Textile · Founded 1991 · www.mrtglobal.com · BSE 514450 · NSE MAHA.RUBTECH · ISIN INE112D01035
No Notes Added Yet
1. Business Overview
Mahalaxmi Rubtech Ltd. operates in the Textile sector in India. Based on its name, "Rubtech" suggests specialization in products involving rubber technology within the textile industry. This typically points towards the manufacturing of technical textiles, coated fabrics, rubberized textiles, industrial fabrics, or specialized textile components that incorporate rubber or similar polymer technologies. The company's core business model likely involves manufacturing these specialized textile products for industrial applications, automotive, infrastructure, protection, or other non-apparel uses. It makes money by selling these manufactured goods to B2B clients, which could include other manufacturers, industrial users, or distributors.
2. Key Segments / Revenue Mix
Specific revenue segments are not provided. However, given the "Rubtech" component and the textile sector, potential segments could include:
Technical Textiles: Fabrics engineered for specific functional properties (e.g., strength, durability, resistance to chemicals, fire, or water) often incorporating rubber or polymer coatings.
Industrial Textiles: Textiles used in industrial processes or products, such as conveyor belts (if relevant), industrial belting, or specialized textile components for machinery.
Coated Fabrics: Textiles coated with rubber, PVC, or other polymers for enhanced properties.
Without specific data, it is not possible to quantify the contribution of each segment.
3. Industry & Positioning
The Indian textile industry is vast, highly diversified, and includes both traditional and modern segments. It ranges from fiber production to finished garments and technical textiles. The "Rubtech" name suggests Mahalaxmi Rubtech Ltd. likely operates within the niche segment of technical textiles or industrial textiles, rather than mass-market apparel or home furnishings. In this niche, competition can come from other specialized domestic manufacturers as well as international players. Positioning would likely be based on product quality, customization capabilities, technical expertise, cost-effectiveness, and established customer relationships within its specific product categories. The market for technical textiles is generally less fragmented than traditional textiles but still requires specialized manufacturing know-how.
4. Competitive Advantage (Moat)
For a company like Mahalaxmi Rubtech Ltd., potential competitive advantages (moats) could include:
Specialized Know-how and Technology: Expertise in rubber compounding, textile manufacturing processes, and coating technologies, which can be difficult for new entrants to replicate quickly.
Established Customer Relationships: Long-term contracts and trust built with industrial clients due to consistent product quality and reliability.
Product Customization: Ability to develop and produce tailor-made solutions for specific client requirements.
Process Efficiency: Optimized manufacturing processes that allow for competitive pricing while maintaining quality.
Niche Market Leadership: Potentially holding a significant share in specific, specialized product categories where entry barriers exist due to technical complexity or capital investment.
5. Growth Drivers
Key factors that can drive growth for Mahalaxmi Rubtech Ltd. over the next 3-5 years include:
Growth in Technical Textile Demand: Increasing domestic and global demand for technical textiles driven by industrialization, infrastructure development, automotive sector growth, and rising awareness of performance-oriented materials.
Export Opportunities: Expanding into international markets for specialized textile products, leveraging India's cost competitiveness and manufacturing base.
Product Innovation and Diversification: Developing new products or improving existing ones to cater to emerging applications or higher-value segments within technical textiles.
Infrastructure Spending: Government initiatives and private investments in infrastructure, which often require specialized industrial textiles.
Increased Domestic Manufacturing: Growth in sectors that use its products as inputs (e.g., automotive components, industrial machinery).
6. Risks
Raw Material Price Volatility: Fluctuations in the prices of rubber, synthetic fibers, chemicals, and other key inputs can impact profitability.
Intense Competition: Competition from domestic and international players, particularly in more commoditized segments of technical textiles or from larger, integrated textile players.
Economic Downturn: A slowdown in industrial activity or general economic recession could reduce demand for industrial and technical textile products.
Technological Obsolescence: Failure to innovate or adapt to new manufacturing technologies or material sciences could erode market position.
Regulatory Changes: Environmental regulations, labor laws, or trade policies could affect manufacturing costs or market access.
Currency Fluctuations: For companies involved in exports or imports, adverse currency movements can impact revenues and costs.
