Metal - Non Ferrous · Founded 2012 · www.madhavcopper.com · NSE · ISIN INE813V01022
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Business
M Tek Copper Ltd. (MCL) is an Indian company operating in the Non-Ferrous Metal sector, specifically focused on copper. Based on its name and industry, the company likely manufactures, processes, and/or trades various copper products. This typically involves sourcing raw copper (cathodes, scrap), melting and refining it, and then forming it into value-added products such as copper rods, wires, strips, tubes, or other profiles. The company primarily makes money by selling these processed copper products to a diverse range of industries, including electrical & electronics, construction, automotive, industrial machinery, and telecommunications, where copper's properties (conductivity, malleability, corrosion resistance) are essential.
Revenue Mix
Without specific financial reports or company disclosures, the exact breakdown of M Tek Copper Ltd.'s key segments and revenue mix is not available. However, for a company in this sector, typical segments could include:
Copper Rods (e.g., Continuous Cast Copper Rods for wire drawing)
Copper Wires & Cables (various gauges and applications)
Copper Strips & Foils (for transformers, electrical components, etc.)
Copper Tubes & Pipes (for HVAC, plumbing, refrigeration)
Custom Copper Fabrications or Alloys
Revenue would be generated from the sales of these products to domestic and potentially international B2B customers.
Industry
The Non-Ferrous Metal industry, particularly copper processing, is generally characterized by its cyclical nature, high capital intensity, and direct linkage to global commodity prices and industrial demand. The Indian copper market includes both large integrated players (like Hindalco, Vedanta) and numerous smaller to mid-sized processors and fabricators. Competition can be intense, driven primarily by price, product quality, delivery timelines, and customer relationships. M Tek Copper Ltd. likely positions itself as a specialized manufacturer or processor, potentially focusing on specific product forms, quality standards, or catering to particular end-user industries within India. Its competitive standing against peers would depend on its scale of operations, technological capabilities, cost efficiency, and market share in its specific product categories.
MOAT
For a company like M Tek Copper Ltd. in the commodity-linked copper processing industry, durable competitive advantages are often challenging to establish and maintain. Potential moats could include:
Cost Leadership: Achieved through economies of scale in procurement of raw materials, efficient manufacturing processes, and optimized supply chain.
Customer Relationships & Niche Specialization: Developing strong, long-term relationships with key industrial customers by offering customized solutions or catering to specific, high-specification requirements.
Operational Efficiency: Superior process technology, automation, and waste reduction leading to lower production costs.
Limited Switching Costs: For highly specialized products or integrated solutions, switching suppliers might involve re-qualification processes or design changes, creating a minor switching cost for customers.
However, broad brand recognition and network effects are typically less relevant for B2B copper products.
Growth Drivers
Key factors that can drive growth for M Tek Copper Ltd. over the next 3-5 years include:
Infrastructure Development in India: Government spending on power transmission & distribution, smart cities, housing, and railways will drive significant demand for copper products.
Renewable Energy Transition: Growth in solar and wind power installations, which are copper-intensive, will increase demand for wires, cables, and components.
Electric Vehicles (EV) Adoption: EVs require significantly more copper per vehicle than internal combustion engines, providing a long-term growth driver.
Urbanization & Industrialization: Continued economic growth and expansion of manufacturing sectors will fuel demand for electrical components, construction materials, and industrial machinery.
Technological Advancements: Demand for higher-quality, specialized copper products for electronics and high-tech applications.
Risks
M Tek Copper Ltd. faces several key business risks:
Commodity Price Volatility: Fluctuations in global copper prices directly impact raw material costs and sales realizations, affecting profitability.
Intense Competition: The presence of larger, integrated players and numerous smaller processors can lead to price wars and margin pressure.
Demand Cyclicality: The company's performance is closely tied to the health of industrial and construction sectors, making it susceptible to economic downturns.
Raw Material Sourcing: Dependence on consistent availability and competitive pricing of copper scrap or cathodes.
