Metal - Non Ferrous · Founded 1992 · www.mardiasygltd.com · BSE 513544 · · ISIN INE277E01026
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Business
Mardia Samyoung Capillary Tubes Co Ltd. is an Indian manufacturing company specializing in the production of capillary tubes. Its core business involves processing non-ferrous metals, primarily copper, to create precision-engineered tubes with very small internal diameters. These tubes are critical components used in various industries, including refrigeration, air conditioning (HVAC), automotive, medical equipment, and instrumentation. The company generates revenue by selling these capillary tubes to original equipment manufacturers (OEMs) and other industrial clients, serving both domestic and potentially international markets.
Revenue Mix
Given the company name, its primary and likely sole significant revenue segment is the manufacturing and sale of capillary tubes. While exact revenue mix figures are not publicly available without specific financial reports, it can be inferred that the vast majority of its income is derived from this specialized product line.
Industry
The company operates within the specialized niche of the broader Metal - Non Ferrous industry, focusing on precision tubing. The market for capillary tubes is driven by demand from downstream sectors such as consumer electronics (refrigerators, ACs), industrial equipment, and medical devices. Mardia Samyoung Capillary Tubes positions itself as a specialized manufacturer within this segment in India. Its positioning is likely as a supplier of critical components, requiring adherence to stringent quality standards and precision engineering. It competes with other domestic and international manufacturers of non-ferrous tubes, particularly those with capabilities in small-diameter precision tubing.
MOAT
Mardia Samyoung Capillary Tubes Co Ltd. may possess competitive advantages stemming from:
Specialized Expertise: Manufacturing high-precision capillary tubes requires specific technical know-how, specialized machinery, and stringent quality control processes, which can be a barrier to entry for new players.
Customer Integration & Switching Costs: Once a manufacturer's capillary tubes are qualified and integrated into a customer's product designs (e.g., refrigeration units), switching suppliers can involve significant re-qualification costs and time, creating a sticky customer base.
Reputation for Quality: In a components business, a track record of consistent quality and reliability is crucial for securing and retaining OEM contracts.
Growth Drivers
Growth in End-Use Industries: Expanding demand from sectors like HVAC, consumer durables (refrigerators), automotive, and medical devices, particularly in India and emerging economies, will drive demand for capillary tubes.
Infrastructure Development: Industrial growth and new manufacturing facilities often require precision tubing for various applications.
"Make in India" Initiative: Government push for domestic manufacturing could lead to increased demand for locally produced components like capillary tubes, potentially displacing imports.
Technological Advancements: Adoption of new refrigerant technologies or more efficient cooling systems may require specific types of capillary tubes, offering opportunities for product innovation.
Export Opportunities: Tapping into international markets where demand for quality capillary tubes is high.
Risks
Raw Material Price Volatility: The price of non-ferrous metals, especially copper, is subject to global market fluctuations. Significant increases in raw material costs can impact profitability if not effectively passed on to customers.
Demand Cyclicality: Demand for capillary tubes is linked to the cyclical nature of end-user industries (e.g., consumer discretionary spending on appliances, industrial investment).
Intense Competition: Competition from other domestic and international manufacturers can lead to pricing pressure and margin erosion.
Technological Disruption: While capillary tubes are fundamental, alternative technologies or materials could emerge in the long term, although this is a lower immediate risk.
Foreign Exchange Fluctuations: If the company imports raw materials or exports finished goods, currency movements can affect costs and revenues.
Regulatory Changes: Changes in environmental regulations or trade policies could impact manufacturing processes or market access.
Management & Ownership
Mardia Samyoung Capillary Tubes Co Ltd. is an Indian company, likely promoter-led. Typically, such companies have a significant portion of ownership held by the founding family or promoter group, with the remaining shares held by public shareholders and potentially institutional investors. The management team is expected to comprise experienced professionals with expertise in metallurgy, precision manufacturing, and sales within industrial B2B segments. The quality of management is often reflected in operational efficiency, strategic market positioning, and financial performance over time.
Outlook
Mardia Samyoung Capillary Tubes operates in a specialized yet essential segment of the non-ferrous metals industry. The outlook is cautiously optimistic, driven by the sustained growth of key end-user industries in India and potentially abroad, such as HVAC, refrigeration, and medical devices. The company's focus on precision manufacturing provides a base for catering to quality-conscious clients. However, profitability remains susceptible to the volatility of global commodity prices (e.g., copper) and competitive pressures. The ability to innovate, maintain cost efficiencies, and expand market reach, both domestically and internationally, will be crucial for long-term growth and resilience. A slowdown in industrial activity or a significant shift in raw material costs could temper growth prospects.