7. Management & Ownership
Specific details about the management team and ownership structure are not provided. Like many Indian companies, especially those in the manufacturing sector, it is likely a promoter-driven company with significant ownership concentrated within the founding family or group. The management quality would be assessed based on the company's long-term performance, strategic decisions, and corporate governance practices, which are not available in this scope.
8. Outlook
Mahalaxmi Rubtech Ltd. operates in the specialized and growing segment of technical textiles within the broader Indian textile industry. The company's focus on "Rubtech" products suggests a potential for niche market expertise and differentiation. The demand for technical textiles is expected to grow, driven by industrialization and various end-user applications.
The bull case would see the company successfully capitalizing on this demand growth through product innovation, efficient manufacturing, and expansion into new markets, leveraging its specialized capabilities. Sustained investment in R&D and strategic customer relationships could further solidify its position.
Conversely, the bear case involves risks such as intense competition from larger players or more agile niche manufacturers, significant volatility in raw material prices, and a potential slowdown in industrial demand. The ability to continually innovate and adapt to evolving technical requirements, along with effective cost management, will be crucial for navigating these challenges and ensuring sustained profitability.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2017 | Mar 2018 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 53 | 56 | 21 | 21 | 24 | 25 | 23 | 25 | 30 | 27 |
| Other Income | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Income | 53 | 58 | 21 | 21 | 24 | 26 | 24 | 26 | 31 | 29 |
| Total Expenditure | 49 | 53 | 14 | 16 | 18 | 18 | 17 | 18 | 22 | 19 |
| Operating Profit | 4 | 5 | 7 | 5 | 6 | 8 | 7 | 7 | 9 | 9 |
| Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 2 | 6 | 4 | 5 | 7 | 6 | 6 | 8 | 8 |
| Provision for Tax | 0 | 1 | 2 | 1 | 1 | 2 | 1 | 2 | 2 | 2 |
| Profit After Tax | 1 | 1 | 4 | 3 | 3 | 5 | 5 | 4 | 6 | 6 |
| Adjustments | -1 | -1 | -0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 4 | 3 | 3 | 5 | 5 | 4 | 6 | 6 |
| Adjusted Earnings Per Share | 0.8 | 1.2 | 3.7 | 3.1 | 3.3 | 5.1 | 4.3 | 4.2 | 5.5 | 5.7 |
| #(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 | 145 | 169 | 203 | 228 | 185 | 180 | 137 | 170 | 69 | 77 | 92 | 105 |
| Other Income | 1 | 1 | 0 | 2 | 2 | 3 | 3 | 4 | 1 | 2 | 3 | 4 |
| Total Income | 146 | 169 | 203 | 230 | 187 | 182 | 139 | 174 | 71 | 79 | 95 | 110 |
| Total Expenditure | 133 | 155 | 188 | 214 | 169 | 163 | 119 | 155 | 53 | 59 | 68 | 76 |
| Operating Profit | 13 | 14 | 15 | 16 | 18 | 19 | 20 | 19 | 18 | 20 | 27 | 32 |
| Interest | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 2 | 2 | 1 | 0 |
