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10 Yrs X-Ray 
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Analyst Note 
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About
Minal Industries Ltd (MINALIND)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 522235 NSE: MINALIND Trading | Small Cap | Minal Industries Share Price
₹5.45 0.00 (0.00%)
As on 15-Sep'26 16:59
Minal Industries Ltd (MINALIND)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 522235 NSE: MINALIND Trading | Small Cap | Minal Industries Share Price
₹5.45 0.00 (0.00%)
As on 15-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹105 Cr.
Current Price
₹5.5
52-Week Low / High
₹2 / 6
TTM EPS
₹0
TTM Sales
₹45.9 Cr.
Book Value per Share
₹2.9
P/E Ratio
279.64
Industry PE
38.9
Price to Book (P/B)
1.88
Higher than its 5-year historical median
Price to Sales (P/S)
2.28
Lower than its 5-year historical median
EV/EBITDA
33.85
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
7.90%
Outperforms industry median
Return on Capital Employed (ROCE)
6.89%
Outperforms industry median
Return on Assets (ROA)
4.78%
Operating Profit Margin
7.6%
Net Profit Margin
8.24%
Gross Profit Margin
9.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-25.71%
Operating Profit Growth (1 Year)
-
383.75%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
40.79%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹17 Cr.
Equity
₹38.4 Cr.
Face Value
₹2
All Time Low / High
₹0.11 / 23.18
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Minal Industries Ltd a good quality company?
Minal Industries Ltd is a weak quality company, based on a inconsistent 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.
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.
How does Minal Industries Ltd performance compare with that of its Peers?
Revenue growth of Minal Industries Ltd vs industry peers?
Minal Industries Ltd revenue CAGR is 5.84%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Minal Industries Ltd?
Promoters hold 40.79% of the Minal Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Minal Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 26.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Minal Industries Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -12.9% | -1.7% | -0.6% | -0.1% | -4.4% | -34.8% | 0.9% | 2.5% | -8.6% | -2.9% | - |
| Value Creation Index ⓘ | -1.9 | -1.1 | -1.1 | -1.0 | -1.3 | -3.5 | -0.9 | -0.8 | -1.6 | -1.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0.7 | 4.3 | 1.1 | 0.8 | 2 |
| Sales YoY Gr. | - | -100% | NA | NA | NA | NA | NA | 489% | -75.6% | -25.7% | - |
| Adj EPS ⓘ | -0.2 | -0.1 | -0 | -0 | -0.2 | -0.7 | 0 | 0.1 | -0.1 | -0.1 | -0.1 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | 150% | -200% | NA | - |
| BVPS (₹) ⓘ | 3.2 | 3.2 | 3.2 | 3.2 | 3 | 2.1 | 2.2 | 2.2 | 2 | 2 | 1.9 |
| Adj Net Profit ⓘ | -3.4 | -0.9 | -0.4 | -0.5 | -4.2 | -13 | 0.3 | 0.9 | -0.9 | -1.1 | -1 |
| Cash Flow from Ops. ⓘ | -8.6 | -0.2 | -0.1 | -0.1 | -0.1 | 5.9 | -0.2 | -2.4 | -1.5 | -0.3 | - |
| Debt/CF from Ops. ⓘ | -0 | -1.8 | -2.6 | -2.5 | 0 | 0 | 0 | 0 | -0.1 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 62.3% | NA | 2.2% | -25.7% | ||||
| Adj EPS ⓘ | NA | NA | -244.2% | NA | ||||
| BVPSⓘ | -5.4% | -8.3% | -2.9% | -3% | ||||
| Share Price | 26.2% | 59.4% | 10.7% | 49.7% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -5 | -1.4 | -0.7 | -0.9 | -7.1 | -26.2 | 0.8 | 2.1 | -2.3 | -2.9 | -3.6 |
| Op. Profit Mgn % ⓘ | -52318.4 | -14798.9 | 0 | 0 | 0 | 0 | -20.6 | 10.9 | 0.4 | -163.7 | -83.7 |
| Net Profit Mgn % ⓘ | -22646.1 | -17797.2 | 0 | 0 | 0 | 0 | 43 | 20.5 | -89.3 | -143.2 | -75 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 77,93,602 | 38,67,806 | 0 | 0 | 0 | 0 | 17,210 | 3,055 | 12,215 | 15,201 | 2,723 |
| Cash Conv. Cycle ⓘ | 68,03,216 | 22,61,273 | 0 | 0 | 0 | 0 | 4,469 | 936 | 4,069 | 6,095 | 2,699 |
Valuation of Minal Industries - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 4 | 0 | 41 | 38 | 14 | 28 | 27 | 38 | 51 |
| Operating Expenses ⓘ + | 1 | 7 | 17 | 42 | 48 | 19 | 28 | 27 | 37 | 47 |
| Operating Profit ⓘ | -1 | -3 | -16 | -1 | -9 | -5 | -0 | -0 | 1 | 4 |
| Operating Profit Margin (%) | -639.0% | -74.2% | -1,11,484.7% | -2.8% | -24.6% | -38.6% | -0.6% | -0.9% | 2.1% | 7.6% |
| Other Income ⓘ + | 0 | 0 | 8 | 1 | 1 | 1 | 2 | 2 | 2 | 1 |
