Mahickra Chemicals Ltd

MAHICKRA

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Market Cap

₹ 117 Cr

P/E

46.23

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Mahickra Chemicals Limited specializes in manufacturing reactive dyes, especially black reactive dyes, catering primarily to the textiles and garment industry.

Since its formation as a public company in 2017, the company has expanded its manufacturing capabilities and introduced new products like pigment pastes and specialty chemicals.

In 2022, Mahickra Chemicals acquired a 45% stake in RCN Specialities Private Limited, broadening its reach and operational scope.

The company's operations are centralized in Gujarat, where it operates an integrated manufacturing facility capable of producing a range of reactive dyes.

Sector

Chemicals

Industry

Dyes And Pigments - Medium / Small

Market Cap

117 Cr

Volatility

Low Risk

P/E Ratio

46.2

Industry P/E

33.3

PEG Ratio

0.3

P/B Ratio

3.3

52W High

180.00

52W Low

95.20

Sales CAGR

22.58%

-4.84%

-1.33%

10Y

—

Profit CAGR

136.45%

-8.88%

-3.28%

10Y

—

ROE

TTM

5.72%

6.79%

8.44%

10Y

—

ROCE

TTM

8.52%

12.49%

14.33%

10Y

—

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ISHANCH	65.16	170 Cr	—	1.22	0.00	-3.16	0.89	-1.86
HPIL	131.97	151 Cr	97.76	3.00	0.00	3.09	6.55	1.82
DEEPAKCHEM	113.90	124 Cr	10.01	2.24	0.00	18.63	24.60	16.63
MAHICKRA	144.25	117 Cr	46.23	3.28	0.14	5.72	8.52	2.94
UCL	48.00	54 Cr	—	1.21	0.00	-8.56	-1.90	-6.88
UNILEX	34.50	47 Cr	7.44	0.66	0.00	5.10	7.31	3.47
CAMEXLTD	32.88	34 Cr	—	0.91	0.00	2.84	3.00	-0.52

Financial Statements

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Consolidated Half Yearly Results (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Sales	60	54	49	37	35	45	43	49
Expenses	60	53	47	36	36	42	43	48
Interest	0.40	0.48	0.42	0.58	0.58	0.68	0.61	0.73
Operating Profit	0.19	0.48	1.81	1.53	-0.86	2.30	0.19	1.46
OPM %	0.32	0.89	3.68	4.11	-2.48	5.14	0.44	2.98
Other Income	2.67	2.46	1.25	0.03	2.24	0.34	2.29	0.75
Depreciation	0.14	0.24	0.31	0.28	0.00	0.15	0.15	0.16
Profit Before Tax	2.33	2.23	2.33	0.69	0.81	1.81	1.72	1.33
Tax %	27.47	28.70	27.47	28.99	28.40	25.41	30.81	31.58
Net Profit	1.68	1.59	1.70	0.49	0.58	1.35	1.19	0.91
EPS in Rs	—	—	—	—	—	—	—	—

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	102	103	72	88
Expenses	101	101	71	86
Operating Profit	1.72	2.28	0.67	2.49
OPM %	1.68	2.21	0.93	2.83
Other Income	3.93	3.79	2.27	2.62
Interest	0.75	0.93	1.16	1.29
Depreciation	0.25	0.55	0.28	0.30
Profit Before Tax	4.65	4.56	1.50	3.53
Tax %	27.93	28.00	28.53	28.19
Net Profit	3.35	3.29	1.07	2.53
EPS in Rs	—	—	—	—
Dividend Payout %	4.85	16.05	22.73	6.41

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	8.12	8.12	8.12	8.12
Reserves	22	24	25	28
Borrowings	10	10	13	15
Other Liabilities	25	21	14	17
Total Liabilities	65	63	61	68
Fixed Assets	1.68	4.48	4.59	5.15
CWIP	2.93	0.43	0.70	0.00
Investments	0.00	0.05	0.05	0.05
Other Assets	61	59	55	63
Total Assets	65	63	61	68

