Annual report
Outcome of Board Meeting 24 Aug - Board approved AGM date, annual report, reappointment of Whole Time Director, and revised managerial remuneration.
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 07:55 pm IST
Score20 Oct, 04:19 pm IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
42NeutralSMA20 -7.2% / mo · MACD + · near 52W low
Stock trend: 37
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MCOND candles · FIT view-20.4%Latest close ₹40.50 on 2026-10-19
Bar
+0.0%
RSI
47
MACD hist
0.12
52W pos
8%
2026-10-19O ₹40.50H ₹40.50L ₹40.50C ₹40.50Vol 1,000 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
MCONNifty India ManufacturingNifty 500
- MCON
- -9.0%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -3.4 pp
Chart stats
19 Oct 2026- From 52W high
- -56.9%
- 52W range position
- 6%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.13x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹38.5 - ₹43
₹94
₹37.3 - ₹94
₹1.5
Latest completed session
20-session average
40.5% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED60
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +48.1% · PAT +55.2% YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model+75.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
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 +48% YoY · PAT +55% YoY · margin expansion · +30% QoQ · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹36.9 Cr | +48.1% | +29.9% |
| EBITDA | ₹4.3 Cr | NDF | +29.3% |
| Operating margin | 11.7% | NDF | -5 bps |
| PAT | ₹1.8 Cr | +55.2% | +44.0% |
| PAT margin | 4.9% | NDF | +48 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.77
- P/B
- 0.82
- EV/EBITDA
- 5.04
- Market Cap
- 29.70Cr
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
- 2.31
- Book Value
- 49.50
Cash Flow
- FCF Yield
- 7.74%
- FCF Positive Y
- 1/5
- OCF
- 4.09 Cr
- EPS TTM
- 4.15
Shareholding
- Promoter Hold
- 11.06%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 65.0+28.5% vs prev
Net Profit
₹ CrLatest: 3.0+33.9% vs prev
Return on Equity
%Latest: 8.4+22.7% vs prev
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 trend down. RSI 47. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.8% over last month) — short-term momentum negative.
- RSI(14) at 47 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 49% off 52W high · 9% 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
24
RS percentile
Stage 4 Downtrend
1M return
-1.7%
3M return
-9.0%
6M return
-2.4%
1Y return
-43.3%
RS 1D
+4
RS 20D
+13
Sector rank
#2
Industry rank
#9
Stage evidence
- Price is 10.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
237 observations
19 Oct 2026Value 64.75+2.16%
RS vs Nifty 50065
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth21/25
Quality1/20
Balance Sheet5/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
-7
Raw sum
60
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
60/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 7.7%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 75.2%.
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.
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
9.8
PB
0.8
EV/EBITDA
5.0
ROE
8.8%
ROCE
11.1%
FCF Yield
7.7%
Debt/Equity
0.5
MoS
+75.2%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 9.8, so peak-cycle earnings risk should be checked.
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
60
Previous: 60
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+75.2%
Previous: +75.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
60
60
60
60
60
60
60
60
60
60
60
60
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
₹67.99
+40.4% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹163.1
+75.2% MoS
PEG
0.16
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
VSCL
SME
VADIVARHE SPECIALITY CHEMICALS LTD.
Specialty Chemicals
match 164
18
—
—
—
OVERVALUED
UNILEX
SME
Unilex Colours and Chemicals Ltd.
Specialty Chemicals
match 162
36
5.0
10.4%
+32%
WATCHLIST
SNEHAA
SME
Snehaa Organics Ltd.
Specialty Chemicals
match 161
77
5.6
24.2%
+87%
DEEP VALUE
YCCL
SME
Yasons Chemex Care Ltd.
Specialty Chemicals
match 160
22
17.5
2.3%
-839%
OVERVALUED
RITEZONE
SME
Rite Zone Chemcon India Ltd.
Specialty Chemicals
match 160
53
21.2
2.2%
+43%
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
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-20T03:11:24.871Z
Management commentary snapshot
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.
Current business mix
Revenue Contribution by Product Category (FY26)
Latest issuer-disclosed distribution across 9 reported categories.
Ready Mix Mortar27.0%
Tile Adhesives and Grouts25.0%
Admixture9.0%
Concrete Repair9.0%
Waterproofing Systems8.0%
Wall Finish and Paints8.0%
Engineering Grouts4.0%
Concrete Flooring4.0%
Others6.0%
Growth engines
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).
Capacity and execution
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).
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
67Limited 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 52nd percentile of the scored universe and 50th percentile within Industrials. Main check: promoter alignment is weak at 58/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
11 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Industrials: 50th pctile, median 68 · SME: 66th pctile, median 64
Evidence depth
Financial-only
11 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
58
watch · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
58
watch · capital discipline
Results
87
strong · quarterly consistency
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.
Continue researching Mcon Rasayan India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.