Minal Industries
MINALIND NSE
Minal Industries
Commercial ServicesNSE: MINALIND BSE: 522235 Trading & Distributors
Key Fundamentals
MicrocapTrading & DistributorsCommercial ServicesMarket Cap
₹109 Cr
Volatility
High Risk
P/E Ratio
278
EBITDA
₹-0.73 Cr
Return on Equity
6.64%
Debt to Equity
0.12
Book Value
₹2.77
52W High
₹5.89
52W Low
₹1.71
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
5- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 2.40% over last 3 years.
- Contingent liabilities of Rs.51.6 Cr.
- Earnings include an other income of Rs.2.50 Cr.
- Promoter holding has decreased over last 3 years: -19.0%
Growth Rate
Revenue Growth
-17.95% lower than
3Y
Net Income Growth
-86.19% lower than
3Y
Cash Flow Change
484% higher than
3Y
ROE
-295% lower than
3Y
ROCE
-395% lower than
3Y
EBITDA Margin (Avg.)
-117% higher than
3Y
Quarterly Results
| Particulars | Jun 2023 | 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 | 5.79 | 4.74 | 14.81 | 12.51 | 12.31 | 10.77 | 8.87 | 19.16 | 10.04 | 8.9 | 8.71 | 15.18 | 13.11 |
| Expenses | 8.47 | 8.78 | 7.72 | 12.07 | 11.63 | 10.57 | 9.82 | 15.22 | 9.3 | 10.08 | 9.89 | 14.29 | 11.07 |
| Operating Profit | -2.68 | -4.04 | 7.09 | 0.44 | 0.68 | 0.2 | -0.95 | 3.94 | 0.74 | -1.18 | -1.18 | 0.89 | 2.04 |
| OPM % | -46.29% | -85.23% | 47.87% | 3.52% | 5.52% | 1.86% | -10.71% | 20.56% | 7.37% | -13.26% | -13.55% | 5.86% | 15.56% |
| Other Income | 1.45 | 0.21 | -1.31 | -2.12 | 0.15 | 0.23 | 0.87 | -0.22 | 0.18 | 0.58 | 0.34 | 1.19 | 0.39 |
| Interest | 0.26 | 0.23 | -0.32 | 0.03 | 0.03 | 0.03 | 0.04 | 0.07 | 0.02 | -0.01 | 0.02 | 0.01 | 0.02 |
| Depreciation | 0.07 | 0.11 | 0.22 | 0.12 | 0.13 | 0.14 | 0.14 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| PBT | -1.56 | -4.17 | 5.88 | -1.83 | 0.67 | 0.26 | -0.26 | 3.52 | 0.76 | -0.73 | -1 | 1.93 | 2.27 |
| Tax % | 0.64% | 3.36% | -1.19% | 16.94% | 41.79% | -11.54% | -96.15% | -0.57% | 10.53% | -2.74% | 0% | 15.54% | -4.41% |
| Net Profit | -1.58 | -4.31 | 5.95 | -2.13 | 0.4 | 0.29 | -0.01 | 3.54 | 0.68 | -0.71 | -1 | 1.63 | 2.37 |
| EPS in Rs | -0.04 | -0.11 | 0.15 | -0.15 | 0.02 | -0.01 | 0.03 | 0.05 | 0.03 | -0.02 | -0.03 | 0.02 | 0.05 |
Profit & Loss
| Particulars | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 16.32 | 0.08 | 4.04 | 0.01 | 40.25 | 36.15 | 14 | 28.24 | 26.8 | 37.85 | 51.12 | 42.83 | 45.9 |
| Expenses | 15.97 | 0.63 | 7.04 | 16.51 | 41.37 | 45.61 | 19.41 | 28.4 | 27.05 | 37.05 | 47.26 | 43.55 | 45.33 |
| Operating Profit | 0.35 | -0.55 | -3 | -16.5 | -1.12 | -9.46 | -5.41 | -0.16 | -0.25 | 0.8 | 3.86 | -0.72 | 0.57 |
| OPM % | 2.14% | -687.5% | -74.26% | -165000% | -2.78% | -26.17% | -38.64% | -0.57% | -0.93% | 2.11% | 7.55% | -1.68% | 1.24% |
| Other Income | -0.26 | 0.23 | 0.01 | 7.51 | 1.43 | 3.25 | 1.28 | 2.3 | 2.34 | -1.76 | 1.04 | 2.29 | 2.5 |
