Snapshot
Data as of 21 Oct 2026. Price is the Screener quote at 15:17 IST (intraday, not the close). Latest reported period: Q1 FY27 (quarter to 30 Jun 2026; results and call 6 Aug 2026). Q2 / H1 FY27 results are not out: the board calendar says on or before 14 Nov 2026 (last year the Q2 FY26 results came on 14 Nov 2025); the trading window closed 28 Sep 2026; no board-meeting intimation was found. [Fact] Subject is Mold-Tek Technologies (engineering services). Sister company Mold-Tek Packaging Ltd (NSE: MOLDTKPAC, BSE 533080, plastic packaging) is NOT the subject; it appears here only as a promoter-group shareholder and related party.
Governance flags (detail in Tab 7 and Tab 10)
Company secretary post vacant since 23 Sep 2026 (third exit in under four years) · family pay Rs 515.5 lakh = 51% of FY26 PAT · about 78% of consolidated revenue booked in a US subsidiary audited by a firm named inconsistently, which owes the parent Rs 33.5 cr · four of five independent directors also sit on the Packaging board · promoter group bought in Apr-Jun 2026 and family members sold in Jul-Sep 2026 · Annual Report self-contradictions (hedging, loans, IEPF, state of incorporation) · NSE series BE (trade-for-trade, reason not disclosed) · NSE query on XBRL discrepancies (11 Mar 2026) · Rs 30.4 lakh income-tax demand. No promoter pledge. [Fact]| Market data | Value |
|---|---|
| CMP (Screener, 21 Oct 2026, 15:17 IST) | Rs 93.8 [post-bonus] [Fact]; -4.96% on the day |
| Last close in Screener chart series | Rs 93.46 [post-bonus] |
| NSE bhavcopy, file dated 20 Oct 2026 (sec_bhavdata_full_20102026; the research files labelled it 19 Oct) | Series BE; close Rs 98.37 vs prior Rs 103.54 (-4.99%) on 35,594 shares; filings still say EQ; reason for BE not found. The 20 Oct date is the reviewer's reading of the file name and is consistent with the siam.in 20 Oct headline; the file itself could not be re-opened [Fact] |
| Market cap | Rs 541 cr (Screener); Rs 540.4 cr = 5,76,10,236 shares x Rs 93.8 [Est.] |
| 52-week range (intraday) | Rs 121 / Rs 50.6 [post-bonus] |
| 52-week closing high / low | Rs 110.22 (9 Oct 2026, bonus record date) / Rs 54.23 (27 Mar 2026) [post-bonus] |
| All-time closing high / 10-yr low | Rs 190.63 (25 Aug 2023) / Rs 14.93 (22 May 2020), bonus-adjusted; stock about 51% below peak [Est.] |
| Price returns (weekly closes) [Est.] | 1m -3.0%, 3m +49.7%, 6m +32.7%, YTD +21.3%, 1y -8.5%, 3y -44.2%, 5y +133%; +72% from the 27 Mar 2026 low |
| P/E (TTM) / P/B | 29.4x (Screener; 29.3x computed) / 4.2x (median 3.6x) |
| TTM EPS | Rs 3.20 [post-bonus] |
| Shares outstanding | 5,76,10,236 (face value Rs 2) after 1:1 bonus allotted 12 Oct 2026; 2,88,05,118 before |
| Listed | BSE 2008 (demerger from Mold-Tek Packaging); NSE July 2016. Website bio also says "listed on BSE and NSE in 1995": flagged, unresolved |
| Index membership | Not Available: no index constituent listing found in any of the six research files; not an F&O stock |
| Holders / free float | 33,898 shareholders (Sep-26); promoters 49.85%; free float about 50% |
| Company overview | Detail |
|---|---|
| Legal name / CIN | Mold-Tek Technologies Limited (brand Moldtek Technologies, MTTL); L25200TG1985PLC005631 |
| Registered office | Plot 700, Road 36, Jubilee Hills, Hyderabad 500033, Telangana |
| US offices | 1205 Peachtree Pkwy, Suite 1202, Cumming (Atlanta), GA 30041; Midwest office 2841 Riviera Dr, Akron, OH |
| Origin | Group began 1985 (pail packaging); engineering services started 2001 as a division of Mold-Tek Packaging; demerged and listed 2008 |
| Employees | 1,176 at 31 Mar 2026 (1,174 at 31 Mar 2025) plus about 40 Beryl US staff [Fact] |
| Promoter / CMD | J. Lakshmana Rao (67; BE Civil, PGDM IIM Bangalore); promoter group 49.85% (30 Sep 2026) |
| Sector | Engineering services outsourcing: steel detailing, structural design, BIM, PEB, BIW tooling design, poles and towers, US residential permit and inspection engineering |
| Segments | One reportable segment (Engineering Services, Ind AS 108); two divisions in MD&A: Civil (CES) and Mechanical (MES) |
| Plants | None ("The Company does not have any plants") |
| Statutory auditor | Praturi & Sriram, Chartered Accountants, Hyderabad (FRN 002739S) |
| Credit rating / debt | No rating taken; no bank borrowings (debt-free) |
Mold-Tek Technologies sells engineering hours. Roughly four-fifths of revenue is steel detailing and related civil work for US fabricators, erectors and contractors (95-98% of civil from the USA), delivered by about 1,176 engineers in Hyderabad, Pune, Nashik, Chennai and Vijayawada and billed through a wholly owned US subsidiary. A mechanical division designs automotive body-in-white tooling for European and US Tier-1 suppliers and, increasingly, poles, towers and substation structures for US utilities. In Nov 2025 it bought Beryl Project Engineering LLC (Florida residential permit, inspection and design engineering) for USD 2.695 million. FY26 revenue was Rs 181.68 cr (+24.6%) but PAT fell 17% to Rs 10.09 cr; Q1 FY27 PAT of Rs 9.00 cr (13x year on year) is 89% of all FY26 PAT and rests on one quarter of 19.9% operating margin. It owns no plants, carries no borrowings and has net cash of roughly Rs 38 cr.
Quick Verdict Scorecard
BusinessMediumsticky detailing, cyclical, US-concentrated
ManagementWeakfamily pay, M&A slippage, CS exits
FinancialMediumdebt-free, but margin range 6% to 29%
ValuationExpensive29x TTM; fair only if FY27 guide lands
OverallNeutralverdict TRACK, see Tab 13
Headline KPIs (FY26, consolidated, Rs cr)
Revenue from ops FY26Rs 181.68 cr+24.6% YoY; Q1 FY27 Rs 59.54 cr (+78.9%)
PAT FY26Rs 10.09 cr-17% YoY; Q1 FY27 Rs 9.00 cr
Operating margin ex other income6.3%FY26 (Rs 11.38 cr); Q1 FY27 19.9%
RoE / RoCE FY26 (computed)8.2% / 10.3%Company-quoted Q1 FY27 ROCE 35.6% is unreconciled
| Valuation snapshot at Rs 93.8 [post-bonus] | Value | Basis |
|---|---|---|
| Net cash (31 Mar 2026, ex-Packaging stake) | about Rs 37.7 cr | cash 25.17 + MFs 11.69 + NCDs 6.00 - leases 5.13 [Est.] |
| Enterprise value | about Rs 503 cr | 540.4 - 37.7 [Est.] |
| EV / TTM operating EBITDA (Rs 22.77 cr) | 22.1x | [Est.] |
| EV / TTM EBITDA incl. other income (Rs 31.11 cr) | 16.2x | Screener 16.6x; median 11.8x |
| P/E on FY27 PAT of Rs 25 / 36 / 40 cr | 21.6x / 15.0x / 13.5x | Rs 36-40 cr is what management guidance (Rs 240-250 cr x 15-16%) implies [Est.] |
| Dividend yield (like-for-like) | 1.07% | Rs 1.00 post-bonus DPS / Rs 93.8 [Est.]; Screener's 2.13% divides the pre-bonus Rs 2 by a post-bonus price and is NOT used |
Pre-bonus versus post-bonus basis (every per-share figure in this report is labelled)
| Item | Value | Basis |
|---|---|---|
| CMP Rs 93.8; 52-week range Rs 121 / 50.6; TTM EPS Rs 3.20; book value Rs 22.24; Screener quarterly EPS row | post-bonus | [post-bonus] Screener |
| Rs 164 preferential issue price (cancelled); "Rs 130 market" quoted on calls; "Rs 165" 6-month average | pre-bonus | [pre-bonus] equals Rs 82 post-bonus |
| EPS Rs 3.68 (cited in the narrative and market files) | pre-bonus | [pre-bonus] Source basis is not stated. FY26 consolidated basic EPS in the Annual Report is Rs 3.51; Rs 3.68 is close to standalone PAT Rs 10.58 cr / 2.88 cr shares = Rs 3.67 [Est.], a likely but unconfirmed origin |
| FY26 EPS Rs 3.51; Q1 FY27 EPS Rs 3.13; Rs 2 final dividend | pre-bonus | [pre-bonus] Annual Report and results PDFs; post-bonus equivalents Rs 1.76, Rs 1.56, Rs 1.00 |
| Annual Report share counts and capital (2,88,05,118 shares; Rs 5.76 cr) | pre-bonus | Becomes 5,76,10,236 shares and Rs 11.52 cr paid-up |
| Open status items | Status |
|---|---|
| Q2 / H1 FY27 results | Not out; due on or before 14 Nov 2026 (statutory) [Est.]; no board-meeting intimation found; trading window closed 28 Sep 2026 [Fact] |
| Structural-design acquisition | Promised since Aug 2024, still unsigned; CMD said on 6 Aug 2026 he would meet the target in late Sep and "either take the deal or drop the deal in October"; no exchange announcement found through 12 Oct in the research files, and a reviewer re-check of Screener's announcements list and the company Investors page on 21 Oct showed nothing newer than the 12 Oct bonus allotment (no acquisition, no Q2 board-meeting intimation, no new company secretary) |
| Company secretary | Vacant since 23 Sep 2026; LODR three-month window runs to about 22 Dec 2026 [Est.] |
| Beryl break-even | CMD: break-even in Q2 FY27, profit from Q3; Q1 FY27 net loss Rs 1.10 cr |
| Operational EBITDA / MTM disclosure | Promised from FY27; no separate MTM line in the Q1 FY27 results |
| NSE series BE | Reason not disclosed in documents read; trade-for-trade settlement, delivery only |
Data freshness: prices 21 Oct 2026 15:17 IST; financials to Q1 FY27 (30 Jun 2026); shareholding to 30 Sep 2026 (filed 15 Oct 2026); Annual Report FY2025-26 filed 30 Aug 2026.
Analyst Notes
[Analyst View] Aamara Capital, 21 Oct 2026
What happened. A Rs 540 cr engineering-hours business reported a record quarter (the company's and the press's description) on 6 Aug 2026: revenue Rs 59.54 cr (+78.9% year on year), operating profit Rs 11.86 cr (19.9%) and PAT Rs 9.00 cr against Rs 0.68 cr a year earlier. The stock rose roughly 50% into a 1:1 bonus (allotted 12 Oct) and a Rs 2 pre-bonus dividend, printed a closing high of Rs 110.22 on the 9 Oct record date, and has since fallen two sessions in a row by about 5% each (20 and 21 Oct) after moving to NSE series BE, where it trades for delivery only. Nothing in the documents read explains the BE move or the 21 Oct fall, and I will not guess.
What the market is pricing. At Rs 93.8 the stock trades at 29.3x TTM earnings, 4.2x book and 16.2x TTM EBITDA including other income against a 10-year median P/E of 20.8x. That is only reasonable if the Q1 margin repeats. If management's FY27 guidance (Rs 240-250 cr revenue, 15-16% PAT margin, so PAT of Rs 36-40 cr) is delivered, the multiple is 13.5x to 15.0x. If FY27 looks like FY26 plus a good quarter (PAT near Rs 25 cr), it is 21.6x. The price already leans toward the guidance.
The margin question. Management's headline "23% EBITDA" (Rs 13.91 cr) includes Rs 2.05 cr of other income. The comparable number against the 15% (14 May) and 20%+ (6 Aug) guidance is operating profit before other income: Rs 11.86 cr or 19.9%. The CMD also cited a foreign-exchange gain of about Rs 1-1.2 cr in the quarter; the research files disagree on whether it sits inside other income or reduced other expenses (unresolved). If it reduced other expenses, the like-for-like margin is about 18%. Q1 also benefited from the mechanical division (MES) downsizing (BIW team from 125-130 to about 50 on the Aug call; 160 to about 60 on the May call), which removed a loss of roughly Rs 7-8 cr in FY26. One quarter at 19.9% sits beside Q4 FY26 at 1.9% and Q4 FY25 at -10.2%. Operating leverage here is violent in both directions: employee cost is 72.5% of consolidated revenue.
Beryl is the walk-versus-talk problem. The CMD described Beryl on 6 Aug as "just around break-even"; the auditor's limited review the same day shows Beryl Engineering Inc. with a Q1 net loss of Rs 1.10 cr on revenue of Rs 10.45 cr. Margin guidance has gone 15-20% (Nov-25), 30-35% (Feb-26), 8-10% (May-26), about 8% (Aug-26); FY27 revenue USD 7M (Nov-25 and May-26) became about USD 5.5M (Aug-26), and Q1 annualises to only about Rs 42 cr against Rs 52 cr for USD 5.5M at Rs 95. The founder's USD 0.5M purchase (Rs 4.76 cr, 2.90 lakh shares at Rs 164 [pre-bonus]) was cancelled when he did not pay; an investor called it a "vote of no confidence". Goodwill is Rs 22.08 cr at the 31 Mar rate (Rs 20.70 cr at transaction), 17.2% of net worth and 12.8% of total assets, with the first impairment test at FY27 year-end.
Order book. Civil work on hand fell from USD 5.0M at 31 Mar 2026 to about USD 4.5M at 30 Jun 2026, a 10% drop quarter on quarter. The press release says it "increased from USD 3.50M to USD 4.50M": that is year on year (June 2025 to June 2026), not quarterly. The forward indicator that matters for H2 FY27 is therefore softer than the headline suggests.
Governance is the reason this is not a bigger position in my mind. Family pay (CMD Rs 163.61 lakh, WTD Rs 162.09 lakh, daughter Rs 126.28 lakh, son-in-law Rs 63.55 lakh) totals Rs 515.5 lakh, 51% of FY26 consolidated PAT, in a year when PAT fell 17%; a new 1% profit-commission clause for the CMD from April 2027 was passed with 99.997% assent. About 78% of consolidated revenue is booked in the US subsidiary, which owes the parent Rs 33.51 cr (80% of consolidated receivables) and is audited by a Bengaluru firm the Annual Report names as "Tranquility Consulting LLC". The Annual Report contradicts itself on hedging, loans to subsidiaries, IEPF transfers and the state of incorporation. The promoter group bought 1,79,817 shares in Apr-Jun and family members sold 1,77,689 in Jul-Sep, returning to the March holding. The company secretary left on 23 Sep 2026, the third exit in under four years, during a bonus, dividend and a possible acquisition. None of this is proof of misconduct; together it is a thin control environment around the largest revenue line.
What would change the view. (1) Q2 FY27 (due by 14 Nov): operating margin at or above 15% ex other income, Beryl at or above break-even, civil work on hand holding USD 4.5M or better, MTM shown separately. (2) The October acquisition decision: size, price and funding (cash plus liquid investments is about Rs 43 cr). (3) A permanent company secretary and an explanation of the BE series. (4) Evidence that FY27 revenue of Rs 240-250 cr is achievable without leaning on a 10-year-high USD/INR.
Conflicts between the research files and how each was resolved
| Topic | Version A | Version B | Used in this report |
|---|---|---|---|
| FY26 "EBITDA" | Business/narrative/market files: AR "EBITDA before other income" Rs 19.64 cr = 10.8%; gap to Screener's 6% explained by Rs 7 cr MTM | Financials file (primary recomputation, AR p.46 vs P&L p.146): Rs 19.64 cr INCLUDES other income Rs 8.26 cr; operating EBITDA ex other income is Rs 11.38 cr = 6.3%, and MTM is already inside other expenses | Financials recomputation: 6.3% ex other income; 10.8% is incl. other income |
| Q1 FY27 margin | Press release 23% (Rs 13.91 cr) | Ex other income Rs 11.86 cr = 19.9%; about 18% only if the FX gain of Rs 1-1.2 cr sat in operating costs (files disagree on whether it is in other income or other expenses: UNRESOLVED) | 19.9% as the like-for-like basis against 15% and 20% guidance |
| Civil work on hand | Press release: "increased from USD 3.50M to USD 4.50M" | USD 5.0M at 31 Mar 2026; call USD 4.4-4.5M | 3.5 to 4.5 is year on year; quarter on quarter USD 5.0M to about 4.5M (-10%) |
| Beryl Q1 result | CMD: "around break-even"; 8-month loss "USD 5,000-6,000" | Review note: net loss Rs 1.10 cr on Rs 10.45 cr revenue | Rs 1.10 cr loss (primary document); CMD claim shown beside it |
| Beryl FY26 revenue | Management Rs 22.9 cr (Nov-Mar) | Annual Report subsidiary table Rs 23.45 cr (auditor note Rs 23.44 cr) | Rs 23.45 cr shown as the audited figure; the gap to Rs 22.9 cr is UNEXPLAINED |
| Goodwill | Rs 20.70 cr (Rs 2,069.78 lakh, key audit matter) | Rs 22.08 cr at 31 Mar rate (balance sheet) | Basis difference (exchange rate), both shown. On Rs 22.08 cr: 12.8% of total assets (171.96) and 17.2% of net worth (128.10); on Rs 20.70 cr: 12.0% and 16.2% |
| BIW team before cut | 160 to 60 (May-26) | 125-130 to about 50 (Aug-26) | Both shown; possibly different baselines (UNRESOLVED) |
| EPS Rs 3.68 | Narrative/market files, pre-bonus, basis not stated | AR FY26 basic consolidated EPS Rs 3.51 pre-bonus; standalone PAT Rs 10.58 cr / 2.88 cr shares = about Rs 3.67 [Est.] | Rs 3.51 is the Annual Report figure; origin of Rs 3.68 UNRESOLVED (standalone is only a likely match) |
| Dividend yield | Screener 2.13% | Rs 1.00 / Rs 93.8 = 1.07% | 1.07% [Est.] |
| Hedging | AR governance report: "has not undertaken any hedging activities" | Notes: USD 9.5M and EUR 52.5 lakh forwards, Rs 7.91 cr MTM loss, Rs 8.08 cr liability | Forwards exist (not designated as hedges) |
| Employees | AR 1,176 | Website 1,500+ / 2,000+; Nov-24 call "close to 2,000" | 1,176 plus about 40 Beryl |
| Prior-year civil work on hand on the Aug-26 call | USD 2.7M | USD 3.5M and 3.7M in other answers | 3.5M for Jun-25 (Q4 FY25 call); 2.71 is Dec-24 |
Open questions
| Question | Why it matters | Where searched |
|---|---|---|
| Why is the stock in series BE? | Trade-for-trade removes intraday liquidity; reason not disclosed | NSE bhavcopy (file dated 20 Oct 2026), NSE announcements (479 items), company filings; NSE quote API blocked |
| Is the 22 Jun 2026 "promoter stake rises to 50.42%" followed by the Jul-Sep sales a pattern? | Insider signal | NSE PIT API returned zero rows; BSE API 403; holdings arithmetic only |
| Who audits the US subsidiaries and under which standards? | 78% of revenue | Annual Report p.68 vs signed financial statements |
| What does the company-quoted Q1 ROCE of 35.6% measure? | Versus Screener 9.5% trailing | Q1 FY27 press release; not reconciled |
| Customer concentration and top clients | Not disclosed (single segment) | AR notes, results, seven transcripts: Not Available |
| Size, price and funding of the planned structural-design acquisition | Cash is about Rs 43 cr | Calls: not given |
| Sell-side targets or consensus | None exist in what could be found | NSE, Screener, FMP (blocked), Google News |
Business Deep-Dive
Mold-Tek Technologies is a services company: it has no plants, no moulds and no raw materials. Capacity is delivery centres x engineers x utilisation. The statutory statement "does not have any plants" is a fact, not a data gap. Certifications such as IATF 16949 and AS9100 are not applicable. Sources: Annual Reports FY25 and FY26, seven concall transcripts, results releases, company website, NSE filings.
