Trading · Founded 1982 · www.mahacorp.in · BSE 505523 · · ISIN INE272E01027
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Business
Maharashtra Corporation Ltd. (MAHA CORP) operates in the Trading sector in India. As a trading company, its core business involves buying and selling goods, commodities, or potentially financial instruments with the aim of profiting from the differential between purchase and sale prices, or through commissions and fees. The company acts as an intermediary, facilitating the movement of products between producers and consumers or other businesses, potentially across various industries and geographies within India and possibly internationally. Its revenue is primarily generated through trading margins and volume.
Revenue Mix
Specific details regarding key business segments or a detailed revenue mix are not available. For a typical trading company, revenue streams could potentially be diversified across different product categories (e.g., industrial goods, consumer products, agricultural commodities), geographical regions, or types of trading activities (e.g., import/export, domestic distribution, principal trading, agency/brokerage services). Without further data, a breakdown of specific contributions cannot be provided.
Industry
The trading industry in India is generally fragmented and highly competitive, characterized by numerous players ranging from large diversified conglomerates to small, specialized traders. Barriers to entry can be relatively low for certain types of trading, though establishing robust supply chains, strong customer relationships, and efficient logistics requires significant effort. Maharashtra Corporation Ltd. likely operates within this competitive landscape, potentially focusing on specific niches, product categories, or regional markets to differentiate itself. Its exact positioning relative to peers (e.g., market share, scale) cannot be determined without specific company data.
MOAT
Trading companies, especially in commoditized segments, often struggle to establish strong, durable competitive advantages. Potential sources of moat for Maharashtra Corporation Ltd. could include:
Strong Supplier and Customer Relationships: Long-standing trust and preferential terms with key suppliers and reliable distribution channels.
Efficient Supply Chain & Logistics: Expertise in sourcing, warehousing, and transportation that leads to cost efficiencies or faster delivery.
Niche Market Expertise: Specialization in a particular type of goods or a specific geographic market where competition is less intense or knowledge is critical.
Working Capital Management: Superior management of inventory and receivables, enabling greater operational flexibility and lower financing costs.
However, these advantages can be difficult to sustain against new entrants or aggressive competitors.
Growth Drivers
Key factors that could drive growth for Maharashtra Corporation Ltd. over the next 3-5 years include:
Economic Growth in India: Overall economic expansion will likely increase demand for various goods and commodities, benefiting trading activities.
Expansion into New Product Categories: Diversifying the product portfolio to capture new market opportunities or reduce reliance on a few goods.
Geographical Expansion: Entering new domestic or international markets to broaden reach and customer base.
Supply Chain Optimization: Improving sourcing, logistics, and inventory management to enhance efficiency and profitability.
Digital Transformation: Leveraging technology for market intelligence, order processing, and supply chain visibility to gain an edge.
Risks
Commodity Price Volatility: Fluctuations in the prices of traded goods can significantly impact margins and inventory value, leading to potential losses.
Intense Competition: The fragmented nature of the trading industry can lead to pressure on margins and difficulty in maintaining market share.
Supply Chain Disruptions: Global or local events (e.g., geopolitical conflicts, natural disasters, pandemics) can disrupt sourcing and distribution.
Credit Risk: Risk of non-payment or delayed payments from customers, especially in high-volume trading.
Regulatory Changes: Changes in import/export policies, tariffs, taxes, or trade agreements in India or partner countries can impact profitability.
Working Capital Management: Effective management of inventory and receivables is crucial; inefficient handling can tie up capital and strain finances.
Management & Ownership
Specific details regarding the promoters, management team's experience, or detailed ownership structure are not available. In many Indian companies, promoters typically hold a significant ownership stake and play a crucial role in strategic decision-making and day-to-day operations. The quality and vision of the management team are critical for navigating the complexities and risks inherent in the trading business.
Outlook
Maharashtra Corporation Ltd., as a trading entity in India, operates within a dynamic and competitive environment. The bull case for the company hinges on its ability to effectively leverage India's robust economic growth, expand strategically into profitable niches or product segments, and maintain strong, efficient supply chains supported by sound working capital management. Building and nurturing strong relationships with both suppliers and customers would be paramount to its sustained success.