| Interest | 0.01 | 0.01 | 0.02 | 0.01 | 0.51 | 0.46 | 0.27 | 0.41 | 1.7 | 0.2 | 0.17 | 0.05 | 0.04 |
| Depreciation | 0.07 | 0.05 | 0.15 | 0.07 | -0.86 | 0.78 | 0.75 | 0.73 | 0.68 | 0.53 | 0.55 | 0.56 | 0.56 |
| PBT | 0.01 | -0.38 | -3.16 | -9.07 | 0.66 | -7.45 | -5.15 | 1 | -0.29 | -1.69 | 4.18 | 0.96 | 2.47 |
| Tax % | 500% | 2.63% | -1.9% | 0.44% | 50% | -0.54% | -7.18% | 33% | 6.9% | 23.08% | -0.72% | 38.54% | — |
| Net Profit | -0.04 | -0.39 | -3.09 | -9.11 | 0.33 | -7.41 | -4.78 | 0.67 | -0.31 | -2.08 | 4.21 | 0.6 | 2.29 |
| EPS in Rs | 0 | -0.02 | -0.16 | -0.47 | 0 | -0.27 | -0.11 | 0.02 | 0.02 | -0.15 | 0.08 | 0.04 | 0.02 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 |
| Reserves | 61.42 | 63.93 | 62 | 54.78 | 21.71 | 16.84 | 14.68 | 15.27 | 16.39 | 15.05 | 14.86 | 14.82 |
| Borrowings | 0.41 | 0.4 | 0.35 | 0.35 | 20.76 | 19.01 | 18.97 | 9.12 | 11.82 | 13.24 | 8.24 | 6.32 |
| Other Liabilities | 466 | 510 | 531 | 8.77 | 22.83 | 14.76 | 11.3 | 9.92 | 17.65 | 24.48 | 23.68 | 28.21 |
| Total Liabilities | 566 | 612 | 631 | 102 | 104 | 88.99 | 83.33 | 72.69 | 84.24 | 91.15 | 85.16 | 87.73 |
| Fixed Assets | 1.37 | 1.32 | 1.22 | 1.15 | 4.47 | 5.75 | 5.02 | 4.48 | 4.19 | 3.86 | 3.77 | 3.62 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 25.71 | 20.68 | 20.59 | 12.16 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 539 | 590 | 610 | 88.97 | 99.21 | 83.24 | 78.31 | 68.21 | 80.05 | 87.29 | 81.39 | 84.11 |
| Total Assets | 566 | 612 | 631 | 102 | 104 | 88.99 | 83.33 | 72.69 | 84.24 | 91.15 | 85.16 | 87.73 |
Cash Flow
| Particulars | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -1.85 | -8.14 | 0 | 0 | 1.98 | -3.3 | 4.9 | -17.47 | -2.45 | -1.05 | 4.03 | 7.42 |
| Investing | -0.25 | 5.04 | 0 | 0 | -0.26 | 0.35 | -3.82 | 27.99 | 1.3 | 0.71 | 0.11 | -1.49 |
| Financing | 2.06 | 2.89 | 0 | 0 | 0.54 | -2.13 | -0.11 | -11.31 | 1 | 0.15 | -3.58 | -1.97 |
| Net Cash Flow | -0.04 | -0.21 | 0 | 0 | 2.25 | -5.08 | 0.97 | -0.79 | -0.14 | -0.19 | 0.56 | 3.96 |
| Free Cash Flow | -1.85 | -8.14 | 0 | 0 | 1.98 | -1.51 | 4.88 | -17.33 | -2.83 | -1.24 | 3.57 | 7.01 |
| CFO/OP | -517 | 1,480 | 0 | 0 | -183 | 35 | -95 | 11,125 | 968 | -85 | 101 | -1,026 |
Ratios
| Particulars | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 11,099 | 24,99,794 | 51,403 | 20,44,730 | 230 | 138 | 157 | 158 | 126 | 140 | 172 | 143 |
| Inventory Days | 559 | 2,04,400 | 1,628 | 714 | 845 | 713 | 2,303 | 1,117 | 1,529 | 1,057 | 573 | 742 |
| Days Payable | 11,607 | 46,49,096 | 39,430 | 416 | 116 | 15.8 | 86.67 | 31.59 | 202 | 249 | 119 | 209 |
| Cash Conversion Cycle | 51.24 | -19,44,903 | 13,600 | 20,45,029 | 959 | 835 | 2,373 | 1,244 | 1,453 | 949 | 625 | 676 |
| Working Capital Days | 1,610 | 3,64,088 | 7,065 | 29,02,115 | 563 | 592 | 1,225 | 689 | 737 | 628 | 459 | 492 |