What it does, service by service
| Division / family | Services | Standards and software | Tag |
|---|---|---|---|
| Civil and Structural (CES) = "Construction" | Structural steel detailing; miscellaneous steel; connection design and delegated design with US PE stamping; precast detailing; steel estimating and quantity take-off; PEB design; BIM modelling and clash coordination; architectural (listed, not a built-out line) | Tekla, SDS/2, Advance Steel, Revit, Navisworks, AutoCAD, Bluebeam; AISC, AWS, OSHA, IBC, CISC, BS, AS/NZS, IS, Eurocodes | [Fact] |
| Mechanical (MES) = "Manufacturing" | Automotive BIW fixtures and robotic simulation; special-purpose machine (SPM) design; sheet-metal press tools | CAE, ergonomics, weld-spot analysis; SolidWorks, CATIA, Siemens (product name truncated on page) | [Fact] |
| Utilities (inside MES) | Poles and towers, transmission structures, telecom towers, toll gantries, substation structures | SolidWorks, Inventor, AutoCAD, PLS-CADD; AISC, ASME | [Fact] |
| Plant Engineering (new push) | Process, piping, mechanical, electrical, civil-structural, instrumentation | CAESAR II, ETAP, STAAD, SmartPlant, AVEVA | [Fact] capability listing; revenue immaterial, not disclosed |
| Regulatory and residential engineering (Beryl, since 1 Nov 2025) | Residential and low-rise (up to 3-4 storeys) structural design, permit engineering, plan review, building inspection, reserve studies, wind-mitigation, expert witness; FEMA and FDEM authorised provider per CMD | US county and municipal approvals | [Fact] |
Within-division detail (management colour)
| Topic | Fact | Tag |
|---|---|---|
| Detailing versus design | Structural design is only 8-10% of civil revenue (0% four years ago); detailing about 90%. Design chargeable at USD 70-80/hr from India (USD 80-100 for high-rise design) against USD 25-30/hr for detailing. CMD target: design 30-40% of civil in 3-4 years | [Fact] (mgmt) |
| Design revenue FY25 | Member/connection design about USD 0.6-0.7M (about Rs 5 cr) | [Fact] (mgmt) |
| PEMB | 3-5% of civil structural (or about 5% of revenue) | [Fact] (mgmt) |
| Pricing basis | Project quotations on estimated hours at about USD 30/hr with 2-3% negotiation; not hourly billing | [Fact] (mgmt) |
| BIW / automotive | Team cut 160 to about 60 by 31 Mar 2026 (Aug-26 call: about 125-130 earlier, about 50 now); MES lost about Rs 7-8 cr in FY26 | [Fact] (mgmt); headcounts conflict |
| Poles, towers, substations | FY26 revenue about USD 0.8-1.0M; FY27 target USD 1.5-2M; team 45-50 (FY25), about 80 (May-26), 50-60 being doubled (Aug-26 call) | [Fact] (mgmt) |
| New T&D master service agreement (US power distribution) | About USD 1M/yr; 5 people billed from July 2026, 10 by Aug-Sep, 20 by Oct-Nov | [Fact] (mgmt) |
| Plant Engineering MSA (Danieli Corus, Delhi) | On-site engineers; mandate for 20, 3 deployed in May; 1-3 year contract; potential about USD 0.5M/yr | [Fact] (mgmt) |
| Beryl revenue split | About 80% permitting, inspection and other, 20% design (FY25); alternatively about 50% inspection (needs US presence), 30% permitting, 20% design | [Fact] (mgmt) |
| Beryl FY25 base | USD 5.4-5.6M revenue, EBITDA 8-9% (about USD 0.5M); two Florida counties; 14 years in business | [Fact] |
| BIM | 5-10 person team; CMD: BIM is "crowded ... not very lucrative" | [Fact] (mgmt) |
How it earns
Model. Fabricators and erectors (primary detailing buyers) award a project; MTTL quotes estimated hours (about USD 30/hr), delivers shop and erection drawings from India, and bills through the US subsidiary. Employee cost is about 70-73% of revenue ("sunk-cost model"), so incremental revenue on existing capacity falls largely to profit. Bad-debt write-offs fell from USD 200-300K a year (3-4 years ago) to USD 20-25K; back-charges are "zero". [Fact] (mgmt)
Ambition. Move up from detailing (third rung: architect, then structural engineer of record, then detailer) to design and eventually architecture so that it is paid a percentage of project cost (CMD example: 3-5% of cost for structural design and architecture combined) rather than hours. The planned route is a US acquisition of a 10-20 person design firm, half of them PEs. [Fact] (mgmt)
Facilities and footprint
| Location | Role | Notes | Tag |
|---|---|---|---|
| Hyderabad | Corporate HQ, main delivery | Leased; Jubilee Hills | [Fact] |
| Pune | Precast and BIM centre | Office 101, Riverside Business Bay, Sangamwadi | [Fact] |
| Nashik | Civil delivery branch (since 2014) | Rented at Mangal Plaza; own building under construction on land bought in 2023 (Survey 217/1/A/2, Pathardi-1); groundbreaking 14 Jun 2026; building targeted for completion by Mar 2027; management guides Rs 2-2.5 cr/yr rent saving from FY28; construction budget Not Available (not stated in call or Annual Report); the Rs 4.76 cr preferential-issue proceeds had been earmarked for it (15-18 month build) and that issue was cancelled | [Fact] |
| Chennai | Delivery centre (since 2017) | Nungambakkam | [Fact] |
| Vijayawada | Delivery centre (since 2016) | Design team linked to US PEs | [Fact] |
| Atlanta/Cumming GA, Akron OH, Kiowa CO (PO box) | US client-facing and business development | Mold-Tek Technologies Inc. | [Fact] |
| Tampa FL | Beryl Project Engineering LLC | Beryl Engineering Inc. registered at Cumming GA; Georgia (Atlanta office) registration begun for Beryl | [Fact] |
| Frankfurt ("Moldtek GmbH") | Listed as a Europe office on the website | Not in the Annual Report subsidiary list; status unclear | [Fact] website only |
| UK | Website says teams "in the US, UK and India" | No UK entity in the Annual Report | [Fact] website only |
Capacity and utilisation
| Metric | Value | Tag |
|---|---|---|
| Headcount | 1,176 (Mar-26); about 1,100 in Aug-24; about 1,100 in Jun-25 with 900-1,000 productive; Nov-24 about 800 civil + 225 mechanical (+ about 10% admin) | [Fact] |
| Revenue potential at full utilisation | About USD 25-30M/yr from about 1,000 productive engineers | [Fact] (mgmt) |
| Utilisation | About 65% (Nov-24), 55-60% in H2 FY25; target 75-80% | [Fact] (mgmt) |
| FY26 USD revenue | Management expected USD 20-21M (FY25 USD 18M); reported Rs 181.68 cr is about USD 20.5M at Rs 88-89 | [Fact]; cross-check [Est.] |
| Cost structure | Employee cost about 70-73% of revenue; consolidated FY26 Rs 131.73 cr / Rs 181.68 cr = 72.5%; standalone Rs 102.3 cr / Rs 142.8 cr = 71.7% | [Fact] (mgmt); ratios [Est.] |
| Fresher pipeline | 60-75 campus hires a year (8-10% of staff); 6-9 months of training before productivity; attrition double-digit (15-16% quoted Aug-24); 190 trainees added in Q1 FY25 | [Fact] (mgmt) |
| Automation | In-house API and TEKassist suite; "more than 150 tools"; productivity +10-15% in Apr-26, target +20% in FY27; weekly reviews and incentive pay | [Fact] (mgmt) |
| Revenue per employee (standalone FY26) | Rs 142.81 cr / 1,176 = about Rs 12.1 lakh | [Est.] |
| Salary hike | India teams 8.5-9% (FY27) | [Fact] (mgmt) |
Certifications, memberships, awards
| Item | Fact | Tag |
|---|---|---|
| ISO 9001:2015 | Stated in MD&A of FY25 and FY26 annual reports | [Fact] |
| ISO 27001 | FY25 report says "ISO 27001:2005" (obsolete version, likely a typo for 2013/2022); FY26 drops the claim and says only "Information Security Management System built on CIA"; certificate not seen | [Fact]; version issue [Est.] |
| AISC / NISD training | Detailers trained via AISC/NISD-approved programmes; website claims "NISD-certified detailers and Tekla-certified engineers"; Screener says "registered partner with AISC and NISD" | [Fact] (company/aggregator) |
| PE stamping | In-house US-certified PEs (2 earlier, about 4 including Beryl); one with licences in 26 states, later cited as 20+ states; external PE firms used for about 10 years | [Fact] (mgmt) |
| Awards | SDS/2 Solid Steel awards: Gillette Stadium North Endzone, Taylorsville Utah Temple, Parkview Health (2nd, small tonnage), Morrow School (Grand Prize, large tonnage), BOSK battery plant (Tennessee, 24 areas, 235 erection sequences); Young Living HQ 2019. CMD felicitated at Hurun Stars of the City Awards, 2 Apr 2026 | [Fact] (website) |
| Other credentials | Not Available: SOC 2, CMMI, ISO 14001/45001, Autodesk/Trimble partner tiers. Searched: Annual Reports FY25 and FY26, website pages | |
| Skills initiative | Rs 50 lakh programme (BIM/steel design) for 2,203 civil students with ICT Academy Tamil Nadu (18 Feb 2026); free software licences to 10-20 colleges around Hyderabad; company-run LMS | [Fact] (website) |
Group structure and the Beryl deal
| Item | Fact | Tag |
|---|---|---|
| Subsidiaries | Mold-Tek Technologies Inc. (USA; acquired 12 Feb 2009 per Annual Report table, incorporated 30 Sep 2008; holds the old Crossroads Detailing and RMM Global businesses merged 2017); Beryl Engineering Inc. (USA; incorporated 9 Oct 2025; equity Rs 87.9 lakh); step-down Beryl Project Engineering LLC (Tampa) | [Fact] |
| Earlier acquisitions | Cross Road Detailing Inc. (Indiana, 2007); RMM Global Inc. (2009, with its Indian detailing office) | [Fact] |
| Deal terms | 100% of Beryl LLC via Equity Purchase Agreement dated 31 Oct 2025; consolidated from 1 Nov 2025; consideration USD 2.695M (about USD 2.7M) plus up to USD 0.4M working-capital/closing adjustments; about 0.5x revenue and about 7x EBITDA; about 30% (USD 0.81M: indemnification holdback USD 269,500 and stock-purchase escrow USD 539,000) held for 3 years of continued service | [Fact] |
| Funding | Board approved up to USD 0.1M equity and up to USD 4M loan from the parent to Beryl Engineering Inc. (16 Oct 2025); loan outstanding Rs 29.34 cr incl. FX; Rs 27.5 cr of mutual funds were redeemed to fund it | [Fact] |
| Goodwill | Rs 2,069.78 lakh (Rs 20.70 cr) recognised on consolidation, key audit matter; Rs 22.08 cr at the 31 Mar 2026 rate | [Fact] |
| Founder equity | Planned USD 0.5M (Rs 4.76 cr, 2.90 lakh shares at Rs 164 [pre-bonus]) preferential issue to Richard Leon Cannyn approved 28 Feb 2026, EGM 30 Mar 2026, exchange in-principle approval 16 Apr 2026; funds not received; board cancelled by circular 1 May 2026 (CMD said 30 April); CMD blamed market price about Rs 130 vs Rs 164 [pre-bonus] | [Fact] (mgmt) |
| Beryl team | About 40 US staff: 4 PEs, 12 certified inspectors, 7 wind-certified appraisers; none resigned in the first 5 months; 2 of 38 design staff left by Aug-26; Indian design hub 6-8 people (target 15-20 by Oct-Nov 2026); one PE moving to Florida on L1 visa from Oct-Nov 2026 | [Fact] |
| Counties | "Hillsburg County" master purchase order USD 1M over 12 months from July 2026 (spelling as filed; likely Hillsborough County, Florida, not verified); entering Forsyth County, Georgia; municipal contracts under discussion for about USD 2M/yr extra | [Fact] |
| Beryl audit trail | Beryl Engineering Inc. consolidated statements (Nov-Mar) audited by Tranquility Consulting Pvt Ltd, Bengaluru; Beryl LLC Nov-Mar operating profit USD 60.3k on revenue USD 2.576M, net income USD 68.3k | [Fact] |
Customers (named in primary documents; revenue share Not Available for all)
| Segment | Named customers / programmes | Tag |
|---|---|---|
| Automotive (via Tier-1s) | Tesla (Model Y 2019 floor/dash/rear panel), BMW (NCAR, Debrecen), Mercedes, Skoda, Daimler Van Vitoria plant (2024), Stellantis STLA (via Comau), GM BEV3 rear rail (Mexico), Ford BlueOval SK battery plant (60,000 tons), Ford P800 battery trays (via FFT), Jaguar Land Rover, Valmet Automotive, VW, Chrysler | [Fact] |
| Construction | Landmark Center Phase 3 Boston (8,200 tons), Compass Health Phase II WA (520 tons), River Point Chicago 55-storey (10,000 MT, 2014), Gillette Stadium, Parkview Health, new World Trade Center and Dallas airport (via Crossroads), Boston University library; Q1 FY26 wins: 17,000-tonne casino, 6,300-tonne stadium, 22,000-tonne aircraft plant; data-centre structural work ("a couple" in 1-1.5 years; about USD 0.5M each) | [Fact] |
| Telecom and utilities | Vodafone and Optus named on website for tower designs; unnamed US power-distribution company (new MSA) | [Fact] |
| Plant engineering | Danieli Corus (Delhi) MSA | [Fact] |
| Channel / strategic partners | Interarch Building Solutions (PEB exports to US; up to 5% commission on building value plus engineering fees); Affordable Robotic and Automation (BIW; Europe/US entry); no revenue from either to date per May-26 call; MoUs signed Mar-Jun 2025 | [Fact] (mgmt) |
| Customer counts | "Hundreds of clients across the 50 states" (civil); website: 50+ construction clients, 32+ manufacturing, 40+ utilities. Logo wall is images only | [Fact] |
| Top-10 / single-customer concentration | Not Available. Searched: Annual Report notes (single segment, no Ind AS 108 customer disclosure), results releases, seven transcripts. Risk table names "customer concentration" generically |
Strategy and pipeline claims (management; unaudited)
| Claim | Date | Status at 21 Oct 2026 |
|---|---|---|
| Acquire a US structural-steel/high-rise design firm with 10-20 staff, half PEs | Repeated since Aug-24 | Not announced. CMD to meet target late Sep 2026 and "take or drop the deal in October". No exchange announcement found through 12 Oct; nothing newer on Screener or the company Investors page at reviewer re-check on 21 Oct |
| Later acquire an architecture firm | Aug-26 | Aspiration only |
| Interarch PEB export tie-up | Jun-25 | No revenue reported; US tariff clarity (18% pronounced per CMD) awaited |
| Data-centre exposure | Feb-26, Aug-26 | Structural work for a couple of data centres; T&D opportunity USD 5-10M/yr vs about USD 2M now |
| Nashik campus | May-26 | Groundbreaking done 14 Jun 2026 |
| Five-year aspiration | Aug-26 | "Complete civil engineering solution provider"; India domestic market ignored ("rates very low") |
Not Available register (business)
Customer concentration and top-10 clients; CES/MES revenue split for FY26 and Q1 FY27 (searched Annual Report MD&A and notes 38/39, results releases); headcount by division today; existence of Frankfurt/UK entities; a separate investor presentation (the research found press releases only; Screener lists a "PPT" against each of the last four calls, which may be the same press-release PDFs, not checked).Segment Analysis
Reporting is one segment (Engineering Services). The Civil/Mechanical split exists only in MD&A and the board report. Division revenue for FY26 and Q1 FY27 in rupees is Not Available (searched MD&A, notes 38/39, results releases); USD figures from the board report are used.
Revenue by division
| Period | Civil (CES) | Mechanical (MES) | Total (standalone) | Source / tag |
|---|---|---|---|---|
| FY24 | Rs 122.09 cr (83.5%) | Rs 24.09 cr (16.5%) | Rs 146.18 cr | AR FY25 MD&A [Fact]; % [Est.] |
| FY25 | Rs 104.98 cr (81.4%) | Rs 24.02 cr (18.6%) | Rs 129.00 cr | AR FY25 MD&A [Fact]; % [Est.] |
| FY26 (rupees) | Not Available. AR FY26 MD&A gives only standalone Rs 142.81 cr and consolidated Rs 181.68 cr | Searched: MD&A, notes 38/39, press releases | ||
| FY25 in USD | about USD 14.5M of about USD 18M | - | about USD 18M | Q2 FY26 call [Fact] |
| FY25 in USD (board report) | USD 14.340M | USD 2.926M | USD 17.27M | AR FY26 board report [Fact] |
| FY26 in USD (board report) | USD 15.613M (+8.9%) | USD 2.105M (-28.1%) | USD 17.72M (+2.6%) | AR FY26 board report [Fact]; total [Est.] |
| FY26 Beryl (Nov-Mar, 5 months) | Rs 22.9 cr per management (Q4 alone Rs 11 cr; Nov-Dec USD 1.39M); Rs 23.45 cr per Annual Report subsidiary table | [Fact]; two figures shown | ||
Division profile
| Division | Customers and geography | Economics and status | Management focus |
|---|---|---|---|
| Civil and Structural (about 88% of FY26 USD revenue: 15.613 / 17.72) | US steel fabricators and erectors, then general contractors, builders and architects; 95-98% of civil from the USA; hundreds of clients across 50 states | FY26 USD 15.613M (+8.9%); work on hand USD 4.5M (Jun-26); detailing about 90% of civil, design 8-10%; PEMB 3-5%; customers largely data centres, semiconductor, battery, commercial, institutional and industrial developers | Move to design (30-40% in 3-4 years), US design acquisition, data-centre structural work, Interarch PEB tie-up, productivity +20% in FY27 |
| Mechanical (about 12% of FY26 USD revenue) | Tier-1 suppliers to OEMs (more than 50% Europe; Mexico, US); utilities 80-90% US; Danieli Corus | FY26 USD 2.105M (-28.1%); lost about Rs 7-8 cr in FY26 (about Rs 1.7-1.9 cr in Q4 alone); work on hand USD 0.25-0.35M (Mar-26) with conflicting figures since; loss "now stopped" from 1 Apr 2026 | Pivot from BIW/EV to poles, towers, substations, T&D MSA, SPM, plant engineering; mandate to place 30 people with MNC clients in 3 months (Feb-26; slow) |
| Utilities (inside MES) | US utilities and Tier-1 contractors; data-centre-driven grid build-out | FY26 revenue about USD 0.8-1.0M; FY27 target USD 1.5-2M; current T&D run-rate about USD 2M; sector outsourcing prize USD 5-10M/yr of about USD 100M offshored (USD 0.5-1B spend) | New MSA about USD 1M/yr; team 50-60 being doubled; transmission-tower and conductor design |
| Beryl (residential permits, inspection, design) | Counties, homeowners, condominium associations, contractors, insurers/attorneys; two Florida counties plus Georgia entry; more than 3,000 US counties addressable per management | Q1 FY27 revenue Rs 10.45 cr, net loss Rs 1.10 cr; FY27 revenue target USD 7M cut to about USD 5.5M at about 8% EBITDA; job size USD 5-50K, finished in 1-2 weeks, so work on hand not meaningful; Florida residential permits down about 10% YoY; US government shutdown slowed permits Jan-May 2026 | Break-even Q2 FY27, profit from Q3; India design hub; municipal contracts about USD 2M/yr |
Q1 FY27 composition by legal entity (Rs cr; auditor's limited-review notes)
| Entity | Revenue | Net profit / (loss) | Comment |
|---|---|---|---|
| Standalone (India) | 45.52 | 10.03 | PBT 13.47; PAT margin 22%; mostly intercompany sales |
| Mold-Tek Technologies Inc. (USA) | 45.90 | 0.07 | Bills US clients, buys delivery from India |
| Beryl Engineering Inc. (USA) | 10.45 | (1.10) | Includes interest on the USD 4M parent loan [Est.] |
| Simple sum | 101.87 | 9.00 (10.03 + 0.07 - 1.10) | Consolidated PAT 9.00 |
| Consolidated | 59.54 | 9.00 | Intercompany eliminations of about Rs 42.3 cr [Est.] |
Work on hand (order book), USD million
| Date | Civil WOH | MES WOH | Source | Note |
|---|---|---|---|---|
| End Jun-24 | 2.84-2.9 | 0.6 | Q2 FY25 call | |
| End Sep-24 / Nov-24 | 2.4 | 0.25 | Q2 FY25 call | |
| About Dec-24 | 1.7-1.8 (trough) | n/a | Q4 FY25 call | "went down to 1.7, 1.8 two quarters ago"; Dec-24 also shown as 2.71 in Q3 FY26 release |
| 1 Jun-25 | 3.5 | n/a | Q4 FY25 call | |
| About Sep-25 / Nov-25 | 4.2-4.3 | 0.6 (from 0.15) | Q2 FY26 call | Call also cites total above 4.5 |
| Dec-25 | 4.50 (vs 2.71 a year earlier) | 0.32 | Q3 FY26 release | |
| Mar-26 | 5.0 (from 4.05) | 0.35 | Q4 FY26 release | Call: MES 0.25 |
| Jun-26 | 4.4-4.5 | 1.15 per call; "stable" per release | Q1 FY27 call / release | MES 1.15 may be a misstatement |
Work on hand excludes Beryl. Civil WOH swung USD 1.7-1.8M (Dec-24) to USD 5.0M (Mar-26). [Fact]
Financials: Profit and Loss
Rs cr, years ending 31 Mar, consolidated. FY26/FY25 from Annual Report FY26; FY24/FY23 from Annual Report FY24; FY22 from Annual Report FY22 (reported in INR '000, converted). [Fact] for reported lines; derived lines [Est.]. Per-share rows are labelled pre- or post-bonus.
