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Manali Petro Overview

Manali Petrochemicals Ltd (MPL) is in the business of manufacturing of petrochemicals. The Company is engaged in imparting polyols and propylene glycol. The Company additionally specializes inside the manufacture of polyether polyol. The Company is the manufacturer of propylene oxide, the input fabric for the derivative merchandise. The Company manufactures Polyols in 4 grades: Flexible Slabstock (FSP), Flexible Cold Cure, Rigids and Elastomers. The polyols have application inside the vehicle, refrigeration and temperature control, adhesive, se...Read More

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Manali Petro Key Financials

Market Cap ₹911 Cr.

Stock P/E 31.1

P/B 0.8

Current Price ₹53

Book Value ₹ 70.3

Face Value 5

52W High ₹81

Dividend Yield 0.94%

52W Low ₹ 39.2

Manali Petro Share Price

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Volume
Price

Manali Petro Quarterly Price

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Manali Petro Peer Comparison

Manali Petro 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 270 205 256 240 230 196 230 235 248 247
Other Income 9 8 6 6 6 4 8 8 13 20
Total Income 279 212 263 247 236 200 238 243 261 267
Total Expenditure 255 200 239 220 226 183 209 212 228 233
Operating Profit 23 13 24 27 10 17 29 31 33 34
Interest 2 2 3 3 2 3 3 3 3 3
Depreciation 6 6 7 7 7 7 7 8 8 9
Exceptional Income / Expenses 0 0 -6 0 0 0 -3 0 -1 51
Profit Before Tax 15 5 8 18 1 8 16 20 21 72
Provision for Tax 4 2 7 5 0 2 5 6 3 4
Profit After Tax 11 3 1 13 0 5 11 14 18 68
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 11 3 1 13 0 5 11 14 18 68
Adjusted Earnings Per Share 0.6 0.2 0.1 0.8 0 0.3 0.6 0.8 1.1 4

Manali Petro Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 579 632 748 810 803 1024 1672 1177 1032 897 960
Other Income 14 13 3 12 13 13 18 28 29 25 49
Total Income 593 645 751 822 816 1038 1690 1205 1062 922 1009
Total Expenditure 515 572 651 712 733 724 1143 1103 988 839 882
Operating Profit 77 73 100 110 83 314 547 102 74 83 127
Interest 3 2 3 2 6 5 9 9 10 10 12
Depreciation 6 10 9 11 14 21 20 23 25 27 32
Exceptional Income / Expenses 0 0 0 17 -8 -21 -7 0 -6 -3 47
Profit Before Tax 69 61 88 113 54 268 511 70 33 42 129
Provision for Tax 21 22 30 37 8 67 129 19 14 13 18
Profit After Tax 48 40 58 77 47 201 381 51 19 29 111
Adjustments 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 48 40 58 77 47 201 381 51 19 29 111
Adjusted Earnings Per Share 2.8 2.3 3.4 4.5 2.7 11.7 22.2 2.9 1.1 1.7 6.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -13% -19% 2% 0%
Operating Profit CAGR 12% -47% 0% 0%
PAT CAGR 53% -58% -9% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -8% -8% -8% 6%
ROE Average 3% 3% 18% 16%
ROCE Average 5% 5% 24% 23%

Manali Petro Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 282 330 392 455 481 680 1030 1044 1062 1094
Minority's Interest 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 19
Other Non-Current Liabilities 5 16 25 30 53 43 75 83 84 80
Total Current Liabilities 234 210 139 169 126 169 185 147 163 209
Total Liabilities 522 556 556 654 660 892 1290 1274 1308 1403
Fixed Assets 105 234 273 283 302 292 343 552 559 596
Other Non-Current Assets 39 49 33 29 47 51 39 48 48 115
Total Current Assets 377 273 250 342 310 550 908 674 701 692
Total Assets 522 556 556 654 660 892 1290 1274 1308 1403

Manali Petro Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 94 70 30 63 54 95 282 612 378 364
Cash Flow from Operating Activities -6 87 58 13 87 219 373 92 75 -19
Cash Flow from Investing Activities -7 -124 -22 -17 -21 -15 -13 -267 -82 -155
Cash Flow from Financing Activities -11 6 -17 -2 -29 -28 -26 -64 -7 -0
Net Cash Inflow / Outflow -24 -31 19 -6 38 176 334 -239 -14 -174
Closing Cash & Cash Equivalent 70 30 63 54 95 282 612 378 364 190

