WEBSITE BSE:531515 NSE: MAHANIN Inc. Year: 1995 Industry: Finance - NBFC My Bucket: Add Stock
Last updated: 10:13
No Notes Added Yet
1. Business Overview
Mahan Industries Ltd. (MAHANIN) operates as a Non-Banking Financial Company (NBFC) in India. Its core business involves providing various financial services, primarily lending and financing activities. As an NBFC, it mobilizes funds from public deposits, borrowings, and other financial instruments, and then deploys these funds by offering loans and advances to individuals, small and medium enterprises (SMEs), or potentially larger corporates, depending on its specific focus. The company's primary method of making money is through net interest income, which is the difference between the interest earned on its loan portfolio and the interest paid on its cost of funds.
2. Key Segments / Revenue Mix
Specific details on Mahan Industries Ltd.'s key business segments or a precise revenue mix are not publicly available from the provided information. However, for a typical NBFC, the primary revenue stream is net interest income derived from its lending activities. This lending could be diversified across different asset classes such as retail loans (e.g., personal loans, vehicle finance), SME loans, corporate loans, housing finance, or other specialized financial products.
3. Industry & Positioning
Mahan Industries Ltd. operates within India's highly competitive and diverse Finance - NBFC sector. The Indian NBFC industry comprises a wide range of players, from large, diversified entities to niche-focused specialized lenders. These companies often fill credit gaps left by traditional banks, catering to specific segments like unbanked populations, SMEs, or certain asset classes. Without specific market share data or a stated niche for Mahan Industries Ltd., its precise positioning relative to peers is not clear. It likely competes with other mid-sized and smaller NBFCs, as well as segments of larger banks, for market share in its target lending segments.
4. Competitive Advantage (Moat)
Based solely on the provided information, it is difficult to definitively assess any strong, durable competitive advantages or moats for Mahan Industries Ltd. In the NBFC sector, potential moats can include:
Niche Specialization: Focusing on underserved segments or specific asset classes where competition is lower.
Strong Distribution Network: Extensive reach, especially in semi-urban and rural areas.
Superior Underwriting & Risk Management: Ability to assess and price risk more effectively.
Lower Cost of Funds: Access to cheaper funding sources compared to competitors.
Brand Reputation: Trust and recognition, particularly in retail lending.
Without further operational details, it is not possible to confirm the presence of such advantages for Mahan Industries Ltd.
5. Growth Drivers
Key factors that could drive growth for Mahan Industries Ltd. over the next 3-5 years include:
Economic Growth in India: A robust Indian economy typically leads to increased credit demand across various segments (retail, SME, corporate).
Financial Inclusion: Continued expansion of financial services to underserved populations.
Digitalization: Adoption of digital lending platforms and processes can enhance reach, efficiency, and customer acquisition.
Expansion into New Geographies or Product Niches: Identifying and catering to specific unmet credit needs.
Favorable Regulatory Environment: Policies supporting NBFC growth and stability.
6. Risks
Mahan Industries Ltd., as an NBFC, faces several inherent business risks:
Credit Risk: The primary risk of borrowers defaulting on their loan repayments, leading to higher Non-Performing Assets (NPAs) and impacting profitability.
Interest Rate Risk: Fluctuations in interest rates can impact net interest margins, especially if there's a mismatch in the re-pricing of assets and liabilities.
Liquidity Risk: Difficulty in raising funds or meeting short-term financial obligations, particularly during periods of market stress.
Regulatory Risk: Changes in RBI or government regulations concerning NBFC operations, capital adequacy, or lending norms can impact business models and profitability.
Competition: Intense competition from banks, other NBFCs, and emerging FinTech players can put pressure on margins and market share.
Economic Slowdown: A general economic downturn can lead to reduced credit demand and higher loan defaults.
7. Management & Ownership
No specific information regarding the promoters, management quality, or detailed ownership structure of Mahan Industries Ltd. is available from the provided data.
8. Outlook
Mahan Industries Ltd. operates in the dynamic and essential Indian NBFC sector. The industry benefits from India's growing economy, increasing credit demand, and ongoing efforts towards financial inclusion, presenting a favorable macro backdrop for growth. However, as a lending institution, the company is exposed to inherent risks such as asset quality deterioration, interest rate volatility, and liquidity challenges. Intense competition from a wide array of financial institutions also puts continuous pressure on margins and market positioning. Without specific details on its niche, asset quality, cost of funds, or management strategy, a comprehensive assessment is limited, but its future performance will largely depend on its ability to effectively manage credit risk, secure competitive funding, and adapt to evolving market and regulatory landscapes.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Market Cap ₹5 Cr.