| ROCE % | 0.29% | -0.36% | -3.09% | -9.33% | — | -10.17% | -5.99% | 1.89% | 1.97% | 3.53% | 5.97% | 1.42% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Minal Industries insights
57 extracted metrics + investor summaries across FY08–FY26.
Documents
1
Clarification sought from Minal Industries Ltd
24 Aug - Exchange has sought clarification from Minal Industries Ltd on August 24, 2026, with reference to Movement in Price. 24 Aug - Exchange has sought clarification from Minal Industries Ltd on August 24, 2026, with reference to Movement in Price.
2
Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer
8h - Company Secretary and Compliance Officer Piyush Harish Talyani resigned effective 11 May 2026. 8h - Company Secretary and Compliance Officer Piyush Harish Talyani resigned effective 11 May 2026.
3
Announcement under Regulation 30 (LODR)-Change in Management
8h - Company Secretary and Compliance Officer Piyush Harish Talyani resigned effective 11 May 2026. 8h - Company Secretary and Compliance Officer Piyush Harish Talyani resigned effective 11 May 2026.
4
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
11 Apr - Company confirms it is not a Large Corporate as of 31 March 2026. 11 Apr - Company confirms it is not a Large Corporate as of 31 March 2026.
5
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
11 Apr - Company confirms it is not a Large Corporate as of 31 March 2026. 11 Apr - Company confirms it is not a Large Corporate as of 31 March 2026.
Frequently Asked Questions about Minal Industries
What does Minal Industries Ltd do?
Incorporated in 1988, Minal Industries Ltd is a Diamantaire and Jewellery and Engineering company.[1]
Where is Minal Industries Ltd (522235) listed?
Minal Industries Ltd trades as MINALIND on the NSE and under code 522235 on the BSE.
Which sector does Minal Industries Ltd belong to?
Minal Industries Ltd is classified under the Commercial Services sector, in the Trading & Distributors industry.
What is the market capitalisation of Minal Industries Ltd?
Minal Industries Ltd has a market capitalisation of ₹108.81 Cr, which places it in the Small Cap band.
What is the PE ratio of Minal Industries Ltd?
Minal Industries Ltd trades at a PE ratio of 278.00, against a book value of ₹2.77 per share.
What is the 52-week high and low of Minal Industries Ltd?
Over the last 52 weeks Minal Industries Ltd has traded between ₹1.71 and ₹5.89.
What is the Return on Equity (ROE) of Minal Industries Ltd?
Minal Industries Ltd reported a return on equity of 6.64%. Its debt-to-equity ratio is 0.12.
Company Information
Incorporated in 1988, Minal Industries Ltd is a Diamantaire and Jewellery and Engineering company.[1]
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