Madhav Copper Ltd. (MCL) AI Stock Analysis

• Market Cap: ₹1.66B
• Dividend Yield: N/A
• Average Volume (3M): 293.90K
• Price to Earnings (P/E): 64.1
• Beta (1Y): 1.22
• Revenue Growth: 119.41%
• EPS Growth: -35.45%
• Country: IN
• Employees: 67
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Copper
• EPS (TTM): 0.28
• Shares Outstanding: 27,142,800
• 10 Day Avg. Volume: 102,197
• 30 Day Avg. Volume: 293,902
• PEG Ratio: 0.10
• Price to Book (P/B): 2.95
• Price to Sales (P/S): 1.08
• P/FCF Ratio: 159.37
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: ₹63.00 ▲(17.34% Upside)
• Action: Reiterated Date: 01/04/26
• Date: Action: Reiterated 01/04/26

The score is held back primarily by expensive valuation (P/E 61.87) and weaker cash-flow conversion (OCF/NI 0.35) despite improved revenue growth and a moderately stable balance sheet. Technicals show a strong trend but extremely overbought signals (RSI 88.56, Stoch 100) add near-term downside risk.

Positive Factors

Revenue Recovery

A 251% revenue jump indicates meaningful demand recovery or expanded shipments, which can sustainably improve capacity utilization and spread fixed costs. Over a 2–6 month horizon, sustained volume growth supports operational leverage and better returns if product mix and cost controls hold.

Manageable Leverage

A Debt/Equity of 0.57 and a ~59.5% equity base imply the company can finance operations without excessive leverage. That structural balance sheet strength reduces refinancing and solvency risk during commodity cycles and provides flexibility to fund capex or absorb short-term shocks over coming months.

Positive Free Cash Flow

Positive FCF in 2025 shows the business can generate actual cash after investment, enabling reinvestment, working-capital support or debt paydown. This improvement is a durable indicator of operational recovery and enhances financial optionality if management maintains discipline on capex and working-capital.

Negative Factors

Weak Cash Conversion

An OCF/Net Income of 0.35 signals earnings are not translating efficiently into cash, implying working-capital strain or non-cash accruals. Persistently weak conversion limits liquidity to fund growth or service debt and raises reliance on external financing, a structural risk in manufacturing cycles.

Thin Profitability

Low gross and net margins provide little buffer against raw-material cost swings (notably copper). In a commodity-linked business, thin margins make profitability vulnerable to input price volatility and limit ability to absorb rising SG&A or invest in value-added capabilities without pressuring returns.

Operational Volatility

Historical negative EBIT and wide revenue swings indicate inconsistent operations and execution risk. Structural volatility undermines predictability for customers and planning, complicates capacity investments and makes sustaining margins and cash flows over the next several months more uncertain.

Madhav Copper Ltd. Business Overview & Revenue Model

Company Description

Madhav Copper Limited manufactures and sells copper products in India. The company offers copper fabricated products, enameled copper wires, paper covered copper conductors, poly wrap submersible winding wires, fiberglass copper conductors, tapped insulated copper conductors, and bare copper wires, as well as copper bus bars, strips, rods, and profiles. Its products are used in pumps, motors, transformers, generators, hydro generators, alternators, wind generators, panels, and switch gears; automatic coil winding machines; and to fabricate in automatic CNC machines. Madhav Copper Limited was incorporated in 2012 and is based in Bhavnagar, India.

How the Company Makes Money

MCL primarily makes money by manufacturing copper products and selling them to customers, generating revenue from the sale of finished copper/copper-alloy goods. Key revenue streams therefore consist of (1) sales of manufactured copper products (e.g., copper wire/rod/strip and similar products) and (2) any related job-work/processing income if performed for third parties. The company’s earnings are influenced by volumes sold, product mix (higher value-added processed products vs. commodity forms), capacity utilization, and the spread between input copper/raw material costs and realized selling prices. Specific details on revenue segmentation, major customer contracts, export contribution, or significant partnerships are not available from the provided context; null.

Madhav Copper Ltd. Financial Statement Overview

Summary

Financial statements indicate a recovery but with meaningful volatility. Income statement strength is supported by 251% revenue growth (2024–2025) but profitability is modest (10.0% gross margin, 3.8% net margin) and historical negative EBIT points to execution risk. Balance sheet leverage is manageable (Debt/Equity 0.57; equity ratio 59.5%), while cash flow quality is weaker and inconsistent (OCF/NI 0.35; FCF/NI 0.18) despite positive FCF in 2025.

Income Statement

Madhav Copper Ltd. shows a mixed performance in its income statement. The company has experienced significant revenue volatility over the years, with a recent surge in revenue in 2025. The Gross Profit Margin for 2025 stood at 10.0%, and Net Profit Margin was 3.8%. Revenue growth from 2024 to 2025 was impressive at 251%, indicating strong recovery or expansion. However, historical inconsistencies and periods of negative EBIT highlight potential operational inefficiencies.

Balance Sheet

The balance sheet of Madhav Copper Ltd. reflects moderate stability with a Debt-to-Equity Ratio of 0.57 in 2025, indicating manageable leverage. The Equity Ratio stands at 59.5%, showcasing a solid equity base. However, fluctuations in total assets and stockholders' equity over the years suggest underlying volatility in the company's capital structure, which could pose risks if not managed effectively.

