Textile · Founded 1992 · www.mkexim.com · BSE 538890 · · ISIN INE227F01010
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Business
MK Exim (India) Ltd. is primarily engaged in the manufacturing and trading of textile products. Its textile portfolio includes various fabrics. More recently, the company has diversified its operations significantly into the trading of agro-commodities, such as pulses, rice, wheat, and oilseeds. The company generates revenue through the margins earned from the manufacturing and trading of these textile products and agro-commodities, catering to both domestic and international markets.
Revenue Mix
The company operates broadly in two key segments:
Textile Products: Involves manufacturing and trading of textile fabrics.
Agro-Commodities: Focuses on the trading of various agricultural commodities.
Exact revenue contribution percentages from each segment are not consistently and publicly detailed, but the company has increasingly emphasized its diversification into agro-commodities alongside its textile business.
Industry
MK Exim operates in two distinct, yet highly competitive, industries:
Textile Industry (India): This is a vast, fragmented industry comprising spinning, weaving, processing, and apparel manufacturing. It is characterized by intense competition, susceptibility to fashion trends, and volatility in raw material (e.g., cotton) prices.
Agro-Commodity Trading (India): This sector is also highly competitive, driven by agricultural output, domestic and international demand, government policies, and logistics.
MK Exim positions itself as a relatively smaller player in both these broad markets. Its strategy appears to involve diversification to manage risks associated with a single sector and to capture opportunities in growing commodity markets. It likely competes on pricing, supply chain efficiency, and product range rather than brand dominance.
MOAT
Given its operations in highly fragmented and commoditized sectors (textile fabrics, agricultural commodities), MK Exim (India) Ltd. does not exhibit strong, durable competitive advantages (moats). Products are often undifferentiated, and barriers to entry for trading are generally low. Any advantage likely stems from operational efficiencies, established supplier/customer relationships, or agility in navigating market changes, rather than proprietary technology, strong brand loyalty, or significant scale economies. The diversification strategy itself, while risk-mitigating, is not a traditional moat.
Growth Drivers
Expansion in Agro-Commodity Trading: Successful scaling and expansion of its diversified agro-commodity trading business can be a significant new revenue and profit driver.
Increased Demand for Textiles: Growth in domestic consumption and global demand for textile products, particularly in emerging markets.
Export Opportunities: Leveraging India's position as a major textile and agricultural producer to expand into international markets for both segments.
Operational Efficiency & Supply Chain Management: Improvements in sourcing, processing, and distribution networks can enhance profitability.
Strategic Partnerships: Forging alliances in either segment to expand reach or improve market access.
Risks
Commodity Price Volatility: Exposure to fluctuating prices of raw cotton (for textiles) and various agro-commodities can severely impact margins and profitability.
Intense Competition: High fragmentation and strong competition in both textile and agro-commodity markets lead to pricing pressures.
Regulatory & Trade Policy Changes: Adverse changes in government policies, import/export duties, or agricultural support prices can significantly affect operations and profitability.
Supply Chain Disruptions: Reliance on efficient logistics for sourcing and distribution exposes the company to risks from weather events, geopolitical issues, or infrastructure challenges.
Working Capital Management: Trading businesses inherently require substantial working capital; inefficient management can lead to liquidity issues.
Economic Slowdown: A general economic downturn can reduce consumer spending on textiles and impact demand for commodities.
Management & Ownership
MK Exim (India) Ltd. is a promoter-driven company, characteristic of many SMEs in India. The promoter group holds a significant stake in the company, which generally aligns their interests with the long-term performance and growth of the business. Information on the specific track record of individual management members beyond standard profiles is limited. The company's recent diversification strategy suggests a management team willing to explore new business avenues.
Outlook
MK Exim (India) Ltd. presents a mixed outlook. The strategic diversification into agro-commodity trading offers a potentially robust new growth vector, which could help mitigate the cyclicality and intense competition inherent in the traditional textile business. If the company can successfully execute its expansion plans in this segment, establish efficient supply chains, and capture growing domestic and international demand for food commodities, it could unlock new avenues for revenue growth and improved profitability. However, the company operates in highly competitive, commoditized sectors where margins can be thin and subject to significant volatility. Both textiles and agro-commodities are sensitive to raw material price fluctuations, regulatory shifts, and economic cycles. Without a strong, sustainable competitive moat, the company's ability to achieve consistent, substantial market share gains and maintain robust profitability will depend heavily on operational excellence and astute risk management in these challenging environments.
