WEBSITE BSE:541337 NSE: MILEFUR Inc. Year: 2014 Industry: Household & Personal Products My Bucket: Add Stock
Last updated: 11:07
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1. Business Overview
Milestone Furniture Ltd. is presumed to be engaged in the design, manufacturing, distribution, and sale of furniture products. Its core business model likely involves sourcing raw materials (such as wood, metal, fabrics), manufacturing furniture items for various applications, and then selling these products through a combination of retail showrooms, dealer networks, and potentially e-commerce channels. The company makes money primarily through the sale of its furniture products to individual consumers (residential furniture), businesses (office/commercial furniture), and institutional clients.
2. Key Segments / Revenue Mix
While specific revenue mix is unavailable, Milestone Furniture Ltd. likely operates within key segments such as:
Residential Furniture: Items for living rooms, bedrooms, dining rooms, kitchens, etc.
Office & Commercial Furniture: Desks, chairs, storage solutions, and modular systems for corporate offices, educational institutions, and hospitality sectors.
Custom Solutions & Accessories: Potentially offering bespoke furniture design, fit-outs, and selling related home decor or furniture accessories.
3. Industry & Positioning
The Indian furniture market is characterized by a significant presence of unorganized players alongside a growing organized sector. The industry is fragmented but experiencing a shift towards branded products, modern designs, and organized retail, including e-commerce. Milestone Furniture Ltd. likely positions itself in the mid-to-premium segment, competing on product quality, design innovation, brand reliability, and distribution reach against both large national players and regional organized manufacturers. Its ability to manage supply chains, offer competitive pricing, and adapt to consumer trends would be crucial for its standing.
4. Competitive Advantage (Moat)
Potential competitive advantages for Milestone Furniture Ltd. could include:
Brand Recognition: A strong brand built on quality, durability, or distinctive design aesthetics could command customer loyalty and pricing power.
Manufacturing Scale & Efficiency: Optimized production processes and sourcing at scale could lead to cost advantages.
Distribution Network: An extensive network of showrooms, franchisees, or a robust online presence could provide wider market access and convenience for customers.
Design & Innovation: A consistent ability to introduce trendy and functional designs that resonate with consumer preferences.
Switching costs for furniture are generally low, making brand and product differentiation critical.
5. Growth Drivers
Key factors that could drive Milestone Furniture Ltd.'s growth over the next 3-5 years include:
Rising Disposable Incomes & Urbanization: Increasing purchasing power and growth of urban centers in India fuel demand for quality and branded home furnishings.
Growth in Organized Retail & E-commerce: The shift from unorganized to organized retail and the expansion of online sales channels offer new avenues for growth and market penetration.
Real Estate & Construction Boom: Growth in residential and commercial real estate projects directly correlates with demand for furniture.
Changing Lifestyles & Consumer Preferences: Increasing demand for modular, multi-functional, and aesthetically pleasing furniture aligning with modern living standards.
Product Portfolio Expansion: Diversifying into new furniture categories, materials, or home decor items.
6. Risks
Intense Competition: Facing competition from numerous organized and unorganized players, as well as international brands.
Raw Material Price Volatility: Fluctuations in the prices of key raw materials like wood, metal, fabric, and other inputs can impact margins.
Changing Consumer Tastes: The need for continuous product innovation and design updates to keep pace with evolving consumer trends.
Economic Slowdown: A downturn in the Indian economy, particularly in real estate or consumer spending, could negatively impact demand.
Supply Chain Disruptions: Vulnerability to disruptions in manufacturing or logistics, especially for a large-scale operation.
Inventory Management: Challenges in managing inventory levels to avoid obsolescence or stock-outs given varying demand cycles.
7. Management & Ownership
Milestone Furniture Ltd. is likely a promoter-driven company, common in India, where the founding family or individuals hold significant control and play a crucial role in strategic decision-making and day-to-day operations. The quality of management would be assessed by their ability to innovate, manage supply chains efficiently, adapt to market changes, and drive brand growth. Ownership structure would typically involve a substantial stake held by the promoters, with the remaining shares potentially held by institutional investors or the public if the company is listed.
8. Outlook
Milestone Furniture Ltd. operates in an industry with significant growth potential, driven by India's demographic advantages, rising incomes, and the ongoing formalization of the economy. The company's ability to capitalize on these tailwinds by building a strong brand, maintaining design relevance, ensuring efficient operations, and expanding its distribution network will be critical. However, the market remains highly competitive, susceptible to raw material price volatility, and sensitive to economic cycles. Sustainable growth will depend on robust execution, continuous innovation, and prudent financial management to navigate these industry-specific challenges.
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Market Cap ₹25 Cr.
