Engineering - Construction · Founded 1973 · www.maproindustries.com · BSE 509762 · · ISIN INE848M01019
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Business
Mapro Industries Ltd. is an Indian food processing company primarily engaged in the manufacturing and sale of fruit-based products, confectionery, and chocolates. Its core business revolves around sourcing fresh fruits, processing them into various forms (like crushes, squashes, jams), and producing a range of finished consumer products including fruit crushes, squashes, syrups, fruit jams, chocolates, desserts, and fruit drinks. The company operates through a well-established manufacturing facility and has a strong brand presence, particularly in Western India, often associated with its popular tourist destination, Mapro Garden, in Mahabaleshwar. It makes money by selling its branded food and beverage products through retail channels, both traditional and modern, as well as direct-to-consumer sales at its tourist facilities.
Revenue Mix
While specific percentage contributions are not publicly available, Mapro's revenue is primarily generated from:
Fruit Products: This is the flagship segment, including a wide array of fruit crushes, squashes, syrups, and jams.
Confectionery & Chocolates: Products like fruit chews, chocolate-based items, and other sweets.
Desserts & Beverages: Instant desserts and ready-to-drink beverages.
Retail & Hospitality: Revenue generated through its Mapro Garden outlets, which combine manufacturing, retail, and a tourist experience, contributing to direct sales.
Industry
Mapro operates in the highly competitive Indian Food & Beverage industry, specifically within the processed food and confectionery segments. This industry is characterized by the presence of large multinational corporations (e.g., Unilever, Nestle), established national players (e.g., Dabur, ITC, Britannia), and numerous regional and local brands. Mapro has carved a niche for itself, particularly in the fruit-based products category, leveraging its strong regional brand equity, association with fresh produce from Mahabaleshwar, and a reputation for quality. It positions itself as a premium brand offering authentic fruit flavors, differentiating from mass-market players.
MOAT
Brand Recognition: A strong regional brand, especially in Maharashtra, deeply associated with quality fruit products and the popular Mapro Garden tourist destination, which enhances brand recall and loyalty.
Niche Expertise: Specialized knowledge and experience in fruit processing, allowing for a diverse range of fruit-based products.
Distribution & Direct-to-Consumer: Established retail presence combined with a unique direct-to-consumer channel through its Mapro Garden, fostering brand experience and direct sales.
Geographic Association: Leveraging its Mahabaleshwar origin, known for strawberries and other fruits, provides a natural, fresh, and authentic brand image.
Growth Drivers
Expanding Product Portfolio: Introduction of new flavors, product categories (e.g., healthier snacks, gourmet products), and formats to cater to evolving consumer preferences.
Geographic Expansion: Increasing penetration into new Indian markets beyond its traditional stronghold, utilizing modern retail and e-commerce channels.
Growing Disposable Incomes & Urbanization: Driving demand for branded, convenient, and processed food products in India.
Tourism Synergy: Continued popularity of Mapro Garden and other experiential outlets can drive direct sales and brand visibility.
Modern Retail & E-commerce: Leveraging these channels to achieve wider reach and improve accessibility for consumers across the country.
Risks
Raw Material Price Volatility: Reliance on seasonal fruits makes the company vulnerable to price fluctuations and availability issues, impacting costs and profitability.
Intense Competition: Facing stiff competition from well-capitalized national and multinational FMCG players with larger marketing budgets and wider distribution networks.
Food Safety & Regulatory Compliance: Strict food safety standards and frequent changes in regulations pose a continuous compliance challenge.
Brand Reputation Risk: Any quality lapse or negative publicity could severely impact consumer trust and brand image.
Supply Chain Disruptions: Perishable nature of raw materials makes the supply chain susceptible to disruptions due to weather, logistics, or other unforeseen events.
Management & Ownership
Mapro Industries Ltd. is known to be a closely-held, family-managed business, a common structure among many established Indian enterprises. The promoter family typically holds a significant ownership stake and is actively involved in the day-to-day operations and strategic direction of the company. Management focus has historically been on maintaining product quality, expanding the product range, and leveraging the brand's association with Mahabaleshwar and its experiential outlets.
Outlook
Mapro Industries benefits from a strong regional brand and a loyal customer base for its quality fruit-based products. The company is well-positioned to capitalize on the increasing demand for branded and processed foods in India, driven by urbanization and rising disposable incomes. Its unique blend of manufacturing, retail, and tourism (Mapro Garden) provides a synergistic growth model. However, the outlook is balanced by intense competition from larger FMCG players, potential volatility in raw material prices, and the challenge of scaling its distribution and brand presence nationally against established giants. Sustained focus on product innovation, quality control, and strategic market expansion will be key for its continued growth in a highly competitive environment.
