Engineering Consultancy · Founded 1985 · www.moldtekindia.com · BSE 526263 · NSE MOLDTECH · ISIN INE835B01035
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Business
Mold-Tek Technologies Ltd. is an India-based engineering consultancy company that provides high-end design, detailing, and analysis services across various engineering disciplines. Its core business involves offering structural engineering, mechanical engineering, and Building Information Modeling (BIM) services. The company also provides digital engineering services, including GIS and custom software development. Mold-Tek Technologies primarily serves clients in North America, Europe, the Middle East, and India, offering solutions that aid in project design, optimization, and digital transformation. It makes money through project-based fees and service contracts for its engineering and design deliverables.
Revenue Mix
While specific percentage breakdowns can fluctuate and are often detailed in annual reports, Mold-Tek Technologies' primary revenue streams are derived from:
Structural Engineering Services: Design, analysis, and detailing for various structures (commercial, residential, industrial, infrastructure).
Mechanical Engineering Services: Product design, analysis, CAD/CAM, and reverse engineering.
Building Information Modeling (BIM) Services: 3D modeling, coordination, and information management for construction projects.
Digital Engineering Services: GIS, custom software development for engineering applications, and digital transformation solutions.
Geographically, a significant portion of its revenue typically comes from developed markets like North America and Europe due to the high demand for specialized engineering services and outsourcing trends.
Industry
Mold-Tek Technologies operates within the global Engineering Research & Development (ER&D) services market, specifically focusing on outsourced engineering design and consultancy. The industry is characterized by a fragmented landscape with numerous players ranging from large multinational engineering firms to specialized niche providers. Mold-Tek Technologies positions itself as a quality-focused, mid-sized player offering high-value, specialized services, particularly in structural, mechanical, and BIM. Its strong client base in international markets helps it compete against both domestic Indian peers and smaller global specialized firms, leveraging India's talent pool and cost advantages for complex engineering tasks.
MOAT
Mold-Tek Technologies' competitive advantages primarily stem from:
Specialized Expertise: A strong focus and reputation in niche, high-end engineering services like complex structural analysis, advanced BIM, and intricate mechanical designs.
Skilled Talent Pool: Access to a large pool of engineering talent in India, enabling it to deliver complex projects efficiently.
Client Relationships: Long-term relationships with international clients built on trust and consistent delivery of quality services.
Process Excellence: Established processes and quality control systems for project execution and delivery, ensuring reliability.
While not possessing a dominant brand like larger consultancies, its specialized knowledge and client stickiness in specific verticals provide a degree of moat.
Growth Drivers
Key factors that can drive growth for Mold-Tek Technologies over the next 3-5 years include:
Global Infrastructure Spending: Increased investments in infrastructure development, construction, and urban planning across key geographies.
Outsourcing Trends: Continued trend of companies in developed economies outsourcing engineering design and R&D activities to cost-effective and skilled providers like Mold-Tek.
Adoption of BIM & Digitalization: Growing adoption of BIM for better project management and increasing demand for digital engineering solutions and automation in the AEC (Architecture, Engineering, and Construction) sector.
Diversification into New Geographies/Verticals: Expansion into new markets or adjacent engineering service verticals.
Technological Advancements: Leveraging AI, ML, and other emerging technologies to enhance service offerings and efficiency.
Risks
Economic Downturn: A slowdown in global or key client economies could lead to reduced capital expenditure and project cancellations, impacting revenue.
Foreign Exchange Fluctuations: A significant portion of revenue is denominated in foreign currencies, making the company susceptible to adverse currency movements.
Talent Attrition & Cost: High competition for skilled engineering talent could lead to increased employee costs or difficulty in retaining critical personnel.
Client Concentration: Dependence on a few large clients or specific geographies could pose a risk if those relationships or markets face challenges.
Competition: Intense competition from both domestic and international engineering service providers could put pressure on pricing and margins.
Technological Obsolescence: Failure to adapt to new engineering software, tools, or methodologies could erode competitive edge.
Management & Ownership
Mold-Tek Technologies is a promoter-led company with Mr. J. Lakshmana Rao serving as the Chairman & Managing Director and Mr. J. Venkata Rao as the Joint Managing Director. The promoters hold a significant stake in the company, indicating strong alignment of interests. The management team typically comprises experienced professionals with deep domain knowledge in engineering and project management. The ownership structure generally includes the promoter group, institutional investors, and the public.