Five-year consolidated P&L
| Rs cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 98.35 | 146.88 | 160.74 | 145.85 | 181.68 |
| YoY | - | +49.3% | +9.4% | -9.3% | +24.6% |
| Employee cost | 67.17 | 84.67 | 100.23 | 103.82 | 131.73 |
| Other expenses | 11.30 | 19.95 | 18.55 | 22.52 | 38.57 |
| Operating EBITDA ex other income [Est.] | 19.88 | 42.26 | 41.96 | 19.52 | 11.38 |
| Operating margin [Est.] | 20.2% | 28.8% | 26.1% | 13.4% | 6.3% |
| Other income | 2.85 | 1.93 | 2.43 | 4.02 | 8.26 |
| "Company EBITDA" incl. other income [Est.] | 22.73 | 44.19 | 44.40 | 23.54 | 19.64 |
| Depreciation and amortisation | 4.38 | 4.69 | 6.38 | 6.52 | 5.97 |
| Finance cost (all lease interest) | 0.37 | 0.67 | 0.93 | 0.70 | 0.63 |
| PBT | 17.98 | 38.82 | 37.10 | 16.32 | 13.05 |
| Tax | 4.68 | 9.55 | 9.25 | 4.15 | 2.96 |
| Effective tax rate [Est.] | 26.0% | 24.6% | 24.9% | 25.4% | 22.7% |
| PAT | 13.30 | 29.27 | 27.85 | 12.17 | 10.09 |
| PAT margin [Est.] | 13.5% | 19.9% | 17.3% | 8.3% | 5.6% |
| Basic EPS, Rs [pre-bonus] | 4.71 | 10.36 | 9.81 | 4.26 | 3.51 |
| Basic EPS, Rs [post-bonus] [Est. = pre/2] | 2.36 | 5.18 | 4.91 | 2.13 | 1.76 |
| DPS declared for year, Rs [pre-bonus] | 2.00 (1.70 int + 0.30 final) | Not Available | 3.40 (2.00 int + 1.40 final) | 1.00 | 2.00 |
| Payout on EPS [Est.] | 42% | - | 35% | 23% | 57% |
FY23 DPS not retrieved (searched Annual Report FY24 and Screener; Screener payout row 29%). FY26 DPS Rs 2 is the final dividend only: the interim dividend was deferred twice (record date 24 Apr 2026 withdrawn on 20 Apr) and the final was declared 26 Aug 2026.
What the five-year table says
Revenue is up 85% in four years but operating profit is down 73% from the FY23 peak: employee cost grew 56% from FY23 to FY26 against revenue +24% [Est.]. Operating margin fell from 28.8% to 6.3%. FY26 PAT fell 17% on revenue +24.6%. Drivers per management: MES losses of roughly Rs 7-8 cr, FX MTM loss on forwards, Beryl acquisition costs (USD 91K written off in Q3) and consolidation of a low-margin business. Operating leverage is high both ways: each Rs 10 cr of employee-cost change moves PBT by about 77% [Est.].EBITDA definitions (a silent source of error)
| Definition | What it contains | FY26 | Q1 FY27 |
|---|---|---|---|
| Company "EBITDA" (results releases) | Total income less employee and other expenses, i.e. INCLUDES other income | Rs 19.64 cr (10.8%) | Rs 13.91 cr (23.4% of revenue; company says 23% of total income) |
| Screener / operating profit | Revenue less employee and other expenses, EXCLUDES other income, after FX MTM in other expenses | Rs 11.38 cr (6.3%; Screener shows about 6%) | Rs 11.86 cr (19.9%) |
| Ex FX gain [Est.] | CMD cited an FX gain of about Rs 1-1.2 cr in Q1. If it reduced other expenses, the margin is lower; if it sits in other income, 19.9% is unaffected (files disagree: unresolved) | - | about 18% (only if in operating costs) |
| Annual Report MD&A label | Calls the Rs 19.64 cr "before other income": wrong per recomputation (Rs 19.64 cr = 11.38 + 8.26) | - | - |
Use 19.9% against the guidance
The 15% (14 May 2026) and 20%+ (6 Aug 2026) guidance compare properly with 19.9%, not the headline 23%. An analyst on the call also said "19%". Management agreed the point about showing "operational EBITDA" excluding hedging was "well taken".Eight quarters (consolidated, Rs cr)
| Rs cr | Q2 FY25 Sep-24 | Q3 FY25 Dec-24 | Q4 FY25 Mar-25 | Q1 FY26 Jun-25 | Q2 FY26 Sep-25 | Q3 FY26 Dec-25 | Q4 FY26 Mar-26 | Q1 FY27 Jun-26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 43.08 | 33.60 | 29.88 | 33.29 | 40.23 | 52.67 | 55.49 | 59.54 |
| Operating profit ex other income | 12.34 | 2.74 | -3.04 | 0.47 | 4.44 | 5.44 | 1.03 | 11.86 |
| Operating margin | 28.6% | 8.2% | -10.2% | 1.4% | 11.0% | 10.3% | 1.9% | 19.9% |
| Other income | 0.42 | -0.29 | 2.73 | 1.97 | 1.53 | 1.23 | 3.53 | 2.05 |
| Company EBITDA incl. other income | n/a | n/a | -0.31 | 2.44 | 5.96 | 6.67 | 4.57 | 13.91 |
| Company EBITDA % | n/a | n/a | n.m. | 7.3% | 14.8% | 12.7% | 8.2% | 23.4% |
| D&A | 1.75 | 1.59 | 1.52 | 1.50 | 1.51 | 1.50 | 1.46 | 1.36 |
| Interest | 0.19 | 0.15 | 0.14 | 0.13 | 0.12 | 0.12 | 0.26 | 0.10 |
| PBT | 10.82 | 0.71 | -1.97 | 0.81 | 4.34 | 5.05 | 2.84 | 12.45 |
| PAT | 8.00 | 0.54 | -1.56 | 0.68 | 3.24 | 3.89 | 2.28 | 9.00 |
| EPS, Rs [post-bonus] (Screener) | 1.40 | 0.09 | -0.27 | 0.12 | 0.56 | 0.68 | 0.40 | 1.56 |
Screener "Operating profit" = revenue - employee - other expenses (ex other income). Check: Q1 FY27 5,954.22 - 3,817.29 - 951.49 = 1,185.4 lakh = Rs 11.86 cr. The press-release basis is on the table above.
Q1 FY27 detail
| Item | Q1 FY27 | Comparison | Tag |
|---|---|---|---|
| Revenue | Rs 59.54 cr | +78.9% YoY, +7.3% QoQ | [Fact] |
| Company EBITDA | Rs 13.91 cr (23% of total income) | Q1 FY26 Rs 2.44 cr; Q4 FY26 Rs 4.57 cr | [Fact] |
| PAT | Rs 9.00 cr | Q1 FY26 Rs 0.68 cr (13x); Q4 FY26 Rs 2.28 cr (about 4x); CMD said "12x Q1FY26"; equals 89% of all FY26 PAT | [Fact]; ratios [Est.] |
| EPS | Rs 3.13 [pre-bonus] / Rs 1.56 [post-bonus] | [Fact] / [Est.] | |
| Company-stated ROCE | 35.6% (annualised, company definition) | Not reconcilable with Screener's 9.5% trailing; unexplained | [Fact] |
| Standalone | Revenue Rs 45.52 cr, PBT Rs 13.47 cr, PAT Rs 10.03 cr | 22% PAT margin (10.03 / 45.52) on mostly intercompany sales | [Fact] |
| Subsidiaries | MTTL Inc. revenue Rs 45.90 cr, PAT Rs 0.07 cr; Beryl revenue Rs 10.45 cr, net LOSS Rs 1.10 cr | Auditor's review report | [Fact] |
Q1 FY27 quality adjustments [Est.]
(a) The CMD cited an FX gain of about Rs 1-1.2 cr; if it reduced other expenses, operating margin ex-FX is about 18%, not 19.9% (the files disagree on where it sits: unresolved). (b) Other income Rs 2.05 cr is 16% of PBT. (c) Q1 is boosted by MES downsizing (BIW team cut) and a standalone profit of Rs 10.03 cr on Rs 45.52 cr of revenue. (d) Q1 FY26 PAT was only Rs 0.68 cr, so "13x" is off a depressed base. (e) Q1 FY27 sits at the top of the last eight quarters by a wide margin and is a single data point; Q4 FY26 had a 1.9% margin one quarter earlier. (f) Q1 FY27 consolidated results note 1 refers to "quarter ended 31st Mar 2026 ... approved 06th Jun", a drafting error in the filing.Standalone versus consolidated, FY26 (Rs cr)
| Standalone FY26 | Standalone FY25 | Consolidated FY26 | Consolidated FY25 | |
|---|---|---|---|---|
| Revenue | 142.81 | 129.00 | 181.68 | 145.85 |
| PBT | 13.55 | 16.04 | 13.05 | 16.32 |
| PAT | 10.58 | 11.89 | 10.09 | 12.17 |
Standalone sales to the wholly owned US subsidiary Mold-Tek Technologies Inc. were Rs 128.29 cr (FY25: Rs 113.94 cr), 89.8% of standalone revenue; AOC-2 shows Rs 127.15 cr for the same item (Rs 1.14 cr gap unexplained). MTTL Inc. FY26: turnover Rs 142.59 cr, PAT Rs 0.30 cr, total assets Rs 37.76 cr, so it books about 78.5% of consolidated revenue [Est.], with Rs 33.51 cr owed to standalone at 31 Mar 2026 (FY25 Rs 19.77 cr). Beryl Engineering Inc. (Nov-Mar): turnover Rs 23.45 cr, net loss Rs 0.92 cr, total assets Rs 44.52 cr. [Fact]
One-time and quality items
| Item | Finding | Tag |
|---|---|---|
| FY26 other income Rs 8.26 cr | FX gain Rs 4.18 cr, unrealised mutual-fund gain Rs 1.63 cr, NCD interest Rs 0.72 cr, rent Rs 0.24 cr, miscellaneous Rs 1.31 cr (components sum to Rs 8.08 cr; Rs 0.18 cr of the Rs 8.26 cr is not itemised in the research files); other income was 63% of FY26 PBT | [Fact]; share [Est.] |
| FY26 other expenses (standalone) | Include Rs 7.91 cr MTM loss on outstanding forward contracts and Rs 4.29 cr legal and professional fees (FY25 Rs 1.90 cr); net of the FX gain in other income, FX/MTM was roughly -Rs 3.7 cr; the sign of the "gain/(loss) on derivatives Rs 1.03 cr" line is ambiguous in the note | [Fact]; net [Est.] |
| Consolidated other expenses | Rose from Rs 22.52 cr to Rs 38.57 cr (an analyst said "Rs 22 cr to Rs 33 cr") | [Fact] |
| Staff welfare | Jumped from Rs 2.87 cr to Rs 13.21 cr (+360%) consolidated while salaries rose 18%; likely Beryl benefits or contract labour but not explained in the notes; needs management clarification | [Fact]; reading [Est.] |
| Q4 FY26 MTM | "Huge MTM loss of Rs 4 crores" per CMD; Q4 PAT Rs 2.28 cr vs Rs 1.56 cr loss a year earlier (CMD said Rs 1.62 cr) | [Fact] (mgmt) |
| Constant-currency view | Standalone division revenue in USD grew only +2.6% in FY26 (civil +8.9%, mechanical -28.1%) while standalone INR revenue grew +10.7% and consolidated +24.6% (Beryl about 15.7 points). Consolidated ex-Beryl growth about +8.9% in INR, so roughly 3-6 points from rupee depreciation; organic USD growth is low single digit | [Est.] |
| Beryl consolidated earnings | Q3 FY26: Nov-Dec revenue USD 1.39M, PAT USD 137K (about Rs 1.25 cr) before USD 91K acquisition cost, net contribution about Rs 0.2 cr. Audited Nov-Mar: Beryl LLC net income USD 68.3k, implying a loss of about USD 69k in Jan-Mar; Beryl Engineering Inc. operating loss USD 40.8k and net loss USD 98.9k (about Rs 0.92 cr); Q1 FY27 net loss Rs 1.10 cr | [Fact]; inference [Est.] |
| Q4 FY26 label | Q4 called a "good turnaround": FY26 PAT -17% YoY, H1 FY26 PAT -70%, so quarterly turnaround but annual decline | [Fact] |
| Growth drivers | FY26 Q3 headline "+56.75% YoY" and Q4 "+85.6% YoY" are Beryl-assisted and off weak bases (Q4 FY25 revenue Rs 29.88 cr) | [Fact] (headlines) |
Financials: Balance Sheet, Cash Flow and Ratios
Balance sheet (consolidated, Rs cr at 31 Mar)
| Rs cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | 5.65 | 5.65 | 5.68 | 5.71 | 5.76 |
| Other equity | 66.93 | 98.12 | 115.97 | 111.99 | 122.34 |
| Net worth | 72.58 | 103.77 | 121.65 | 117.71 | 128.10 |
| Borrowings (bank) | 0 | 0 | 0 | 0 | 0 |
| Lease liabilities (current + non-current) | 6.21 | 7.33 | 10.23 | 6.66 | 5.13 |
| PPE + CWIP | 17.13 | 24.46 | 23.97 | 25.18 | 23.79 |
| Right-of-use + intangibles + goodwill | 7.54 | 10.26 | 13.88 | 9.52 | 29.00 (goodwill 22.08) |
| Investments (non-current) | 12.09 | 14.96 | 13.35 | 52.28 | 27.47 |
| Trade receivables | 21.88 | 32.84 | 30.85 | 19.07 | 41.78 |
| Cash and equivalents | 12.39 | 31.63 | 49.01 | 13.18 | 25.17 |
| Total assets | 90.43 | 129.33 | 145.70 | 137.42 | 171.96 |
| FY26 composition | Detail |
|---|---|
| Cash Rs 25.17 cr | Includes Rs 8.97 cr of positive (debit) balances in cash-credit accounts at Citi and ICICI; fund-based limits Citi Rs 7.5 cr and ICICI Rs 4.0 cr are both unutilised; non-fund derivative limits Citi Rs 17.12 cr, ICICI Rs 8 cr; security is hypothecation of receivables |
| Investments Rs 27.47 cr | ICICI Prudential mutual funds Rs 11.69 cr (FY25 Rs 37.56 cr) + Emkay non-convertible debentures Rs 6.00 cr (interest Rs 72 lakh in FY26) + quoted equity in Mold-Tek Packaging Rs 9.78 cr (2,07,181 shares); FY26 sale of Rs 27.5 cr of mutual funds funded the Beryl loan |
| Other financial liabilities Rs 17.46 cr (FY25 8.47) | Includes Rs 8.08 cr unsettled forward-contract MTM liability and Rs 9.02 cr outstanding expenses |
| Trade payables / other current liabilities | Rs 10.76 cr (FY25 1.15) / Rs 9.34 cr (FY25 1.15) |
| Beryl holdbacks | USD 0.27M indemnification holdback and USD 0.54M stock-purchase escrow payable (USD 0.81M = 30% of the USD 2.695M price) |
| Goodwill | Rs 22.08 cr = 17.2% of net worth; auditors flagged it as a key audit matter; first impairment test due at FY27 year-end |
| Receivables ageing | Rs 41.15 cr under 6 months, Rs 0.63 cr 6-12 months, nothing older; allowance for ECL nil despite Rs 0.51 cr charged in the year (appears written off); standalone receivable from MTTL Inc. alone is Rs 33.51 cr |
| Net cash [Est.] at 31 Mar 2026 | Cash 25.17 + MFs 11.69 + NCDs 6.00 = 42.86; less leases 5.13 = 37.73 (ex-Packaging stake); incl. Packaging stake 47.51; less forward MTM liability 8.08 gives about 29.6; before Rs 5.76 cr FY26 dividend paid about Oct 2026 |
| Debt | Debt-free per MD&A; no term loans in FY26 (CARO ix(c)); no default; not a wilful defaulter |
Cash flow versus PAT (consolidated)
| Rs cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| PAT | 13.30 | 29.27 | 27.85 | 12.17 | 10.09 |
| Cash from operations (CFO) | ~15 | ~34 | ~33 | 24.48 | 15.22 |
| CFO / PAT | ~1.1x | ~1.2x | ~1.2x | 2.01x | 1.51x |
| Capex (PPE purchase) | n/a | n/a | n/a | 4.31 | 0.85 |
| Lease principal paid | n/a | n/a | n/a | 3.27 | 3.17 |
| FCF after capex and lease principal [Est.] | - | - | - | 16.9 | 11.2 |
| Dividends paid | - | - | - | 9.71 | 2.88 |
| Net purchase of investments | - | - | - | -43.1 | +1.28 (net sale) |
FY22-FY24 CFO from Screener rounded values (Annual Report FY24/FY23 cash-flow pages not parsed); FY25/FY26 exact from the Annual Report. FY26 capital commitments Rs 0.19 cr.
FY26 cash-flow quality [Est.]
Reported CFO of Rs 15.22 cr includes a Rs 4.81 cr tax-refund/current-tax-asset release, a Rs 8.98 cr increase in other financial liabilities (largely the unsettled Rs 8.08 cr forward MTM, which will be a cash outflow on settlement) and a Rs 9.26 cr rise in payables; it absorbed an Rs 18.20 cr receivables build. Stripping the tax refund and the unsettled forward liability gives underlying CFO of roughly Rs 2.3 cr, about 0.2x PAT. Standalone CFO was only Rs 8.24 cr against standalone PAT Rs 10.58 cr (0.78x). FY25 CFO of Rs 24.48 cr was flattered by Rs 11.56 cr of receivables collected. Consolidated CFO/PAT averaged about 1.3x over five years, so FY26 is the weak year.Ratios and working-capital days [Est. recomputed unless stated]
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days (receivables / revenue x 365) | 81 | 82 | 70 | 48 | 84 |
| Working-capital days (Screener) [Fact] | 100 | 67 | 63 | 53 | 47 |
| ROE on average net worth | 19.9% | 33.2% | 24.7% | 10.2% | 8.2% |
| ROCE = (PBT + interest) / (net worth + leases) | 23.3% | 35.5% | 28.8% | 13.7% | 10.3% |
| Payable days / inventory days | n/m | n/m | n/m | n/m | n/m (services; no inventory) |
| Interest cover | n/m | n/m | n/m | n/m | n/m (interest is lease-only) |
| Net debt / equity | net cash | net cash | net cash | net cash | net cash |
FY26 debtor days 84 against 48 in FY25 and 70 in FY24; partly Beryl (US residential/government receivables) and partly March-quarter billing of Rs 55.5 cr [Est.]. Screener flag: debtor days rose from 67 to 84. The ratio table printed in the MD&A (debt-equity 4.70 vs 3.55, net profit margin 7.41% vs 9.22%, return on net worth 2.41 vs 3.21) does not reconcile to the statements (consolidated FY26 net margin is 5.6%, ROE 8.2%) and parts are blank in the PDF; it was not used. Screener (trailing) ROCE 9.5%, ROE 6.6%.