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| #(Fig in Cr.) | Jun 2018 | Sep 2018 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 6 | 9 | 8 | 8 | 18 | 20 | 6 | 13 | 18 | 20 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Total Income | 6 | 9 | 8 | 8 | 18 | 21 | 6 | 14 | 18 | 20 |
| Total Expenditure | 6 | 9 | 7 | 8 | 16 | 18 | 6 | 12 | 15 | 15 |
| Operating Profit | 0 | 0 | 0 | 0 | 2 | 4 | 0 | 2 | 4 | 5 |
| 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 | -1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | -1 | 1 | 3 | 0 | 1 | 3 | 5 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 3 |
| Profit After Tax | 0 | 0 | 0 | -1 | 1 | 2 | 0 | 1 | 3 | 2 |
| Adjustments | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | -0 | -0 |
| Profit After Adjustments | 0 | 0 | 0 | -1 | 1 | 2 | 0 | 1 | 3 | 2 |
| Adjusted Earnings Per Share | 0 | 0.1 | 0.1 | -0.3 | 0.4 | 0.5 | 0 | 0.4 | 1 | 0.6 |
| #(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 | 51 | 39 | 29 | 22 | 27 | 53 | 58 | 73 | 104 | 92 | 93 | 57 |
| Other Income | 0 | 0 | 3 | 1 | 2 | 2 | 1 | 1 | 3 | 2 | 2 | 0 |
| Total Income | 51 | 39 | 32 | 23 | 29 | 55 | 58 | 74 | 107 | 94 | 95 | 58 |
| Total Expenditure | 50 | 37 | 29 | 21 | 27 | 50 | 46 | 56 | 84 | 73 | 69 | 48 |
| Operating Profit | 1 | 3 | 3 | 2 | 2 | 5 | 12 | 18 | 23 | 21 | 26 | 11 |
| Interest | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 1 | 1 | 4 | 11 | 18 | 22 | 21 | 25 | 9 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 5 | 6 | 5 | 7 | 3 |
| Profit After Tax | 1 | 0 | 1 | 0 | 1 | 2 | 8 | 13 | 16 | 15 | 18 | 6 |
| Adjustments | 0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 1 | 0 | 1 | 0 | 0 | 2 | 8 | 13 | 17 | 15 | 18 | 6 |
| Adjusted Earnings Per Share | 0.2 | 0.1 | 0.3 | 0.1 | 0.2 | 0.7 | 2 | 3.3 | 4.1 | 3.8 | 4.4 | 2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 1% | 8% | 12% | 6% |
| Operating Profit CAGR | 24% | 13% | 39% | 39% |
| PAT CAGR | 20% | 11% | 55% | 34% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -19% | 1% | 42% | 34% |
| ROE Average | 19% | 22% | 24% | 13% |
| ROCE Average | 27% | 30% | 31% | 18% |
| #(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 | 22 | 23 | 24 | 24 | 24 | 28 | 39 | 52 | 69 | 85 | 100 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 3 | 1 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -0 | 0 | 0 | 0 | -0 | 0 | -0 | -0 | -0 | 0 | 0 |
| Total Current Liabilities | 34 | 39 | 26 | 7 | 5 | 11 | 7 | 12 | 11 | 2 | 3 |
| Total Liabilities | 56 | 65 | 52 | 32 | 30 | 43 | 46 | 64 | 80 | 87 | 104 |
| Fixed Assets | 2 | 6 | 6 | 5 | 5 | 8 | 2 | 5 | 7 | 10 | 9 |
