Mcon Rasayan India Ltd. (MCON)
SME CapIndustrials stocks · SME cap · NSE
Mcon Rasayan India Ltd. (MCON) is a leading Indian manufacturer of construction chemicals and finishing products, offering 100+ products across 12 categories. It operates two state-of-the-art plants in Gujarat and leverages an expanding distribution network and FOCO model for market presence.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +48% YoY · PAT +55% YoY · margin expansion · +30% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹36.9 Cr | +48.1% | +29.9% |
| EBITDA | ₹4.3 Cr | +80.8% | +29.3% |
| Operating margin | 11.7% | +353 bps | -5 bps |
| PAT | ₹1.8 Cr | +55.2% | +44.0% |
| PAT margin | 4.9% | +138 bps | +48 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
MCON reported strong FY26 results with revenue up 28.6% YoY to Rs. 652Mn and PAT up 33.9% YoY to Rs. 30Mn, driven by a robust H2 recovery. EBITDA margin improved to 11.7% for FY26, with H2 showing significant expansion.
MCON's thesis remains intact given strong FY26 financial performance, particularly the H2 recovery. The company's expanding distribution, diversified product portfolio, and strategic FOCO model position it for continued growth. Management's focus on VAP and institutional sales could further enhance margins and market share.
Revenue Contribution by Product Category (FY26)
Latest issuer-disclosed distribution across 9 reported categories.
Expanding Distribution Network
Network expanded to 188+ distributors and 7 FOCO partnerships across 10 states, 32+ cities, and 26+ towns.
Diversified Product Portfolio
Ready Mix Mortar and Tile Adhesives are primary drivers, with Admixtures, Engineering Grouts, and Waterproofing Systems gaining traction.
FOCO Model
Enables rapid market expansion with minimal risk, operational efficiency, and reduced logistics costs by manufacturing closer to markets.
Strengthening Institutional Sales
Expanding relationships with large real estate developers, civil & infrastructure contractors, and targeting government bodies (MHADA, CIDCO).
Own Manufacturing Plants
Two state-of-the-art plants in Gujarat: Sarigam (2,800 MT Powder, 900 MT Liquid) and Ambethi (39,200 MT Powder, 8,600 MT Liquid).
FOCO Capacity
Total FOCO capacity of 48,200 MTPA commissioned in FY25, with regional breakdown for Powder (North 11,500 MT, West 19,500 MT, South 9,000 MT).
Strong Infrastructure Growth
Robust Government Capex of ₹11.1 Lakh Cr allocated for FY25, a 17% YoY growth, and accelerated activity in core sectors.
Policy Support
Boost from PMAY, Smart Cities, NBC, and National Infrastructure Pipeline.
Wider Adoption of Construction Chemicals
Increased use of tile adhesives, waterproofing solutions, and repair mortars, driven by urbanization and industrialization.
Fragmented Market Opportunity
India's construction chemicals market is fragmented, offering significant headroom for brand-led players to gain share.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Full-year (FY26 vs FY25) provides a comprehensive view of annual performance, while half-year (H2FY26 vs H2FY25) highlights recent business momentum and the strong recovery noted by management.
Net Sales (FY26)
Rs. 652.4 Mn, up 28.6% YoY.
PAT (FY26)
Rs. 30.4 Mn, up 33.9% YoY.
EBITDA Margin (FY26)
11.7%, up 19 bps YoY.
PAT Margin (FY26)
4.7%, up 18 bps YoY.
PAN-India Leadership Ambition
Strategic vision to become a PAN-India leader by expanding geographic reach and market penetration.
Margin Optimization
Focus on higher Value-Added Products (VAPs) and manufacturing closer to key markets to drive better margins and cut logistics expenses.
FY28 Targets
Aims for 16-18% EBITDA margin by FY28, alongside improved share of VAP and operational efficiencies.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26 Net Sales up 28.6% YoY to Rs. 652.4 Mn. | Sustained growth momentum, particularly from institutional sales and new geographic penetration. |
| EBITDA Margin | FY26 EBITDA Margin at 11.7%. | Progress towards the stated FY28 target of 16-18% through VAP sales and operational efficiencies. |
| Distribution & FOCO Expansion | 188+ distributors, 7 FOCO partnerships across 10 states. | Further expansion of network and ramp-up of FOCO capacity utilization. |
| Working Capital Management | Trade Receivables Rs. 294.8 Mn (FY26), Inventories Rs. 299.2 Mn (FY26). | Efficiency in managing receivables and inventory as business scales, given the capital-intensive nature. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
40NeutralMACD − · near 52W low
Technical chart
MCONdaily · 1Y · AUTO+2.3%Daily technical trend read
NeutralTrend is undirectional — long-term trend down. RSI 49.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 47% off 52W high · 18% 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.
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 7.1%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 73.2%.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 49th percentile within Industrials. Main check: promoter alignment is weak at 58/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding is only 11.1%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 49th pctile, median 68 · SME: 66th pctile, median 64
11 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 7.1%.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding is only 11.1%.
- ▸Promoter holding fell 3.5%.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -2.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 10.60
- P/B
- 0.89
- EV/EBITDA
- 5.31
- Market Cap
- 32.30Cr
Profitability
- ROE
- 8.76%
- ROCE
- 11.10%
- ROA
- 3.96%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 49.00%
- EPS 5Y
- 74.00%
- Revenue 3Y
- 28.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.50
- Interest Coverage
- 4.32×
- Altman Z
- 2.36
- Book Value
- 49.50
Cash Flow
- FCF Yield
- 7.12%
- FCF Positive Y
- 1/5
- OCF
- 4.09 Cr
- EPS TTM
- 4.15
Shareholding
- Promoter Hold
- 11.06%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.