Mahan Industries Ltd

MAHANIN

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Market Cap

₹ 4 Cr

P/E

—

Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Mahan Industries Ltd, originally Mahan Finstock Ltd, is a Non-Banking Financial Company (NBFC) primarily engaged in investment and financial services in India.

Established in 1995, Mahan Industries focuses on investing in equity shares of publicly listed companies on the Mumbai and National Stock Exchanges.

The company's income primarily comes from dividends and interests on investments, along with profits from the sale of securities.

Mahan Industries occasionally engages in commodity trading to enhance its income, seeking profitable opportunities in the market.

Sector

Finance

Industry

NBFC-Others

Market Cap

4 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

34.5

PEG Ratio

—

P/B Ratio

0.8

52W High

9.14

52W Low

3.67

Sales CAGR

205.63%

44.62%

25.77%

10Y

39.02%

Profit CAGR

-180.00%

—

10Y

—

ROE

TTM

-0.24%

-1.86%

-20.26%

10Y

-15.52%

ROCE

TTM

0.03%

-0.58%

-12.46%

10Y

-12.07%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AMARSEC	14.47	4 Cr	23.72	0.95	0.00	4.01	5.17	3.20
KENFIN	14.45	4 Cr	19.53	0.58	0.00	2.96	5.64	2.77
MAHANIN	9.14	4 Cr	—	0.78	0.00	-0.24	0.03	-1.08
SUPERIOR	1.35	4 Cr	—	1.06	0.00	-3.38	-0.35	-0.36
RAJKOTINV	40.02	4 Cr	32.80	0.82	0.00	2.49	0.61	0.44
EKAMLEA	6.28	4 Cr	—	0.50	0.00	-16.63	-11.89	-11.83
AARSHYAM	12.30	4 Cr	—	1.31	0.00	-26.42	-23.47	-21.96

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

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	0.22	0.26	0.10	0.13	0.46	0.30	0.85	0.32	0.65	1.50
Expenses	0.22	0.23	0.08	0.14	0.38	0.36	0.95	0.50	0.56	1.46
Interest	0.01	0.01	0.01	0.01	0.00	0.01	0.01	0.01	0.01	0.02
Financing Profit	-0.01	0.02	0.01	-0.02	0.08	-0.07	-0.11	-0.19	0.08	0.02
Financing Margin %	-4.55	7.69	10.00	-15.38	17.39	-23.33	-12.94	-59.38	12.31	1.33
Other Income	0.00	0.00	0.00	-0.06	0.00	0.07	0.09	-0.01	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-0.01	0.02	0.01	-0.07	0.08	0.01	-0.01	-0.21	0.08	0.02
Tax %	0.00	0.00	0.00	0.00	25.00	0.00	0.00	9.52	0.00	0.00
Net Profit	-0.01	0.02	0.01	-0.07	0.06	0.01	-0.01	-0.19	0.08	0.02
EPS in Rs	0.00	0.00	0.00	-0.16	0.16	0.00	0.00	-0.41	—	—
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

Standalone Profit Loss (in ₹ Crores)

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	0.16	0.02	0.46	0.69	0.33	0.72	1.17	0.71	2.16	2.12
Expenses	0.87	0.35	4.08	1.64	3.55	0.88	1.17	0.73	2.19	2.37
Interest	0.47	0.00	0.00	0.00	0.00	0.00	0.03	0.03	0.03	0.04
Financing Profit	-1.18	-0.33	-3.63	-0.96	-3.21	-0.16	-0.02	-0.05	-0.05	-0.29
Financing Margin %	-750.91	-1,825.43	-794.72	-139.37	-967.67	-22.69	-2.09	-7.08	-2.43	-13.68
Other Income	0.00	0.00	0.00	0.07	-0.00	0.00	0.00	0.00	0.01	NaN
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-1.18	-0.33	-3.63	-0.89	-3.22	-0.16	-0.02	-0.05	-0.14	-0.13
Tax %	—	—	—	—	—	—	—	—	—	15.38
Net Profit	-1.18	-0.33	-3.63	-0.89	-3.22	-0.16	-0.02	-0.05	-0.14	-0.11
EPS in Rs	-2.96	-2.16	-8.08	-2.08	-7.20	-0.40	0.00	-0.16	—	-0.25
Dividend Payout %	—	—	—	—	—	—	—	—	—	—

Standalone Balance Sheet (in ₹ Crores)

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	36	36	36	36	36	36	36	36	36	4.50
Reserves	-23	-25	-25	-29	-30	-33	-33	-33	-33	0.66
Borrowings	4.34	3.06	3.21	0.00	0.00	0.00	0.00	3.48	3.47	3.47
Other Liabilities	0.48	0.52	0.51	3.44	2.83	2.82	3.42	0.09	0.07	0.11
Total Liabilities	18	15	15	11	9.33	6.10	6.55	6.66	6.59	8.74
Fixed Assets	0.07	0.07	0.07	0.07	0.07	0.06	0.06	0.06	0.06	0.06
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.08	0.04	4.10	3.28	1.42	0.00	0.00	0.00	0.32
Other Assets	18	15	15	6.66	5.98	4.62	6.48	6.60	6.53	8.36
Total Assets	18	15	15	11	9.33	6.10	6.55	6.66	6.59	8.74

Standalone Cash Flows (in ₹ Crores)

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	-0.62	-0.81	-0.13	-0.85	0.09	-1.82	-0.65	-0.07	0.04	-1.93
Cash from Investing Activity	0.57	2.10	-0.02	0.69	0.51	-0.01	-0.01	-0.01	-0.01	-0.33
Cash from Financing Activity	0.02	-1.28	0.15	0.18	-0.60	0.01	0.61	0.08	-0.01	2.25
Net Cash Flow	-0.03	0.00	-0.01	0.01	-0.00	-1.82	-0.04	-0.00	0.02	-0.02

