September 2026. | [Record Date 7 Sep - 38th AGM on 30 September 2026; record date set for 23 September 2026.](https://nsearchives.nseindia.com/corporate/MANGALAMALLOYS_07092026174032_Cut-off_Date_Intimation_Signed.pdf) |
| 7 Sep - 38th AGM on 30 Sep 2026 via VC/OAVM; agenda includes financial statements, director reappointment, cost auditor ratification. | [Shareholders meeting 7 Sep - 38th AGM on 30 Sep 2026 via VC/OAVM; agenda includes financial statements, director reappointment, cost auditor ratification.](https://nsearchives.nseindia.com/corporate/MANGALAMALLOYS_07092026174805_AGM_Intimation_Singed.pdf) |
| 30 May 2026 - Submitted SDD compliance certificate for year ended 31 March 2026; no UPSI recorded. | [Structural Digital Database 30 May 2026 - Submitted SDD compliance certificate for year ended 31 March 2026; no UPSI recorded.](https://nsearchives.nseindia.com/corporate/MANGALAMALLOYS_30052026200329_SDD_Certificate_PCS_Signed.pdf) |
| 30 May 2026 - IPO fund utilization statement for half year ended March 31, 2026 shows no deviation. | [Statement of deviation(s) or variation(s) under Reg. 32 30 May 2026 - IPO fund utilization statement for half year ended March 31, 2026 shows no deviation.](https://nsearchives.nseindia.com/corporate/MANGALAMALLOYS_30052026121744_Regulation32Statement_of_Deviation_signed.pdf) |
| 30 March 2026 - Trading window closed from 1 Apr 2026 until 48 hours after FY ended 31 Mar 2026 results. | [Trading Window 30 March 2026 - Trading window closed from 1 Apr 2026 until 48 hours after FY ended 31 Mar 2026 results.](https://nsearchives.nseindia.com/corporate/MANGALAMALLOYS_30032026171058_Trading_Window_Mangalam_Signed.pdf) |
| 30 Jun - Shelja Finlease disclosed encumbrance on all 7,96,080 Mangalam Alloys shares held as of 31 March 2026. | [Disclosure under SEBI Takeover Regulations 30 Jun - Shelja Finlease disclosed encumbrance on all 7,96,080 Mangalam Alloys shares held as of 31 March 2026.](https://nsearchives.nseindia.com/corporate/team_bbodade_12052026165413_MAL.pdf) |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-08-13 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=15ef7a13-eb3d-4919-ab04-e0b09e6463e7.pdf) |
| 2026-08-12 | [Board Meeting Outcome for Outcome Of The Board Meeting Held On August 12 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5440c1a4-2c7d-497a-9928-e7efcdce3027.pdf) |
| 2026-08-05 | [Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=81a2dbf2-0673-4c78-bcf4-f659b308f01b.pdf) |
| 2026-07-22 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a37d480c-635f-4dbb-b27e-a6a5e901427b.pdf) |
| 2026-07-14 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=10831856-938f-41e3-b6ab-0332a01bb35b.pdf) |
| 2026-07-10 | [Shareholder Meeting / Postal Ballot-Scrutinizers Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f2a617f9-57af-4293-a8a0-6cbd02562cf2.pdf) |
| 2026-07-09 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=39c5c18b-5a80-45b5-8a79-bac13b421f7f.pdf) |
| 2026-06-26 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d21a095d-2354-4c8b-ba47-9ad6bcf3f130.pdf) |
| 2026-06-17 | [Intimation Regarding The Letter Sent To Members Containing Weblink Of Annual Report For FY 2025-26](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8bd696c3-5dca-4b72-8d75-b98a06e6350e.pdf) |
| 2026-06-17 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ff64a754-8701-485a-8fb4-8b9162787382.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-12 | [Unaudited Financial Results For Quarter Ended On June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5dffd9ad-f3e1-4cd7-936e-ec7fe033d58e.pdf) |
| 2026-05-17 | [Submission Of The Audited Financial Results For The Year Ended On 31St March 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=733e3ad0-011e-4009-9266-499fe22bd47e.pdf) |
| 2026-01-17 | [Submission Of Unaudited Financials Results Of Quarterly And Nine Months Ended As On 31St December 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6bc8b6bd-69ac-4526-8b29-9003934348fd.pdf) |
| 2025-11-06 | [Intimation Of Unaudited Financial Results For The Quarter And Half-Year Ended September 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=da246ee1-0903-4b13-8bee-433db4879562.pdf) |
| 2025-08-07 | [Intimation Of Unaudited Financial Results For The Quarter Ended June 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d6e045a4-965b-4e86-8cf1-423b5fbdb55d.pdf) |
| 2025-05-17 | [Board Meeting Outcome for Outcome Of Meeting Of Board Of Directors Of The Company Held On Saturday 17Th Day Of May 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6d8a8951-91c9-4f6b-ba36-a7d1e7bceaee.pdf) |
| 2025-05-17 | [Audited Financial Results For The Quarter And Year Ended 31St March 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a3be9e7d-5941-4951-b755-d8dd9dde9c9d.pdf) |
| 2025-02-10 | [Intimation Of Unaudited Financial Results For The Quarter And Nine-Months Ended On 31St December 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b7a2ccde-3589-45bd-b39d-c0108cd5ec6c.pdf) |
| 2024-11-13 | [Intimation Of Unaudited Financial Results For The Quarter And Half-Year Ended On 30Th September, 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a3f79be7-375e-46e9-a886-12103f66baa5.pdf) |
| 2024-07-29 | [Intimation Of Unaudited Financial Results For The Quarter Ended June 30, 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=038f0c5a-cd93-48ef-8141-1c8d6efba330.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31842_MAL_2025_2026_A_6163933_08092026115056.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28855_MAL_2024_2025_A_6162837_06092025214419.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_24743_MAL_2023_2024_3107202416819.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 2026-09-13T19:35:36.610Z.