Stock P/E -34.7
P/B 1
Current Price ₹10.6
Book Value ₹ 11.1
Face Value 10
52W High ₹10.6
Dividend Yield 0%
52W Low ₹ 7.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 2 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 2 | 2 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 2 |
| Operating Profit | 0 | 0 | -0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | -0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 |
| Provision for Tax | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | -0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | -0 | 0 | -0 | 0 | -0 |
| Profit After Adjustments | 0 | 0 | -0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 |
| Adjusted Earnings Per Share | 0 | 0 | -0 | 0 | 0 | -0 | -0.4 | 0.2 | 0.1 | -0.6 |
| #(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 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 2 | 4 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 2 | 5 |
| Total Expenditure | 2 | 0 | 1 | 0 | 4 | 2 | 4 | 1 | 1 | 1 | 2 | 5 |
| Operating Profit | -0 | -0 | -1 | -0 | -4 | -1 | -3 | -0 | 0 | -0 | -0 | 0 |
| Interest | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | -1 | -1 | -1 | -0 | -4 | -1 | -3 | -0 | -0 | -0 | -0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -1 | -1 | -1 | -0 | -4 | -1 | -3 | -0 | -0 | -0 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | -1 | -1 | -0 | -4 | -1 | -3 | -0 | -0 | -0 | -0 | 0 |
| Adjusted Earnings Per Share | -0.2 | -0.2 | -0.3 | -0.1 | -1 | -0.2 | -0.9 | -0 | -0 | -0 | -0.3 | -0.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 100% | 26% | 15% | 7% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 47% | 180% | 103% | 33% |
| ROE Average | -3% | -2% | -15% | -14% |
| ROCE Average | -1% | -1% | -9% | -9% |
| #(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 | 14 | 13 | 11 | 11 | 7 | 6 | 3 | 3 | 3 | 3 | 5 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 4 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 4 | 4 | 4 |
| Total Liabilities | 18 | 18 | 15 | 15 | 11 | 9 | 6 | 7 | 7 | 7 | 9 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 9 | 9 | 6 | 6 | 5 | 5 | 0 | 1 | 4 | 4 | 6 |
| Total Current Assets | 9 | 9 | 9 | 9 | 6 | 5 | 6 | 5 | 3 | 3 | 3 |
| Total Assets | 18 | 18 | 15 | 15 | 11 | 9 | 6 | 7 | 7 | 7 | 9 |
| #(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 | 2 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 12 | -1 | -1 | -0 | -1 | 0 | -2 | -1 | -0 | 0 | -2 |
| Cash Flow from Investing Activities | -5 | 1 | 2 | -0 | 1 | 1 | -0 | -0 | -0 | -0 | -0 |
| Cash Flow from Financing Activities | -7 | 0 | -1 | 0 | 0 | -1 | 0 | 1 | 0 | -0 | 2 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | -0 | 0 | -0 | -2 | -0 | -0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | 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) | -0.22 | -0.22 | -0.33 | -0.09 | -1.01 | -0.25 | -0.89 | -0.05 | -0.01 | -0.01 | -0.3 |
| CEPS(Rs) | -0.22 | -0.22 | -0.33 | -0.09 | -1.01 | -0.25 | -0.89 | -0.04 | -0.01 | -0.01 | -0.3 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 3.89 | 3.66 | 3.15 | 3.06 | 2.05 | 1.81 | 0.91 | 0.87 | 0.86 | 0.85 | 11.47 |