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Feb 2025	Mar 2025	Jun 2025	Sep 2025
Promoters	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.16%	1.16%	1.16%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	98.52%	98.52%	98.52%	98.52%	98.52%	98.52%	98.52%	98.52%	98.52%	98.84%	98.84%	98.84%
Total Shareholders	4,152	4,137	4,129	4,101	4,561	5,643	7,602	9,646	7,873	7,690	8,786	8,578

Projection

Actions

Action Type

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Last 7 days

Newest

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Documents

Presentations

Concalls

Reports

Presentations

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

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	0.22	0.26	0.10	0.13	0.46	0.30	0.85	0.32	0.65	1.50
Expenses	0.22	0.23	0.08	0.14	0.38	0.36	0.95	0.50	0.56	1.46
Interest	0.01	0.01	0.01	0.01	0.00	0.01	0.01	0.01	0.01	0.02
Financing Profit	-0.01	0.02	0.01	-0.02	0.08	-0.07	-0.11	-0.19	0.08	0.02
Financing Margin %	-4.55	7.69	10.00	-15.38	17.39	-23.33	-12.94	-59.38	12.31	1.33
Other Income	0.00	0.00	0.00	-0.06	0.00	0.07	0.09	-0.01	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-0.01	0.02	0.01	-0.07	0.08	0.01	-0.01	-0.21	0.08	0.02
Tax %	0.00	0.00	0.00	0.00	25.00	0.00	0.00	9.52	0.00	0.00
Net Profit	-0.01	0.02	0.01	-0.07	0.06	0.01	-0.01	-0.19	0.08	0.02
EPS in Rs	0.00	0.00	0.00	-0.16	0.16	0.00	0.00	-0.41	—	—
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

Standalone Profit Loss (in ₹ Crores)

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	0.16	0.02	0.46	0.69	0.33	0.72	1.17	0.71	2.16	2.12
Expenses	0.87	0.35	4.08	1.64	3.55	0.88	1.17	0.73	2.19	2.37
Interest	0.47	0.00	0.00	0.00	0.00	0.00	0.03	0.03	0.03	0.04
Financing Profit	-1.18	-0.33	-3.63	-0.96	-3.21	-0.16	-0.02	-0.05	-0.05	-0.29
Financing Margin %	-750.91	-1,825.43	-794.72	-139.37	-967.67	-22.69	-2.09	-7.08	-2.43	-13.68
Other Income	0.00	0.00	0.00	0.07	-0.00	0.00	0.00	0.00	0.01	NaN
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-1.18	-0.33	-3.63	-0.89	-3.22	-0.16	-0.02	-0.05	-0.14	-0.13
Tax %	—	—	—	—	—	—	—	—	—	15.38
Net Profit	-1.18	-0.33	-3.63	-0.89	-3.22	-0.16	-0.02	-0.05	-0.14	-0.11
EPS in Rs	-2.96	-2.16	-8.08	-2.08	-7.20	-0.40	0.00	-0.16	—	-0.25
Dividend Payout %	—	—	—	—	—	—	—	—	—	—

Standalone Balance Sheet (in ₹ Crores)

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	36	36	36	36	36	36	36	36	36	4.50
Reserves	-23	-25	-25	-29	-30	-33	-33	-33	-33	0.66
Borrowings	4.34	3.06	3.21	0.00	0.00	0.00	0.00	3.48	3.47	3.47
Other Liabilities	0.48	0.52	0.51	3.44	2.83	2.82	3.42	0.09	0.07	0.11
Total Liabilities	18	15	15	11	9.33	6.10	6.55	6.66	6.59	8.74
Fixed Assets	0.07	0.07	0.07	0.07	0.07	0.06	0.06	0.06	0.06	0.06
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.08	0.04	4.10	3.28	1.42	0.00	0.00	0.00	0.32
Other Assets	18	15	15	6.66	5.98	4.62	6.48	6.60	6.53	8.36
Total Assets	18	15	15	11	9.33	6.10	6.55	6.66	6.59	8.74

Standalone Cash Flows (in ₹ Crores)

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	-0.62	-0.81	-0.13	-0.85	0.09	-1.82	-0.65	-0.07	0.04	-1.93
Cash from Investing Activity	0.57	2.10	-0.02	0.69	0.51	-0.01	-0.01	-0.01	-0.01	-0.33
Cash from Financing Activity	0.02	-1.28	0.15	0.18	-0.60	0.01	0.61	0.08	-0.01	2.25
Net Cash Flow	-0.03	0.00	-0.01	0.01	-0.00	-1.82	-0.04	-0.00	0.02	-0.02

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AMARSEC	14.47	4 Cr	23.72	0.95	0.00	4.01	5.17	3.20
KENFIN	14.45	4 Cr	19.53	0.58	0.00	2.96	5.64	2.77
MAHANIN	9.14	4 Cr	—	0.78	0.00	-0.24	0.03	-1.08
SUPERIOR	1.35	4 Cr	—	1.06	0.00	-3.38	-0.35	-0.36
RAJKOTINV	40.02	4 Cr	32.80	0.82	0.00	2.49	0.61	0.44
EKAMLEA	6.28	4 Cr	—	0.50	0.00	-16.63	-11.89	-11.83
AARSHYAM	12.30	4 Cr	—	1.31	0.00	-26.42	-23.47	-21.96