Debt, rating, treasury and hedging
| Item | Detail |
|---|---|
| Credit rating | "The Company has not taken any credit rating during the financial year." Not Available: any CRISIL/ICRA/CARE/India Ratings rating (searched Annual Report governance report, NSE announcements). No NCDs or CPs issued |
| Bank lines | Citi Rs 7.50 cr and ICICI Rs 4.00 cr fund-based; derivative limits Citi Rs 17.12 cr, ICICI Rs 8.00 cr |
| Forwards | Outstanding USD 95 lakh (USD 9.5M) and EUR 52.5 lakh at 31 Mar 2026 vs USD 67 lakh and EUR 15 lakh a year earlier. FY26 MTM loss Rs 7.91 cr; MTM liability Rs 8.08 cr (FY25 Rs 0.16 cr). CMD (14 May 2026): forwards done at INR 85, 89, 92 and "various levels", rupee ended near 95; policy now limits hedges to 25-50% of turnover (earlier up to 100%); MTM to be shown separately from FY27 |
| Annual Report contradiction | Governance report says "not undertaken any hedging activities", contradicting the forward book |
| Net FX exposure | USD net -24.46 lakh after forwards, including a USD 31 lakh (about USD 3.1M, roughly Rs 29 cr) loan to Beryl; the source printed this as "Rs 31 lakh", which is a unit slip |
| Rupee path | About 83.4 (Q1 FY25) to about 95.15 (31 Mar 2026) and about 95.5 (mid-May 2026); Annual Report cites 93.48 (governance report) and 94.65 (AOC-1) |
| Intra-group financing | Standalone loan to Beryl Engineering Inc. Rs 29.34 cr outstanding (principal Rs 27.53 cr + FX Rs 1.81 cr), unsecured, interest-bearing; accrued interest Rs 0.63 cr; equity Rs 0.88 cr; board approval up to USD 4M |
| Capex / Nashik | FY26 capex Rs 0.85 cr; FY25 Rs 4.31 cr; Nashik building completion targeted Mar 2027, saving Rs 2-2.5 cr p.a. from FY28; cost Not Available |
| Tax | Income-tax demand Rs 30,40,440 (Rs 30.4 lakh) for AY2024-25 under s.156 after a s.143(3) order, notice 18 Mar 2026; company says no financial impact and is responding; contingent liability nil in FY26 (FY25 Rs 6.3 lakh, AY2020-21) |
| Proposed CMD pay | For 1 Apr 2027 to 31 Mar 2029: salary Rs 42.91 lakh per month now, increment at least 10% or EBITDA growth (cap 20%), plus commission 1% of net profit if EBITDA growth at least 10% |
| Indian Labour Codes | Four codes notified 21 Nov 2025; impact on gratuity/leave for 1,176 staff not yet assessed or booked |
Equity dilution and share-count history
| Date | Shares (crore) | Event |
|---|---|---|
| Mar-22 | 2.8243 (2,82,42,565) | Pre-ESOP baseline |
| Mar-24 | about 2.839 | Derived from paid-up capital / Rs 2 [Est.] |
| Mar-25 | about 2.856 | Derived [Est.] |
| Mar-26 | 2.8805 (2,88,05,118) | After 2,40,658 ESOP exercises in FY26 |
| 12 Oct 2026 | 5.7610 (5,76,10,236) | 1:1 bonus, 2,88,05,118 new shares; paid-up Rs 5.76 cr to Rs 11.52 cr |
| Capital event | Detail |
|---|---|
| ESOP | Scheme 2016 fully exercised/lapsed (outstanding options at 31 Mar 2026 = 0). ESOS-2025 pool of 10,00,000 options approved 30 Sep 2025 (3.5% pre-bonus); first grant of 6,00,000 options on 14 Nov 2025 CANCELLED (not accepted); pool restored. Exercise price formula allows up to 90% discount to market. Diluted shares equal basic in FY26. Maximum potential dilution about 3.5% on either basis (about 20 lakh options bonus-adjusted on 5.76 cr shares) [Est.] |
| Preferential issue | Up to 2,90,000 shares at Rs 164 [pre-bonus] (Rs 4.76 cr, 0.997%) to Richard Leon Cannyn (non-promoter, Beryl founder); board 28 Feb 2026, EGM 30 Mar 2026, in-principle approval 16 Apr 2026; investor did not pay; cancelled by circular 1 May 2026 |
| Bonus and dividend | Bonus 1:1 (record 9 Oct 2026, allotted 12 Oct 2026; marks the 25th anniversary). Final dividend Rs 2 per pre-bonus share (record 14 Sep 2026; AGM 21 Sep 2026); outgo about Rs 5.76 cr. Interim dividend deferred twice |
| Other | No warrants, convertibles, depository receipts, pledges or locked-in shares at 30 Sep 2026 (XBRL flags all false); no buyback (management in Feb 2026: not considered, cash reserved for acquisitions and Nashik) |
| Cross-holding | MTTL holds 2,07,181 Mold-Tek Packaging shares (bought Rs 2.15 cr in FY25, carrying Rs 9.78 cr; fair-value gain Rs 4.38 cr in Q1 FY27 through OCI) while Mold-Tek Packaging holds 21,77,165 MTTL shares (7.56%) |
Management, Promoters and Governance
Governance flags, ranked [Analyst View]
HIGH. (1) About 78% of consolidated revenue and 89.8% of standalone revenue is billed to a wholly owned US subsidiary audited by a Bengaluru firm, with Rs 33.5 cr (80% of consolidated receivables) owed to the parent. (2) Family pay Rs 515.5 lakh = 51% of FY26 PAT while PAT fell 17%. (3) Promoter-group buy-then-sell around events. (4) Company secretary vacant since 23 Sep 2026, third exit in under four years. MEDIUM. (5) Four of five independent directors also sit on the Packaging board. (6) Beryl accountability. (7) Annual Report self-contradictions. (8) FX derivative losses. LOW. (9) Cross-holdings with Packaging and CMD's brother as landlord. (10) Vanishing retail participation. (11) Former statutory auditor now internal auditor. (12) Thin institutional following. Also: NSE series BE; NSE XBRL queries; Rs 30.4 lakh tax demand. Mitigants: no pledge, no debt, unmodified audit opinions, no SEBI/exchange penalties disclosed, 50% independent board, fully independent Audit Committee, 99.99%+ AGM assent, dividend paid every year since at least FY22.Promoters and promoter group
Promoter group = 24 holders (23 individuals/HUF from related families: Janumahanti, Adivishnu, Pattabhi, Nandivada, Golukonda, plus Mold-Tek Packaging Ltd) holding 1,43,60,078 shares = 49.85% at 30 Sep 2026 ([pre-bonus]; becomes 2,87,20,156 after the bonus). Founder J. Lakshmana Rao (CMD, age 67, on board since 4 Jul 1985; BE Civil, PGDM IIM Bangalore) personally owns 4.57%: control rests on the family aggregate plus the Packaging block. [Fact]
| Holder (relationship) | Shares at 30 Sep 2026 [pre-bonus] | % |
|---|---|---|
| Mold-Tek Packaging Ltd (group company) | 21,77,165 | 7.56 |
| Sudharani Janumahanti (WTD, wife of CMD) | 20,17,588 | 7.00 |
| Navya Mythri Janumahanti (daughter of CMD) | 13,30,855 | 4.62 |
| Lakshmana Rao Janumahanti (CMD) | 13,16,023 | 4.57 |
| A. Durga Sundeep (son of director A. Subramanyam) | 10,03,144 | 3.48 |
| Janumahanti Sathya Sravya (daughter of CMD; President of Beryl Inc.) | 9,62,022 | 3.34 |
| Ranapratap Janumahanti (son of CMD) | 8,61,830 | 2.99 |
| Lakshmi Mythri Adivishnu (daughter of director A. Subramanyam) | 8,38,378 | 2.91 |
| Subramanyam Adivishnu (NED, brother-in-law of CMD) | 7,65,090 | 2.66 |
| Nandivada Padmavathi | 5,38,500 | 1.87 |
| Sarada Janumahanti (wife of director J. Bhujanga Rao) | 5,18,602 | 1.80 |
| Seshukumari Adivishnu (sister of CMD, wife of director A. Subramanyam) | 4,86,050 | 1.69 |
| J. Bhujanga Rao (NED, brother of CMD) | 2,61,000 | 0.91 |
| Others (11 persons: Nandiwada Vara Prasad 0.86, P. Venkateswara Rao 0.79 [NED], Virat Laxman 0.69, Golukonda Satyavati 0.65, Sai Lakshmi Pattabhi 0.47, Prasanna Kumar Golkonda 0.32, Santosh Narayan Vamsi Prasad 0.26 [EVP, son-in-law of CMD], Kavya Sarraju 0.17, Vihaan Laxman Posemsetty 0.17, Swetha Mythri 0.07, P. Apparao ~0) | ~12,84,000 | ~4.45 |
Pledge and encumbrance: none. NSE XBRL for 30 Sep 2026 and the 30 Jun 2026 PDF show shares pledged, under non-disposal undertakings and other encumbrances = No; no warrants, convertibles, DRs, locked-in shares or outstanding ESOPs; no significant beneficial owner. Earlier quarters not individually opened; Screener lists no pledge flag. Annual SAST Reg 31(4) encumbrance disclosures were filed 15 May 2025 and 12 Jun 2026 (also 30 Apr 2024, 25 Apr 2023); the 12 Jun 2026 PDF is an image and was not read. [Fact]
Shareholding trend ([pre-bonus], % of shares)
| Quarter | Promoter | FII/FPI | DII | Public | No. of holders |
|---|---|---|---|---|---|
| Dec-23 | 49.01 | 0.00 | 1.37 | 49.62 | 38,204 |
| Mar-24 | 49.03 | 0.32 | 1.72 | 48.94 | 40,991 |
| Jun-24 | 49.09 | 0.13 | 1.68 | 49.10 | 39,480 |
| Sep-24 | 49.21 | 0.00 | 0.32 | 50.46 | 41,395 |
| Dec-24 | 49.04 | 0.00 | 0.32 | 50.63 | 40,859 |
| Mar-25 | 49.04 | 0.02 | 0.33 | 50.60 | 41,004 |
| Jun-25 | 48.59 | 0.01 | 0.24 | 51.17 | 40,764 |
| Sep-25 | 49.68 | 0.57 | 0.26 | 49.49 | 38,805 |
| Dec-25 | 49.71 | 0.26 | 0.48 | 49.56 | 36,221 |
| Mar-26 | 49.85 | 0.01 | 0.48 | 49.66 | 35,252 |
| Jun-26 | 50.47 | 0.18 | 0.47 | 48.86 | 34,706 |
| Sep-26 | 49.85 | 0.05 | 0.49 | 49.59 | 33,898 |
Long-run promoter holding: 49.40 (Mar-17), 49.62 (Mar-18), 50.27 (Mar-19), 50.37 (Mar-20), 49.25 (Mar-21), 47.83 (Mar-22), 48.91 (Mar-23), 49.03 (Mar-24), 49.04 (Mar-25), 49.85 (Mar-26). Holders: 6,451 (Mar-17) to 22,033 (Mar-23) to 40,991 (Mar-24) to 33,898 (Sep-26). Composition at 30 Sep 2026: retail up to Rs 2 lakh 34.08% (32,791 holders); resident individuals above Rs 2 lakh 6.09% (8 holders); bodies corporate 4.57% (115); NRIs 1.20%; IEPF 1.04%; KMP 0.48%; directors' relatives 0.72%; AIFs 0.49% (4 holders; 1,42,478 shares); FPIs 0.05% (4 holders; 15,498 shares). No mutual funds, insurers, banks or sizeable FIIs; foreign-ownership utilisation 0.56% at 30 Jun 2026 (prior four quarters 0.41%, 1.09%, 0.86%, 0.97%). Public holders above 1%: Shubhi Consultancy Services LLP 2.25% (6,48,500, unchanged since Mar-25), Venkata Appa Rao Kotagiri 1.46% (4,21,173; ex-independent director; 1.82% in Dec-25, roughly 1,03,000 shares sold Jan-Sep 2026 [Est.]), IEPF 1.04% (3,00,867). Past above-1% holders now gone: Mahima Stocks Pvt Ltd (1.52% Jun-24, 2.27% Dec-24, gone by Mar-25), Dalmus Performance Focused Fund (1.08% Mar-24, 1.07% Jun-24), Ashika Global Finance (1.31% Mar-24), Rajesh Goenka (1.59% Dec-23), Aravinda Golukonda (1.10% Dec-23). The 4 AIFs and 4 FPIs are not named in the XBRL (categories under 1%). [Fact]
Insider and promoter-group trading (holdings arithmetic)
| Period | Movement | Detail |
|---|---|---|
| Jan-Mar 2026 | Promoter group 1,43,57,950 (49.85%) | Baseline |
| Apr-Jun 2026 (stock about Rs 108-140 [pre-bonus]) | BOUGHT 1,79,817 shares (+0.62%) | Sudharani Janumahanti +1,36,075 (6.53% to 7.00%); Mold-Tek Packaging +20,000; J. Bhujanga Rao +~18,742 (2,42,258 to 2,61,000); Seshukumari +5,000. Headline "promoter increases stake to 50.42%" 22 Jun 2026. Purchases preceded the 6 Aug Q1 results (PAT 13x); spouse-block outlay roughly Rs 1.5-1.9 cr at an assumed Rs 110-140 [Est.] |
| Jul-Sep 2026 (stock up about 50%) | SOLD 1,77,689 shares (-0.62%) | Ranapratap Janumahanti (son of CMD) -1,20,000 (3.41% to 2.99%; completed before the AGM e-voting cut-off because the voting results show exactly 1,44,17,767 promoter-group shares); Lakshmi Mythri Adivishnu -57,689 (3.11% to 2.91%, after 14 Sep). Proceeds for the first block roughly Rs 1.6-2.4 cr at Rs 130-200 [pre-bonus] [Est.] |
| Net | Group back to the Mar-26 holding (1,43,60,078 vs 1,43,57,950) | Pattern stated as a holdings fact; no inference of misconduct. Reg 7 / PIT disclosures not retrieved (BSE API 403; NSE PIT API zero rows, inconclusive) |
Board of directors (10 at 31 Mar 2026; 7 board meetings in FY26)
| Director | Role / category | Notes |
|---|---|---|
| J. Lakshmana Rao (DIN 00649702) | Chairman and Managing Director, Promoter, age 67 | Also CMD of Mold-Tek Packaging; spouse of WTD; pay approval sought for 1 Apr 2027 to 31 Mar 2029 |
| J. Sudharani / Sudha Rani (DIN 02348322) | Whole-time Director, Promoter | IT administration; re-appointed AGM 30 Sep 2025 |
| A. Subramanyam (DIN 00654046) | NED, Promoter, age 72, on board since 1985 | Deputy MD of Packaging; re-appointed 21 Sep 2026; holds 7,65,090 shares |
| P. Venkateswara Rao (DIN 01254851) | NED, Promoter | Deputy MD of Packaging; sits on NRC and SRC; 2,27,230 shares |
| J. Bhujanga Rao (DIN 08132541) | NED, promoter group | Brother of CMD; landlord to MTTL (rent Rs 20.4 lakh FY26); 2,42,258 shares at Mar-26 |
| T.N. Dhanraj Tirumala (DIN 01411541) | Independent | Chairs Stakeholders Relationship Committee; also ID of Packaging |
| K. Sobhana Chalam (DIN 08715430) | Independent | Electronics/IT/CAD-CAM; Audit Committee and CSR; 1,000 shares; not on the Packaging board |
| V.R. Madhuri Viswanadham (DIN 08715322) | Independent, woman director, age 54, CA and lawyer; first appointed 27 Dec 2021 | Audit Committee chair; ID of Packaging and of Equippp Social Impact Technologies; second 5-year term approved 21 Sep 2026 (special resolution) from 27 Dec 2026 |
| P. Ramnath (DIN 03625336) | Independent | Chairs NRC; also ID of Packaging |
| I. Eswara Rao (DIN 08132183) | Independent | Accounting and finance; Audit Committee member; also ID of Packaging; 7,325 shares |
Composition: 2 executive promoter directors + 3 NED promoters/promoter group + 5 independent = 50% independent, 1 woman. The CMD is spouse of the WTD, brother of J. Bhujanga Rao and brother-in-law of A. Subramanyam: 5 of 10 directors are one family or in-laws, and 7 of 10 are group insiders counting promoter-group NEDs. DINs follow the governance-report attendance table where the Annexure F column is misaligned. Overlap: four of five independents (Ramnath, Eswara Rao, Dhanraj, Madhuri) are also independent directors of Mold-Tek Packaging, a 7.56% promoter-group shareholder and related party; only Sobhana Chalam sits on MTTL alone [Est.]: this weakens independence of RPT oversight. Attendance FY26 was 100% for all directors at all 7 meetings (29 May, 7 Aug, 29 Aug, 16 Oct, 14 Nov 2025; 12 Feb, 28 Feb 2026) and the AGM of 30 Sep 2025. [Fact]
| Committee | Composition and activity |
|---|---|
| Audit | Madhuri (chair); Sobhana Chalam; Eswara Rao; 6 meetings; CMD, WTD and CFO permanent invitees |
| Nomination and Remuneration | Ramnath (chair); Dhanraj; P. Venkateswara Rao (promoter NED); 3 meetings |
| Stakeholders Relationship | Dhanraj (chair); P. Venkateswara Rao; A. Subramanyam; 1 meeting; 2 complaints for non-receipt of dividend warrants, both resolved |
| CSR | CMD; A. Subramanyam; P. Venkateswara Rao; Sobhana Chalam; 2 meetings; FY26 CSR spend Rs 61.65 lakh |
| Risk Management | No separate committee listed |
| Sitting fees | Directors Rs 9.20 lakh in FY26 (Rs 7.65 lakh FY25) |
| Independent-director churn | Two IDs completed tenure on 29 Sep 2024 (Dr K. Venkata Appa Rao and C. Vasant Kumar Roy, inferred from the FY25 RPT list [Est.]); Suryaprakash Gulla resigned 4 Mar 2020 |
| AGM 21 Sep 2026 | All six resolutions passed with 99.997% assent (501 shares dissent); turnout 1,58,82,320 shares = 55.14% of capital, of which promoter group 1,44,17,767 and public non-institutions only 58,496 shares (0.41% of public holding) |
Key managerial personnel and turnover
| Person | Role | Dates / notes |
|---|---|---|
| J. Lakshmana Rao | CMD | Founder; also CMD of Packaging |
| J. Sudharani | WTD | Spouse of CMD |
| Kosuri Prasad Raju (KVV Prasad Raju) | CEO | Appointed 31 Jul 2023; salary Rs 204.43 lakh FY26 (FY25 Rs 244.11 lakh); 1,38,545 shares (0.48%); US-based |
| D. Sarveswar Reddy | CFO | Appointed 30 Apr 2024 after Satya Kishore Nadikatla resigned 14 Mar 2024; pay Rs 22.58 lakh |
| P.S.N. Vamsi Prasad | Executive Vice President | Son-in-law of CMD and WTD; salary Rs 63.55 lakh; approved by shareholders 30 Sep 2019 and 30 Sep 2021 |
| Pradeep Gopalraj (Sr EVP), Satish Kalaga (AVP), Rajeev Ch. (GM) | Senior management | - |
| Company Secretary | VACANT since 23 Sep 2026 | Prateek Kumar Tiwari resigned (letter 21 Sep 2026, "personal commitments / other career opportunities"), effective close of business 23 Sep 2026; he had joined 8 Aug 2025 |
| CS churn history | Swati Patnaik resigned 29 Dec 2022; Thakur Vikram Singh joined 30 Jan 2023, resigned 31 Jul 2025; Prateek Kumar Tiwari 8 Aug 2025 to 23 Sep 2026 | Three exits in under four years; post must be filled within three months under LODR (by about 22 Dec 2026 [Est.]). The FY26 Reg 17(8) certificate was signed by CFO and CEO on 14 May 2026 |
Remuneration (FY26, Rs lakh)
| Person | FY26 | FY25 | Change |
|---|---|---|---|
| CMD J. Lakshmana Rao (plus leave encashment 12.33) | 163.61 | 110.25 | +48.4% |
| WTD J. Sudha Rani | 162.09 | 141.92 | +14.2% |
| CEO K.V.V. Prasad Raju | 204.43 | 244.11 | -16.3% |
| J. Sathya Sravya (daughter of CMD; President, Beryl Inc.) | 126.28 | 19.52 | 6.5x |
| P.S.N. Vamsi Prasad (son-in-law) | 63.55 | 64.42 | -1.4% |
| CFO D. Sarveswar Reddy | 22.58 | 19.73 | +14.4% |
| Total of the six | 742.5 | ||
| Family-linked pay (CMD + WTD + daughter + son-in-law) | 515.5 | = 51% of FY26 consolidated PAT (Rs 1,009 lakh) and 40% of PBT [Est.] |
CMD also draws salary from Packaging; aggregate across both companies Rs 491.66 lakh (so Packaging pays about Rs 328 lakh) under approvals of 26 Sep 2023. Pay ratios to median employee: CMD 20.95x, WTD 20.76x (median employee about Rs 7.8 lakh p.a. [Est.]); median employee pay +12.06%; staff other than managerial +7%; KMP aggregate +27%. Proposed for the CMD from 1 Apr 2027 (approved 21 Sep 2026): salary Rs 42.91 lakh a month, increment at least 10% or EBITDA growth % if higher (cap 20%), commission 1% of net profit if EBITDA growth is at least 10%, payable by MTTL or Packaging or split; FY26 table shows no commission for the CMD, so this is a new element. Rs 42.91 lakh a month is about Rs 515 lakh a year, close to the Rs 491.66 lakh drawn across both companies in FY26, so it is probably the combined figure [Est.]. [Fact]
Related-party transactions (Rs lakh; FY26 vs FY25)
| Counterparty / nature | FY26 | FY25 |
|---|---|---|
| Mold-Tek Technologies Inc. (WOS): sales of engineering services (standalone) | 12,828.81 (AOC-2 shows 12,715.23) | 11,393.86 |
| Mold-Tek Technologies Inc.: trade receivable at year end | 3,351.10 | 1,977.11 |
| Beryl Engineering Inc. (WOS): loan granted | 2,752.80 (outstanding 2,934.00 incl. FX) | - |
| Beryl Engineering Inc.: equity investment | 87.90 | - |
| Beryl Engineering Inc.: interest on loan (income) | 60.54 (accrued 62.67) | - |
| Mold-Tek Packaging: rent received | 24.00 | 24.00 |
| Mold-Tek Packaging: sharing of expenses | 45.70 | 43.89 |
| Mold-Tek Packaging: dividend received on 2,07,181 shares / purchase of shares | 8.29 / nil | 5.12 / 215.49 |
| Mold-Tek Packaging: advance outstanding | 17.27 | 7.19 |
| Mold-Tek Packaging: dividend PAID by MTTL to Packaging (7.56% holder) | 21.17 | 71.98 |
| J. Bhujanga Rao (NED, CMD's brother): rent paid | 20.40 | 26.21 |
| J. Lakshmana Rao (CMD): rent paid | nil | 30.00 |
| CMD remuneration / leave encashment | 163.61 / 12.33 | 110.25 / - |
| Directors' sitting fees | 9.20 | 7.65 |
| Promoter family and KMP (26 listed parties): dividends paid at Rs 1/share [pre-bonus] | 139.39 (48% of Rs 288.05 lakh total) | 457.26 (47% of Rs 971.19 lakh, DPS Rs 3.40) |
AOC-2 states no transaction outside arm's length; the Audit Committee gives omnibus approval; the auditor says Sections 177/188 are complied with. Observations [Est.]: (1) Sathya Sravya was appointed Vice President of MTTL Inc. at up to USD 204,000 a year from 1 Dec 2024 (Sep 2024 AGM, ordinary resolution under Sec 188(1)(f); in FY25 AOC-2). By FY26 she is "President of Beryl Engineering Inc." and her pay rose 6.5x to Rs 126.28 lakh (about USD 143k at about Rs 88, within the cap). The role change into a new subsidiary was NOT found in the FY26 AOC-2 or the 42nd AGM notice: "not found in the documents read", not a stated violation. (2) The 16 Oct 2025 board filing states the promoter group had "no interest" in the Beryl entity being acquired, yet a promoter-family member heads that entity. (3) Standalone RPT sales to the US subsidiary are 89.8% of standalone revenue, so transfer pricing is the core tax and governance exposure; no transfer-pricing disclosure or litigation noted. (4) CMD rent of Rs 30 lakh in FY25 fell to nil in FY26; the brother's rent of Rs 20.4 lakh continues.