Regulatory & Environmental Compliance: Strict environmental regulations related to metal processing, waste management, and emissions could lead to increased operational costs or compliance issues.
Currency Fluctuations: If the company engages in significant imports of raw materials or exports of finished goods, currency exchange rate volatility could impact costs and revenues.
Management & Ownership
In India, many mid-sized industrial companies, especially in the manufacturing sector, are promoter-driven. While specific details about M Tek Copper Ltd.'s promoters, board structure, or management quality are not available from the provided information, typical characteristics often include family control, long-term strategic vision, and hands-on operational involvement. Ownership structures usually involve significant holdings by the promoter group, along with potentially institutional and public shareholding.
Outlook
M Tek Copper Ltd. operates in a fundamental industry crucial for India's ongoing development. The demand for copper is poised for structural growth, driven by massive infrastructure spending, the renewable energy transition, and increasing electrification (including EVs). This provides a robust long-term tailwind for the company. However, the business operates within a highly competitive and cyclical environment. Profitability is significantly exposed to the volatility of global copper prices and the ability to pass on raw material cost increases to customers. Maintaining operational efficiency, managing inventory risks, and cultivating strong customer relationships will be critical for navigating market cycles. While growth prospects are linked to macro-economic trends, the company's individual success will hinge on its ability to differentiate, control costs, and adapt to technological and market shifts.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 15 | 24 | 0 | 33 | 42 | 46 | 51 | 53 | 84 | 80 |
| Other Income | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Total Income | 19 | 25 | 0 | 33 | 42 | 46 | 51 | 53 | 85 | 80 |
| Total Expenditure | 14 | 23 | 0 | 31 | 40 | 44 | 49 | 51 | 80 | 77 |
| Operating Profit | 5 | 2 | 0 | 2 | 2 | 2 | 2 | 2 | 5 | 3 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 4 | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 4 | 2 |
| Provision for Tax | -0 | 0 | 0 | 0 | -1 | -0 | 1 | 0 | 1 | 1 |
| Profit After Tax | 4 | 1 | 0 | 1 | 2 | 1 | -0 | 1 | 3 | 1 |
| Adjustments | -0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 1 | 0 | 1 | 2 | 1 | -0 | 1 | 3 | 1 |
| Adjusted Earnings Per Share | 1.5 | 0.4 | 0 | 0.3 | 0.6 | 0.4 | -0.1 | 0.3 | 1.1 | 0.4 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 20 | 36 | 71 | 169 | 213 | 202 | 383 | 122 | 0 | 36 | 125 | 268 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 2 | 0 | 5 | 1 | 1 |
| Total Income | 20 | 36 | 72 | 169 | 213 | 203 | 384 | 124 | 0 | 40 | 125 | 269 |
| Total Expenditure | 18 | 34 | 69 | 164 | 204 | 194 | 374 | 122 | 3 | 37 | 118 | 257 |