Outlook
Mold-Tek Technologies benefits from a growing global demand for engineering services, driven by infrastructure development and the increasing adoption of digital solutions like BIM. Its specialized focus and established client relationships in key international markets position it well to capture outsourcing opportunities. The company's access to a skilled Indian talent pool provides a cost-competitive advantage for complex engineering tasks. However, its growth is susceptible to global economic cycles, currency volatility, and intense competition for both projects and skilled personnel. Sustaining growth will require continuous investment in technology, talent development, and potential diversification to mitigate client or geographic concentration risks. The ability to adapt to evolving engineering technologies and maintain high-quality service delivery will be crucial for its continued success.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 42 | 42 | 39 | 43 | 34 | 30 | 33 | 40 | 53 | 55 |
| Other Income | 0 | 1 | 1 | 0 | -0 | 3 | 2 | 2 | 1 | 4 |
| Total Income | 42 | 43 | 40 | 44 | 33 | 33 | 35 | 42 | 54 | 59 |
| Total Expenditure | 31 | 33 | 32 | 31 | 31 | 33 | 33 | 36 | 47 | 54 |
| Operating Profit | 11 | 10 | 9 | 13 | 2 | -0 | 2 | 6 | 7 | 5 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 9 | 8 | 7 | 11 | 1 | -2 | 1 | 4 | 5 | 3 |
| Provision for Tax | 2 | 2 | 2 | 3 | 0 | -0 | 0 | 1 | 1 | 1 |
| Profit After Tax | 7 | 6 | 5 | 8 | 1 | -2 | 1 | 3 | 4 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 7 | 6 | 5 | 8 | 1 | -2 | 1 | 3 | 4 | 2 |
| Adjusted Earnings Per Share | 2.5 | 2.3 | 1.8 | 2.8 | 0.2 | -0.5 | 0.2 | 1.1 | 1.4 | 0.8 |
| #(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 | 47 | 53 | 65 | 74 | 89 | 101 | 83 | 98 | 147 | 161 | 146 | 181 |
| Other Income | 1 | 4 | 3 | 0 | 2 | 1 | 5 | 3 | 2 | 2 | 4 | 9 |
| Total Income | 48 | 57 | 68 | 74 | 91 | 102 | 88 | 101 | 149 | 163 | 150 | 190 |
| Total Expenditure | 38 | 46 | 56 | 64 | 70 | 81 | 68 | 78 | 105 | 119 | 126 | 170 |
| Operating Profit | 10 | 11 | 12 | 11 | 21 | 21 | 20 | 23 | 44 | 45 | 24 | 20 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Depreciation | 2 | 2 | 3 | 3 | 4 | 6 | 5 | 4 | 5 | 6 | 7 | 5 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 7 | 8 | 9 | 7 | 17 | 14 | 14 | 18 | 39 | 37 | 16 | 13 |
| Provision for Tax | 2 | 2 | 2 | 1 | 5 | 3 | 4 | 5 | 10 | 9 | 4 | 3 |
| Profit After Tax | 5 | 6 | 6 | 6 | 12 | 11 | 10 | 13 | 29 | 28 | 12 | 10 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 5 | 6 | 6 | 6 | 12 | 11 | 10 | 13 | 29 | 28 | 12 | 10 |
| Adjusted Earnings Per Share | 2.2 | 2.2 | 2.3 | 2 | 4.3 | 3.8 | 3.6 | 4.7 | 10.4 | 9.8 | 4.3 | 3.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -9% | 14% | 8% | 12% |
| Operating Profit CAGR | -47% | 1% | 3% | 9% |
| PAT CAGR | -57% | -3% | 2% | 9% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -17% | -27% | 15% | 10% |
| ROE Average | 10% | 23% | 21% | 21% |
| ROCE Average | 14% | 31% | 29% | 28% |