Cash Flow

Cash flow analysis reveals erratic patterns, with Free Cash Flow turning positive in 2025 at 8.5 million. The Operating Cash Flow to Net Income Ratio is 0.35, suggesting challenges in converting income into cash. Additionally, the Free Cash Flow to Net Income Ratio stands at 0.18. The overall cash flow situation requires careful monitoring to ensure liquidity and operational flexibility.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.72B	1.25B	355.00M	0.00	1.22B	3.83B
Gross Profit	169.54M	124.58M	35.41M	-22.50M	27.29M	169.46M
EBITDA	78.23M	69.63M	35.66M	-24.13M	18.63M	95.44M
Net Income	34.62M	46.88M	12.27M	-44.14M	-24.40M	44.69M
Balance Sheet
Total Assets	1.02B	768.22M	640.87M	1.03B	1.15B	1.30B
Cash, Cash Equivalents and Short-Term Investments	52.09M	2.87M	2.71M	2.21M	3.85M	3.21M
Total Debt	403.50M	261.86M	131.83M	10.38M	73.38M	29.49M
Total Liabilities	553.86M	311.13M	230.66M	635.78M	704.46M	836.39M
Stockholders Equity	465.48M	457.09M	410.22M	397.94M	442.09M	466.49M
Cash Flow
Free Cash Flow	83.92M	8.47M	-21.84M	-5.96M	5.79M	-57.62M
Operating Cash Flow	84.42M	16.37M	-13.14M	-5.81M	30.99M	20.02M
Investing Cash Flow	-504.65K	-5.26M	-6.61M	5.40M	-14.58M	-65.35M
Financing Cash Flow	-38.15M	-26.57M	20.40M	-1.08M	-13.33M	-25.78M

Madhav Copper Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 53.69
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MCL, the sentiment is Negative. The current price of 53.69 is below the 20-day moving average (MA) of 64.23, below the 50-day MA of 73.44, and below the 200-day MA of 56.88, indicating a neutral trend. The MACD of -2.33 indicates Positive momentum. The RSI at 38.95 is Neutral, neither overbought nor oversold. The STOCH value of 19.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MCL.

Madhav Copper Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CUBEXTUB	63 Neutral	₹1.26B	13.22	―	―	29.24%	75.16%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MANAKALUCO	57 Neutral	₹1.64B	28.65	―	0.28%	19.61%	21.47%
SALSTEEL	57 Neutral	₹4.17B	15.95	―	―	0.19%	-2962.74%
MCL	53 Neutral	₹1.66B	64.12	―	―	119.41%	-35.45%
MANGALAM	50 Neutral	₹506.50M	-1.11	―	―	-24.55%	-310.57%
SHYAMCENT	45 Neutral	₹959.02M	-5.31	―	―	-41.73%	-37.19%

Madhav Copper Ltd. Corporate Events

Madhav Copper Files SEBI Regulation 74(5) Compliance Certificate for December Quarter

Madhav Copper Ltd. has submitted to the National Stock Exchange a compliance certificate from its registrar and share transfer agent, Bigshare Services Pvt. Ltd., under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended 31 December 2025. The registrar confirmed that no dematerialisation requests for the company’s equity shares were received during the quarter, indicating a routine regulatory filing with no changes in the demat status of Madhav Copper’s share capital.

Madhav Copper Discloses Promoter’s Open-Market Share Sale Under SEBI Norms

Madhav Copper Limited has reported that one of its promoters, Rajesh Odhavjibhai Patel, has sold a portion of his equity stake in the company through open-market transactions, in line with disclosure requirements under Indian takeover regulations. The company has notified the National Stock Exchange of India about this change in promoter shareholding as per Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, ensuring regulatory compliance and transparency for shareholders and market participants regarding shifts in promoter ownership.

Madhav Copper Discloses Promoter’s Open-Market Share Sale Under SEBI Norms

Madhav Copper Ltd. has notified the National Stock Exchange that it has received a disclosure from promoter Vishal Talsibhai Monpara regarding the sale of the company’s equity shares in the open market, as required under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing indicates a change in the promoter’s shareholding, a development closely watched by investors as it can signal shifts in promoter confidence, control dynamics, or future corporate strategy, though no further details on the size or rationale of the sale were provided in the disclosure.

Madhav Copper Discloses Promoter Share Sale Under SEBI Insider Trading Rules

Madhav Copper Limited has notified the National Stock Exchange that it has received a disclosure under Regulation 7(2)(a) of SEBI’s Prohibition of Insider Trading Regulations from promoter Vishal Talsibhai Monpara regarding the sale of equity shares in the company, and has filed the corresponding disclosure under Regulation 7(2)(b). The filing, made by the company’s compliance officer, signals a change in shareholding by a promoter that may be of interest to investors tracking promoter ownership and corporate governance practices, though no further details on the size or rationale of the transaction were provided.

Madhav Copper Discloses Promoter Share Sale Under SEBI Insider Trading Rules

Madhav Copper Limited has disclosed that one of its promoters, Rajesh Odhavjibhai Patel, has sold a portion of his equity stake in the company, as required under Regulation 7(2) of SEBI’s Prohibition of Insider Trading Regulations, 2015. The company has filed the necessary disclosure with the National Stock Exchange of India, signalling compliance with insider trading regulations and informing investors of a change in promoter shareholding, which may be monitored by stakeholders for any implications on ownership structure and governance.

Madhav Copper Discloses Promoter’s Sale of Shares Under SEBI Takeover Norms

Madhav Copper Limited has disclosed that one of its promoters, Rajesh Odhavjibhai Patel, has sold equity shares of the company on the open market, in line with regulatory requirements. The company informed the National Stock Exchange that it has received the prescribed disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, signaling a change in promoter shareholding that may be closely watched by investors and other stakeholders.