Subsidiaries and group structure
| Entity | Holding | Facts |
|---|---|---|
| Mold-Tek Technologies Inc. (USA) | 100% (acquired 12 Feb 2009; AR says incorporated 30 Sep 2008) | FY26 turnover Rs 142.59 cr, PAT Rs 0.30 cr (USD 34k), total assets Rs 37.76 cr; USD equity 85,441; owes MTTL USD 3.62M at 31 Mar 2026; offices Akron OH, Cumming GA, Kiowa CO; books about 78% of group revenue |
| Beryl Engineering Inc. (USA) | 100%, incorporated 9 Oct 2025 | Board Oct 2025 approved up to USD 100k equity and USD 4M loan; actual equity Rs 0.88 cr, loan Rs 27.53 cr (Rs 29.34 cr with FX); FY26 (Nov-Mar) revenue Rs 23.45 cr, net loss Rs 0.92 cr |
| Beryl Project Engineering LLC (USA, step-down) | 100% via Beryl Inc., effective 1 Nov 2025 | Price USD 2,695,000; goodwill USD 2.33M; USD 0.81M (30%) held back; founder Richard Leon Cannyn; about 40 US staff; Florida residential, permit and inspection engineering |
| Indian subsidiaries, associates, JVs | None | - |
| Incorporation inconsistency | Both US subsidiaries listed in the governance report as "State of Indiana" companies while the Oct 2025 board filing says Beryl Inc. is a Florida company | Annual Report internal inconsistency |
Auditors and reporting quality
| Topic | Detail |
|---|---|
| Statutory auditor | Praturi & Sriram, Chartered Accountants, Hyderabad (FRN 002739S; the AR cover prints "0027395"); partner CA Sri Raghuram Praturi (M.No. 221770); appointed at the 38th AGM on 30 Sep 2022 for five years to the 43rd AGM (2027). Predecessor M. Anandam & Co. (through FY22) then became INTERNAL auditor from 31 Oct 2022 (fee Rs 5 lakh): the former statutory auditor now audits internal controls [Est. flag] |
| Fees FY26 | Statutory audit Rs 10.50 lakh + tax audit Rs 1.75 lakh + certification Rs 0.60 lakh = Rs 12.85 lakh (FY25 Rs 10.25 lakh); the governance report states Rs 12.25 lakh; about 0.07% of consolidated revenue |
| Opinions | Unmodified for FY26 standalone and consolidated, dated 14 May 2026; key audit matters: revenue recognition, leases, and (consolidated) the Beryl acquisition and Rs 20.70 cr goodwill; internal financial controls adequate; audit trail operated throughout |
| Reliance on other auditors | About 78% of consolidated revenue (MTTL Inc., Rs 142.59 cr) and all of Beryl (Rs 23.44 cr revenue, total assets Rs 44.52 cr) were audited by "other auditors". The Annual Report names "Tranquility Consulting LLC" because "audit is not required under local law"; the signed statements name "Tranquility Consulting Pvt Ltd, 180, 5th Main Rd, 4th Block, Jayanagar, Bengaluru", an Indian firm issuing an opinion under US GAAS: a naming conflict and a thin audit layer under the largest revenue line [Est.] |
| Secretarial auditor | Ashish Kumar Gaggar (FCS 6687, CP 7321), five years from the 41st AGM; no qualifications; Annual Secretarial Compliance Report FY26: no deviations, no fines |
| Annual Report hygiene | Table of contents prints "PAGE NUMBERS TO BE INSERTED - SHOWN AS 00"; Beryl described as Indiana vs Florida; ESOS first grant dated "November 14, 2026" in the board report (actual 14 Nov 2025); auditor's report says no amounts required to go to IEPF while the board report records Rs 2,78,989 transferred; CARO clause iv says no loans/guarantees were granted while clause iii shows a Rs 27.53 cr loan to the subsidiary; governance report says no hedging while Rs 7.91 cr MTM loss and a USD 9.5M forward book exist; Q1 FY27 results note 1 refers to the wrong quarter; MD&A ratio table garbled. Individually small, collectively a sign of weak review before filing [Est.] |
Cross-holdings, litigation, regulatory and surveillance
| Item | Detail |
|---|---|
| Cross-holdings and shared infrastructure | Packaging holds 21,77,165 MTTL shares (7.56%), classified promoter group, +20,000 in Apr-Jun 2026. MTTL holds 2,07,181 Packaging shares. Rent and cost-sharing with Packaging; same CMD; two Packaging Deputy MDs on MTTL board; four common independents |
| Treasury link to call host | Rs 6 cr in Emkay non-convertible debentures; Emkay Global hosted the last four earnings calls (Nov 2025 to Aug 2026): a commercial relationship, not evidence of coverage |
| Contingent liabilities | Nil at 31 Mar 2026 (FY25: Rs 6.30 lakh income tax, AY2020-21) |
| Income-tax demand | Rs 30,40,440 under s.156 for AY2024-25 after a s.143(3) order, received 18 Mar 2026; "no financial impact"; responding |
| SEBI / exchange actions | Annual Report states NIL penalties or strictures against company, directors, KMP, promoters or subsidiaries in the last 3 years; no SEBI order or fine surfaced in 82 Google News headlines or 479 NSE announcements. Not Available: independent SEBI order database search |
| Exchange queries (procedural) | Reg 33 clarification on results format 12 Dec 2024 (replied 18 Dec 2024); Reg 33 clarification on XBRL discrepancies in Q3 FY26 results 11 Mar 2026; volume-spurt clarifications Dec 2022 (x3), Jan 2023, Mar 2025; price-movement clarifications Jun 2020, Jul 2021; Reg 33 non-compliance clarification Aug 2017 |
| IBC, whistle-blower, POSH, cyber, fraud | None reported in FY26 |
| NSE series | Screener shows the NSE listing as "BE" while filings use "MOLDTECH-EQ"; the bhavcopy file dated 20 Oct 2026 (labelled 19 Oct in the research files) confirms series BE (trade-for-trade, delivery only); reason not disclosed; headlines report upper circuit 9 Oct and lower circuit 8 Oct. ASM/GSM status not verified (NSE quote API blocked) |
| Dividend discipline | FY26 interim dividend deferred twice (record date 24 Apr 2026 withdrawn on 20 Apr); final Rs 2/share ([pre-bonus]) declared 26 Aug 2026; dividend paid every year since at least FY22 |
| Not Available | PIT Reg 7(2) promoter trade disclosures; MTPL's own governance record (out of scope); BSE-side announcements list (blocked); full text of the Beryl purchase agreement and the "Investor Outcome Note"; successor CS compensation or reasons beyond "personal commitments" |
Supply Chain
Because the firm sells engineering hours, "supply chain" means software, talent, premises and subcontracted stamping upstream, and fabricators, builders, OEMs, utilities and counties downstream.
Value-chain map
| Upstream | Company | Downstream | End product |
|---|---|---|---|
| Tekla, SDS/2, SolidWorks, CATIA licences · Indian engineering graduates and freshers · US PEs for stamping · leased offices · capital | MTTL (India delivery, US billing front-end, Beryl in Florida) | Steel fabricators and erectors · general contractors, builders, architects · automotive Tier-1s · US utilities and contractors · counties, condominium associations, homeowners | Steel structures (stadiums, data centres, battery and semiconductor plants, towers), vehicle body structures, transmission poles, permitted residential and low-rise buildings |
Upstream: what MTTL depends on
| Input | Supplier / source | Dependency notes | Tag |
|---|---|---|---|
| Detailing and design software | Trimble Tekla Structures; SDS/2; AutoCAD, Advance Steel, Revit, Navisworks, Bluebeam; STAAD, PLS-CADD; SolidWorks, Inventor, CATIA; CAESAR II, ETAP, SmartPlant, AVEVA | CMD: "we use the software provided by SDS and Tekla and ... Pro-E and SOLIDWORKS"; expensive auto software (millions of rupees) was cut with BIW downsizing; software spend raised depreciation 16.6% in Q1 FY25; licensor identities and contract terms not researched | [Fact] |
| In-house automation | API tools, TEKassist, "more than 150 tools" | Own IP; reduces hours; productivity +10-15% in Apr-26, +20% targeted for FY27 | [Fact] |
| Talent | Indian engineering colleges (civil graduates lack Tekla/SDS/2 skills); company LMS; free licences to 10-20 colleges around Hyderabad; Rs 50 lakh Tamil Nadu skill programme (2,203 students) | 6-9 months of training; attrition double-digit; US PEs scarce ("building a PE team in the US is next to impossible") | [Fact] (mgmt/website) |
| US licensed PEs / stamping firms | In-house PEs plus external PE firms used for about 10 years | Needed for stamping; key reason for the planned US structural-design acquisition; one PE moving to Florida on L1 visa from Oct-Nov 2026 | [Fact] (mgmt) |
| Local US subcontract design | Used to fill Beryl design gaps | "You don't make any money" when outsourced locally | [Fact] (mgmt) |
| Premises | Leased offices in 5 Indian cities; own Nashik campus coming | Rent saving Rs 2-2.5 cr/yr from FY28; CMD's brother is a landlord (Rs 20.4 lakh FY26) | [Fact] |
| Capital | Debt-free; cash and investments about Rs 25-30 cr in deposits (May-26); Rs 53.86 cr cash and fixed-income at Jun-25 before the Beryl outflow; USD 4M facility to Beryl | Treasury also holds Emkay NCDs and ICICI Prudential funds | [Fact] |
| Bankers / FX | Citi N.A. and ICICI Bank; forwards not designated as hedges; Rs 8.08 cr forward liability at 31 Mar 2026 vs Rs 0.16 cr a year earlier | Rupee about 83.4 to about 95 across FY25-26; Q4 FY26 MTM loss about Rs 4 cr | [Fact] |
| Import / country dependence | Not applicable to goods; software licences and USD revenue are the foreign exposure. Supplier concentration: Not Available (not disclosed) | Searched Annual Report notes and transcripts |
Downstream: who depends on MTTL
| Stage | Who | How MTTL earns | Tag |
|---|---|---|---|
| Project origin | Architects, owners/developers, general contractors (design buyers); data-centre, semiconductor, battery, commercial, institutional and industrial developers | Structural and connection design (target), architecture (aspiration) | [Fact] |
| Fabrication and erection | Steel fabricators and erectors (current primary customers for detailing) | Shop and erection drawings per project quotation | [Fact] |
| Auto manufacturing | Tier-1 suppliers to OEMs (Europe, Mexico, US) | BIW fixtures, robotic simulation, press tools | [Fact] |
| Utilities and grid | Utilities and their Tier-1 contractors; data-centre-driven T&D build-out | Pole, tower and substation design and detailing; new MSA about USD 1M/yr | [Fact] |
| Permitting and inspection | Counties and municipalities (approve), homeowners, condominium associations, contractors, insurers/attorneys (expert witness) | Beryl fees per permit, inspection or design job (USD 5-50K each) | [Fact] |
| Billing front-end | Q1 FY27: standalone Rs 45.5 cr, Mold-Tek Technologies Inc. Rs 45.9 cr, Beryl Rs 10.5 cr, consolidated only Rs 59.5 cr | The US subsidiary appears to bill clients and buy delivery from India (intercompany eliminated on consolidation) | [Est.] |
| Customer concentration | Not Available: top-5 / top-10 share not disclosed (single segment); hundreds of clients claimed | Stickiness: fabricators are sticky on quality, back-charges near zero; no contract tenor data except Danieli MSA (1-3 years), T&D MSA and county order (12 months) | |
| Visibility | Work on hand USD 4.5M civil (Jun-26) is roughly one quarter of civil revenue at about USD 4M a quarter; Q4 FY25 call: visibility of a few months | Quarterly order intake is the lead indicator | [Est.] |
Where pricing power sits
Detailing is priced on estimated hours at about USD 25-30/hr with 2-3% negotiation and sits on the third rung of the US chain; fabricators set the price, MTTL competes on quality and turnaround. Pricing power is stronger in design (USD 70-100/hr) because of PE stamping scarcity, which is why management wants to move up the chain and buy PEs. MTTL's own power is limited; its edge is India labour arbitrage plus tooling skills nobody teaches in college. [Analyst View]Value-chain position
MTTL is a third-rung vendor (architect, then structural engineer of record, then detailer). It wants the first rung so that it can charge 3-5% of project cost instead of hours. [Fact] (CMD)Competitive Position
Industry definition and structure
MTTL sells outsourced engineering design and detailing hours into the US steel-construction supply chain, European/US automotive tooling design, utility structures, and (since Nov 2025) US residential permit, inspection and design. It sits in "engineering services outsourcing", not IT services and not construction contracting: "We are not an IT company ... we are an engineering services company" (Feb-26 call). [Fact]
| Structural feature | Evidence | Tag |
|---|---|---|
| Fragmented civil/steel-detailing market | "In civil, it's a fragmented market. We ... are one of the leading players, top two or three. Proteus is another company which is of our size. And there are four or five players ... 500 to 700, 800 people strong" (Jun-25 call) | [Fact] mgmt claim, unverified |
| Regional nature of US structural design | "Structural designing is a regional activity ... somebody in Florida works 90% in Florida", so a national design business needs 4-6 regional acquisitions | [Fact] (mgmt) |
| Gatekeepers | US-licensed PEs (state by state) must stamp designs; supply scarce; MTTL has 2 in-house (about 4 with Beryl) | [Fact] (mgmt) |
| Skills barrier | No Indian university teaches Tekla/SDS/2 detailing; 6-9 months of fresher training | [Fact] (mgmt) |
| Price discipline | India-based detailing USD 25-30/hr; design USD 70-80/hr (India) to USD 100/hr (US-fronted); Indian domestic work priced "not even half" of US | [Fact] (mgmt) |
| Client behaviour | Fabricators/erectors buy detailing and are sticky on quality; builders/architects buy design | [Fact] (mgmt) |
| Cyclicality | Orders track US construction starts, elections, tariffs; civil WOH swung USD 1.7-1.8M (Dec-24) to USD 5.0M (Mar-26) | [Fact] |
| Fixed-cost leverage | About 70% of cost is people; breakeven costs are "sunk" | [Fact] (mgmt) |
Industry size and growth (company-cited; publisher not named in the Annual Report)
| Metric | Value | Tag |
|---|---|---|
| US engineering services market | USD 388.6B (2025); USD 409.6B (2026E) to USD 533.3B (2031E); CAGR 5.4% (check: 409.6 x 1.054^5 = 533.2) | [Fact] company-cited |
| Civil engineering share | 34.6% largest application; construction and infrastructure 27.4% of spending | [Fact] company-cited |
| US construction spending | About USD 2.2 trillion (2025) | [Fact] company-cited |
| North America construction revenues | About USD 3.13 trillion (2025), inconsistent with USD 2.2T above and with the FY25 AR (US USD 1.77T 2024; North America USD 2.59T 2024, +3.7% pa to 2028); definitions differ | [Fact]; inconsistency flagged |
| Global construction | USD 15.46T (2023) to USD 19.52T (2027), 6% CAGR | [Fact] company-cited |
| Global steel demand | 1,748.6 Mt in 2025 (flat); India +8.9% to 161.1 Mt; US +1.8% (World Steel Oct-2025 outlook as quoted) | [Fact] company-cited |
| India engineering exports | USD 122.43B in FY26 (+4.86% from USD 116.75B); 27.71% of merchandise exports; US largest destination; FY25 AR quoted USD 116.67B (+6.74%) | [Fact] (EEPC as quoted) |
| Demand drivers | IIJA infrastructure, semiconductor fabs, battery gigafactories, data centres, grid modernisation, T&D, prefabrication/modular, skilled-labour shortage in the US | [Fact] |
| Outsourced steel-detailing market size | Not Available. Searched Annual Reports, Q1 FY27 release, seven transcripts; no publisher figure | |
| Residential permit / inspection market | Management: "more than 3,000 counties", only 2 served; a "multi-billion" competitor operates across 30+ states (name unclear, rendered "USB"). Size Not Available | [Fact] (mgmt) |
| T&D design outsourcing | US sector spend over USD 0.5-1B; only about USD 100M of design/detailing is outsourced offshore; MTTL hopes for USD 5-10M/yr vs about USD 2M now | [Fact] (mgmt) |
Market share (all [Est.]; low information value)
| Calculation | Inputs | Result |
|---|---|---|
| FY26 revenue in USD | Mgmt expected USD 20-21M; Rs 181.68 cr at about Rs 88-89/USD | About USD 20.5M |
| Share of US engineering services | 20.5M / 388.6B | about 0.005% |
| Share of civil engineering application (2026E) | 34.6% x 409.6B = USD 141.7B; MTTL civil + Beryl about USD 17-18M | about 0.012% |
| Share of India engineering exports | 20.5M / 122.43B | about 0.017% |
| Capacity vs steel-detailing peers | 1,176 staff vs "4-5 players of 500-800" and Proteus "of our size" | Top few by headcount (mgmt claim; peer headcounts Not Available) |
MTTL is a micro-cap supplier; share of the addressable market is immaterial, so growth is driven by wallet share, new service lines and M&A rather than market growth. [Analyst View]
Competitors named by management (metrics Not Available: unlisted or not tracked)
| Competitor | Where named | What they do | Metrics |
|---|---|---|---|
| Proteus | Jun-25 call | Civil / steel detailing outsourcing; "of our size" | Not Available (private) |
| Ovation | May-26 call | Detailing; about 8-9 years old, "half our size"; grew by buying an Atlanta-area detailer of 8-10 people and building an Indian team | Not Available |
| Pinnacle Infotech | May-26 call (analyst) | BIM solutions for AEC; CMD: BIM "crowded ... not very lucrative"; MTTL BIM team 5-10 | Not Available |
| PDS | Jun-25 call (analyst) | Ties up with independent regional design consultants for profit share; CMD rejects it ("Indian rates and lesser margins") | Not Available |
| Onward Technologies | Nov-25 call (analyst) | Mechanical ER&D for OEMs | See table below |
| Large US permit / inspection firm ("USB") | Nov-25 call | Residential permits and engineering across 30+ states | Not Available; identity unclear |
| Pennar Industries | Jun-25 call (analyst) | PEB exporter to US; competes with the Interarch tie-up | See table below |
Searched for metrics of unlisted names in transcripts, annual reports and Screener. Not found.
