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Mahan Industries Overview

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.

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Mahan Industries Key Financials

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

Mahan Industries Share Price

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Volume
Price

Mahan Industries Quarterly Price

Show Value Show %

Mahan Industries Peer Comparison

Mahan Industries Quarterly Results

#(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

Mahan Industries Profit & Loss

#(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

Growth Rates

# 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%

Mahan Industries Balance Sheet

#(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

Mahan Industries Cash Flow

#(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

Mahan Industries Ratios

# 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

Mahan Industries Shareholding Pattern

# 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

Mahan Industries News

Mahan Industries Pros & Cons

Pros

  • Debtor days have improved from 53.94 to 12.82days.

Cons

  • Promoter holding is low: 1.16%.
  • Company has a low return on equity of -2% over the last 3 years.
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