| Other Non-Current Assets | 2 | 2 | 2 | 1 | 1 | 3 | 4 | 4 | 4 | 5 | 5 |
| Total Current Assets | 53 | 57 | 44 | 26 | 25 | 31 | 41 | 55 | 68 | 72 | 89 |
| Total Assets | 56 | 65 | 52 | 32 | 30 | 43 | 46 | 64 | 80 | 87 | 104 |
| #(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 | 1 | 0 | 0 | 0 | 0 | -0 | 7 | 8 | 9 | 2 |
| Cash Flow from Operating Activities | 1 | 7 | 2 | 0 | 1 | 4 | 3 | 4 | 6 | 19 | 5 |
| Cash Flow from Investing Activities | -1 | -4 | -1 | -0 | -0 | -7 | 5 | -4 | -2 | -24 | -1 |
| Cash Flow from Financing Activities | 0 | -3 | -2 | -0 | -1 | 3 | -1 | 1 | -2 | -2 | -2 |
| Net Cash Inflow / Outflow | 0 | -0 | -0 | -0 | -0 | -0 | 7 | 1 | 2 | -7 | 2 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | -0 | 7 | 8 | 9 | 2 | 4 |
| # | 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) | 0.16 | 0.11 | 0.26 | 0.12 | 0.15 | 0.67 | 1.99 | 3.3 | 4.12 | 3.82 | 4.41 |
| CEPS(Rs) | 0.21 | 0.45 | 0.58 | 0.38 | 0.38 | 0.99 | 2.24 | 3.35 | 4.13 | 3.94 | 4.61 |
| DPS(Rs) | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.5 | 0 |
| Book NAV/Share(Rs) | 6.84 | 7.02 | 7.27 | 7.39 | 7.55 | 8.54 | 9.7 | 13 | 17.12 | 20.94 | 24.85 |
| Core EBITDA Margin(%) | 1.79 | 6.64 | 0.87 | 5.48 | 1.65 | 5.14 | 19.98 | 23.78 | 18.65 | 21.14 | 25.81 |
| EBIT Margin(%) | 1.78 | 4.12 | 7.49 | 6.05 | 4.7 | 7.7 | 19.63 | 24.85 | 21.61 | 22.63 | 27.57 |
| Pre Tax Margin(%) | 1.36 | 1.68 | 4.44 | 2.63 | 2.97 | 6.81 | 18.8 | 24.37 | 21.42 | 22.34 | 26.55 |
| PAT Margin (%) | 1 | 1.13 | 3.13 | 1.81 | 1.86 | 4.24 | 13.95 | 18.1 | 15.78 | 16.58 | 19.4 |
| Cash Profit Margin (%) | 1.35 | 3.73 | 6.48 | 5.62 | 4.48 | 6.04 | 15.7 | 18.49 | 16.09 | 17.21 | 20.08 |
| ROA(%) | 0.9 | 0.73 | 1.55 | 0.96 | 1.64 | 6.09 | 17.94 | 24.02 | 22.73 | 18.39 | 18.91 |
| ROE(%) | 2.3 | 1.98 | 3.92 | 1.68 | 2.1 | 8.63 | 24.06 | 28.91 | 26.91 | 19.94 | 19.46 |
| ROCE(%) | 3.8 | 6.07 | 7.47 | 4.61 | 4.47 | 12.87 | 29.25 | 36.95 | 35.01 | 26.67 | 27.45 |
| Receivable days | 360.6 | 484.3 | 586.95 | 442.75 | 194.42 | 117.45 | 93.81 | 60.32 | 67.81 | 77.3 | 63.52 |
| Inventory Days | 13.98 | 22.03 | 45.93 | 67.13 | 67.44 | 46.26 | 44.1 | 49.67 | 39.34 | 30.41 | 52.03 |
| Payable days | 241.69 | 361.39 | 404.36 | 244.11 | 18.87 | 28.54 | 27.8 | 14.15 | 13.84 | 8.55 | 3.87 |
| PER(x) | 12.67 | 25.48 | 6.39 | 14.98 | 20.63 | 6.94 | 3.61 | 18.5 | 12.97 | 19.53 | 16.29 |
| Price/Book(x) | 0.29 | 0.41 | 0.22 | 0.24 | 0.42 | 0.55 | 0.74 | 4.69 | 3.12 | 3.56 | 2.89 |
| Dividend Yield(%) | 5.57 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.67 | 0 |
| EV/Net Sales(x) | 0.15 | 0.39 | 0.35 | 0.5 | 0.5 | 0.43 | 0.43 | 3.31 | 2.01 | 3.02 | 2.92 |
