Annual reportSep 2026
Sep 2026 · Corrigendum 7 Sep - Marvel Decor issued corrigendum and revised FY2025-26 annual report on 7 Sep 2026.
Source: Nse
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.
₹50.95
+3.70 · +7.83%
Market cap ₹83.8 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals20 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% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
23Bearishfull bear SMA stack · SMA20 -8.4% / mo · MACD − · near 52W low · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MDLD candles · FIT view+8.4%Latest close ₹50.95 on 2026-10-21
Bar
-2.0%
RSI
37
MACD hist
-1.04
52W pos
13%
2026-10-21O ₹52.00H ₹52.00L ₹50.95C ₹50.95Vol 3,000 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
MDLNifty Consumer DurablesNifty 500
- MDL
- -27.2%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- -20.7 pp
Chart stats
21 Oct 2026- From 52W high
- -51.4%
- 52W range position
- 13%
- ATR (14)
- 6.6%
- Volume vs 20D
- 0.45x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹45 - ₹70
₹104.8
₹43 - ₹104.8
₹3.4
Latest completed session
20-session average
87.7% 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 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 · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +15.7% · PAT +31.0% YoY
Technical
Bearish23
Price trend and sector-relative-strength timing.
Valuation
Legacy model+37.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
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
Good · 57/100Rev +16% YoY · PAT +31% YoY · operating leverage · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹31.5 Cr | +15.7% | -14.8% |
| EBITDA | ₹2.3 Cr | NDF | -7.6% |
| Operating margin | 7.4% | NDF | +57 bps |
| PAT | ₹2.3 Cr | +31.0% | +10.7% |
| PAT margin | 7.2% | NDF | +167 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.80
- P/B
- 1.26
- EV/EBITDA
- 15.26
- Market Cap
- 83.80Cr
Profitability
- ROE
- 6.92%
- ROCE
- 7.92%
- ROA
- 4.31%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 150.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.32
- Interest Coverage
- 3.28×
- Altman Z
- 3.21
- 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
- 7%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 31.5-14.8% vs prev
Net Profit
₹ CrLatest: 2.3+10.7% 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
Bearish setupTrend is weak — long-term trend unclear. RSI 37.
- SMA20 falling (~9.1% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 50% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
24
RS percentile
Stage 1 Base / Transition
1M return
-2.0%
3M return
-27.2%
6M return
+13.2%
1Y return
-48.5%
RS 1D
+8
RS 20D
-24
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 11.5% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -4.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
183 observations
21 Oct 2026Value 57.05+9.97%
RS vs Nifty 50057
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation9/30
Growth18/25
Quality0/20
Balance Sheet9/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 37.5%.
- Growth contributes 18/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
18.8
PB
1.3
EV/EBITDA
15.3
ROE
6.9%
ROCE
7.9%
FCF Yield
—
Debt/Equity
0.3
MoS
+37.5%
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
32
Previous: 35 (-3)
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+37.5%
Previous: +40.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
29
32
32
32
32
35
35
Factor attribution
Valuation
9-3
was 12
Modelled fair value
Graham Number
₹45.41
-12.2% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹81.58
+37.5% MoS
PEG
0.18
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
OMFURN
SME
Omfurn India Ltd.
Furniture
match 86
60
10.1
10.2%
+69%
UNDERVALUED
PRITI
Small
Priti International Limited
Furniture
match 77
11
56.3
1.2%
-2405%
OVERVALUED
INM
SME
Interiors & More Ltd.
Furniture
match 76
54
13.8
18.3%
+59%
FAIR VALUE
STANLEY
Small
Stanley Lifestyles Limited
Furniture
match 66
36
111.0
3.1%
-404%
WATCHLIST
WAKEFIT
Micro
Wakefit Innovations Limited
Furniture
match 36
56
23.3
23.1%
+36%
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 under stressReviewed 2026-08-20T07:21:00.495Z
Management commentary snapshot
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.
Growth engines
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.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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%.
Management forward view
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.
Thesis monitor
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.
Trust Score
61Limited 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 32nd percentile of the scored universe and 34th percentile within Consumer. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Consumer: 34th pctile, median 66 · SME: 36th pctile, median 64
Evidence depth
Financial-only
7 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
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
48
watch · capital discipline
Results
87
strong · quarterly consistency
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.
Continue researching Marvel Decor Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Corrigendum 19 Sep - Marvel Decor issued FY2025-26 annual report corrigendum correcting typing, spelling, and formatting errors.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.