Maha Rashtra Apex Corporation Ltd

MAHAPEXLTD

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Market Cap

₹ 157 Cr

P/E

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Maha Rashtra Apex Corporation (MACL) is traditionally engaged in hire purchase and leasing but has recently focused on debt recovery from these operations.

The company has a legacy of diversifying into several areas, including telecom services, stock exchange membership, and mutual funds, though many of these ventures have not been sustained long-term.

In recent years, MACL has concentrated on repaying deposits and debts through court-sanctioned arrangements, highlighting its commitment to financial obligations.

The company has terminated most of its operations, reflecting a strategic pivot towards managing and recovering its debt portfolio.

Sector

Finance

Industry

Finance - Small

Market Cap

157 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

20.4

PEG Ratio

—

P/B Ratio

0.3

52W High

170.85

52W Low

70.00

Sales CAGR

-20.72%

-35.46%

-14.74%

10Y

1.07%

Profit CAGR

929.76%

30.78%

—

10Y

—

ROE

TTM

-0.05%

24.73%

21.78%

10Y

24.75%

ROCE

TTM

0.52%

25.29%

22.15%

10Y

20.70%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JHACC	211.00	182 Cr	73.19	1.81	0.00	2.46	2.79	2.25
YASTF	165.00	173 Cr	550.00	16.48	0.00	2.86	3.46	1.17
AVAILFC	158.00	157 Cr	1.38	0.12	0.00	8.99	0.02	0.02
MAHAPEXLTD	104.81	157 Cr	—	0.34	0.00	-0.05	0.52	1.64
WSFX	61.00	135 Cr	—	4.68	0.88	-12.17	-11.15	-8.19
PIONRINV	104.04	122 Cr	9.53	0.74	0.00	7.78	12.64	3.44
FOCUS	142.00	103 Cr	139.22	14.15	0.04	14.52	19.31	13.70

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	0.48	0.73	0.63	6.88	0.53	0.48	0.05	0.30	0.05	0.06
Expenses	0.92	0.87	0.86	1.25	1.02	0.93	0.40	0.45	0.48	0.51
Interest	0.00	0.00	0.01	0.00	0.01	0.01	0.00	-0.02	0.00	0.00
Financing Profit	-0.44	-0.14	-0.24	5.63	-0.50	-0.46	-0.35	-0.13	-0.43	-0.45
Financing Margin %	-91.67	-19.18	-38.10	81.83	-94.34	-95.83	-700.00	-43.33	-860.00	-750.00
Other Income	0.84	3.04	-89	429	13	-7.50	-6.30	27	24	-30
Depreciation	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Profit Before Tax	0.38	2.88	-90	434	12	-7.98	-6.66	26	24	-31
Tax %	0.00	15.63	0.00	0.24	0.00	0.13	-2.10	15.22	0.00	0.00
Net Profit	0.38	2.42	-90	433	12	-7.97	-6.80	22	24	-31
EPS in Rs	0.27	1.71	-63.65	307.48	8.53	-5.65	-4.83	15.90	16.93	0.81
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	2.27	3.41	2.93	4.04	3.07	3.89	2.13	8.71	1.36	0.88
Expenses	4.05	4.93	5.18	6.52	3.15	3.75	4.87	3.89	2.81	2.26
Interest	1.59	1.40	1.08	0.39	0.03	0.02	0.00	0.01	0.00	-0.01
Financing Profit	-3.37	-2.92	-3.32	-2.86	-0.11	0.12	-2.74	4.81	-1.45	-1.37
Financing Margin %	-148.61	-85.48	-113.31	-70.77	-3.70	3.20	-128.53	55.15	-106.58	-155.68
Other Income	6.89	6.78	7.01	16	31	0.60	-40	341	330	37
Depreciation	0.03	0.03	0.05	0.03	0.03	0.04	0.04	0.04	0.04	0.04
Profit Before Tax	3.49	3.83	3.64	13	31	0.69	-43	346	329	36
Tax %	2.41	20.22	-0.95	0.09	-5.12	84.74	-0.26	0.44	1.26	11.64
Net Profit	5.85	3.87	10	14	34	1.34	-42	346	336	31
EPS in Rs	—	—	—	9.73	23.92	-0.20	2.34	245.81	13.95	28.81
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	14	14
Reserves	-87	23	77	87	101	135	136	99	447	452
Borrowings	0.16	5.62	5.93	5.93	5.93	0.32	0.32	0.39	0.50	0.32
Other Liabilities	132	109	104	103	107	111	109	96	87	77
Total Liabilities	60	152	201	211	228	261	260	209	549	543
Fixed Assets	6.86	0.10	0.10	0.09	0.16	0.15	0.13	0.12	0.10	0.09
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	138	190	194	208	236	233	186	519	513
Other Assets	53	14	11	16	20	24	27	23	29	30
Total Assets	60	152	201	211	228	261	260	209	549	543