Manali Petro Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 2.79 2.3 3.37 4.45 2.71 11.7 22.16 2.95 1.12 1.7
CEPS(Rs) 3.13 2.86 3.88 5.1 3.55 12.92 23.32 4.29 2.59 3.28
DPS(Rs) 0.5 0.5 0.5 0.75 0.75 1.5 2.5 0.75 0.75 0.5
Book NAV/Share(Rs) 16.42 19.2 22.77 26.45 27.98 39.53 59.91 60.72 61.73 63.63
Core EBITDA Margin(%) 9.75 8.59 12.34 11.87 8.51 29.07 31.4 6.23 4.28 6.42
EBIT Margin(%) 10.93 9.09 11.58 13.94 7.35 26.34 30.88 6.64 4.12 5.78
Pre Tax Margin(%) 10.54 8.76 11.17 13.66 6.59 25.88 30.32 5.86 3.2 4.63
PAT Margin (%) 7.33 5.66 7.37 9.22 5.67 19.45 22.63 4.25 1.84 3.23
Cash Profit Margin (%) 8.22 7.04 8.5 10.55 7.43 21.48 23.82 6.19 4.27 6.21
ROA(%) 9.19 7.34 10.41 12.66 7.1 25.93 34.93 3.95 1.49 2.16
ROE(%) 16.98 12.91 16.04 18.09 9.97 34.66 44.56 4.88 1.82 2.72
ROCE(%) 25.12 19.82 23.61 25.64 12.15 45.38 59.64 7.54 4.02 4.72
Receivable days 50.2 46.45 43.86 47.29 49.37 49.44 35.78 48.57 49.09 47.85
Inventory Days 58.25 59.68 45.62 41.83 45.87 28.08 17.13 30.06 38.03 61.13
Payable days 100.15 93.98 69.47 54.31 48.34 45.41 35.31 34.01 31.03 50.22
PER(x) 9 17.37 9.95 5.69 3.72 5.07 4.89 20.41 50.32 32.97
Price/Book(x) 1.53 2.08 1.47 0.96 0.36 1.5 1.81 0.99 0.91 0.88
Dividend Yield(%) 1.99 1.25 1.49 2.96 7.43 2.53 2.31 1.25 1.33 0.89
EV/Net Sales(x) 0.73 1.08 0.79 0.5 0.17 0.73 0.76 0.56 0.55 0.76
EV/Core EBITDA(x) 5.47 9.36 5.87 3.71 1.68 2.38 2.32 6.41 7.68 8.2
Net Sales Growth(%) 0 9.16 18.31 8.35 -0.89 27.57 63.2 -29.6 -12.3 -13.1
EBIT Growth(%) 0 -11.16 43.28 27.2 -47.79 350.7 90.75 -84.77 -45.76 22.24
PAT Growth(%) 0 -17.51 46.38 32.29 -39.08 331.3 89.38 -86.71 -62.08 52.58
EPS Growth(%) 0 -17.51 46.38 32.28 -39.09 331.31 89.38 -86.71 -62.08 52.57
Debt/Equity(x) 0.01 0.08 0.06 0.07 0.05 0.02 0.02 0.01 0.02 0.04
Current Ratio(x) 1.61 1.3 1.8 2.03 2.46 3.25 4.92 4.6 4.31 3.31
Quick Ratio(x) 1.16 0.71 1.28 1.33 1.75 2.83 4.44 3.85 3.64 2.38
Interest Cover(x) 28.35 27.47 27.97 49.82 9.66 57.92 55.84 8.59 4.47 5.02
Total Debt/Mcap(x) 0.01 0.04 0.04 0.08 0.15 0.01 0.01 0.01 0.02 0.05

Manali Petro Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86
FII 0.86 0.79 1.32 1.11 1.06 0.66 0.45 0.44 0.29 0.37
DII 0.02 0.02 0.07 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Public 54.26 54.33 53.75 54.01 54.07 54.47 54.67 54.69 54.83 54.76
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Manali Petro News

Manali Petro Pros & Cons

Pros

  • Stock is trading at 0.8 times its book value
  • Company is almost debt free.

Cons

  • Promoter holding is low: 44.86%.
  • Company has a low return on equity of 3% over the last 3 years.
  • Debtor days have increased from 31.03 to 50.22days.
  • The company has delivered a poor profit growth of -9% over past five years.
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