As of 6 Nov 2026, Mahan Industries trades at 4.8× trailing earnings, below the industry P/E of 25.9×, and the shares are 40% below their 52-week high. It earns ROCE of 1.1% and ROE of 42%, and sales grew 74% a year over 3 years, though net profit is above operating profit, which points to a one-off gain. Debt is 1.07× equity. It is a small-cap company with a market cap of ₹14 Cr, ranked 69th of 69 Asset Management companies by market cap; the shares rose 271% over the past year.
- ₹29.26
- ₹32.32
- ₹29.26
- ₹30.79
- 23.9K
Health check
- ReturnsAhead
+271.0% over a year, better than 7 of 7 peers.
- Price tagDistorted
A one-off gain inflates profit, so P/E isn’t comparable right now.
- GrowthStrong
Sales +74.4% a year over 3 years.
- ProfitabilityWeak
ROCE 1.1% vs peer median 38.5%.
- Balance sheetFair
Debt 1.07× equity, interest covered 1.7×, Piotroski 6 of 9.
- Red flags3 to check
Net profit is above operating profit, so a one-off gain is likely flattering earnings.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹14 Cr
- Small cap
- P/E
- 4.8
- Industry 25.9
- Price to book
- 1.59
- Peers 13.19
- Dividend yield
- 0.00%
- ROE
- 41.7%
- Peers 35.3%
- ROCE
- 1.1%
- Peers 38.5%
- Debt to equity
- 1.07
- Debt ₹9.49 Cr
- EPS (TTM)
- ₹6.56
- OPM (TTM)
- 6.3%
- Net margin 19.5%
- Sales growth
- +254.3%
- Latest quarter vs a year ago
- Profit growth
- +5304.2%
- Latest quarter vs a year ago
- Price to sales
- 0.93
- EV/EBITDA 5.6
Strengths and risks
Strengths
- Return on equity of 41.7%.
- Quarterly profit up 5304.2% on a year ago.
- Quarterly sales up 254.3% on a year ago.
Risks to check
- Net profit is above operating profit, so a one-off gain is likely flattering earnings.
- 40% below its 52-week high.
- Interest coverage of only 1.8×.
About Mahan Industries
Mahan Industries Limited, a non-banking financial company, invests and trades in equity shares in India. The company invests in public companies that are traded stock exchange and acquires investment in the secondary market, as well as trades in commodities. It also provides equity capital to the companies, as well as provides loans and debts to companies, business entities, and high net worth individuals. Mahan Industries Limited was incorporated in 1995…
- Headquarters
- Ahmedabad
- Employees
- 6
- Sector
- Financial Services
- ISIN
- INE735D01041
- Website
- mahan.co.in
Price range
- Avg volume (3M)
- 16K
- 1-year return
- plus 271.0%
- From 52-week high
- minus 40.5%
Peers · Asset Management
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JIOFINJio Financial Services | 231.20 | plus 0.69% | 1,58,445 | 87.9 | 1.19 | 1.7% | 1.3% | 75.8% | 431.5% | 268.2% | 0.26% | minus 23.9% |
| ICICIAMCICICI Prudential Asset Management Company | 2,935.80 | minus 1.45% | 1,45,104 | 41.1 | 27.16 | 98.3% | 76.2% | 74.1% | 28.9% | 29.6% | 1.44% | plus 13.5% |
| BAJAJHLDNGBajaj Holdings & Investment | 11,044.00 | plus 1.80% | 1,22,913 | 13.2 | 1.67 | – | 11.6% | 78.8% | 19.0% | 25.7% | 1.18% | minus 10.3% |
| HDFCAMCHDFC Asset Management Company | 2,649.80 | plus 0.37% | 1,13,701 | 38.3 | 13.19 | 38.5% | 36.4% | 81.4% | 23.9% | 26.2% | 2.04% | minus 2.3% |
| SBIFUNDSSBI Funds Management | 499.55 | minus 1.30% | 1,01,750 | 33.3 | 13.47 | – | 40.4% | 78.5% | – | – | 0.00% | minus 18.1% |
| NAM-INDIANippon Life India Asset Management | 1,065.20 | minus 0.37% | 68,177 | 42.8 | 14.29 | 40.0% | 35.3% | 67.3% | 26.1% | 28.3% | 2.07% | plus 21.3% |
| 360ONE360 ONE WAM | 1,145.00 | plus 0.36% | 49,107 | 38.7 | 4.50 | 13.5% | 12.7% | 47.3% | 24.0% | 22.7% | 1.18% | plus 5.7% |
| MAHANINMahan Industries | 31.34 | plus 1.79% | 14 | 4.8 | 1.59 | 1.1% | 41.7% | 6.3% | 74.4% | – | 0.00% | plus 271.0% |
| Median of 7 peers | – | 0.36% | 1,13,701 | 38.7 | 13.19 | 38.5% | 35.3% | 75.8% | 25.0% | 27.2% | 1.18% | −2.3% |
Quarterly results
| ₹ Cr | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 1.5 | 1.6 | 2.2 | 2.7 | 5.3 | |
| 1.5 | 2 | 2 | 3.5 | 3.6 | |
| 0 | −0.4 | 0.2 | −0.9 | 1.7 | |
| 2.7% | −23.4% | 10.5% | −32.6% | 32.9% | |
| 0 | 0.1 | 0 | 3 | 0 | |
| 0 | 0 | 0 | 0 | 0.1 | |
| 0 | 0 | 0 | 0 | 0 | |
| 0 | −0.3 | 0.2 | 2.1 | 1.7 | |
| – | – | – | 19.3% | 22.1% | |
| 0 | −0.3 | 0.2 | 1.7 | 1.3 | |
| 0.05 | -0.60 | 0.47 | 3.83 | 2.86 |
Profit & loss
- Sales CAGR 3Y
- +74.4%
- ROE
- 41.7%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1.2 | 0.7 | 2.2 | 6.2 | |
| – | minus 39.3% | +204.5% | +187.2% | |
| 1.2 | 0.7 | 2.2 | 6.1 | |
| 0 | 0 | 0 | 0.1 | |
| 0.3% | 5.0% | 0.3% | 1.9% | |
| 0.1 | 0 | −0 | 0 | |
| 0 | 0 | 0 | 0.1 | |
| 0 | 0 | 0 | 0 | |
| −0.1 | −0.1 | −0.1 | −0 | |
| −0 | −0.1 | −0.1 | 0 | |
| −0 | −0.1 | −0.1 | 0 | |
| -0.10 | -0.10 | -0.30 | 0.10 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 36 | 36 | 4.5 | 4.5 | |
| −32.9 | −33 | 0.7 | 0.7 | |
| 3.5 | 3.5 | 3.5 | 5.3 | |
| 0.1 | 0.1 | 0.1 | 0.5 | |
| 6.7 | 6.6 | 8.7 | 11 | |
| 0.1 | 0.1 | 0.1 | 0.1 | |
| – | – | 0.3 | 0.9 | |
| 0 | 0 | 0 | 0 | |
| 6.6 | 6.5 | 8.3 | 10 | |
| 6.7 | 6.6 | 8.7 | 11 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −0.1 | 0 | −1.9 | 0.5 | |
| −0 | −0 | −0.3 | −2.3 | |
| 0.1 | – | 2.3 | 1.8 | |
| −0 | 0 | −0 | 0 | |
| −0.1 | 0 | −1.9 | 0.5 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
No recent news coverage found.