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| #(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 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 61 | 25 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 61 | 25 |
| Total Expenditure | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 10 | 59 | 23 |
| Operating Profit | -0 | -0 | -1 | -0 | -0 | -0 | 0 | 2 | 2 | 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 | -1 | -0 | -0 | -0 | 0 | 2 | 2 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| Profit After Tax | -0 | -0 | -1 | -0 | -0 | -0 | 0 | 1 | 1 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -1 | -0 | -0 | -0 | 0 | 1 | 1 | 1 |
| Adjusted Earnings Per Share | -0.4 | -0.3 | -2 | -0.1 | -0.1 | -0.3 | 0 | 1.9 | 0.2 | 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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 98 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 98 |
| Total Expenditure | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 92 |
| Operating Profit | -1 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -0 | -0 | 1 | 5 |
| 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 | -1 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -1 | 1 | 5 |
| Provision for Tax | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Profit After Tax | -1 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -1 | 1 | 3 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -1 | 1 | 3 |
| Adjusted Earnings Per Share | -1.5 | -0.4 | -0.6 | -0.6 | -0.4 | -0.4 | -0 | 0 | -0.3 | -0.7 | 1.7 | 2.2 |
| # | 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 | -22% | NA% | 89% | 28% |
| ROE Average | 159% | 2% | 1% | -4% |
| ROCE Average | 103% | 4% | 3% | -4% |
| #(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 | 16 | 16 | 15 | 15 | 5 | 5 | 5 | 5 | 5 | 4 | 6 |
| 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 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -2 | -3 |
| Total Current Liabilities | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 |
| Total Liabilities | 16 | 16 | 15 | 14 | 5 | 5 | 5 | 5 | 5 | 4 | 3 |
| Fixed Assets | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 0 |
| Other Non-Current Assets | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 12 | 12 | 11 | 11 | 2 | 2 | 2 | 3 | 3 | 1 | 3 |
| Total Assets | 16 | 16 | 15 | 14 | 5 | 5 | 5 | 5 | 5 | 4 | 3 |
| #(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 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 0 |
| Cash Flow from Operating Activities | -6 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | -0 | -0 | -3 |
| Cash Flow from Investing Activities | 0 | 0 | 0 | 0 | 1 | 0 | 0 | -0 | 0 | -1 | 3 |
| Cash Flow from Financing Activities | 6 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | -0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -1 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 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) | -1.54 | -0.42 | -0.56 | -0.6 | -0.42 | -0.39 | -0.04 | 0.05 | -0.33 | -0.73 | 1.72 |
| CEPS(Rs) | -1.25 | -0.1 | -0.49 | -0.56 | -0.37 | -0.34 | 0 | 0.09 | -0.28 | -0.69 | 1.72 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 13.71 | 13.28 | 12.72 | 11.52 | 1.65 | 1.26 | 1.22 | 1.28 | 0.95 | 0.22 | 1.95 |
| Core EBITDA Margin(%) | -1759.11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | -2107.86 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | -2107.86 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | -2077.68 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | -1688.75 | -2616.06 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | -5.53 | -1.84 | -2.54 | -2.95 | -3.14 | -5.91 | -0.66 | 0.72 | -4.77 | -12.15 | 38.9 |
| ROE(%) | -9.42 | -3.14 | -4.29 | -4.98 | -6.33 | -26.6 | -3.46 | 3.85 | -29.2 | -124.41 | 158.95 |
| ROCE(%) | -9.23 | -3.34 | -4.28 | -4.97 | -6.32 | -26.6 | -3.44 | 3.8 | -28.8 | -61.3 | 102.52 |
| Receivable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 6536.14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 2632.54 | 0 | 728.25 | 0 | 0 | 0 | 0 | 7837.43 | 2565.54 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.33 |
| Price/Book(x) | 0 | 0 | 0.24 | 0.2 | 1.34 | 0 | 1.54 | 0 | 0 | 0 | 4.72 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1167.09 | 2566.22 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | -8.04 | -67.95 | -5.33 | -9.2 | -3.64 | -26.46 | 0 | 100.81 | -32.2 | -16.16 | 5.33 |
| Net Sales Growth(%) | -99.09 | -57.29 | -100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | 18.87 | 70.15 | -19.22 | -7.69 | 30.95 | 6.9 | 88.89 | 211.78 | -777.84 | -124.29 | 335.26 |
| PAT Growth(%) | 22.91 | 72.54 | -31.48 | -7.69 | 30.95 | 6.9 | 88.89 | 211.78 | -777.84 | -124.3 | 335.26 |
| EPS Growth(%) | 22.92 | 72.54 | -31.49 | -8.25 | 30.94 | 6.91 | 88.89 | 211.83 | -777.39 | -124.32 | 335.25 |
| Debt/Equity(x) | 0.07 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.02 | 5.36 | 0 |
| Current Ratio(x) | 14.88 | 11.59 | 186.63 | 58.21 | 24.3 | 10.26 | 11.95 | 6.31 | 4.11 | 0.62 | 20.65 |
| Quick Ratio(x) | 13.63 | 10.65 | 174.02 | 54.21 | 16.7 | 6.96 | 8.2 | 4.56 | 2.98 | 0.18 | 20.65 |
| Interest Cover(x) | 0 | -2272.75 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt/Mcap(x) | 0 | 0 | 0.01 | 0.01 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.41 | 69.59 | 69.41 | 69.41 | 69.41 | 69.41 | 69.41 | 69.41 | 26.46 | 68.93 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.01 | 0.08 |
| Public | 30.52 | 30.33 | 30.52 | 30.52 | 30.52 | 30.52 | 30.51 | 30.51 | 73.54 | 31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 1.79 | 0.48 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 4.98 | 0.22 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 6.77 | 0.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | — | — |
| Operating Profit CAGR | — | — | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -22% | — | +89% | +28% |
| ROE Average | +159% | +2% | +1% | -4% |
| ROCE Average | +103% | +4% | +3% | -4% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.41 | 69.59 | 69.41 | 69.41 | 69.41 | 69.41 | 69.41 | 69.41 | 26.46 | 68.93 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.01 | 0.08 |
| Public | 30.52 | 30.33 | 30.52 | 30.52 | 30.52 | 30.52 | 30.51 | 30.51 | 73.54 | 31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 1.79 | 0.48 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 4.98 | 0.22 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 6.77 | 0.7 |
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