| Operating Profit | 1 | 2 | 3 | 5 | 9 | 9 | 10 | 2 | -2 | 4 | 7 | 12 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 4 |
| Depreciation | 0 | 0 | 0 | 1 | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 3 | 6 | 6 | 6 | -2 | -5 | 1 | 3 | 8 |
| Provision for Tax | 0 | 0 | 0 | 1 | 2 | 2 | 2 | 1 | -1 | -0 | -1 | 3 |
| Profit After Tax | 0 | 1 | 1 | 2 | 4 | 4 | 4 | -2 | -4 | 1 | 5 | 5 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | 1 | 2 | 4 | 4 | 4 | -2 | -4 | 1 | 5 | 5 |
| Adjusted Earnings Per Share | 0 | 0 | 0.3 | 1 | 1.5 | 1.6 | 1.6 | -0.9 | -1.6 | 0.5 | 1.7 | 1.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 247% | 1% | -9% | 20% |
| Operating Profit CAGR | 75% | 52% | -5% | 21% |
| PAT CAGR | 400% | 0% | 5% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 11% | 26% | 9% | NA% |
| ROE Average | 11% | 1% | 2% | 16% |
| ROCE Average | 9% | 1% | 3% | 13% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 1 | 2 | 7 | 9 | 13 | 42 | 47 | 44 | 40 | 41 | 46 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 2 | 2 | 2 | 3 | 3 | 1 | 0 | 1 | 3 | 2 |
| Other Non-Current Liabilities | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 1 | -0 | -0 | -1 |
| Total Current Liabilities | 8 | 4 | 14 | 13 | 29 | 15 | 83 | 69 | 63 | 20 | 28 |
| Total Liabilities | 12 | 9 | 23 | 24 | 46 | 60 | 130 | 115 | 103 | 64 | 75 |
| Fixed Assets | 2 | 3 | 4 | 6 | 12 | 13 | 15 | 13 | 11 | 10 | 9 |
| Other Non-Current Assets | 0 | 0 | 1 | 1 | 1 | 1 | 3 | 4 | 3 | 3 | 3 |
| Total Current Assets | 9 | 6 | 18 | 17 | 32 | 46 | 112 | 98 | 89 | 51 | 63 |
| Total Assets | 12 | 9 | 23 | 24 | 46 | 60 | 130 | 115 | 103 | 64 | 75 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 0 | 1 | 1 | 1 |
| Cash Flow from Operating Activities | -3 | 0 | -6 | 7 | 9 | -13 | 2 | 3 | -1 | -1 | 3 |
| Cash Flow from Investing Activities | -1 | 0 | -2 | -3 | -9 | -3 | -7 | -1 | 1 | -1 | -1 |
| Cash Flow from Financing Activities | 3 | 0 | 8 | -4 | 0 | 23 | -3 | -1 | -0 | 2 | -3 |
| Net Cash Inflow / Outflow | -0 | 0 | 0 | -0 | 0 | 7 | -7 | 0 | -0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 7 | 0 | 1 | 1 | 1 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | 0.34 | 0.96 | 1.48 | 1.64 | 1.65 | -0.9 | -1.63 | 0.45 | 1.73 |
| CEPS(Rs) | 0.42 | 0.53 | 0.52 | 1.23 | 2.2 | 2.51 | 2.62 | 0.16 | -0.8 | 1.13 | 2.34 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 2.86 | 3.82 | 5.3 | 15.54 | 17.19 | 16.29 | 14.66 | 15.11 | 16.84 |
| Core EBITDA Margin(%) | 6.49 | 5.72 | 3.39 | 2.66 | 4.18 | 4.3 | 2.43 | 0.25 | 0 | -3.21 | 5.04 |
| EBIT Margin(%) | 4.69 | 5.31 | 3.03 | 2.44 | 3.37 | 3.53 | 1.85 | -0.7 | 0 | 5.13 | 4.35 |
| Pre Tax Margin(%) | 2.55 | 3.03 | 1.58 | 1.89 | 2.78 | 3 | 1.59 | -1.54 | 0 | 3.26 | 2.77 |
| PAT Margin (%) | 1.76 | 2.04 | 1.18 | 1.4 | 1.71 | 2.2 | 1.17 | -2 | 0 | 3.46 | 3.76 |
| Cash Profit Margin (%) | 3.84 | 2.66 | 1.8 | 1.79 | 2.54 | 3.36 | 1.85 | 0.36 | 0 | 8.66 | 5.09 |
| ROA(%) | 4.14 | 6.89 | 5.27 | 10.16 | 10.51 | 8.45 | 4.7 | -1.99 | -4.05 | 1.47 | 6.74 |