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1.23	-0.04	0.13	-2.20	4.67	0.87	-2.27	-7.69	-8.86	-4.30
Cash from Investing Activity	0.58	-0.28	-0.21	6.25	-0.10	-0.01	0.56	5.25	6.29	1.23
Cash from Financing Activity	-11	-0.13	-1.36	-0.96	-5.62	0.57	1.21	0.74	0.10	5.51
Net Cash Flow	-12	-0.45	-1.45	3.10	-1.04	1.43	-0.50	-1.70	-2.47	2.44

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	62.54%	62.54%	62.54%	62.54%	62.54%	62.54%	62.54%	62.54%	62.54%	62.54%	62.54%	62.54%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Public	37.45%	37.45%	37.45%	37.45%	37.45%	37.45%	37.45%	37.45%	37.45%	37.45%	37.45%	37.45%
Total Shareholders	10,478	10,430	10,516	10,340	10,727	10,834	11,650	12,835	15,578	15,870	15,561	15,333

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 19, 2024	Sanjanaben sukhabhai khant	Bulk	Buy	207.22	2.53 Cr	1,21,924	0.86
Aug 19, 2024	Sanjanaben sukhabhai khant	Bulk	Sell	207.30	2.53 Cr	1,22,115	0.86

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Board Meeting Outcome

5 days ago

Board Meeting for Rights Issue Approval

Maha Rashtra Apex Corporation Ltd will hold a board meeting on December 18, 2025, to consider a proposal for fund raising through a rights issue of equity shares to eligible shareholders.

Documents

Presentations

Concalls

Reports

Presentations

No documents found!