Listed comparables (Screener, 21 Oct 2026; consolidated; Rs cr)
| Company | Mkt cap | P/E | ROCE % | ROE % | FY26 sales | FY26 OPM | FY26 NP | Latest quarter (sales / OPM / NP) |
|---|---|---|---|---|---|---|---|---|
| Mold-Tek Technologies (Rs 93.8 [post-bonus]) | 541 | 29.4 (std. 27.0) | 9.5 | 6.6 | 182 | 6% (Screener; 6.3% computed) | 10 | Jun-26: 59.5 / 19.9% / 9.0 |
| Onward Technologies | 988 | 19.9 | 22.9 | 19.5 | 544 | 13% | 44 | Sep-26: 170 / 16% / 17 |
| Cyient | 13,026 | 31.9 | 12.3 | 8.6 | 7,268 | 12% | 463 | Jun-26: 2,076 / 13% / 109 |
| L&T Technology Services | 42,250 | 30.3 | 26.7 | 21.5 | 10,996 | 18% | 1,281 | Sep-26: 3,040 / 19% / 549 |
| KPIT Technologies | 14,819 | 23.7 | 26.3 | 20.9 | 6,455 | 19% | 637 | Jun-26: 1,675 / 15% / 116 |
| Sasken Technologies | 2,472 | 33.5 | 9.9 | 7.0 | 1,113 | 8% | 59 | Jun-26: 339 / 9% / 24 |
| Pennar Industries | 2,203 | 15.5 | 15.2 | 12.4 | 3,620 | 10% | 139 | Jun-26: 870 / 11% / 35 |
| Tata Elxsi | Screener shows Rs 23,912 cr but P/E 234 and ROCE 60% with inconsistent/stale tables: Not Available (data quality) | |||||||
| US listed engineering services (Tetra Tech, Jacobs, Bowman, Willdan etc.) | Not Available. FMP quotes returned "plan upgrade required"; no other price source | |||||||
All peer rows are as displayed by Screener (derived, not primary). Screener's own peer list for MOLDTECH (L&T, Rail Vikas, Kalpataru, IRB, Cemindia, NBCC, Engineers India) is a construction-sector misclassification and is ignored.
| Dimension | MTTL | Onward / LTTS / KPIT | Read |
|---|---|---|---|
| Scale | Rs 182 cr revenue | Rs 544 cr to Rs 11,000 cr | Sub-scale vs listed ER&D; scale peers are not direct competitors for steel detailing |
| Margin through the cycle | 26-29% (FY23-24) down to 6-11% (FY26); Q1 FY27 19.9% | 13-19% | Higher peak, much higher volatility [Est.] |
| Valuation | P/E 29x on trough-ish earnings; ROCE 9.5% | P/E 20-32x; ROCE 12-27% | Rich versus ROCE; hinges on reaching the guided 20% margin [Est.] |
| Concentration | 95%+ of civil to the US; MES more than 50% Europe | Diversified | Concentrated on the US construction cycle |
Porter's Five Forces and moat
| Force | Level | Evidence |
|---|---|---|
| Buyer power | Moderate | Hundreds of clients, fabricators set prices; no customer data disclosed |
| Supplier power (talent, software) | Moderate | Software from Trimble/SDS; PE scarcity; attrition double-digit |
| New entrants | Moderate | Low capital needs; barriers are skills, US relationships and PE access |
| Substitutes | Moderate | AI tools (CMD: 5-10% fewer staff at most; "no entry" into stamped work); in-house detailing |
| Rivalry | High | Fragmented, price-led: Proteus, Ovation, Pinnacle, PDS and others |
Moat: narrow. For: decades of detailing relationships, training pipeline, 150+ tools, bad debts near zero, a 28.8% peak margin. Against: 95%+ civil from the US, margin range -10% to +29% by quarter, customers not disclosed, no pricing power in detailing. [Analyst View]
Policy, regulation and macro
| Item | Fact | Effect on MTTL | Tag |
|---|---|---|---|
| US tariffs | Uncertainty froze building projects and the Interarch plan through FY26. Feb-26: CMD said an 18% tariff on India "has been pronounced". May-26: trade talks "in a kind of limbo" | Negative on large industrial/warehouse orders (H1 FY26 headwind); Interarch commission up to 5% of building value not yet in revenue | [Fact] (mgmt); 18% not independently verified |
| US federal funding | CMD: US government shutdown ran 4-5 months in early 2026, slowing government-funded permits | Delayed Beryl Jan-May | [Fact] (mgmt) |
| US infrastructure and industrial policy | IIJA, semiconductor and battery programmes, data-centre and grid build-out | Positive; T&D MSA and data-centre structural jobs | [Fact] |
| US elections | Orders paused around elections (Q3-Q4 FY25); WOH fell to USD 1.7-1.8M | Cyclical negative, recovered | [Fact] |
| Florida milestone-inspection law (SB 4-D) | Analyst asked on May-26 call; CMD "not aware", cited FEMA and FDEM authorisations | Possible Beryl driver; unconfirmed | [Fact] question only |
| US PE licensing | State-wise licences gate design work; one PE moving to Florida on L1 visa | Constrains organic scaling; visa dependency | [Fact] (mgmt) |
| Rupee | About 83.4 to about 95.15; about 95.5 mid-May 2026 | Revenue tailwind; forward MTM losses (Rs 4 cr in Q4 FY26; about Rs 7 cr in FY26); hedge cover cut to 25-50% | [Fact] (mgmt) |
| India Labour Codes | Four codes notified 21 Nov 2025; impact not assessed | Possible gratuity/leave step-up on 1,176 staff | [Fact] |
| Indian tax | Rs 30.4 lakh demand for AY2024-25 | Small | [Fact] |
| Exchange compliance | NSE sought clarification on XBRL discrepancies in Q3 FY26 results (11 Mar 2026) | Minor disclosure-quality flag | [Fact] |
| Indian engineering exports | Record USD 122.43B in FY26 | Supportive backdrop | [Fact] |
| AI | CMD: AI has "no entry" into stamped engineering; could cut headcount 5-10% via QA tools; Beryl uses AI plan-review tools; an analyst tied the IT index 3-year lows to the question | Mixed; possible pricing pressure on commodity drafting | [Fact] (mgmt); pricing view [Est.] |
Risks and Red Flags
Severity is the analyst's rating [Analyst View]; evidence is [Fact] unless tagged.
| # | Risk | Category | Severity | Explanation | Mitigant |
|---|---|---|---|---|---|
| 1 | Related-party revenue and thin audit under it | Governance | High | About 78% of consolidated revenue and 89.8% of standalone revenue is billed to a wholly owned US subsidiary audited by a Bengaluru firm named inconsistently; Rs 33.51 cr (80% of consolidated receivables) owed to the parent; transfer pricing is the core exposure | Unmodified opinion; other-auditor reliance disclosed |
| 2 | Family pay versus profit | Governance | High | Rs 515.5 lakh to four family members = 51% of FY26 PAT; CMD +48%, KMP +27% vs staff +7%, PAT -17%; new CMD commission clause; daughter's pay 6.5x as President of Beryl | Approved with 99.997% assent (promoter votes dominate) |
| 3 | Promoter-group buy-then-sell pattern | Governance | High | Bought 1,79,817 shares in Apr-Jun 2026 before the Q1 print; sold 1,77,689 in Jul-Sep after a 50% rally | Net holding unchanged; no pledge |
| 4 | Compliance function instability | Governance | High | CS vacancy since 23 Sep 2026, third exit in under four years, during bonus, dividend and a possible acquisition; CFO and CEO also recent | LODR three-month window; Secretarial Compliance Report clean |
| 5 | US construction cycle / policy shock | Macro | High | FY25 revenue -9.3% and PAT -56% as projects froze; WOH dipped to USD 1.7-1.8M; tariffs, elections, rates | T&D, data centres, Beryl diversification |
| 6 | Utilisation and fixed people cost (about 70% of cost) | Business | High | Utilisation 55-65% in FY25; operating margin swung 28.6% (Sep-24 quarter) to -10.2% (Mar-25 quarter) | Weekly productivity reviews, incentives, MES downsizing |
| 7 | Acquisition execution (Beryl) | Execution | High | Q1 FY27 Beryl net loss Rs 1.10 cr on Rs 10.45 cr vs CMD "around break-even"; 2 of 38 design staff left; FY27 revenue target USD 7M cut to about USD 5.5M; founder purchase cancelled | Indian design hub; 30% of consideration held 3 years |
| 8 | Serial slippage on the structural-design acquisition | Execution | High | Promised "in the next few months" since Aug-24; "within this calendar year" in Aug-26; unsigned; size and funding undisclosed | Management open to USD 5-15M deals (Nov-24), roughly Rs 40-125 cr at 2024 rates [Est.] |
| 9 | Guidance credibility | Governance | High | FY26 PBT target about Rs 16 cr vs Rs 13.05 cr actual; Beryl margin guide 15-20% to 30-35% to 8-10% to about 8%; preferential issue cancelled; Interarch no revenue; EBITDA guide 20%+ to 15% to 20%+ | Revenue guidance broadly met since Nov-25 |
| 10 | Customer concentration and US geography | Business | Medium | 95-98% of civil from the US; no customer-level disclosure | Hundreds of clients claimed; unverifiable |
| 11 | Mechanical / BIW-EV demand collapse | Business | Medium | MES lost about Rs 7-8 cr in FY26; WOH USD 0.25-0.35M; team cut 160 to about 60; USD revenue -28.1% | Pivot to T&D, SPM, plant engineering |
| 12 | FX: rupee volatility and hedge MTM | Financial | Medium | Rs 4 cr MTM loss in Q4 FY26; Rs 7.91 cr FY26; forward liability Rs 8.08 cr; USD 9.5M forward book; AR says "no hedging"; policy cut to 25-50% cover | Reduced hedge ratio; MTM to be shown separately |
| 13 | Goodwill impairment | Financial | Medium | Goodwill Rs 22.08 cr at the 31 Mar rate (Rs 20.70 cr at transaction) = 12.8% of total assets and 17.2% of net worth (12.0% and 16.2% on Rs 20.70 cr); Beryl loss-making in Q1 FY27; first test at FY27 year-end | Annual impairment test |
| 14 | Cash-flow quality and receivables | Financial | Medium | Consolidated debtor days 84 vs 48; underlying FY26 CFO about 0.2x PAT after stripping tax refund and unsettled MTM; standalone receivables Rs 38.1 cr vs Rs 22.7 cr | Management: Q4 revenue +81% |
| 15 | Liquidity and trading restriction | Financial | High | NSE series BE (trade-for-trade, delivery only); close Rs 98.37 (-4.99%) on 35,594 shares in the bhavcopy file dated 20 Oct (research files said 19 Oct); reason not found; filings still say EQ; about 33,900 holders | Not Available |
| 16 | Independence optics | Governance | Medium | Four of five IDs common with Packaging; two promoter NEDs on NRC/SRC; 100% attendance with no recorded dissent; 5 of 10 directors one family | Audit Committee fully independent |
| 17 | Annual Report self-contradictions | Governance | Medium | Hedging, loans to subsidiary, IEPF, state of incorporation, ESOS date, ISO 27001:2005, MD&A ratio table, CS fee; website headcount 1,500-2,000 vs 1,176 | Individually small |
| 18 | Key-person dependence | Governance | Medium | CMD drives strategy, guidance and M&A; CEO US-based; CS resigned | Not Available |
| 19 | Talent: PE scarcity, attrition, training | Execution | Medium | PEs "next to impossible" to hire; attrition double-digit; 6-9 months to productivity | Campus pipeline, LMS |
| 20 | AI-led deflation of drafting hours | Business | Medium | Management: 5-10% fewer staff possible; Beryl runs AI plan review | 150+ in-house tools |
| 21 | Regulatory / licensing: PE stamping, state registration, county approvals | Regulatory | Medium | Beryl authorised in 2 Florida counties plus Georgia entry; approvals are county-specific | Local Beryl staff |
| 22 | Beryl exposure to local-government and condo-inspection cycle | Business | Medium | Florida residential permits down about 10% YoY; first-phase condo inspections completed; second phase (design) restarting | County master order USD 1M |
| 23 | Disclosure hygiene and exchange queries | Regulatory | Medium | NSE XBRL clarification on Q3 FY26 (11 Mar 2026); Reg 33 clarification Dec 2024; interim dividend deferred 20 Apr 2026 | Replies filed |
| 24 | Tax demand | Regulatory | Low | Rs 30.4 lakh for AY2024-25; "no financial impact"; contingent liability nil | Responding |
| 25 | Cyber / data privacy | ESG | Medium | Client confidential drawings; flagged in the AR risk section | ISMS, access controls |
| 26 | Labour codes and wage inflation | Regulatory | Low | Salary hike 8.5-9%; labour codes not costed | Pricing power unknown |
| 27 | Bonus-adjusted comparability trap | Financial | Low | Per-share data before 12 Oct 2026 (Rs 164, EPS Rs 3.51 per the Annual Report [some files cite 3.68, basis unstated], DPS Rs 2) are pre-bonus; Screener's 2.13% yield overstates | Adjust per-share values |
| 28 | Thin institutional following and retail momentum | Financial | Medium | AIF 0.49%, FPI 0.05%, no mutual fund; no sell-side coverage; rallies and drawdowns retail-driven; holders -18% since Sep-24 | Free float about 50% |
| 29 | Cross-holdings and landlord links | Governance | Low | Packaging 7.56% holder; MTTL holds Packaging shares; brother's rent Rs 20.4 lakh | RPTs disclosed |
| 30 | Auditor history | Governance | Low | Former statutory auditor (M. Anandam) now internal auditor; subsidiary audit naming conflict | Not Available |
| 31 | Dividend and capital allocation | Financial | Low | FY26 payout 57% of EPS vs cash-flow quality; interim dividend deferred twice; buyback not considered | Net cash |
Red-flag checklist
| Check | Result |
|---|---|
| Rising debt | None; bank borrowings nil; leases Rs 5.13 cr; Rs 29.34 cr loan is to its own subsidiary |
| Margin deterioration | Yes through FY26 (28.8% to 6.3%); sharp recovery in Q1 FY27 (19.9%), unproven |
| Auditor concerns | No qualifications; subsidiary auditor naming conflict; former auditor is internal auditor |
| Related-party abuse | Not proven; material and concentrated (89.8% of standalone revenue; family pay 51% of PAT) |
| Promoter selling | Family sales of 1,77,689 shares Jul-Sep 2026, offset by earlier purchases |
| Dilution | Minor ESOP (2% in four years); bonus is cosmetic; preferential issue cancelled; ESOS-2025 pool 3.5% |
| Customer losses | Not disclosed; MES lost its BIW volume |
| Pledge | None |
Concall Highlights and Guidance
Transcripts exist for Q1 FY27, Q4 FY26, Q3 FY26, Q2 FY26 and Q4 FY25 (plus Q2 FY25 and Q1 FY25 used as baselines). No call or transcript is listed for Q1 FY26 (Aug 2025) or Q3 FY25 (Feb 2025) on BSE, the Investors page or the NSE feed; those quarters are covered by press releases. Audio-only calls (MP3 on the company site) were not transcribed. Emkay Global hosted the last four calls; Antique hosted the 2024 calls. [Mgmt] = management's claim.
Quarterly scoreboard (Rs cr)
| Quarter | Revenue | Mgmt EBITDA | Mgmt EBITDA % | Screener OPM ex OI | PAT |
|---|---|---|---|---|---|
| Q4 FY25 (Mar-25) | 29.88 | -0.31 | n.m. | -10.2% | -1.56 |
| Q1 FY26 (Jun-25) | 33.29 | 2.44 | 7.3% | 1.4% | 0.68 |
| Q2 FY26 (Sep-25) | 40.23 | 5.96 | 14.8% | 11.0% | 3.24 |
| Q3 FY26 (Dec-25) | 52.67 | 6.67 | 12.7% | 10.3% | 3.89 |
| Q4 FY26 (Mar-26) | 55.49 | 4.57 | 8.2% | 1.9% | 2.28 |
| Q1 FY27 (Jun-26) | 59.54 | 13.91 | 23.4% | 19.9% | 9.00 |
| FY26 | 181.68 | 19.64 (incl. other income) | 10.8% | about 6% | 10.09 |
Q1 FY27 call, 6 Aug 2026 (host Emkay)
- Tone: "stellar" quarter; profit about 4x Q4 and 12x Q1 FY26 "without Beryl really contributing anything to the bottom line" [Mgmt].
- Margin drivers: MES downsizing (software and people), no FX MTM loss this quarter (a gain of about Rs 1-1.2 cr), automation and productivity incentives; CMD: "long term in nature, not one-time" [Mgmt].
- Guidance: FY27 revenue Rs 240-250 cr (Rs 250 cr possible; Q1 run-rate Rs 59-61 cr); EBITDA "at least 20+%" (FY26 about 11%); PAT margin 15-16%; FY28 Rs 300-350 cr "along with an acquisition" [Mgmt].
- Order book: civil work on hand USD 4.4-4.5M (call gives three different prior-year numbers: 2.7M, 3.5M, 3.7M); MES quoted at 1.15M "like last year" (conflicts with 0.35M in May).
- Beryl: break-even in Q2, positive from Q3; FY27 revenue about USD 5.5M at about 8% EBITDA ("10% at most"); USD 1M master purchase order from "Hillsburg County" over 12 months from July; Georgia registration begun; Indian design hub 6-8 people, target 15-20 by Oct-Nov; one PE moving to Florida on L1 visa; profit contribution "USD 0.5-0.75M" hoped for, not guaranteed; 8-month loss "USD 5,000-6,000".
- T&D: new MSA with a leading US power-distribution company, about USD 1M/yr; 5 people billed from July, 10 by Aug-Sep, 20 by Oct-Nov; sector opportunity USD 5-10M/yr for MTTL; current T&D revenue about USD 2M; 3-5x in 2-3 years.
- Acquisition: talks with a US structural-steel/residential design firm with 15 engineers, half PEs, "can happen within this calendar year"; CMD to meet in late Sep and "either take the deal or drop the deal in October"; architecture later; no valuation given.
- Warrants/equity: founder did not subscribe because the 6-month average price (about Rs 165 [pre-bonus]) was far above market (about Rs 130 [pre-bonus]).
- Other: India market ignored ("rates very low"); AI not a threat; 5-year aspiration "complete civil engineering solution provider".
Q4 FY26 call, 14 May 2026
- Q4 PAT Rs 2.28 cr vs a Rs 1.62 cr loss a year ago "in spite of a huge MTM loss of Rs 4 crores"; FY26 PAT Rs 10.0 cr vs Rs 12.16 cr (-17%).
- MES BIW team downsized 160 to 60 by 31 Mar 2026 (decision in January); MES loss about Rs 7-8 cr in FY26, about Rs 1.7-1.9 cr in Q4; "that is now stopped" from 1 Apr [Mgmt].
- Poles/towers team 45-50 to about 80; FY26 revenue about USD 0.8M vs FY27 USD 1.5-2M.
- Civil WOH USD 4.05M to about 5.0M at end Q4 (release); MES WOH USD 0.25M on the call vs USD 0.35M in the release.
- FY27 outlook: about Rs 250 cr revenue; EBITDA 11% to at least 15%; India standalone EBITDA 15-16%; Beryl margin 8-10%.
- Preferential issue (2.90 lakh shares at Rs 164 [pre-bonus], Rs 4.76 cr, to Beryl's founder) cancelled because he did not remit funds by 30 Apr; an investor called it a vote of no confidence.
- Debtors up (Rs 30 cr in Sep-25 to Rs 41 cr in Mar-26): management cites Q4 revenue +81%.
- Hedging: forwards limited to 25-50% of turnover (was 100%); rupee 83 to 95; operational EBITDA and MTM to be shown separately from FY27.