| Depreciation | 7 | 7 | 8 | 8 | 9 | 10 | 9 | 8 | 4 | 4 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 4 | 5 | 5 | 6 | 6 | 6 | 8 | 7 | 12 | 15 | 22 | 28 |
| Provision for Tax | 1 | 2 | 2 | 2 | 1 | 1 | 2 | 2 | 1 | 4 | 5 | 7 |
| Profit After Tax | 3 | 3 | 3 | 4 | 5 | 5 | 6 | 5 | 11 | 11 | 17 | 21 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 3 | 3 | 4 | 5 | 5 | 6 | 5 | 11 | 11 | 17 | 21 |
| Adjusted Earnings Per Share | 3.3 | 3.5 | 3.4 | 3.3 | 3.7 | 3.6 | 4.6 | 5.1 | 10.3 | 10.4 | 15.8 | 19.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 19% | -19% | -13% | -4% |
| Operating Profit CAGR | 35% | 12% | 7% | 8% |
| PAT CAGR | 55% | 50% | 28% | 19% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -23% | -12% | 30% | 19% |
| ROE Average | 28% | 23% | 16% | 11% |
| ROCE Average | 30% | 24% | 18% | 12% |
| #(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 | 48 | 51 | 63 | 72 | 83 | 88 | 94 | 77 | 42 | 53 | 69 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 25 | 24 | 15 | 14 | 9 | 8 | 10 | 17 | 5 | 3 | 3 |
| Other Non-Current Liabilities | 5 | 5 | 5 | 9 | 8 | 7 | 6 | 5 | 2 | 2 | 1 |
| Total Current Liabilities | 41 | 56 | 66 | 75 | 73 | 74 | 64 | 83 | 26 | 26 | 33 |
| Total Liabilities | 120 | 137 | 150 | 170 | 174 | 177 | 175 | 182 | 74 | 84 | 105 |
| Fixed Assets | 62 | 65 | 61 | 68 | 68 | 62 | 66 | 64 | 30 | 29 | 27 |
| Other Non-Current Assets | 4 | 1 | 3 | 5 | 4 | 12 | 3 | 5 | 1 | 2 | 4 |
| Total Current Assets | 53 | 70 | 85 | 97 | 102 | 103 | 105 | 113 | 43 | 53 | 75 |
| Total Assets | 120 | 137 | 150 | 170 | 174 | 177 | 175 | 182 | 74 | 84 | 105 |
| #(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 | 2 | 9 | 12 | 12 | 6 | 6 | 7 | 0 | 5 | 9 |
| Cash Flow from Operating Activities | 12 | 15 | 5 | 13 | 11 | 23 | 14 | 16 | -3 | 17 | 14 |
| Cash Flow from Investing Activities | -2 | -8 | -5 | -18 | -6 | -15 | -15 | -12 | 3 | -8 | -9 |
| Cash Flow from Financing Activities | -9 | -0 | 3 | 5 | 2 | -8 | 1 | -10 | -8 | -4 | -2 |
| Net Cash Inflow / Outflow | 2 | 7 | 2 | 0 | 8 | 0 | 0 | -6 | -8 | 5 | 3 |
| Closing Cash & Cash Equivalent | 2 | 9 | 12 | 12 | 19 | 6 | 7 | 0 | 5 | 9 | 12 |
| # | 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) | 3.3 | 3.49 | 3.41 | 3.32 | 3.7 | 3.62 | 4.58 | 5.11 | 10.25 | 10.39 | 15.8 |
| CEPS(Rs) | 10.85 | 11.86 | 11.47 | 10.71 | 10.71 | 11.17 | 11.63 | 13.1 | 13.59 | 13.82 | 19.32 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 53.87 | 57.44 | 59.47 | 60.91 | 62.43 | 66.32 | 70.93 | 72.52 | 39.25 | 49.8 | 64.71 |
| Core EBITDA Margin(%) | 8.27 | 7.89 | 7.06 | 5.92 | 8.39 | 9.16 | 12.9 | 8.81 | 24.12 | 23.78 | 25.81 |
| EBIT Margin(%) | 4.55 | 3.93 | 3.29 | 3.15 | 4.46 | 5.06 | 8.03 | 6.46 | 20.72 | 21.21 | 24.96 |
| Pre Tax Margin(%) | 2.99 | 2.78 | 2.49 | 2.48 | 3.33 | 3.46 | 5.74 | 4.24 | 17.83 | 19.25 | 23.8 |
| PAT Margin (%) | 2 | 1.81 | 1.68 | 1.67 | 2.67 | 2.68 | 4.46 | 3.2 | 15.68 | 14.35 | 18.21 |
| Cash Profit Margin (%) | 6.56 | 6.16 | 5.64 | 5.39 | 7.73 | 8.27 | 11.34 | 8.2 | 20.78 | 19.09 | 22.28 |