| Core EBITDA Margin(%) | -26.44 | -331.38 | -455.25 | -1822.78 | -794.27 | -139.13 | -967.42 | -22.51 | 0.05 | -3.03 | -1.35 |
| EBIT Margin(%) | -18.44 | -266.23 | -451.81 | -1833.33 | -794.67 | -129.85 | -967.99 | -22.51 | 0.15 | -2.99 | -4.96 |
| Pre Tax Margin(%) | -63.16 | -718.86 | -752.04 | -1835.56 | -795.12 | -130.09 | -968.29 | -22.69 | -2 | -7.03 | -6.32 |
| PAT Margin (%) | -63.16 | -718.86 | -752.04 | -1835.56 | -795.12 | -130.09 | -968.29 | -22.69 | -2 | -7.03 | -6.32 |
| Cash Profit Margin (%) | -63.01 | -717.19 | -750.86 | -1825 | -794.7 | -129.82 | -967.73 | -22.44 | -1.86 | -6.82 | -6.25 |
| ROA(%) | -3.42 | -4.41 | -7.18 | -2.23 | -28.37 | -8.88 | -41.68 | -2.57 | -0.35 | -0.76 | -1.79 |
| ROE(%) | -5.42 | -5.91 | -9.64 | -2.95 | -39.39 | -12.88 | -65.75 | -5.07 | -0.75 | -1.63 | -3.34 |
| ROCE(%) | -1.03 | -1.66 | -4.45 | -2.3 | -28.99 | -8.9 | -41.86 | -2.56 | 0.03 | -0.33 | -1.42 |
| Receivable days | 2218.73 | 3787.35 | 2633.56 | 0 | 922.91 | 658.27 | 3116.17 | 2364.21 | 1119.9 | 1176.24 | 382.23 |
| Inventory Days | 257.08 | 1167.55 | 1368.58 | 0 | 349.88 | 95.42 | 63.63 | 51.31 | 38.4 | 78.84 | 39.99 |
| Payable days | 156.31 | 545.18 | -685.28 | 1019.97 | 116.25 | 10.91 | 11.64 | 4.7 | 10.8 | 53.94 | 12.82 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0.15 | 0.15 | 0.18 | 0.16 | 0.09 | 0 | 0.3 | 0.53 | 0.53 | 2.66 | 0.6 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 5.21 | 56.53 | 32.18 | 275.77 | 8.87 | 56.36 | 11.19 | 7.05 | 4.38 | 16.21 | 3.02 |
| EV/Core EBITDA(x) | -28.49 | -21.37 | -7.14 | -15.13 | -1.12 | -43.49 | -1.16 | -31.68 | 1554.3 | -583.14 | -272.55 |
| Net Sales Growth(%) | 143.75 | -90.96 | 40.97 | -88.56 | 2434.51 | 50.78 | -51.72 | 115.48 | 63.66 | -39.19 | 203.92 |
| EBIT Growth(%) | 88.56 | -30.55 | -139.23 | 53.58 | -998.6 | 75.36 | -259.94 | 94.99 | 101.06 | -1352.94 | -403.76 |
| PAT Growth(%) | 70.53 | -2.94 | -47.47 | 72.08 | -997.88 | 75.33 | -259.39 | 94.95 | 85.59 | -114.1 | -173.25 |
| EPS Growth(%) | 70.53 | -2.94 | -47.49 | 72.08 | -997.87 | 75.33 | -259.37 | 94.95 | 85.59 | -113.85 | -2088.49 |
| Debt/Equity(x) | 0.31 | 0.33 | 0.27 | 0.29 | 0.46 | 0.43 | 0.85 | 1.09 | 1.12 | 1.14 | 0.67 |
| Current Ratio(x) | 2.04 | 1.89 | 2.6 | 2.46 | 1.68 | 1.65 | 2.14 | 1.48 | 0.71 | 0.73 | 0.84 |
| Quick Ratio(x) | 1.99 | 1.8 | 2.4 | 2.31 | 1.58 | 1.64 | 2.11 | 1.45 | 0.68 | 0.68 | 0.76 |
| Interest Cover(x) | -0.41 | -0.59 | -1.5 | -825 | -1783.79 | -540.07 | -3150.44 | -121.7 | 0.07 | -0.74 | -3.63 |
| Total Debt/Mcap(x) | 2.05 | 2.19 | 1.52 | 1.82 | 4.95 | 0 | 2.87 | 2.05 | 2.1 | 0.43 | 1.12 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.48 | 1.48 | 1.48 | 1.48 | 1.48 | 1.16 | 1.16 | 1.16 | 1.16 | 1.16 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 98.52 | 98.52 | 98.52 | 98.52 | 98.52 | 98.84 | 98.84 | 98.84 | 98.84 | 98.84 |
| 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 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 3.55 | 3.55 | 3.55 | 3.55 | 3.55 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
* The pros and cons are machine generated.
You May Also Know About
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.