Conversely, the bear case involves the inherent risks of the trading sector: vulnerability to volatile commodity prices, intense competitive pressures leading to margin erosion, and potential disruptions in global supply chains. Inefficient inventory management, credit defaults, or adverse changes in trade policies could significantly impact its financial health. The company's long-term success will largely depend on its agility in adapting to market changes, its ability to identify and exploit profitable trading opportunities, and its discipline in risk management.
| #(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 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | 0 | 1 | -0 | 0 | -1 | -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 | 1 | -0 | 0 | -1 | -0 | -0 | -0 | -0 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 1 | -0 | 0 | -1 | -0 | -0 | -0 | -0 | -0 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | -0 | 0 | -1 | -0 | -0 | -0 | -0 | -0 |
| Adjusted Earnings Per Share | 0 | 0 | -0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 |
| #(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 | 3 | 13 | 21 | -0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 3 | 13 | 21 | -0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 0 |
| Total Expenditure | 3 | 13 | 21 | 2 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 0 |
| Operating Profit | 0 | 0 | 0 | -2 | -0 | -0 | 0 | -1 | 1 | 0 | 0 | 0 |
| Interest | 0 | 0 | 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 | 0 | 0 | 0 | -2 | -0 | -0 | 0 | -1 | 1 | 0 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | -2 | -0 | -0 | 0 | -1 | 1 | 0 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | -2 | -0 | -0 | 0 | -1 | 1 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | 0 | 0 | 0 | -0.1 | -0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 100% | 0% | 0% | -4% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -35% | -34% | -7% | 2% |
| ROE Average | 0% | 1% | -0% | -1% |
| ROCE Average | 0% | 1% | -0% | -1% |
| #(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 | 15 | 15 | 15 | 13 | 13 | 13 | 13 | 12 | 28 | 62 | 62 |
| 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 | 0 | 8 | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 0 | -0 |
| Total Liabilities | 15 | 23 | 16 | 14 | 14 | 13 | 13 | 12 | 29 | 62 | 62 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 49 |
| Other Non-Current Assets | 6 | 6 | 6 | 3 | 3 | 3 | 4 | 3 | 5 | 8 | 6 |
| Total Current Assets | 9 | 17 | 9 | 10 | 10 | 9 | 10 | 9 | 23 | 54 | 7 |
| Total Assets | 15 | 23 | 16 | 14 | 14 | 13 | 13 | 12 | 29 | 62 | 62 |
| #(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 | 0 | 0 | 0 | 0 | 1 |
| Cash Flow from Operating Activities | -0 | -1 | 0 | -0 | -0 | -0 | -0 | 1 | -15 | -30 | 48 |
| Cash Flow from Investing Activities | 0 | 1 | 0 | 0 | 0 | 0 | 0 | -0 | -1 | -0 | -49 |
| Cash Flow from Financing Activities | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16 | 31 | 0 |
| Net Cash Inflow / Outflow | -0 | 0 | 0 | -0 | -0 | -0 | -0 | 0 | -0 | 1 | -1 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 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 | 0 | 0 | -0.14 | -0.01 | -0.01 | 0 | -0.05 | 0.02 | 0.01 | 0 |
| CEPS(Rs) | 0 | 0 | 0 | -0.14 | -0.01 | -0.01 | 0 | -0.05 | 0.03 | 0.01 | 0.01 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 1.01 | 1.01 | 1.02 | 0.88 | 0.87 | 0.87 | 0.87 | 0.82 | 0.97 | 0.98 | 0.99 |