| #(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 | 24 | 29 | 36 | 41 | 51 | 51 | 61 | 73 | 104 | 122 | 118 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2 | 2 | 3 | 1 | 1 | 3 | 4 | 5 | 6 | 8 | 5 |
| Total Current Liabilities | 12 | 12 | 19 | 18 | 25 | 29 | 33 | 40 | 56 | 53 | 61 |
| Total Liabilities | 39 | 45 | 58 | 60 | 77 | 83 | 98 | 118 | 166 | 183 | 184 |
| Fixed Assets | 18 | 19 | 21 | 20 | 22 | 23 | 22 | 25 | 35 | 38 | 34 |
| Other Non-Current Assets | 1 | 2 | 1 | 1 | 1 | 1 | 4 | 13 | 16 | 15 | 54 |
| Total Current Assets | 20 | 24 | 36 | 39 | 54 | 59 | 71 | 80 | 115 | 130 | 95 |
| Total Assets | 39 | 45 | 58 | 60 | 77 | 83 | 98 | 118 | 166 | 183 | 184 |
| #(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 | 2 | 4 | 2 | 3 | 2 | 2 | 5 | 13 | 12 | 32 | 49 |
| Cash Flow from Operating Activities | 5 | 2 | 9 | 3 | 7 | 17 | 17 | 15 | 34 | 33 | 24 |
| Cash Flow from Investing Activities | -2 | -1 | -2 | -2 | -5 | -3 | -3 | -7 | -11 | -5 | -47 |
| Cash Flow from Financing Activities | -1 | -2 | -5 | -2 | -2 | -11 | -6 | -8 | -3 | -11 | -13 |
| Net Cash Inflow / Outflow | 2 | -2 | 1 | -1 | -0 | 3 | 8 | -0 | 19 | 17 | -36 |
| Closing Cash & Cash Equivalent | 4 | 2 | 3 | 2 | 2 | 5 | 13 | 12 | 32 | 49 | 13 |
| # | 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) | 2.22 | 2.17 | 2.28 | 2.02 | 4.28 | 3.84 | 3.57 | 4.71 | 10.36 | 9.81 | 4.26 |
| CEPS(Rs) | 3.27 | 2.98 | 3.28 | 3.24 | 5.61 | 5.83 | 5.27 | 6.26 | 12.03 | 12.06 | 6.54 |
| DPS(Rs) | 0.7 | 0.8 | 0.6 | 0.7 | 1.4 | 1.5 | 1.4 | 2 | 3.4 | 3.4 | 1 |
| Book NAV/Share(Rs) | 10.13 | 10.91 | 12.72 | 14.55 | 18.2 | 18.31 | 21.75 | 25.7 | 36.73 | 42.42 | 41.18 |
| Core EBITDA Margin(%) | 19.47 | 13.4 | 13.89 | 13.89 | 21.43 | 19.88 | 17.58 | 20.35 | 28.84 | 26.17 | 13.47 |
| EBIT Margin(%) | 17.06 | 17.09 | 15.01 | 9.71 | 19.27 | 14.91 | 17.99 | 18.79 | 26.96 | 23.72 | 11.76 |
| Pre Tax Margin(%) | 14.88 | 14.63 | 13.17 | 8.94 | 18.48 | 13.68 | 17.05 | 18.28 | 26.43 | 23.08 | 11.19 |
| PAT Margin (%) | 11.12 | 10.91 | 9.55 | 7.49 | 13.34 | 10.64 | 12.06 | 13.52 | 19.93 | 17.33 | 8.34 |
| Cash Profit Margin (%) | 16.38 | 14.94 | 13.74 | 12.04 | 17.46 | 16.13 | 17.83 | 17.98 | 23.12 | 21.29 | 12.81 |
| ROA(%) | 14.32 | 13.77 | 11.93 | 9.33 | 17.41 | 13.44 | 11.05 | 12.35 | 20.66 | 15.97 | 6.64 |
| ROE(%) | 22.97 | 21.86 | 19.47 | 14.88 | 26.3 | 21.1 | 17.83 | 19.91 | 33.2 | 24.84 | 10.22 |
| ROCE(%) | 26.88 | 26.28 | 24.85 | 17.18 | 35.7 | 28 | 25.84 | 27.63 | 44.9 | 33.83 | 14.33 |
| Receivable days | 85.57 | 95.85 | 89.98 | 83.32 | 75.54 | 71.31 | 79.79 | 71.15 | 68 | 72.31 | 62.46 |
| Inventory Days | 11.97 | 16.48 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | -606.49 | -338.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 17.43 | 35.09 | 23.07 | 23.89 | 10.96 | 9.1 | 11.39 | 17.16 | 23.51 | 18.5 | 34.7 |
| Price/Book(x) | 3.82 | 6.99 | 4.14 | 3.31 | 2.58 | 1.91 | 1.87 | 3.14 | 6.63 | 4.28 | 3.59 |
| Dividend Yield(%) | 1.81 | 1.05 | 1.14 | 1.45 | 2.99 | 4.29 | 3.44 | 2.48 | 1.4 | 1.87 | 0.68 |
| EV/Net Sales(x) | 2 | 3.95 | 2.23 | 1.79 | 1.47 | 0.95 | 1.22 | 2.19 | 4.47 | 2.9 | 2.8 |