- Interarch and Affordable Robotics MoUs: "nothing much is happening" because of US-India trade uncertainty. Danieli Corus MSA: mandate 20 engineers, 3 placed, about USD 0.5M/yr.
- Productivity +10-15% in April, FY27 target +20%; Nashik groundbreaking in June, ready by FY-end; AI: "5-10% fewer people at most"; design 8-10% of civil, target 30-40% in 3-4 years.
Q3 FY26 call, 12 Feb 2026
- Profit "more than 6x" Q3 FY25; Beryl's two months (Nov-Dec) PAT USD 137K (about Rs 1.25 cr) before USD 91K acquisition costs, net contribution about Rs 0.2 cr.
- FY26 outlook Rs 175-180 cr plus; FY27 Rs 225-240 cr (USD 25M), growth 25-35%, EBITDA "should at least cross 20%", "25% EBITDA is possible"; 3-5 year top-line CAGR at least 20-25%.
- Beryl synergy claim: EBITDA from 8-10% to 30-35% "within a year" if half the work is outsourced to India.
- MES: pruning losses adds Rs 6-7 cr to profit; mandate to place 30 people with MNC clients in 3 months.
- Data centres: each about USD 0.5M of civil work; 4-5 a year = USD 2-2.5M; poles/towers USD 0.4-0.5M/yr rising to over USD 1-1.2M.
- Tariffs: 18% pronounced; Interarch could add "a few hundred thousand dollars" of profit if exports start. Beryl founder to buy USD 0.5M of shares "in the next couple of months". Buyback not considered; cash reserved for acquisitions and Nashik.
Q2 FY26 call, 14 Nov 2025
- Q2 sales +20.9% QoQ to Rs 40.23 cr; EBITDA Rs 5.96 cr; PAT Rs 3.24 cr (YoY revenue -6.6%, PAT -59.6%).
- Beryl announced: USD 2.7M plus up to USD 0.4M adjustments, 0.5x revenue, about 7x EBITDA; founder to invest about USD 0.5M; consolidation from 1 Nov 2025.
- Beryl guide: EBITDA 7-8% to 15-20%; FY27 revenue USD 7M (about +25% YoY); 5-6 counties within 6 months; 25-30% of work can go to India. Group: FY26 USD 20-21M (FY25 USD 18M), FY27 USD 27M.
- WOH: civil about USD 4.2-4.3M, MES USD 0.6M (from 0.15M); poles/towers team 60-70 to double in a year; entering transmission-tower and conductor design; data-centre power build-out as a T&D driver.
Q1 FY26 (Aug 2025): no call; press release only
- Revenue Rs 33.29 cr (-15.3% YoY), PAT Rs 0.68 cr (-86.8% YoY). Cash and fixed income Rs 53.86 cr at 30 Jun 2025; three large projects won in Q1 expected to be executed by end-Q2.
Q4 FY25 call, 17 Jun 2025
- Q3 and Q4 FY25 weak because projects froze during the US election; civil WOH recovered from USD 1.7-1.8M to USD 3.5M by 1 June.
- Guidance: Q1 to cross breakeven, step-up from Q2, FY26 to "get back to FY25 profits" (PBT Rs 16 cr, PAT Rs 12 cr); double revenue in 3-4 years.
- Interarch (commission up to 5% of building value) and Affordable Robotics MoUs; 5-6 builders, 6-7 RFQs of USD 0.3-1M+, all awaiting tariff clarity. Capacity 1,000 productive staff = more than USD 25-30M; utilisation 55-60%; quarterly revenue about USD 3.55M. Structural-design acquisition: New Jersey target in early talks; "first one is most difficult".
Older baselines
- Q2 FY25 (8 Nov 2024, Antique): revenue +9.7%, PAT +54% QoQ; Q3 expected "tepid"; civil WOH USD 2.4M (from 2.9M), MES USD 0.25M (from 0.6M); utilisation about 65%; open to acquisitions of USD 5-15M including architecture.
- Q1 FY25 (7 Aug 2024, Antique): PAT -17.5% YoY (Rs 5.18 cr); 190 trainees added; "flattish" year expected; two structural-design targets in talks.
Guidance versus actuals ledger [Est. verdicts]
| Date / call | Guidance given | What happened | Verdict |
|---|---|---|---|
| Aug-24 | FY25 flattish in civil and MES; structural-design deal "in the next few months" | FY25 consolidated revenue -9.3% (Rs 145.85 cr vs 160.74 cr), PAT -56%; no design acquisition (Beryl, residential, closed 15 months later) | Miss |
| Nov-24 | Q3 "a little tepid"; deals USD 5-15M | Q3 FY25 revenue Rs 33.60 cr (-22% QoQ), PAT Rs 0.54 cr; Beryl bought for USD 3.1M | Direction right on Q3; deal smaller |
| Jun-25 | Q1 breakeven; step-up Q2; FY26 PBT/PAT back to FY25 (PBT Rs 16 cr, PAT Rs 12 cr) | Q1 PAT Rs 0.68 cr, Q2 Rs 3.24 cr; FY26 PBT Rs 13.05 cr, PAT Rs 10.09 cr | Partial miss (about 20% short on PBT) despite five months of Beryl |
| Jun-25 | Interarch: first sale once tariffs clear | No revenue through Aug-26 | Not delivered |
| Nov-25 | Beryl: 5-6 counties in 6 months; FY27 USD 7M; founder invests USD 0.5M | By Aug-26 Florida plus a Georgia registration; FY27 about USD 5.5M; founder investment cancelled | Miss |
| Nov-25 | FY26 revenue USD 20-21M | Rs 181.7 cr = about USD 20.5M | Met |
| Feb-26 | FY26 Rs 175-180 cr plus | Rs 181.68 cr | Met |
| Feb-26 | FY27 Rs 225-240 cr; EBITDA over 20%, up to 25%; 30 MNC placements in 3 months; no buyback | May-26: about Rs 250 cr and 15% EBITDA; Aug-26: Rs 240-250 cr and 20%+; Danieli mandate for 20, 3 placed | Revenue ok; margin guide cut then restored; placements slow |
| Feb-26 | Beryl EBITDA to 30-35% in a year | May-26 8-10%; Aug-26 about 8%, "10% at most" | Retracted |
| May-26 | EBITDA 11% to at least 15% FY27; MTM small in Q1; MTM shown separately; MES loss stopped; Nashik groundbreaking June | Q1 19.9% ex other income (23.4% incl.); Q1 had an FX gain; no separate MTM line; Nashik 14 Jun 2026 | Margin beat; MTM disclosure not visible; Nashik met |
| May-26 | Beryl positive contribution in coming quarters | Q1 FY27 net loss Rs 1.10 cr | Behind plan |
| Aug-26 | Beryl breakeven Q2, profit Q3; structural deal decision Oct 2026; FY27 Rs 240-250 cr, EBITDA 20%+; FY28 Rs 300-350 cr | Open; no acquisition filing as of 12 Oct (nothing newer at reviewer re-check on 21 Oct); Q2 not out | Pending |
Pattern: revenue guidance has been broadly met since Nov-25 (helped by the Beryl acquisition), whereas profit and M&A guidance has repeatedly slipped or been retracted. [Analyst View]
Who asks the questions (investor roster from the calls)
| Participant | Calls | Tone / content |
|---|---|---|
| Madhur Rathi, Counter Cyclical Investments | Nov 2025, Feb 2026, May 2026 | Most critical: May 2026 called FY26 "really quite disappointing to put it mildly" and the cancelled issue "a huge vote of no confidence"; challenged receivables doubling vs revenue +40%, EBITDA definition, and other expenses rising from Rs 22 cr to Rs 33 cr |
| Samarth Singh, TPF Capital | May 2026, Aug 2026 | Forensic: hedging policy ("operational EBITDA should exclude hedging income"), MES losses (about Rs 8 cr run-rate), Beryl revenue/margin and design-team delay, Nashik savings; noted Florida residential permits down about 10% YoY |
| Praneeth, SJ Investments | May 2026, Aug 2026 | Sustainability of margin gains, acquisition sizing, PE availability, history of MES profitability |
| Knightstone Capital Management LLP (Ashutosh Shukla; Kiran Gadge) | May 2026, Aug 2026 | Work on hand, Beryl contribution, acquisition update |
| Dhruv Bajaj, GrowthSphere Ventures | Aug 2026 | Margin guide 15% vs delivered 19%, ex-Beryl run-rate Rs 250 cr, Beryl warrant lapse |
| Kaustav Bubna, Kamana Holdings | Nov 2025, Feb 2026, Aug 2026 | Data-centre exposure, acquisition value; "hope the performance isn't volatile like it used to be" |
| Three Sigma Asset Managers LLP (Bharat Sharma), Swastik Investments, Blue Star Capital (Preet Shah), Manish Kela | 2026 | Long-term vision; FY28 guidance; MTM FX |
None of these names appears as a holder above 1% in the shareholding filings; call attendance is small (7-9 questioners per call) [Est.].
Management tone over time and recurring themes
| Period | Tone | Theme |
|---|---|---|
| Aug-24 to Jun-25 | Cautious, defensive on weak quarters | US election freeze, tariffs, acquisition "in a few months" |
| Nov-25 to Feb-26 | Confident, expansive | Beryl synergies (30-35% margins), USD 27M, 25% EBITDA "possible" |
| May-26 | Defensive | Answered "disappointing" FY26 with Q4 turnaround and FY27 guidance rather than disputing the margin collapse |
| Aug-26 | Triumphant | "Stellar" quarter, 20%+ margin, FY28 Rs 300-350 cr; Beryl described as break-even against a Rs 1.10 cr review-note loss |
| Recurring | Acquisition always "next few months"; MTM and hedging; Beryl ramp; MES losses; tariff-gated Interarch; the same questioners press for operational EBITDA |
Source conflicts shown, not smoothed
| Topic | A | B | Reading |
|---|---|---|---|
| Civil WOH direction in Q1 FY27 | Release: "increased from USD 3.50M to USD 4.50M" | Q4 release USD 5.0M at end Q4; call USD 4.4-4.5M | 3.5 to 4.5 is year on year; quarter on quarter about USD 5.0M to 4.5M (-10%) |
| Prior-year comparator on the Aug-26 call | 2.7M | 3.5M and 3.7M | Misquoted; use 3.5M (Jun-25) |
| MES work on hand | 1.15M "like last year" | 0.35M (release), 0.25M (call), 0.6M (Nov-25) | Unresolved; 1.15M may be a misstatement |
| Beryl FY27 revenue | USD 7M (Nov-25, May-26) | About USD 5.5M (Aug-26) | Q1 annualises to about Rs 42 cr, below USD 5.5M at Rs 95 (about Rs 52 cr) |
| Q1 FY27 ROCE | Company 35.6% | Screener 9.5% trailing | Different basis; unexplained |
Growth, Outlook and Valuation
Order book and pipeline
Work on hand (WOH) is awarded work not yet executed; management's main forward indicator. Beryl is excluded (jobs of USD 5-50K finish in 1-2 weeks). Civil WOH peaked at USD 5.0M (Mar-26) and was about USD 4.5M at Jun-26 (-10% QoQ; +29% YoY from 3.5M). MES WOH USD 0.35M (Mar-26; call 0.25M; Aug call 1.15M). See Tab 4 for the full history and chart. [Fact] Book-to-bill: Not Available (order intake not disclosed).
| Pipeline item | Detail | Tag |
|---|---|---|
| Beryl county master purchase order | USD 1M over 12 months from July 2026 ("Hillsburg County") | [Mgmt] |
| US power-distribution MSA | About USD 1M/yr; 5 billed from July, 10 by Aug-Sep, 20 by Oct-Nov | [Mgmt] |
| Danieli Corus MSA | About USD 0.5M/yr potential; 3 of 20 placed in May | [Mgmt] |
| Beryl municipal contracts | About USD 2M/yr in "advanced discussions" | [Mgmt] |
| Data-centre structural work | About USD 0.5M each; 4-5 a year = USD 2-2.5M | [Mgmt] |
| Interarch RFQs | 5-6 builders, 6-7 RFQs of USD 0.3-1M+; tariff-gated; no revenue | [Mgmt] |
| Q1 FY26 wins | 17,000-tonne casino, 6,300-tonne stadium, 22,000-tonne aircraft plant | [Fact] |
Expansion, catalysts and drivers
| Horizon | Item | Detail |
|---|---|---|
| Near term (within 12 months) | Q2 FY27 results | Due by 14 Nov 2026: first test of Beryl break-even, the 20% margin and civil WOH vs USD 4.5M |
| Near term | Acquisition decision | CMD "take or drop" in October 2026; size and funding undisclosed |
| Near term | MTM / operational EBITDA disclosure | Promised from FY27 (from Q2 FY27) |
| Near term | New Company Secretary | By about 22 Dec 2026 [Est.] |
| Near term | Beryl design hub and Georgia entry | 15-20 people in India by Oct-Nov; Forsyth County, Georgia |
| Medium term | Nashik campus | Completion by Mar 2027; saving Rs 2-2.5 cr/yr from FY28 |
| Medium term | T&D and data centres | T&D USD 2M to USD 5-10M/yr opportunity; poles/towers USD 1.5-2M target in FY27 |
| Long term | Move up to design / architecture | Design 8-10% to 30-40% of civil in 3-4 years; "complete civil engineering solution provider"; revenue to double in 3-4 years (Jun-25); 3-5 year CAGR at least 20-25% (Feb-26) |
| Long term | Founder retention | 30% of Beryl consideration locked to Nov 2028 |
| Optionality | Interarch PEB exports | Commission up to 5% of building value; "a few hundred thousand dollars" of profit if exports start |
Management guidance (not consensus)
| Metric | Feb-26 | May-26 | Aug-26 |
|---|---|---|---|
| FY27 revenue | Rs 225-240 cr (USD 25M) | about Rs 250 cr | Rs 240-250 cr (250 possible) |
| FY27 EBITDA margin | over 20% (25% possible) | 11% to at least 15% | 20%+ |
| FY27 PAT margin | - | - | 15-16% |
| FY28 revenue | - | - | Rs 300-350 cr incl. an acquisition |
| Beryl margin | 30-35% in a year | 8-10% | about 8% (10% at most) |
| Beryl FY27 revenue | - | USD 7M | about USD 5.5M |
| Productivity | - | +20% FY27 | - |
| H1 FY27 check [Est.] | Q1 revenue of Rs 59.54 cr x 4 = Rs 238 cr: FY27 Rs 240-250 cr needs no growth from the Q1 run-rate; PAT x4 = Rs 36 cr, the low end of what the margin guide implies | ||
Valuation (post-bonus basis, Rs 93.8 at 15:17 on 21 Oct 2026)
| Metric | Value | Basis |
|---|---|---|
| Share count / market cap | 5,76,10,236 / Rs 540.4 cr (Screener Rs 541 cr) | [Est.] / [Fact] |
| TTM (Sep-25 to Jun-26) revenue | Rs 207.93 cr | [Fact] Screener |
| TTM PAT | Rs 18.41 cr (3.24 + 3.89 + 2.28 + 9.00) | [Est.] |
| TTM EPS | Rs 3.20 [post-bonus] | [Fact] |
| P/E TTM | 29.3x (Screener 29.4x) | [Fact] |
| P/E on FY26 EPS Rs 1.76 [post-bonus] | 53x | [Est.] |
| P/E on FY27 PAT Rs 25 / 36 / 40 cr | 21.6x / 15.0x / 13.5x | [Est.]; Q1 x4 = Rs 36 cr |
| Book value per share | Rs 22.24 [post-bonus] (Rs 128.10 cr / 5.761 cr) | [Fact] |
| P/B | 4.2x (median 3.6x) | [Fact] |
| Market cap / TTM sales | 2.6x (median 2.4x) | [Fact] |
| Net cash (ex-Packaging stake) | about Rs 37.7 cr at Mar-26 | [Est.] |
| EV (ex-Packaging stake) | about Rs 503 cr | [Est.] |
| EV / TTM operating EBITDA (22.77) | 22.1x | [Est.] |
| EV / TTM EBITDA incl. OI (31.11) | 16.2x (Screener 16.6x; median 11.8x) | [Est.] + [Fact] |
| Dividend yield | 1.07% on Rs 1.00 per post-bonus share (Screener 2.13% not used) | [Est.] |
| Versus history | P/E 29x vs 10-year median 20.8x | [Fact] Screener series |
| Cheap only if | Q1 FY27 margins are sustained for four quarters | [Analyst View] |
| Price context (bonus-adjusted) | Value |
|---|---|
| 21 Oct close in series | Rs 93.46 |
| 52-week closing high / low | Rs 110.22 (9 Oct 2026) / Rs 54.23 (27 Mar 2026) |
| All-time closing high | Rs 190.63 (25 Aug 2023); about 51% below peak |
| 10-year low | Rs 14.93 (22 May 2020) |
| Returns | 1m -3.0%; 3m +49.7%; 6m +32.7%; YTD +21.3%; 1y -8.5%; 3y -44.2%; 5y +133%; +72% from 27 Mar 2026 low |
| Screener CAGR | 5y price CAGR 20%, 3y -16% |
Scenarios [Analyst View; not forecasts, not a target price]
| Case | FY27 PAT assumption | Implied P/E at Rs 93.8 | What must be true |
|---|---|---|---|
| Bear | Rs 18 cr (TTM repeats, Q1 was a one-off) | 30.0x | Margins revert to 10-11%; Beryl loses money; stock de-rates toward the 20.8x median |
| Base | Rs 25 cr | 21.6x | Operating margin 12-15%; Beryl near break-even |
| Bull (guidance) | Rs 36-40 cr | 15.0x to 13.5x | Margin 20% sustained; revenue Rs 240-250 cr; Beryl profitable from Q3 |
Analyst coverage, bulk and block deals, media
| Item | Finding |
|---|---|
| Brokerage coverage | NO sell-side research coverage, ratings or targets found. Searched: company investor page and all 479 NSE announcements (only analyst/institutional meet and call intimations), Screener (no broker section), FMP analyst endpoints (blocked by plan tier), Google News RSS (no named broker note) |
| Emkay Global (analyst Abhishek Taparia) | Hosted the last four calls (14 Nov 2025, 12 Feb 2026, 14 May 2026, 6 Aug 2026): corporate-access service, not coverage; MTTL holds Rs 6 cr of Emkay NCDs (interest Rs 72 lakh FY26) |
| Earlier analyst meets | Mar 2023, Sep 2023 (15, 18, 20 Sep), Apr 2024; results intimations since 2023; an investor presentation (Feb 2023 PPT) was filed with an analyst-meet intimation on 17 Feb 2023 |
| Algorithmic "target" pages (noise) | Univest "Share Price Target 2026: Bull Case Rs 175" (1 Jul 2026), "Share Analyst Review 2026" (10 Jun), "Share Price Forecast to 2030" (21 Jul), "Share Price Target 2027 to 2030" (18 Aug), "Bull Case vs Bear Case for 2026" (16 Sep); siam.in "Support at Rs 188.56 / Resistance at Rs 208.40" (26 Aug, pre-bonus price Rs 198.48); Kalkine "Technical Outlook" (14 Oct). None names an analyst; Rs 175 is pre-bonus-era and not comparable. Not Available: any verifiable target |
| Consensus estimates | Not Available |
| Bulk / block deals | NSE bulk.csv for the latest session (labelled 19 Oct in the research files; the bhavcopy of the same vintage is dated 20 Oct): no MOLDTECH row; block.csv: "NO RECORDS". Historical bulk/block history Not Available (NSE historical API 503 three times; BSE API 403; no headline in 82 news items). Large single-day moves (+14-16% on 6 Aug 2026; "upper circuit" 9 Oct and "lower circuit" 8 Oct per Univest headlines) not tied to block trades |
| Volume / price clarifications | NSE volume-spurt clarifications 2 Dec 2022, 30 Dec 2022, 2 Jan 2023, 19-20 Jan 2023, 26-28 Mar 2025; price-movement clarifications 4-5 Jun 2020, 7-8 Jul 2021; replies generic |
| Market microstructure [Est.] | Free float about 50%, about 34k retail holders, no institutional anchor: retail and momentum driven; 52-week closing high Rs 110.22 on the bonus record date; 21 Oct close Rs 93.46 (-4.96%); siam.in headline -4.99% to Rs 98.37 on 20 Oct; two consecutive about 5% declines (5% appears to be the price band) |
| Positive media cluster (Aug-Oct 2026) | "PAT jumps 13 times, stock soars 16%" (Inshorts, 6 Aug); "net profit rises 1223.53%" (Business Standard, 6 Aug); "Penny stock below Rs 200 ... jumps 16%" (Dalal Street, 6 Aug); "Positions for USD 533 billion US engineering services opportunity" (ThePrint, 7 Aug, reads like a press-release feature); "Over 45% returns in one month, now double delight of bonus share and dividend" (Livemint, 28 Aug); "microcap rises 45% in a month; Rs 2 dividend" (Zee Business, 31 Aug); "30% return in a month" (Goodreturns, 1 Sep); "100% return in 6 months! Tesla-linked stock jumps ahead of bonus share record date" (Livemint, 30 Sep: Tesla link is a headline claim, may relate to the packaging sister company); "completes 1:1 bonus allotment" (Trade Brains, 12 Oct) |
| Negative / cautionary cluster | "Why Is Share Price Falling" (Univest, 7 May); "Shares in Focus After Sharp Post-Earnings Decline" (Kalkine, 15 May); "Defers Interim Dividend Declaration" (20 Apr); "Withdraws Preferential Issue of 2,90,000 shares" (1 May); "CS Prateek Kumar Tiwari resigns effective Sep 23" (23 Sep); "Slips 4.99% ... selling pressure" (siam.in, 20 Oct); "Down 60% from peak! This multibagger looks ready to make a comeback" (Livemint, 11 Mar 2025) |
| Corporate news items | Interarch Building MoU (Business Standard, 25 Mar 2025); Q3 FY26 "Revenue surges 56.75% YoY" (13 Feb 2026); Q4 "Swings to Rs 23M profit as revenue surges 85.6% YoY" (14 May 2026); preferential funds "for Nashik office construction" (15 Apr 2026); "2 Mold-Tek Group companies to consider bonus issues on Aug 26" and "Shaily Engineering vs Mold-Tek semiconductor trays" concern the group/Packaging |
| Quality warnings | 82 feed items, mostly aggregators (Univest, Kalkine, scanx.trade, siam.in, Trade Brains, Goodreturns) with a handful of mainstream pieces (Business Standard, Economic Times, Livemint, Zee Business, Moneycontrol, ThePrint, DSIJ, Upstox, Simply Wall St); bodies not read (encrypted Google redirects); some mislabel periods ("Q2 2026 earnings: revenue Rs 181.68 cr" is FY26 annual) or mix MTTL with Packaging; no investigative piece by a major publication |
| Forums, social, short interest | Not Available (Reddit, Twitter, StockTwits, ValuePickr, Trendlyne 404, Tickertape 404, MarketScreener 403, Moneycontrol wrong company, BSE/NSE quote pages are JS shells); no F&O listing; securities lending not checked |
Corporate-action calendar
| Date | Event |
|---|---|
| 16 Oct 2025 | Board approves Beryl Engineering Inc. (USD 0.1M equity) and USD 4M loan |
| 31 Oct / 1 Nov 2025 | Equity Purchase Agreement for 100% of Beryl Project Engineering LLC; consolidation from 1 Nov |
| 14 Nov 2025 | Q2 FY26 results; Beryl investor update (USD 2.7M + 0.4M; FY27 USD 7M); ESOS-2025 grants (later cancelled) |
| 12 Feb 2026 | Q3 FY26 results and call |
| 18 Feb 2026 | Rs 50 lakh skills programme with ICT Academy Tamil Nadu (2,203 students) |
| 28 Feb 2026 | Board approves 2.90 lakh-share preferential issue at Rs 164 [pre-bonus] to Richard Leon Cannyn; EGM 30 Mar |
| 11 Mar 2026 | NSE seeks clarification on XBRL discrepancies in Q3 FY26 results |
| 18 Mar 2026 | Income-tax demand Rs 30.4 lakh for AY2024-25; "no financial impact" |
| 2 Apr 2026 | CMD felicitated at Hurun Stars of the City Awards |
| 15 Apr 2026 | Preferential-issue proceeds earmarked for the Nashik building |
| 20 Apr 2026 | Interim dividend deferred (record date 24 Apr withdrawn) |
| 30 Apr / 1 May 2026 | Preferential issue lapses; board cancels by circular |
| 14 May 2026 | Q4 FY26 / FY26 results; Danieli Corus MSA |
| 12 Jun 2026 | SAST Reg 31(4) annual disclosure (image-only PDF; contents Not Available) |
| 14 Jun 2026 | Nashik groundbreaking |
| 21 Jul 2026 | Shareholding pattern (Jun-26) |
| 6 Aug 2026 | Q1 FY27 results (record quarter) and call |
| 26 Aug 2026 | Board recommends 1:1 bonus (25th anniversary) and final dividend Rs 2/share [pre-bonus]; AGM 21 Sep |
| 30 Aug 2026 | Annual Report FY2025-26 and AGM notice |
| 14 Sep 2026 | Dividend record date |
| 21 Sep 2026 | 42nd AGM; bonus approved; Madhuri Viswanadham reappointed as independent director from 27 Dec 2026 |
| 23 Sep 2026 | Company Secretary resigns |
| 28 Sep 2026 | Bonus record date fixed (9 Oct); trading window closed |
| 9 Oct 2026 | Bonus record date |
| 12 Oct 2026 | Allotment of 2,88,05,118 bonus shares; capital Rs 5.76 cr to Rs 11.52 cr |
| 15 Oct 2026 | Shareholding pattern (Sep-26) filed |
| 20 Oct 2026 | NSE bhavcopy (file dated 20 Oct; research files said 19 Oct) lists MOLDTECH in series BE; close Rs 98.37 (-4.99%) |
| 21 Oct 2026 | Rs 93.8 (-4.96% intraday); Rs 541 cr; promoters 49.85%; about 33,900 shareholders |
| On or before 14 Nov 2026 | Q2 / H1 FY27 results due |
| October 2026 | CMD's "take or drop" decision on the US design acquisition |
| About 22 Dec 2026 | Company Secretary appointment deadline [Est.] |
| Nov 2028 | Beryl 30% holdback released |
Final Verdict
Business QualityMediumsticky detailing, narrow moat
Management QualityWeakpay, slippage, controls
Financial QualityMediumnet cash, volatile margin
ValuationExpensive29x TTM, 16x EBITDA
Overall ViewNeutralwait for proof
Bull case
- Q1 FY27 shows the earnings power: 19.9% operating margin and Rs 9.00 cr PAT on Rs 59.54 cr revenue; if sustained, FY27 PAT of Rs 36-40 cr makes the stock 13.5x to 15.0x.