| Core EBITDA Margin(%) | -2.97 | -0.27 | -0.01 | 4610.14 | 0 | 0 | -3.08 | 0 | 66.31 | 33.77 | 20.2 |
| EBIT Margin(%) | 1.25 | 0.05 | 0.08 | 4522.5 | 0 | 0 | 1.55 | 0 | 64.14 | 19.87 | 8.48 |
| Pre Tax Margin(%) | 1.25 | 0.05 | 0.08 | 4522.5 | 0 | 0 | 1.42 | 0 | 64.13 | 19.86 | 8.47 |
| PAT Margin (%) | 0.77 | 0.03 | 0.05 | 4522.5 | 0 | 0 | 1.42 | 0 | 64.13 | 19.86 | 6.95 |
| Cash Profit Margin (%) | 0.9 | 0.05 | 0.06 | 4521.13 | 0 | 0 | 1.45 | 0 | 66.98 | 35.67 | 18.75 |
| ROA(%) | 0.13 | 0.02 | 0.06 | -13.41 | -0.67 | -0.55 | 0.04 | -5.14 | 3.54 | 0.34 | 0.17 |
| ROE(%) | 0.14 | 0.03 | 0.07 | -14.34 | -0.72 | -0.58 | 0.04 | -5.35 | 3.56 | 0.54 | 0.37 |
| ROCE(%) | 0.23 | 0.05 | 0.11 | -14.33 | -0.72 | -0.57 | 0.05 | -5.21 | 3.56 | 0.34 | 0.21 |
| Receivable days | 996.36 | 318.57 | 201.97 | 0 | 0 | 0 | 7335.27 | 0 | 1855.93 | 2142.83 | 995.39 |
| Inventory Days | 274.25 | 46.01 | 26.84 | 0 | 0 | 0 | 1407.19 | 0 | 502.92 | 724.34 | 364.51 |
| Payable days | 212.59 | 115.19 | 76.09 | 179.23 | 0 | 0 | 262.11 | 0 | 0 | 0 | 0 |
| PER(x) | 210.48 | 804.76 | 305.1 | 0 | 0 | 0 | 1137.5 | 0 | 54.88 | 203.77 | 165.64 |
| Price/Book(x) | 0.31 | 0.24 | 0.21 | 0.31 | 0.37 | 0.18 | 0.52 | 1.91 | 1.39 | 1.1 | 0.62 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.67 | 0.27 | 0.14 | -88.6 | 0 | 0 | 17.93 | 0 | 35.1 | 39.23 | 11.33 |
| EV/Core EBITDA(x) | 121.13 | 394.07 | 179.27 | -1.96 | -51.24 | -32.26 | 1133.14 | -34.21 | 52.39 | 109.95 | 55.86 |
| Net Sales Growth(%) | 46.54 | 367.4 | 63.43 | -100.21 | -100 | 0 | 0 | -100 | 0 | -30.57 | 98.72 |
| EBIT Growth(%) | -50.74 | -79.92 | 130.76 | 0 | 95.33 | 21.02 | 108.47 | 0 | 209.82 | -78.49 | -15.23 |
| PAT Growth(%) | -57.06 | -79.04 | 142.83 | 0 | 95.33 | 20.92 | 107.74 | 0 | 209.28 | -78.5 | -30.41 |
| EPS Growth(%) | -55.88 | -80 | 133.33 | 0 | 95.36 | 20.63 | 108 | 0 | 154.42 | -78.46 | -30.51 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0.04 | 0 | 0 | 0 | -0 |
| Current Ratio(x) | 51.18 | 2.18 | 11.06 | 9.94 | 10.02 | 38.8 | 12.25 | 53.51 | 213.78 | 610.56 | -38.59 |
| Quick Ratio(x) | 41.26 | 1.99 | 9.26 | 8.49 | 8.52 | 32.48 | 10.31 | 44.27 | 199.21 | 592.91 | -30.31 |
| Interest Cover(x) | 0 | 16.47 | 408.89 | 0 | -731.13 | -374.87 | 11.9 | -211.65 | 7205 | 1550 | 1314 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.08 | 0 | 0 | 0 | -0.01 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 16.62 | 16.62 | 16.62 | 16.62 | 16.62 | 16.62 | 16.62 | 16.62 | 16.62 | 16.61 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 83.38 | 83.38 | 83.38 | 83.38 | 83.38 | 83.38 | 83.38 | 83.38 | 83.38 | 83.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.78 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +100% | — | — | -4% |
| Operating Profit CAGR | — | — | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -35% | -34% | -7% | +2% |
| ROE Average | 0% | +1% | 0% | -1% |
| ROCE Average | 0% | +1% | 0% | -1% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 16.62 | 16.62 | 16.62 | 16.62 | 16.62 | 16.62 | 16.62 | 16.62 | 16.62 | 16.61 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 83.38 | 83.38 | 83.38 | 83.38 | 83.38 | 83.38 | 83.38 | 83.38 | 83.38 | 83.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 | 10.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.78 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 | 62.09 |
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