| EV/Core EBITDA(x) | 8.98 | 18.73 | 11.61 | 12.54 | 6.28 | 4.65 | 5.14 | 9.43 | 14.82 | 10.47 | 17.27 |
| Net Sales Growth(%) | 16.77 | 12.62 | 22.14 | 14.35 | 20.93 | 12.98 | -17.89 | 18.61 | 49.33 | 9.44 | -9.27 |
| EBIT Growth(%) | 80.24 | 12.77 | 7.3 | -26.01 | 139.95 | -12.6 | -0.89 | 23.9 | 114.2 | -3.7 | -55.03 |
| PAT Growth(%) | 151.28 | 10.5 | 6.89 | -10.36 | 115.46 | -9.84 | -6.92 | 32.94 | 120.07 | -4.85 | -56.31 |
| EPS Growth(%) | 150.17 | -2.03 | 4.86 | -11.58 | 112.35 | -10.19 | -7.21 | 31.99 | 120.07 | -5.34 | -56.57 |
| Debt/Equity(x) | 0.28 | 0.29 | 0.13 | 0.06 | 0.05 | 0.06 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 1.59 | 2.03 | 1.92 | 2.2 | 2.15 | 2.04 | 2.17 | 1.98 | 2.05 | 2.45 | 1.57 |
| Quick Ratio(x) | 1.44 | 1.79 | 1.92 | 2.2 | 2.15 | 2.04 | 2.17 | 1.98 | 2.05 | 2.45 | 1.57 |
| Interest Cover(x) | 7.82 | 6.96 | 8.16 | 12.66 | 24.38 | 12.18 | 19.04 | 36.76 | 51.29 | 36.91 | 20.59 |
| Total Debt/Mcap(x) | 0.07 | 0.04 | 0.03 | 0.02 | 0.02 | 0.03 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 49.01 | 49.02 | 49.09 | 49.22 | 49.04 | 49.04 | 48.59 | 49.68 | 49.71 | 49.85 |
| FII | 0 | 0.32 | 0.13 | 0 | 0 | 0.02 | 0.01 | 0.57 | 0.26 | 0.01 |
| DII | 1.37 | 1.72 | 1.68 | 0.32 | 0.32 | 0.33 | 0.24 | 0.26 | 0.48 | 0.48 |
| Public | 49.63 | 48.94 | 49.11 | 50.47 | 50.64 | 50.6 | 51.17 | 49.49 | 49.56 | 49.66 |
| 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 | 1.39 | 1.39 | 1.4 | 1.41 | 1.4 | 1.4 | 1.4 | 1.43 | 1.43 | 1.44 |
| FII | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.01 | 0 |
| DII | 0.04 | 0.05 | 0.05 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 1.41 | 1.39 | 1.4 | 1.44 | 1.45 | 1.45 | 1.47 | 1.43 | 1.43 | 1.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.84 | 2.84 | 2.86 | 2.86 | 2.86 | 2.86 | 2.88 | 2.88 | 2.88 | 2.88 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -9% | +14% | +8% | +12% |
| Operating Profit CAGR | -47% | +1% | +3% | +9% |
| PAT CAGR | -57% | -3% | +2% | +9% |
| Share Price CAGR | -17% | -27% | +15% | +10% |
| ROE Average | +10% | +23% | +21% | +21% |
| ROCE Average | +14% | +31% | +29% | +28% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 49.01 | 49.02 | 49.09 | 49.22 | 49.04 | 49.04 | 48.59 | 49.68 | 49.71 | 49.85 |
| FII | 0 | 0.32 | 0.13 | 0 | 0 | 0.02 | 0.01 | 0.57 | 0.26 | 0.01 |
| DII | 1.37 | 1.72 | 1.68 | 0.32 | 0.32 | 0.33 | 0.24 | 0.26 | 0.48 | 0.48 |
| Public | 50.99 | 50.98 | 50.91 | 50.78 | 50.96 | 50.96 | 51.41 | 50.32 | 50.29 | 50.15 |
| 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 | 1.39 | 1.39 | 1.4 | 1.41 | 1.4 | 1.4 | 1.4 | 1.43 | 1.43 | 1.44 |
| FII | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.01 | 0 |
| DII | 0.04 | 0.05 | 0.05 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 1.45 | 1.45 | 1.45 | 1.45 | 1.46 | 1.46 | 1.48 | 1.45 | 1.45 | 1.44 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.84 | 2.84 | 2.86 | 2.86 | 2.86 | 2.86 | 2.88 | 2.88 | 2.88 | 2.88 |
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