Annual reportSep 2026
Sep 2026 · General Updates 5 Sep - Mahickra Chemicals shares FY26 annual report link and AGM notice for September 30, 2026.
Source: Nse
Mahickra Chemicals Ltd. (MAHICKRA)
SME CapIndustrials stocks · SME cap · NSE
Mahickra Chemicals Ltd. operates in Dyes, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result01 Jun, 07:55 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 +4.8% / mo · MACD −
Stock trend: 59
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MAHICKRAD candles · FIT view+12.8%Latest close ₹262.25 on 2026-10-21
Bar
-5.7%
RSI
38
MACD hist
-4.36
52W pos
72%
2026-10-21O ₹278.00H ₹278.00L ₹255.00C ₹262.25Vol 5,250 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MAHICKRANifty India ManufacturingNifty 500
- MAHICKRA
- +3.4%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +9.9 pp
Chart stats
21 Oct 2026- From 52W high
- -16.6%
- 52W range position
- 72%
- ATR (14)
- 5.5%
- Volume vs 20D
- 1.08x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹255 - ₹314.5
₹314.5
₹127.3 - ₹314.5
₹14.3
Latest completed session
20-session average
45.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED23
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +62.9% · PAT +300.0% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model-26.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +63% YoY · PAT +300% YoY · margin expansion · +16% QoQ · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹57 Cr | +62.9% | +16.3% |
| EBITDA | ₹6 Cr | NDF | +500.0% |
| Operating margin | 11.0% | NDF | +800 bps |
| PAT | ₹4 Cr | +300.0% | +300.0% |
| PAT margin | 7.0% | NDF | +498 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 54.50
- P/B
- 4.20
- EV/EBITDA
- 37.13
- Market Cap
- 281.00Cr
Profitability
- ROE
- 10.00%
- ROCE
- 12.70%
- ROA
- 5.15%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- 15.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 4.00×
- Altman Z
- 8.06
- Book Value
- 68.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -8.00 Cr
- EPS TTM
- 5.27
Shareholding
- Promoter Hold
- 40.10%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 57.0+16.3% vs prev
Net Profit
₹ CrLatest: 4.0+300.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 38. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~4.6% over last month) — short-term momentum positive.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 100% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
92
RS percentile
Stage 2 UptrendEstablished S2
1M return
-11.1%
3M return
+5.7%
6M return
+24.6%
1Y return
+83.3%
RS 1D
0
RS 20D
-2
Sector rank
#2
Industry rank
#6
Stage evidence
- Price is 8.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
19 Jan 2026
S2 age
164 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
217 observations
21 Oct 2026Value 172.83-2.33%
RS vs Nifty 500173
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth12/25
Quality4/20
Balance Sheet6/15
Cash Flow1/10
Piotroski
5/9 (+3)
Penalties
-3
Raw sum
23
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
23/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 12/25 to the score.
- Balance sheet contributes 6/15 to the score.
- Quality contributes 4/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Fair-value margin of safety is negative at -26.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
54.5
PB
4.2
EV/EBITDA
37.1
ROE
10.0%
ROCE
12.7%
FCF Yield
—
Debt/Equity
0.2
MoS
-26.6%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
23
Previous: 23
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-26.6%
Previous: -30.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
23
23
23
23
23
23
23
23
23
23
23
23
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹90.06
-191.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹207.11
-26.6% MoS
PEG
2.45
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UCL
SME
Ushanti Colour Chem Ltd.
Specialty Chemicals
match 167
15
—
-0.8%
—
OVERVALUED
SRD
Small
Shankar Lal Rampal Dye-Chem Limited
Specialty Chemicals
match 159
49
13.2
11.6%
+71%
FAIR VALUE
BODALCHEM
Small
Bodal Chemicals Limited
Specialty Chemicals
match 144
26
33.0
2.0%
-770%
OVERVALUED
BHAGERIA
Small
Bhageria Industries Limited
Specialty Chemicals
match 144
28
23.0
7.0%
-421%
OVERVALUED
SPEB
SME
Speb Adhesives Ltd.
Specialty Chemicals
match 135
48
28.1
16.9%
+31%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Mahickra Chemicals Ltd. operates in Dyes, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 31 Mar 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 14th percentile within Industrials. Main check: results consistency is weak at 27/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
0 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Industrials: 14th pctile, median 68 · SME: 19th pctile, median 64
Evidence depth
Financial-only
0 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
60
acceptable · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
27
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
Trust risks
- ▸Promoter holding fell 11.7%.
- ▸Operating cash flow is negative at ₹-8 Cr.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Mahickra Chemicals Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Shareholders meeting 5 Sep - Mahickra Chemicals schedules 9th AGM on September 30, 2026; annual report and e-voting dates disclosed.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.