| EV/Core EBITDA(x) | 7.18 | 5.87 | 3.23 | 5.07 | 6.89 | 4.58 | 2.03 | 13.13 | 9.19 | 12.99 | 10.33 |
| Net Sales Growth(%) | 0 | -22.9 | -26.13 | -23.88 | 23.89 | 94.1 | 8.75 | 27.16 | 41.64 | -10.88 | 0.34 |
| EBIT Growth(%) | 0 | 78.16 | 34.24 | -38.45 | -3.83 | 218 | 177.28 | 61 | 23.21 | -6.7 | 22.26 |
| PAT Growth(%) | 0 | -12.74 | 103.93 | -55.9 | 26.83 | 343.06 | 257.89 | 64.95 | 23.52 | -6.37 | 17.42 |
| EPS Growth(%) | 0 | -29.11 | 129.1 | -53.54 | 28.28 | 340.01 | 196.73 | 65.68 | 25 | -7.27 | 15.32 |
| Debt/Equity(x) | 0.08 | 0.29 | 0.22 | 0.22 | 0.15 | 0.28 | 0.07 | 0.08 | 0.04 | 0.01 | 0.01 |
| Current Ratio(x) | 1.56 | 1.46 | 1.68 | 3.7 | 4.97 | 2.98 | 5.73 | 4.73 | 6.32 | 36.63 | 30.26 |
| Quick Ratio(x) | 1.5 | 1.39 | 1.51 | 3.18 | 3.69 | 2.32 | 4.75 | 3.61 | 5.45 | 33.59 | 23.33 |
| Interest Cover(x) | 4.19 | 1.69 | 2.46 | 1.77 | 2.72 | 8.71 | 23.93 | 52.27 | 108.81 | 78.82 | 26.97 |
| Total Debt/Mcap(x) | 0.26 | 0.73 | 0.97 | 0.93 | 0.36 | 0.51 | 0.1 | 0.02 | 0.01 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 42.05 | 42.18 | 42.3 | 42.3 | 42.3 | 42.54 | 42.54 | 42.71 | 42.97 | 43.37 |
| FII | 0 | 0 | 0 | 0.06 | 0.08 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 57.95 | 57.82 | 57.7 | 57.64 | 57.62 | 57.41 | 57.41 | 57.24 | 56.97 | 56.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.13 | 1.7 | 1.71 | 1.71 | 1.71 | 1.72 | 1.72 | 1.72 | 1.73 | 1.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.56 | 2.33 | 2.33 | 2.33 | 2.33 | 2.32 | 2.32 | 2.31 | 2.3 | 2.28 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.69 | 4.04 | 4.04 | 4.04 | 4.04 | 4.04 | 4.04 | 4.04 | 4.04 | 4.04 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +1% | +8% | +12% | +6% |
| Operating Profit CAGR | +24% | +13% | +39% | +39% |
| PAT CAGR | +20% | +11% | +55% | +34% |
| Share Price CAGR | -19% | +1% | +42% | +34% |
| ROE Average | +19% | +22% | +24% | +13% |
| ROCE Average | +27% | +30% | +31% | +18% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 42.05 | 42.18 | 42.3 | 42.3 | 42.3 | 42.54 | 42.54 | 42.71 | 42.97 | 43.37 |
| FII | 0 | 0 | 0 | 0.06 | 0.08 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 57.95 | 57.82 | 57.7 | 57.7 | 57.7 | 57.46 | 57.46 | 57.29 | 57.03 | 56.63 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.13 | 1.7 | 1.71 | 1.71 | 1.71 | 1.72 | 1.72 | 1.72 | 1.73 | 1.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.56 | 2.33 | 2.33 | 2.33 | 2.33 | 2.32 | 2.32 | 2.31 | 2.3 | 2.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.69 | 4.04 | 4.04 | 4.04 | 4.04 | 4.04 | 4.04 | 4.04 | 4.04 | 4.04 |
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