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INVESTMENT INSIGHTS

Check Before You Invest : MCON Rasayan India Ltd

BSE: 0 NSE: MCON ISIN: INE0O4M01019
  |   Sector:  Chemicals & Fertilizers   |   Industry:  Chemicals

Snapshot

Q.1 Which industry/sub-sector does MCON Rasayan India Ltd belong to?
MCON Rasayan India Ltd belongs to the Chemicals & Fertilizers sector, operating specifically within the Chemicals segment.
Q.2 Is MCON Rasayan India Ltd a good quality company?
MCON Rasayan India Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is MCON Rasayan India Ltd undervalued or overvalued?
MCON Rasayan India Ltd appears Undervalued, as its key valuation ratios are lower than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios Current 5-year
Historic Median
Price to Earnings 14.47 51.01
Price to Book 0.99 5.33
Price to Sales 0.65 2.44
EV to EBITDA 7.82 22.17
Q.4 Is MCON Rasayan India Ltd a good buy now?
MCON Rasayan India Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of MCON Rasayan India Ltd?
MCON Rasayan India Ltd revenue growth is 20.5% for FY-2025, which is below its 5-year CAGR of 41.43%, indicating slower growth.

Q.2 Gross Profit margin of MCON Rasayan India Ltd?
MCON Rasayan India Ltd Gross profit margin which is the profit after deduction of direct costs, is 8.9% for FY-2025, which is above its 5-year median of 6.2%, indicating increasing margins.

Q.3 Operating Profit Margin of MCON Rasayan India Ltd?
MCON Rasayan India Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 11.53% for FY-2025, which is above its 5-year median of 10.13% indicating increasing margins.

Q.4 Net Profit Margin of MCON Rasayan India Ltd?
MCON Rasayan India Ltd Net Profit Margin is 4.48% for FY-2025, is above its 5-year median of 3.66%, indicating increasing margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 8.9 6.2
Operating Profit Margin (%) 11.53 10.13
Net Profit Margin (%) 4.48 3.66

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of MCON Rasayan India Ltd?
MCON Rasayan India Ltd Return on Asset is 3.91%, which is below its 5-year historical median of 4.38%, indicating deteriorated asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of MCON Rasayan India Ltd?
MCON Rasayan India Ltd Return on capital employed is 11.11% for FY-2025, which is below its 5-year historical median of 14.64%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.

Q.7 Return on Equity (ROE) of MCON Rasayan India Ltd?
MCON Rasayan India Ltd Return on equity is 9.33% for FY-2025, which is below its 5-year historical median of 14.39%, indicating the business is making worse use of its shareholders capital.

Q.8 Cash conversion cycle of MCON Rasayan India Ltd?
MCON Rasayan India Ltd Cash conversion cycle is 172 days, above its 5-year historical median of 91 days, indicating deteriorated working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover (x) 0.87 1.13
ROE (%) 9.33 14.39
ROCE (%) 11.11 14.64
Cash Conversion Cycle 172 days 91 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of MCON Rasayan India Ltd?
MCON Rasayan India Ltd Debt-to-Equity ratio is 0.59, which is above the industry average of 0.13, indicating higher debt levels in the industry.

Q.10 Debt to cash flow from operations of MCON Rasayan India Ltd?
MCON Rasayan India Ltd Debt to cash flow from operations is -1.39, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of MCON Rasayan India Ltd?

Q.1 Promoter shareholding and pledge status of MCON Rasayan India Ltd?
Promoters hold 57.41% of the MCON Rasayan India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does MCON Rasayan India Ltd performance compare with that of its Peers?

Q.1 Revenue growth of MCON Rasayan India Ltd vs industry peers?
MCON Rasayan India Ltd revenue CAGR is 41.43%, compared to the industry median CAGR of 7.53%, indicating faster growth and gaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) 20.5 7.5
Gross Profit Growth (%) 8.1 12.1
Operating Profit Growth (%) 10.4 11.7
Net Profit Growth (%) 1.3 9.7
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 0.87 0.93
ROE (%) 9.33 10.17
ROCE (%) 11.11 12.96
Cash Conversion Cycle (days) 171.63 62

Valuation & price assessment

Q.1 Stock return of MCON Rasayan India Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of -21.01% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 - - -21% -70%
Q.2 Valuation ratios of MCON Rasayan India Ltd vs historical?
The current P/E ratio of 14.47 is lower than its historical median of 51.01, indicating that the stock is trading below its historical average valuation.
Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 14.47 51.01 28.17
Price to Book 0.99 5.33 2.22
Price to Sales 0.65 2.44 1.93
EV to EBITDA 7.82 22.17 14.20

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