| #(Fig in Cr.) | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Operating Profit | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 1 |
| 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 | 1 |
| 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 | 1 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 1 |
| Adjusted Earnings Per Share | 0.3 | 0.1 | 0 | -0.2 | 0.1 | 0.1 | 0.3 | -0.2 | 0.3 | 0.7 |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 2 | 16 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Other Income | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Total Income | 0 | 2 | 16 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Total Expenditure | 0 | 2 | 16 | 3 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -0 | -0 | 0 | 0 | 1 |
| 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 | 0 | 0 | 0 | -1 | -0 | -0 | 0 | 0 | 1 |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 |
| Profit After Tax | -0 | 0 | 0 | 0 | 0 | 0 | -1 | -0 | -0 | 0 | 0 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | -1 | -0 | -0 | 0 | 0 | 1 |
| Adjusted Earnings Per Share | -0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | -0.7 | -0.1 | -0.3 | 0 | 0.3 | 1.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 0% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 57% | NA% | NA% | -14% |
| ROE Average | 1% | 0% | -0% | 0% |
| ROCE Average | 1% | 0% | -0% | 0% |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -0 | 7 | 26 | 26 | 26 | 27 | 26 | 26 | 26 | 26 | 26 |
| 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 | 2 | 1 | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 0 | 9 | 28 | 28 | 27 | 27 | 26 | 26 | 26 | 26 | 26 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 2 | 11 | 9 | 8 | 8 | 9 | 14 | 19 | 22 | 22 |
| Total Current Assets | 0 | 8 | 17 | 19 | 19 | 19 | 17 | 12 | 7 | 4 | 4 |
| Total Assets | 0 | 9 | 28 | 28 | 27 | 27 | 26 | 26 | 26 | 26 | 26 |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -0 | -0 | 1 | -1 | 1 | 0 | 0 | 1 | 0 | -1 | -0 |
| Cash Flow from Investing Activities | 0 | -7 | -19 | 1 | 0 | 0 | -0 | -1 | 0 | 2 | 0 |
| Cash Flow from Financing Activities | 0 | 7 | 19 | 1 | -1 | -0 | -0 | -0 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.02 | 0.07 | 0.13 | 0.13 | 0.13 | 0.23 | -0.67 | -0.06 | -0.26 | 0.04 | 0.32 |
| CEPS(Rs) | 0.18 | 0.07 | 0.13 | 0.13 | 0.13 | 0.23 | -0.67 | -0.06 | -0.26 | 0.04 | 0.32 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -0.33 | 11.04 | 31.42 | 31.55 | 31.36 | 31.59 | 30.92 | 30.86 | 30.6 | 30.69 | 31.01 |
| Core EBITDA Margin(%) | 3.73 | -1.2 | -1.42 | -40.05 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | -0.72 | 3.03 | 1.02 | 8.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | -0.72 | 3.03 | 1.02 | 7.08 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | -0.51 | 2.1 | 0.7 | 4.89 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | 3.97 | 2.1 | 0.7 | 4.89 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | -1.79 | 1.07 | 0.6 | 0.4 | 0.4 | 0.7 | -2.12 | -0.18 | -0.82 | 0.14 | 1.04 |
| ROE(%) | 0 | 1.34 | 0.66 | 0.42 | 0.41 | 0.72 | -2.15 | -0.18 | -0.83 | 0.14 | 1.04 |
| ROCE(%) | 0 | 1.9 | 0.95 | 0.74 | 0.77 | 1.01 | -2.14 | -0.05 | -1.11 | 0.19 | 1.39 |
| Receivable days | 0 | 252.25 | 18.81 | 133.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 39.56 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 681.82 | 3336.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 4.55 | 14.06 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.2 | 14.31 | 23.4 | 3.97 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | 58.61 | 471.72 | 2301.67 | 45.6 | 39.24 | 29.69 | -14.53 | -603.59 | -27.43 | 165.14 | 23.14 |
| Net Sales Growth(%) | 361.51 | 378.82 | 570.75 | -85.52 | -100 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | -2424.89 | 2104.95 | 124.84 | 23.88 | 3.34 | 29.88 | -309.99 | 97.57 | -2000.58 | 117.17 | 630 |
| PAT Growth(%) | -103.05 | 2054.49 | 124.4 | 0.94 | -3.1 | 74.46 | -397.89 | 91.53 | -347.27 | 117 | 639.77 |
| EPS Growth(%) | -103.05 | 416.43 | 79.65 | 0.98 | -3.14 | 74.49 | -397.88 | 91.53 | -347.27 | 117.01 | 639.17 |
| Debt/Equity(x) | 0 | 0.02 | 0.01 | 0.04 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 0.27 | 4.24 | 12.78 | 12.3 | 25.5 | 35.06 | 38.24 | 98.65 | 15.85 | 22.86 | 17.66 |
| Quick Ratio(x) | 0.27 | 4.24 | 12.78 | 12.3 | 25.5 | 35.06 | 38.24 | 98.65 | 15.85 | 22.86 | 17.66 |
| Interest Cover(x) | 0 | 734.16 | 912.38 | 5.37 | 28.1 | 64.73 | -203.85 | -0.27 | -124.14 | 492.7 | 0 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 |
| 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 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | — | — |
| Operating Profit CAGR | — | — | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +57% | — | — | -14% |
| ROE Average | +1% | 0% | 0% | 0% |
| ROCE Average | +1% | 0% | 0% | 0% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 | 30.58 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 | 69.42 |
| 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 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
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