| Interest ⓘ | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 2 | 0 | 0 |
| Depreciation ⓘ | 0 | 0 | 0 | -1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit Before Tax ⓘ | -0 | -3 | -9 | 1 | -7 | -5 | 1 | -0 | -2 | 4 |
| Tax ⓘ | 0 | -0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | -0 |
| Profit After Tax | -0 | -3 | -9 | 0 | -7 | -5 | 1 | -0 | -2 | 4 |
| PAT Margin (%) | -460.0% | -76.6% | -61,587.3% | 0.8% | -19.3% | -34.1% | 2.4% | -1.2% | -5.5% | 8.2% |
| Adjusted EPS (₹) | -0.0 | -0.2 | -0.5 | 0.0 | -0.3 | -0.1 | 0.0 | 0.0 | -0.2 | 0.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 102 | 100 | 93 | 60 | 55 | 53 | 54 | 55 | 53 | 53 | |
| Debt + | 0 | 0 | 0 | 21 | 19 | 19 | 8 | 11 | 12 | 7 | |
| Minority Interest | 0 | 0 | 0 | 12 | 10 | 7 | 7 | 7 | 8 | 10 | |
| Trade Payables | 509 | 530 | 8 | 9 | 1 | 2 | 1 | 8 | 15 | 11 | |
| Others Liabilities ⓘ | 0 | 0 | 0 | 2 | 4 | 2 | 2 | 4 | 2 | 4 | |
| Total Liabilities ⓘ | 613 | 632 | 102 | 104 | 89 | 83 | 73 | 84 | 91 | 85 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1 | 1 | 1 | 4 | 6 | 5 | 4 | 4 | 4 | 4 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Investments ⓘ | 21 | 21 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 22 | 22 | 15 | 65 | 64 | 60 | 49 | 62 | 65 | 51 | |
| Trade Receivables | 548 | 569 | 56 | 25 | 14 | 6 | 12 | 9 | 15 | 24 | |
| Cash Equivalents | 0 | 0 | 0 | 6 | 0 | 1 | 1 | 0 | 0 | 1 | |
| Others Assets ⓘ | 20 | 19 | 18 | 3 | 5 | 10 | 6 | 8 | 7 | 5 | |
| Total Assets ⓘ | 613 | 632 | 102 | 104 | 89 | 83 | 73 | 84 | 91 | 85 | |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -8 | -1 | -10 | 2 | -3 | 5 | -17 | -2 | -1 | 4 |
| Cash Flow From Investing Activity ⓘ + | 5 | 0 | 9 | -0 | 0 | -6 | 30 | 1 | 1 | 0 |
| Cash Flow From Financing Activity ⓘ + | 3 | 1 | 2 | 1 | -2 | 2 | -13 | 1 | 0 | -4 |
| Net Cash Flow ⓘ | -0 | -0 | -0 | 2 | -5 | 1 | -1 | -0 | -0 | 1 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -0.38 | -3.05 | -9.42 | 0.43 | -12.87 | -8.83 | 1.24 | -0.57 | -3.84 | 7.9 |
| ROCE (%) | -0.35 | -3.08 | -9.33 | 1.35 | -9.03 | -6.68 | 2.1 | 2.21 | -2.26 | 6.89 |
| Asset Turnover Ratio | 0 | 0.01 | 0 | 0.39 | 0.4 | 0.16 | 0.36 | 0.34 | 0.43 | 0.58 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | -17 | N/A | N/A | 1 |
| Working Capital Days | ||||||||||
| Receivable Days | 0 | 0 | 0 | 366 | 185.20 | 256.60 | 118.20 | 146.40 | 114.70 | 137.80 |
| Inventory Days | 0 | 2,003 | 0 | 359.70 | 616.20 | 1,626.30 | 707.50 | 760 | 616.70 | 417.10 |
| Payable Days | 0 | 0 | 0 | 112.50 | 57.60 | 70.80 | 44.90 | 127.90 | 201.30 | 145.70 |
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Minal Industries Ltd FAQs
The current trading price of Minal Industries on 15-Sep-2026 16:59 is ₹5.45.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 14-Sep-2026 the market cap of Minal Industries stood at ₹104.6 Cr
The latest P/E ratio of Minal Industries as of 14-Sep-2026 is 0.00.
The latest P/B ratio of Minal Industries as of 14-Sep-2026 is 2.85.
The 52-week high of Minal Industries is ₹6.00 and the 52-week low is ₹1.78.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Minal Industries is ₹1.79 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Minal Industries Ltd is a below average quality company.
The key valuation ratios of Minal Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Minal Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Minal Industries Ltd
Minal Engineering was incorporated as Minal Electra Tools on January 11, 1988 vide incorporation certificate no. 04-10259, under the Companies Act, 1956. Subsequently it was converted into a public company on September 30, 1993, under the name of Minal Electra Tools. The name of the company was changed to Minal Engineering on October 29, 1993.
The company is an existing profit-making and dividend paying company engaged in the manufacture of high precision dies, moulds, tools and engineering components, on job work basis and with own material. The company commenced commercial production in the year 1989.
The company has been promoted by Jesingbhai Parikh, Shrikant Parikh, Narayan Parikh and Mahendra Shah.
The registered office of the company is located at Paradise Complex,214/ A, Sayajigunj Vadodara,Gujarat-390005.
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