Stock P/E -51.7
P/B 1
Current Price ₹26.9
Book Value ₹ 26.3
Face Value 10
52W High ₹31.7
Dividend Yield 0%
52W Low ₹ 4
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(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 | 6 | 9 | 25 | 8 | 1 | 0 | 0 | 0 | 0 | 0 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 3 | 6 | 9 | 25 | 8 | 1 | 0 | 0 | 0 | 0 | 0 | |
| Total Expenditure | 3 | 5 | 8 | 23 | 8 | 1 | 1 | 1 | 0 | 0 | 0 | |
| Operating Profit | 0 | 0 | 1 | 3 | 1 | 0 | -1 | -1 | -0 | -0 | -0 | |
| Interest | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 0 | 1 | 1 | 0 | 0 | -1 | -2 | -1 | -1 | -0 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Tax | 0 | 0 | 0 | 1 | 0 | 0 | -1 | -2 | -1 | -1 | -0 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | 0 | 1 | 0 | 0 | -1 | -2 | -1 | -1 | -0 | |
| Adjusted Earnings Per Share | 0 | 0 | 0 | 0 | 0.1 | 0 | -1.3 | -1.6 | -0.7 | -0.7 | -0.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | -100% | -100% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 523% | 53% | 11% | NA% |
| ROE Average | -2% | -2% | -3% | 17% |
| ROCE Average | -2% | -2% | -3% | 5% |
| #(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 | 0 | 1 | 4 | 15 | 29 | 29 | 28 | 26 | 26 | 25 | 24 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Other Non-Current Liabilities | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Total Current Liabilities | 1 | 1 | 1 | 6 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2 | 2 | 5 | 22 | 31 | 29 | 28 | 27 | 26 | 26 | 25 |
| Fixed Assets | 0 | 0 | 1 | 5 | 5 | 4 | 4 | 4 | 3 | 3 | 2 |
| Other Non-Current Assets | 0 | 0 | 0 | 5 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Total Current Assets | 2 | 2 | 4 | 12 | 19 | 18 | 17 | 16 | 16 | 16 | 16 |
| Total Assets | 2 | 2 | 5 | 22 | 31 | 29 | 28 | 27 | 26 | 26 | 25 |
| #(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 | 0 |
| Cash Flow from Operating Activities | -0 | -0 | -1 | 0 | -6 | 0 | 0 | -0 | 0 | -0 | -0 |
| Cash Flow from Investing Activities | -0 | -0 | -1 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Financing Activities | 0 | 0 | 2 | 0 | 5 | -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 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 | 1.08 | 0 | 0.1 | 0.01 | -1.35 | -1.65 | -0.71 | -0.68 | -0.52 |
| CEPS(Rs) | 85.28 | 242.69 | 1.87 | 2.65 | 0.47 | 0.25 | -1 | -1.47 | -0.02 | -0.16 | -0.1 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 13.37 | 0 | 31.21 | 31.22 | 29.87 | 28.23 | 27.52 | 26.84 | 26.32 |
| Core EBITDA Margin(%) | 2.26 | 5.87 | 8.59 | 10.37 | 7.07 | 29.39 | -416.78 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | 2.44 | 5.08 | 6.22 | 8.99 | 2.79 | 2.54 | -560.32 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | 2.44 | 5.08 | 5.66 | 5.88 | 1.61 | 2.47 | -561.5 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | 1.65 | 3.61 | 3.64 | 4.58 | 1.13 | 1.63 | -561.5 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | 2.6 | 4.4 | 6.29 | 6.29 | 5.41 | 28.48 | -417.96 | 0 | 0 | 0 | 0 |
| ROA(%) | 3.62 | 8.89 | 8.55 | 8.38 | 0.35 | 0.04 | -4.36 | -5.59 | -2.49 | -2.45 | -1.91 |
| ROE(%) | 75.93 | 100.44 | 15.08 | 11.96 | 0.42 | 0.05 | -4.42 | -5.67 | -2.53 | -2.5 | -1.96 |
| ROCE(%) | 10.6 | 24.85 | 17.99 | 17.48 | 0.9 | 0.07 | -4.38 | -5.61 | -2.51 | -2.46 | -1.92 |
| Receivable days | 56.94 | 52.29 | 49.27 | 53.15 | 248.09 | 2277.25 | 7490.08 | 0 | 0 | 0 | 0 |
| Inventory Days | 58.31 | 65.12 | 60.94 | 48.6 | 209.92 | 2077.56 | 6769.83 | 0 | 0 | 0 | 0 |
| Payable days | 61.51 | 41.29 | 16.22 | 9.91 | 56.06 | 855.37 | 73.61 | 48.67 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 107.97 | 390.07 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0.34 | 0.18 | 0 | 0.34 | 0.19 | 0.13 | 0.16 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.25 | 0.12 | 0.4 | 0.46 | 1.25 | 6.54 | 42.19 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | 7.34 | 2 | 4.47 | 4.33 | 17.63 | 22.25 | -10.12 | -6.78 | -336.44 | -24.79 | -49.55 |
| Net Sales Growth(%) | 771.05 | 67.91 | 61.71 | 183.64 | -67.77 | -90.15 | -72.19 | -100 | 0 | 0 | 0 |
| EBIT Growth(%) | 52.95 | 249.9 | 97.85 | 310.07 | -89.98 | -91.03 | -6224.87 | -22.07 | 57.05 | 3.76 | 23.39 |
| PAT Growth(%) | 58.07 | 266.68 | 63.27 | 256.73 | -92.05 | -85.75 | -9652.43 | -22 | 57.12 | 3.76 | 23.39 |
| EPS Growth(%) | 0 | 0 | -99.46 | 0 | -94.87 | -85.77 | -9667.38 | -22 | 57.12 | 3.77 | 23.38 |
| Debt/Equity(x) | 8.39 | 2.4 | 0.21 | 0.38 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 |
| Current Ratio(x) | 1.49 | 2.01 | 3.7 | 2.02 | 15.02 | 66.45 | 101.92 | 96.19 | 88.32 | 83.99 | 81 |
| Quick Ratio(x) | 0.72 | 0.95 | 2.05 | 1.25 | 11.46 | 50.1 | 79.93 | 81.28 | 74.62 | 70.97 | 68.44 |
| Interest Cover(x) | 0 | 0 | 11.11 | 2.89 | 2.37 | 34.47 | -475.8 | -644.37 | 0 | 0 | 0 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.04 | 0.03 | 0 | 0.03 | 0.06 | 0.13 | 0.12 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 36.57 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 63.43 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.34 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.59 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 |
* The pros and cons are machine generated.
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