Marvel Decor Ltd. (MDL)
SME CapConsumer stocks · SME cap · NSE
Marvel Decor Ltd. is a multinational brand specializing in window coverings, including 16+ types of blinds and 2000+ shades. It operates with 800+ channel partners across 4+ countries, with manufacturing units in Jamnagar, India, and Dubai, UAE, driving domestic and international expansion.
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.
Weak 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
Good · 57/100Rev +16% YoY · PAT +31% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹31.5 Cr | +15.7% | -14.8% |
| EBITDA | ₹2.3 Cr | -16.2% | -7.6% |
| Operating margin | 7.4% | -124 bps | +57 bps |
| PAT | ₹2.3 Cr | +31.0% | +10.7% |
| PAT margin | 7.2% | +233 bps | +167 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
H1 FY26 revenue grew 19.6% YoY and 14.8% HoH, driven by strategic partnerships and project wins. However, EBITDA margin contracted by 210 bps YoY to 10.7%, and PAT margin declined 184 bps YoY to 5.3%.
While revenue growth is robust, the significant contraction in both EBITDA and PAT margins YoY raises concerns about profitability and cost management. The increase in long-term borrowings and trade receivables also warrants close monitoring.
Strategic Partnerships
Collaborated with Lutron for luxury home automation and Livspace for pan-India curtain tracks and motors.
U.S. Design & Build Tie-up
Partnered with a leading global firm, receiving ongoing orders and building a robust project funnel.
Government Projects
Secured 7 hospital and medical college projects worth ~₹4 Cr from the Gujarat Government.
International Expansion
Developed new product lines tailored for U.S. hospitality projects.
Technological Advancements
Introduction of smart blinds and motorized systems, controllable remotely or integrated into smart home systems.
Customization Trend
Rising demand for personalization and made-to-measure blinds, allowing choice of colors, materials, and designs.
Sustainability Focus
Increasing consumer concern for eco-friendly materials and sustainable production processes in blinds manufacturing.
Energy Efficiency Demand
Growing focus on window blinds with insulating properties to regulate indoor temperature and reduce energy consumption.
Profitability Pressure
EBITDA margin contracted by 210 bps YoY and PAT margin by 184 bps YoY in H1 FY26 despite revenue growth.
Working Capital Management
Trade receivables increased significantly to INR 203.0 Mn in H1 FY26 from INR 131.1 Mn in FY25.
Increased Debt
Long term borrowings rose substantially to INR 52.4 Mn in H1 FY26 from INR 6.9 Mn in FY25.
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.
H1 results benefit from YoY comparison to assess annual performance trends and account for potential seasonality. QoQ (HoH) comparison is crucial to gauge sequential momentum and the immediate impact of recent strategic initiatives.
Revenue Growth YoY
H1 FY26 revenue grew 19.6% YoY to INR 369.7 Mn.
Revenue Growth HoH
H1 FY26 revenue grew 14.8% HoH to INR 369.7 Mn.
EBITDA Margin
H1 FY26 EBITDA margin was 10.7%, down 210 bps YoY from 12.8%.
PAT Margin
H1 FY26 PAT margin was 5.3%, down 184 bps YoY from 7.2%.
Focus on Projects Business
Expand and build on the projects business with additional products to offer end-to-end window solutions.
Product Basket Expansion
Expand product basket in Window Coverings, including automation and track solutions.
International Business Scale-up
Increase international business through Dubai, UK & USA subsidiaries and penetrate new markets for growth.
Domestic Footprint Expansion
Expand domestic footprint and focus on building up the low penetration of blinds.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth & Mix | H1 FY26 Revenue: INR 369.7 Mn (19.6% YoY, 14.8% HoH). | Sustained growth and contribution from new partnerships and project business. |
| Profitability Margins | H1 FY26 EBITDA Margin: 10.7% (-210 bps YoY); PAT Margin: 5.3% (-184 bps YoY). | Stabilization and improvement in margins, indicating effective cost management. |
| Working Capital & Debt | H1 FY26 Trade Receivables: INR 203.0 Mn; Long Term Borrowings: INR 52.4 Mn. | Efficient working capital management and controlled debt levels. |
| Project Pipeline Conversion | Strong pipeline for institutional and large-scale project business. | Successful conversion of the project funnel into revenue and timely execution. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -18.2% / mo · MACD +
Technical chart
MDLdaily · 1Y · AUTO+40.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 52. Wait for confirmation.
- SMA20 falling (~22.3% over last month) — short-term momentum negative.
- RSI(14) at 52 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 41% off 52W high · 44% 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 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 27.6%.
- Growth contributes 18/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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 32nd percentile of the scored universe and 34th percentile within Consumer. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 67.4%. Key concern: Operating cash flow is negative at ₹-1 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 34th pctile, median 66 · SME: 36th pctile, median 64
7 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 holding is 67.4%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-1 Cr.
- ▸Promoter holding fell 2.6%.
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 7.9%.
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
- 24.90
- P/B
- 1.66
- EV/EBITDA
- 19.20
- Market Cap
- 110.00Cr
Profitability
- ROE
- 6.86%
- ROCE
- 7.86%
- ROA
- 4.31%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 150.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 29.00%
Balance Sheet
- Debt/Equity
- 0.32
- Interest Coverage
- 3.25×
- Altman Z
- 3.67
- Book Value
- 37.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -0.66 Cr
- EPS TTM
- 2.45
Shareholding
- Promoter Hold
- 67.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 31%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — 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.