| ROE(%) | 39.78 | 37.54 | 17.72 | 28.79 | 32.43 | 16.11 | 10.06 | -5.37 | -10.51 | 3.04 | 10.81 |
| ROCE(%) | 14.64 | 22.73 | 16.32 | 23.66 | 34.47 | 20.01 | 14.78 | -1.7 | -10.09 | 3.84 | 8.63 |
| Receivable days | 64.81 | 50.28 | 31.05 | 24.2 | 32 | 33.1 | 23.52 | 108.66 | 0 | 174.8 | 23.47 |
| Inventory Days | 34.79 | 23.55 | 25.32 | 10.27 | 7.49 | 16.03 | 28.68 | 125.54 | 0 | 330.99 | 97.4 |
| Payable days | 41.2 | 21.7 | 12.17 | 11.03 | 21.09 | 26.89 | 43.68 | 210.2 | 0 | 375.16 | 19.51 |
| PER(x) | 0 | 0 | 34.4 | 21.63 | 54.48 | 41.05 | 54.88 | 0 | 0 | 71.22 | 27.84 |
| Price/Book(x) | 0 | 0 | 4.11 | 5.44 | 15.2 | 4.33 | 5.26 | 1.82 | 1.57 | 2.13 | 2.86 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.42 | 0.21 | 0.56 | 0.35 | 0.99 | 0.89 | 0.65 | 0.72 | 0 | 2.83 | 1.25 |
| EV/Core EBITDA(x) | 6.26 | 3.51 | 15.29 | 12.35 | 23.48 | 19.13 | 25.81 | 43.81 | -26.24 | 27.35 | 22.02 |
| Net Sales Growth(%) | 1654.34 | 81.42 | 100.59 | 136.3 | 26.1 | -4.98 | 89.51 | -68.11 | -100 | 0 | 251.19 |
| EBIT Growth(%) | 310.28 | 105.23 | 14.53 | 90.36 | 74.3 | -0.67 | -0.65 | -112.15 | -441.17 | 139.11 | 197.32 |
| PAT Growth(%) | 181.05 | 109.56 | 15.85 | 181.55 | 53.81 | 22.19 | 0.43 | -154.6 | -80.94 | 127.8 | 281.98 |
| EPS Growth(%) | 0 | 0 | 0 | 181.51 | 53.8 | 10.94 | 0.43 | -154.59 | -80.95 | 127.8 | 282.02 |
| Debt/Equity(x) | 4.81 | 2.42 | 1.58 | 0.77 | 0.91 | 0.1 | 0.06 | 0.17 | 0.03 | 0.32 | 0.56 |
| Current Ratio(x) | 1.15 | 1.44 | 1.28 | 1.36 | 1.11 | 3.11 | 1.36 | 1.41 | 1.42 | 2.58 | 2.21 |
| Quick Ratio(x) | 0.85 | 0.94 | 0.73 | 1.22 | 0.87 | 2.38 | 0.76 | 0.91 | 0.88 | 1.02 | 0.95 |
| Interest Cover(x) | 2.19 | 2.33 | 2.09 | 4.47 | 5.69 | 6.75 | 7.07 | -0.84 | -7.59 | 2.73 | 2.76 |
| Total Debt/Mcap(x) | 0 | 0 | 0.38 | 0.14 | 0.06 | 0.02 | 0.01 | 0.09 | 0.02 | 0.15 | 0.2 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 66.34 | 66.34 | 66.34 | 66.34 | 66.34 | 66.34 | 66.34 | 65.21 | 65.21 | 65.21 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 33.66 | 33.66 | 33.66 | 33.66 | 33.66 | 33.66 | 33.66 | 34.79 | 34.79 | 34.79 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.77 | 1.77 | 1.77 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.94 | 0.94 | 0.94 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +247% | +1% | -9% | +20% |
| Operating Profit CAGR | +75% | +52% | -5% | +21% |
| PAT CAGR | +400% | — | +5% | — |
| Share Price CAGR | +11% | +26% | +9% | — |
| ROE Average | +11% | +1% | +2% | +16% |
| ROCE Average | +9% | +1% | +3% | +13% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 66.34 | 66.34 | 66.34 | 66.34 | 66.34 | 66.34 | 66.34 | 65.21 | 65.21 | 65.21 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 33.66 | 33.66 | 33.66 | 33.66 | 33.66 | 33.66 | 33.66 | 34.79 | 34.79 | 34.79 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.77 | 1.77 | 1.77 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.94 | 0.94 | 0.94 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 | 2.71 |
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