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	0.48	0.73	0.63	6.88	0.53	0.48	0.05	0.30	0.05	0.06
Expenses	0.92	0.87	0.86	1.25	1.02	0.93	0.40	0.45	0.48	0.51
Interest	0.00	0.00	0.01	0.00	0.01	0.01	0.00	-0.02	0.00	0.00
Financing Profit	-0.44	-0.14	-0.24	5.63	-0.50	-0.46	-0.35	-0.13	-0.43	-0.45
Financing Margin %	-91.67	-19.18	-38.10	81.83	-94.34	-95.83	-700.00	-43.33	-860.00	-750.00
Other Income	0.84	3.04	-89	429	13	-7.50	-6.30	27	24	-30
Depreciation	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Profit Before Tax	0.38	2.88	-90	434	12	-7.98	-6.66	26	24	-31
Tax %	0.00	15.63	0.00	0.24	0.00	0.13	-2.10	15.22	0.00	0.00
Net Profit	0.38	2.42	-90	433	12	-7.97	-6.80	22	24	-31
EPS in Rs	0.27	1.71	-63.65	307.48	8.53	-5.65	-4.83	15.90	16.93	0.81
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	2.27	3.41	2.93	4.04	3.07	3.89	2.13	8.71	1.36	0.88
Expenses	4.05	4.93	5.18	6.52	3.15	3.75	4.87	3.89	2.81	2.26
Interest	1.59	1.40	1.08	0.39	0.03	0.02	0.00	0.01	0.00	-0.01
Financing Profit	-3.37	-2.92	-3.32	-2.86	-0.11	0.12	-2.74	4.81	-1.45	-1.37
Financing Margin %	-148.61	-85.48	-113.31	-70.77	-3.70	3.20	-128.53	55.15	-106.58	-155.68
Other Income	6.89	6.78	7.01	16	31	0.60	-40	341	330	37
Depreciation	0.03	0.03	0.05	0.03	0.03	0.04	0.04	0.04	0.04	0.04
Profit Before Tax	3.49	3.83	3.64	13	31	0.69	-43	346	329	36
Tax %	2.41	20.22	-0.95	0.09	-5.12	84.74	-0.26	0.44	1.26	11.64
Net Profit	5.85	3.87	10	14	34	1.34	-42	346	336	31
EPS in Rs	—	—	—	9.73	23.92	-0.20	2.34	245.81	13.95	28.81
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	14	14
Reserves	-87	23	77	87	101	135	136	99	447	452
Borrowings	0.16	5.62	5.93	5.93	5.93	0.32	0.32	0.39	0.50	0.32
Other Liabilities	132	109	104	103	107	111	109	96	87	77
Total Liabilities	60	152	201	211	228	261	260	209	549	543
Fixed Assets	6.86	0.10	0.10	0.09	0.16	0.15	0.13	0.12	0.10	0.09
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	138	190	194	208	236	233	186	519	513
Other Assets	53	14	11	16	20	24	27	23	29	30
Total Assets	60	152	201	211	228	261	260	209	549	543

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1.23	-0.04	0.13	-2.20	4.67	0.87	-2.27	-7.69	-8.86	-4.30
Cash from Investing Activity	0.58	-0.28	-0.21	6.25	-0.10	-0.01	0.56	5.25	6.29	1.23
Cash from Financing Activity	-11	-0.13	-1.36	-0.96	-5.62	0.57	1.21	0.74	0.10	5.51
Net Cash Flow	-12	-0.45	-1.45	3.10	-1.04	1.43	-0.50	-1.70	-2.47	2.44

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Maha Rashtra Apex Corporation (MACL) is traditionally engaged in hire purchase and leasing but has recently focused on debt recovery from these operations.

The company has a legacy of diversifying into several areas, including telecom services, stock exchange membership, and mutual funds, though many of these ventures have not been sustained long-term.

In recent years, MACL has concentrated on repaying deposits and debts through court-sanctioned arrangements, highlighting its commitment to financial obligations.

The company has terminated most of its operations, reflecting a strategic pivot towards managing and recovering its debt portfolio.

Sector

Finance

Industry

Finance - Small

Market Cap

157 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

20.4

PEG Ratio

—

P/B Ratio

0.3

52W High

170.85

52W Low

70.00

Sales CAGR

-20.72%

-35.46%

-14.74%

10Y

1.07%

Profit CAGR

929.76%

30.78%

—

10Y

—

ROE

TTM

-0.05%

24.73%

21.78%

10Y

24.75%

ROCE

TTM

0.52%

25.29%

22.15%

10Y

20.70%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JHACC	211.00	182 Cr	73.19	1.81	0.00	2.46	2.79	2.25
YASTF	165.00	173 Cr	550.00	16.48	0.00	2.86	3.46	1.17
AVAILFC	158.00	157 Cr	1.38	0.12	0.00	8.99	0.02	0.02
MAHAPEXLTD	104.81	157 Cr	—	0.34	0.00	-0.05	0.52	1.64
WSFX	61.00	135 Cr	—	4.68	0.88	-12.17	-11.15	-8.19
PIONRINV	104.04	122 Cr	9.53	0.74	0.00	7.78	12.64	3.44
FOCUS	142.00	103 Cr	139.22	14.15	0.04	14.52	19.31	13.70