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3.24	2.32	-0.40	-0.19
Cash from Investing Activity	-1.44	-0.91	-1.58	-0.16
Cash from Financing Activity	-1.82	-1.40	1.95	0.40
Net Cash Flow	-0.02	0.00	-0.03	0.05

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2020	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Promoters	45.07%	47.05%	49.82%	50.61%	51.33%	52.18%	53.05%	53.84%	54.95%	51.81%	48.57%	48.27%
FIIs	0.59%	0.59%	0.59%	0.59%	0.59%	0.59%	0.59%	0.59%	0.59%	0.59%	0.59%	0.00%
DIIs	2.29%	2.29%	2.29%	2.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	52.05%	50.07%	47.30%	46.51%	48.08%	47.23%	46.36%	45.57%	44.46%	47.60%	50.84%	51.73%
Total Shareholders	329	341	309	327	305	312	291	303	309	351	374	355

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 14, 2025	Hetal navin chaturvedi	Bulk	Sell	115.10	0.52 Cr	45,000	0.55
May 12, 2025	Sagar pravinchandra khakhara	Bulk	Buy	113.00	2.27 Cr	2,01,000	2.47
May 12, 2025	Mayurkumar babubhai patel	Bulk	Sell	113.47	0.97 Cr	85,500	1.05
May 02, 2025	Hetal mahendrabhai sardhara	Bulk	Buy	110.50	0.46 Cr	42,000	0.51
May 02, 2025	Shah jigar atul	Bulk	Sell	110.27	0.54 Cr	48,750	0.60
Mar 28, 2025	Hetal navin chaturvedi	Bulk	Buy	110.26	0.55 Cr	49,500	0.60
Mar 28, 2025	Dhruv hetalben chandrakant	Bulk	Sell	105.75	0.46 Cr	43,500	0.53
Mar 28, 2025	Hetal navin chaturvedi	Bulk	Sell	121.45	0.10 Cr	8,250	0.10
Mar 25, 2025	Hetal navin chaturvedi	Bulk	Buy	109.93	0.46 Cr	42,000	0.51
Jan 28, 2025	Dhruv hetalben chandrakant	Bulk	Buy	107.34	0.48 Cr	45,000	0.55

Projection

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Overall

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Moving Averages

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ISHANCH	65.16	170 Cr	—	1.22	0.00	-3.16	0.89	-1.86
HPIL	131.97	151 Cr	97.76	3.00	0.00	3.09	6.55	1.82
DEEPAKCHEM	113.90	124 Cr	10.01	2.24	0.00	18.63	24.60	16.63
MAHICKRA	144.25	117 Cr	46.23	3.28	0.14	5.72	8.52	2.94
UCL	48.00	54 Cr	—	1.21	0.00	-8.56	-1.90	-6.88
UNILEX	34.50	47 Cr	7.44	0.66	0.00	5.10	7.31	3.47
CAMEXLTD	32.88	34 Cr	—	0.91	0.00	2.84	3.00	-0.52

Overview

Detailed Summary

Mahickra Chemicals Limited specializes in manufacturing reactive dyes, especially black reactive dyes, catering primarily to the textiles and garment industry.

Since its formation as a public company in 2017, the company has expanded its manufacturing capabilities and introduced new products like pigment pastes and specialty chemicals.

In 2022, Mahickra Chemicals acquired a 45% stake in RCN Specialities Private Limited, broadening its reach and operational scope.

The company's operations are centralized in Gujarat, where it operates an integrated manufacturing facility capable of producing a range of reactive dyes.

Sector

Chemicals

Industry

Dyes And Pigments - Medium / Small

Market Cap

117 Cr

Volatility

Low Risk

P/E Ratio

46.2

Industry P/E

33.3

PEG Ratio

0.3

P/B Ratio

3.3

52W High

180.00

52W Low

95.20

Sales CAGR

22.58%

-4.84%

-1.33%

10Y

—

Profit CAGR

136.45%

-8.88%

-3.28%

10Y

—

ROE

TTM

5.72%

6.79%

8.44%

10Y

—

ROCE

TTM

8.52%

12.49%

14.33%

10Y

—