| ROA(%) | 2.43 | 2.41 | 2.38 | 2.39 | 2.87 | 2.75 | 3.47 | 3.04 | 8.49 | 13.93 | 17.71 |
| ROE(%) | 6.34 | 6.27 | 6.18 | 5.9 | 6.45 | 5.62 | 6.67 | 6.32 | 18.34 | 23.34 | 27.59 |
| ROCE(%) | 7.18 | 7.21 | 6.87 | 6.88 | 7.25 | 7.6 | 8.62 | 8.4 | 15.31 | 25.29 | 30.2 |
| Receivable days | 61.58 | 62.97 | 61.32 | 62.93 | 77.44 | 74.03 | 88.19 | 64.34 | 100.13 | 43.17 | 46.56 |
| Inventory Days | 49.37 | 45.47 | 50.54 | 51.38 | 67.58 | 70 | 82.88 | 67.24 | 140.31 | 84 | 66.32 |
| Payable days | 95.22 | 108.29 | 106.57 | 106.23 | 160.09 | 155.69 | 190.96 | 158.48 | 277.67 | 64.58 | 68.67 |
| PER(x) | 11.21 | 9.86 | 13.79 | 14.95 | 10.99 | 8.53 | 8.55 | 23.7 | 27.13 | 27.96 | 13.69 |
| Price/Book(x) | 0.69 | 0.6 | 0.79 | 0.82 | 0.65 | 0.47 | 0.55 | 1.67 | 7.09 | 5.83 | 3.34 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.51 | 0.38 | 0.35 | 0.36 | 0.38 | 0.28 | 0.39 | 0.84 | 4.36 | 3.94 | 2.3 |
| EV/Core EBITDA(x) | 5.54 | 4.62 | 4.85 | 5.27 | 3.96 | 2.61 | 2.64 | 7.34 | 16.9 | 15.17 | 7.92 |
| Net Sales Growth(%) | -3.2 | 16.64 | 20.1 | 12.41 | -18.98 | -2.59 | -24 | 24.15 | -59.07 | 10.74 | 19.8 |
| EBIT Growth(%) | 5.81 | 0.61 | -0.33 | 7.79 | 14.65 | 10.61 | 20.5 | -0.16 | 31.41 | 13.35 | 40.97 |
| PAT Growth(%) | 27.03 | 5.77 | 10.31 | 12.22 | 29.34 | -2.33 | 26.65 | -11.12 | 100.8 | 1.35 | 52.04 |
| EPS Growth(%) | 27.03 | 5.77 | -2.41 | -2.46 | 11.37 | -2.33 | 26.65 | 11.48 | 100.81 | 1.35 | 52.04 |
| Debt/Equity(x) | 0.91 | 0.87 | 0.61 | 0.53 | 0.42 | 0.38 | 0.41 | 0.66 | 0.44 | 0.3 | 0.21 |
| Current Ratio(x) | 1.3 | 1.26 | 1.28 | 1.29 | 1.39 | 1.4 | 1.63 | 1.36 | 1.66 | 2 | 2.28 |
| Quick Ratio(x) | 0.89 | 0.8 | 0.82 | 0.84 | 0.91 | 0.94 | 1.2 | 0.95 | 0.93 | 1.38 | 1.76 |
| Interest Cover(x) | 2.91 | 3.4 | 4.11 | 4.68 | 3.95 | 3.16 | 3.5 | 2.91 | 7.15 | 10.8 | 21.58 |
| Total Debt/Mcap(x) | 1.33 | 1.44 | 0.77 | 0.65 | 0.64 | 0.81 | 0.73 | 0.4 | 0.06 | 0.05 | 0.06 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 |
| FII | 0 | 0 | 0.57 | 0.57 | 0.09 | 0.09 | 0.12 | 0.09 | 0.1 | 0.09 |
| DII | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| Public | 35.12 | 35.12 | 34.56 | 34.56 | 35.03 | 35.03 | 35 | 35.03 | 35.02 | 35.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 |
| FII | 0 | 0 | 0.01 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +19% | -19% | -13% | -4% |
| Operating Profit CAGR | +35% | +12% | +7% | +8% |
| PAT CAGR | +55% | +50% | +28% | +19% |
| Share Price CAGR | -23% | -12% | +30% | +19% |
| ROE Average | +28% | +23% | +16% | +11% |
| ROCE Average | +30% | +24% | +18% | +12% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 |
| FII | 0 | 0 | 0.57 | 0.57 | 0.09 | 0.09 | 0.12 | 0.09 | 0.1 | 0.09 |
| DII | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| Public | 35.2 | 35.2 | 35.2 | 35.2 | 35.2 | 35.2 | 35.2 | 35.2 | 35.2 | 35.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 |
| FII | 0 | 0 | 0.01 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.