- Debt-free with net cash of about Rs 38 cr, a standalone model with no capex needs, and options (T&D MSA, data centres, Beryl break-even, design acquisition, Nashik saving of Rs 2-2.5 cr/yr).
- Operating leverage cuts both ways: with 72.5% of revenue in people cost, each extra point of utilisation drops to profit; productivity tools target +20%.
Bear case
- Margins are unproven: 6.3% in FY26 and 1.9% in Q4 FY26; Q1 FY27 rests on MES cuts, an FX gain (about Rs 1-1.2 cr) and other income Rs 2.05 cr; civil work on hand fell 10% QoQ.
- Governance: family pay 51% of PAT, 78% of revenue in an unevenly audited US subsidiary, promoter buy-then-sell, CS vacancy, series BE, Annual Report contradictions.
- Execution credibility: Beryl loss Rs 1.10 cr vs "break-even", margin guidance reset four times, acquisition unsigned for 26 months, preferential issue cancelled; 29x TTM already prices the recovery.
Base case (12 to 18 months) [Analyst View]
Revenue lands at Rs 220-240 cr as Beryl consolidates for twelve months and T&D ramps; operating margin settles at 12-16% rather than 20% as MES savings are offset by wage hikes (8.5-9%), a lower hedging cushion and slower civil orders; PAT of Rs 22-30 cr (P/E 18x to 25x at today's price). The acquisition is either dropped or announced small and funded from the Rs 43 cr of liquid assets. The CS post is filled. The stock trades between Rs 70 and Rs 110 on retail momentum and results; series BE persists until the exchange reclassifies it.
Five things to remember
- The 23% headline margin includes other income; the comparable figure is 19.9% (about 18% if the Rs 1-1.2 cr FX gain sat in operating costs, which the files leave unresolved).
- Civil work on hand fell from USD 5.0M to about USD 4.5M quarter on quarter; "3.5 to 4.5" is year on year.
- Beryl lost Rs 1.10 cr in Q1 against "break-even" on the call; FY27 revenue target cut to USD 5.5M; founder purchase cancelled.
- Every per-share number before 12 Oct 2026 is pre-bonus (Rs 164, Annual Report EPS Rs 3.51, Rs 2 dividend); the like-for-like yield is 1.07%.
- Governance: CS vacancy, family pay 51% of PAT, 78% of revenue in the US subsidiary, no pledge, series BE.
Five questions an investor must ask before investing
- What was operating margin in Q2 FY27 excluding other income, FX and any MTM, and what was MES's contribution?
- Is Beryl at break-even, and what portion of the Rs 1.10 cr loss is interest on the USD 4M parent loan?
- Who audits the US subsidiaries, under what standard, and how is the Rs 33.5 cr receivable collected and priced (transfer pricing)?
- Why is the stock in series BE, and when does it return to EQ?
- If the structural-design acquisition is signed, what is the price, who is the seller (any link to promoters) and how is it funded?
FINAL OPINION [Analyst View]
Mold-Tek Technologies has a real recovery in Q1 FY27 and a clean balance sheet, but the evidence is one quarter, the stock is already up about 72% from its March low (and touched double it on 9 Oct), and the control environment (family pay, 78% of revenue in a subsidiary with a thin audit layer, CS vacancy, Annual Report contradictions, series BE) is not one to underwrite ahead of the Q2 FY27 print due by 14 Nov 2026 and the October acquisition decision. Revisit on: ex-other-income margin at or above 15% in Q2, Beryl at or above break-even, civil work on hand at USD 4.5M or higher, a permanent company secretary and a documented reason for the BE series.
TRACK
Sources
Access date 21 Oct 2026 unless the document date is shown. Each research file used its own source-code key; the keys are not merged here and every URL is given in full once. Items marked blocked or headline-only were not read in full.
Build notes and Not Available register
This is a listed main-board small cap with a single reportable segment. The report carries all six research files at table-level granularity. Not Available (where searched): customer concentration (Annual Reports, results, transcripts); FY26 and Q1 FY27 CES/MES revenue in rupees (MD&A, notes 38/39, releases); FY23 DPS and FY22-FY24 exact cash flow (Annual Reports FY24, Screener); credit rating (none taken); brokerage targets and consensus (NSE, Screener, FMP blocked, Google News); bulk/block history (NSE API 503, BSE 403); PIT promoter trades (NSE API empty); NSE ASM/GSM status (NSE quote API blocked); forums and short interest; contents of the 12 Jun 2026 Reg 31(4) filing (image PDF); Q1 FY26 and Q3 FY25 concalls (not listed); Beryl LLC FY24/FY25 audited statements and the 14 Nov 2025 investor outcome note; Frankfurt/UK entity existence; outsourced detailing market size; Packaging financials (stale Screener tables; group site http://moldtekgroup.com/about.html not fetched); Tata Elxsi and US peer metrics; index membership; the 4 AIF and 4 FPI holder names; the cause of the BE series and of the 20-21 Oct falls; the Nashik construction budget. Identity note: the subject is Mold-Tek Technologies (engineering services); the "mould, tool-making and packaging" description fits the sister company Mold-Tek Packaging, which is not covered here.Concall transcripts
- Q1 FY27, 6 Aug 2026 (Emkay): https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f2f46728-446e-4b18-ad64-22cb3069dbd9.pdf
- Q4 FY26, 14 May 2026: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5b49b6d5-3f58-453f-b3b1-f73d98e176cc.pdf
- Q3 FY26, 12 Feb 2026: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=11274ea8-ac7a-4802-9a3d-177aab76818a.pdf ; company-hosted copy https://moldtekengineering.com/assets/pdf/MTTLConcallTranscipt-12.02.2026.pdf
- Q2 FY26, 14 Nov 2025: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7728f5e4-d18d-4a1a-a030-6df67c6dc72b.pdf ; company-hosted copy https://moldtekengineering.com/assets/pdf/Transcript-of-Concall-14.11.2025.pdf
- Q4 FY25, 17 Jun 2025: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e14f0c84-1963-48b6-850c-22ea59a50c1f.pdf
- Q2 FY25, 8 Nov 2024 (Antique): https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=478beb21-6591-492e-b4d1-c2283caf75c0.pdf
- Q1 FY25, 7 Aug 2024 (Antique): https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b038699c-fc47-418f-9da5-8fa0abdd5540.pdf
Results and press releases
- Q1 FY27 results + press release, 6 Aug 2026: https://www.moldtekengineering.com/assets/pdf/Final-Results-MTTL.pdf
- Q4 FY26 results + press release, 14 May 2026: https://www.moldtekengineering.com/assets/pdf/OutcomeofBM14052026.pdf
- Q3 FY26 results, 12 Feb 2026: https://www.moldtekengineering.com/assets/pdf/Outcome-12.02.2026.pdf ; press release https://www.moldtekengineering.com/assets/pdf/Q3FY26-Financials.pdf
- Q2 FY26 results, 14 Nov 2025: https://moldtekengineering.com/assets/pdf/Board-Meeting-Outcome-14.11.2025.pdf ; press release https://www.moldtekengineering.com/assets/pdf/Q2FY26-Financials.pdf
- Q1 FY26 results + press release: https://www.moldtekengineering.com/assets/pdf/Results-Q1-FY-2025-26.pdf
Annual reports and subsidiary financial statements
- Annual Report FY2025-26 (filed 30 Aug 2026), BSE: https://www.bseindia.com/xml-data/corpfiling/AttachHis/67cc345c-2692-4f44-b5f3-da55ff39b6f4.pdf ; company copy https://www.moldtekengineering.com/assets/pdf/AGMCOVERING30082026.pdf ; NSE file MOLDTECH_30082026234153_AGMCOVERING30082026.pdf
- Annual Report FY2024-25: https://www.bseindia.com/xml-data/corpfiling/AttachHis/ac002250-3714-41b4-9878-0609b2019a3d.pdf
- Annual Report FY2023-24: https://www.bseindia.com/xml-data/corpfiling/AttachHis/df3f77f3-d3bd-434b-9fc8-bdcf99070b98.pdf
- Annual Report FY2021-22 (INR '000): https://www.bseindia.com/bseplus/AnnualReport/526263/76434526263.pdf
- Beryl Engineering Inc. consolidated FS Nov-Mar FY26 (Tranquility Consulting Pvt Ltd): https://www.moldtekengineering.com/assets/pdf/Beryl-Engineering-LLC-%20Audit-Report-and-FS-signed.pdf
- Mold-Tek Technologies Inc. (USA) FS FY26: https://www.moldtekengineering.com/assets/pdf/Mold-tek-technologies-inc-Audit-Report-and-FS-signed.pdf
Exchange filings and corporate actions
- Board outcome 16 Oct 2025 (Beryl Inc., USD 4M loan): https://moldtekengineering.com/assets/pdf/Board-Meeting-outcome-16.10.2025.pdf (also https://www.moldtekengineering.com/assets/pdf/Board-Meeting-outcome-16.10.2025.pdf)
- Equity Purchase Agreement intimation, 1 Nov 2025: https://nsearchives.nseindia.com/corporate/MOLDTECH_01112025192629_IntimationEquityPurchaseAgreement.pdf
- Beryl investor update, 14 Nov 2025: https://nsearchives.nseindia.com/corporate/MOLDTECH_14112025140051_Acquisitionupdate14112025.pdf
- Board outcome 28 Feb 2026 (Rs 164 preferential issue): https://www.moldtekengineering.com/assets/pdf/Outcome-of-BM-28.02.2026.pdf
- EGM summary, 30 Mar 2026: https://www.moldtekengineering.com/assets/pdf/EGM-Proceedings.pdf
- Preferential-issue withdrawal, 1 May 2026: https://nsearchives.nseindia.com/corporate/MOLDTECH_01052026195342_BMIntimation01052026.pdf
- Utilisation of preferential-issue proceeds (Nashik), 15 Apr 2026: https://nsearchives.nseindia.com/corporate/MOLDTECH_15042026191026_Regulation30.pdf
- Interim dividend deferral, 20 Apr 2026: https://www.moldtekengineering.com/assets/pdf/BM-outcome-20.04.2026.pdf
- Income-tax demand notice, 18 Mar 2026: https://nsearchives.nseindia.com/corporate/MOLDTECH_18032026181949_demandnotice.pdf
- Board outcome 26 Aug 2026 (bonus, final dividend, AGM): https://www.moldtekengineering.com/assets/pdf/Mttl-Boardmeeting-outcome.pdf
- AGM 21 Sep 2026 voting results: https://www.moldtekengineering.com/assets/pdf/Voting-results-final.pdf
- Reappointment of independent director, 21 Sep 2026: https://nsearchives.nseindia.com/corporate/MOLDTECH_21092026192728_ReapptofID.pdf
- Company secretary resignation, 23 Sep 2026: https://nsearchives.nseindia.com/corporate/MOLDTECH_23092026203002_CS_resignation_intimation_final.pdf
- Bonus allotment, 12 Oct 2026: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=54fd1015-45da-4179-af32-a1690012fc37.pdf
- Annual Secretarial Compliance Report FY26: https://www.moldtekengineering.com/assets/pdf/Annual-Secretarial-Compliance-Report-31-03-2026.pdf
- Shareholding pattern 30 Sep 2026 (XBRL, filed 15 Oct 2026): https://nsearchives.nseindia.com/corporate/xbrl/SHP_1738744_15102026024959_WEB.xml
- Shareholding pattern 30 Jun 2026 (PDF): https://www.moldtekengineering.com/assets/pdf/Shareholding-pattern.pdf
- NSE corporate announcements API (479 items): https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=MOLDTECH
- NSE bhavcopy, file dated 20 Oct 2026 (series BE): https://nsearchives.nseindia.com/products/content/sec_bhavdata_full_20102026.csv
- NSE bulk deals (latest session): https://nsearchives.nseindia.com/content/equities/bulk.csv ; block deals https://nsearchives.nseindia.com/content/equities/block.csv
Company website
- Home: https://www.moldtekengineering.com/ · Contact: https://www.moldtekengineering.com/contact-us/ · About: https://www.moldtekengineering.com/about/
- Civil: https://www.moldtekengineering.com/civil/ · Mechanical: https://www.moldtekengineering.com/mechanical/ · Utilities: https://www.moldtekengineering.com/utilities/
- Nashik groundbreaking: https://www.moldtekengineering.com/news-and-events/moldtek-technologies-nashik-branch-groundbreaking-ceremony/ · News and events: https://www.moldtekengineering.com/news-and-events/ · Investors: https://www.moldtekengineering.com/investors/
Financial databases and peers
- Screener MOLDTECH consolidated (quote 21 Oct 2026, 15:17 IST): https://www.screener.in/company/MOLDTECH/consolidated/
- Screener chart API: https://www.screener.in/api/company/2114/chart/?q=Price-DMA50-DMA200-Volume&days=3650&consolidated=true (also q=Price+to+Earning-Median+PE-EPS, EV+Multiple-Median+EV+Multiple-EBITDA, Price+to+book+value-Median+PBV-Book+value, Market+Cap+to+Sales-...)
- Screener investors API: https://www.screener.in/api/3/2114/investors/promoters/quarterly/ (also /public/, /domestic_institutions/, /foreign_institutions/)
- Screener peer API (misclassified list): https://www.screener.in/api/company/2387/peers/
- Onward Technologies: https://www.screener.in/company/ONWARDTEC/consolidated/ · Cyient: https://www.screener.in/company/CYIENT/consolidated/ · L&T Technology Services: https://www.screener.in/company/LTTS/consolidated/ · KPIT: https://www.screener.in/company/KPITTECH/consolidated/ · Sasken: https://www.screener.in/company/SASKEN/consolidated/ · Pennar: https://www.screener.in/company/PENIND/consolidated/
- Mold-Tek Packaging (sibling; stale tables, not used for numbers): https://www.screener.in/company/MOLDTKPAC/consolidated/
- FMP analyst endpoints for MOLDTECH.NS: returned "ACCESS DENIED - requires higher plan" (21 Oct 2026)
News
- Google News RSS (titles, dates, outlets only; 82 items fetched 21 Oct 2026; bodies not read): https://news.google.com/rss/search?q=%22Mold-Tek+Technologies%22&hl=en-IN&gl=IN&ceid=IN:en
- Outlets named in headlines: Business Standard, Economic Times, Livemint, Zee Business, Moneycontrol, ThePrint, Dalal Street Investment Journal, Upstox, Simply Wall St, Inshorts, Univest, Kalkine, scanx.trade, siam.in, Trade Brains, Goodreturns, Sahi
Ratings and regulators
- Credit rating: none exists (Annual Report FY26 governance report s.7(xv)). SEBI order database: not searched independently (Not Available).