Overview

Detailed Summary

Mangalam Organics Limited is a vertically integrated pine-chemicals manufacturer producing terpenes, camphor, isoborneol derivatives and synthetic resins while also building a B2C branded portfolio (Mangalam and CamPure) sold through modern retail and e-commerce channels across India and select export markets.
The company’s financial turnaround is notable: FY25 consolidated revenues were Rs. 530.01 crore with EBITDA of Rs. 58.59 crore and PAT of Rs. 12.50 crore, driven by lower input costs and margin recovery after a loss-making FY23, signaling operational leverage from recent capacity and efficiency initiatives.
Mangalam’s revenue mix is heavily concentrated in terpene operations (96% of revenue), with a deliberate strategic pivot into B2C retail and product diversification through Mangalam Brands Pvt Ltd and CamPure, leveraging 190 salespeople, nationwide warehouses, and e-commerce reach to expand pin codes served and retail assortment.
Q3 FY26 showed strong top-line momentum: revenue rose 32.6% year-on-year to Rs. 164.29 crore, though quarterly gross profit dynamics and inventory swings indicate working capital and product-mix challenges even as management pursues higher efficiencies and intermediate-product integration.
Key structural risks accompany the growth: substantial import dependence for turpentine raw material sourced from many countries, higher borrowings and finance costs in FY25, negative operating cash flow from working capital changes, and concentrated exposure to a single chemical family despite plans to diversify.

Sector: Chemicals
Industry: Chemicals - Organic - Medium / Small
Market Cap: 351 Cr
Volatility: Low Risk
P/E Ratio: 14.4
Industry P/E: 22.8
PEG Ratio: 0.1
P/B Ratio: 1.1
52W High: 654.05
52W Low: 339.00

Sales CAGR

1Y: 7.39%
3Y: -5.84%
5Y: 1.82%
10Y: 9.01%

Profit CAGR

1Y: 193.71%
3Y: -47.72%
5Y: -30.52%
10Y: —

ROE

TTM: 8.72%
3Y: -1.59%
5Y: 8.93%
10Y: 13.82%

ROCE

TTM: 9.07%
3Y: 3.25%
5Y: 14.49%
10Y: 20.56%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHRIAHIMSA	229.70	538 Cr	19.80	3.43	0.00	15.82	21.89	14.90
VIKRAMTH	147.20	463 Cr	13.55	3.37	0.68	23.39	32.28	20.62
SADHNANIQ	1.48	439 Cr	-0.99	0.86	0.75	-8.30	-0.34	-7.91
MANORG	416.75	351 Cr	14.37	1.14	0.00	8.72	9.07	3.42
KOTYARK	310.70	319 Cr	10.32	2.23	2.74	1.82	4.98	1.31
KESARPE	24.62	238 Cr	18.10	1.53	0.00	10.75	10.42	6.91
DSFCL	26.10	229 Cr	11.99	13.19	0.00	—	—	0.00

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	169	111	105	118	138	124	150	147	158	164
Expenses	159	101	95	107	126	108	130	125	158	145
Operating Profit	9.61	9.99	10	11	12	16	20	22	0.26	19
OPM %	5.69	9.03	9.71	9.21	8.92	12.68	13.13	14.74	0.16	11.75
Other Income	0.07	0.04	0.25	0.21	0.11	0.01	0.01	4.04	17	0.00
Interest	3.81	3.82	3.69	3.94	4.16	5.83	7.55	5.74	7.00	8.07
Depreciation	5.13	5.18	5.09	5.05	5.19	5.05	5.53	5.22	6.13	5.75
Profit Before Tax	0.74	1.03	1.68	2.09	3.10	4.83	6.59	15	4.18	5.48
Tax %	14.86	12.62	-45.83	20.10	30.65	24.84	22.15	16.75	23.21	20.99
Net Profit	0.63	0.90	2.45	1.67	2.15	3.64	5.14	12	3.21	4.33
EPS in Rs	0.83	1.05	2.87	1.95	2.48	4.25	5.92	14.28	3.73	5.07

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	375	338	491	493	494	530	559
Expenses	288	210	400	495	455	471	489
Operating Profit	86	128	91	-2.76	39	59	69
OPM %	23.05	37.78	18.54	-0.56	7.83	11.05	12.41
Other Income	-9.23	1.05	1.44	0.34	0.78	0.33	4.17
Interest	5.22	1.00	4.20	14	16	21	23
Depreciation	8.97	14	15	18	20	21	21
Profit Before Tax	63	114	73	-34	3.99	17	29
Tax %	23.80	25.83	26.59	19.36	-7.53	24.20	20.71
Net Profit	48	85	54	-27	4.29	13	23
EPS in Rs	—	98.94	62.68	-31.65	5.11	14.60	29.00
Dividend Payout %	1.79	1.52	2.39	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	8.56	8.56	8.56	8.56	8.56	8.56
Reserves	159	243	296	267	272	285
Borrowings	17	24	212	190	173	272
Other Liabilities	30	35	44	40	31	58
Total Liabilities	215	311	560	506	485	624
Fixed Assets	102	121	198	227	244	269
CWIP	3.45	0.00	7.66	1.41	4.74	26
Investments	0.00	0.00	0.00	0.30	0.30	0.30
Other Assets	110	191	354	277	236	328
Total Assets	215	311	560	506	485	624

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	93	26	-84	77	73	-7.84
Cash from Investing Activity	-59	-28	-100	-41	-40	-67
Cash from Financing Activity	-36	2.27	183	-36	-33	74
Net Cash Flow	-1.88	0.40	-0.53	0.57	0.66	-1.27

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	54.91%	54.91%	54.91%	54.91%	54.91%	54.91%	58.65%	58.65%	58.65%	58.65%	58.65%	58.65%
FIIs	0.02%	0.00%	0.00%	0.02%	0.02%	0.00%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.42%	1.42%	1.42%	2.78%	3.63%	3.63%
Public	45.07%	45.09%	45.09%	45.07%	45.07%	45.09%	39.81%	39.93%	39.93%	38.57%	37.72%	37.72%
Total Shareholders	21,763	21,013	20,523	20,016	19,527	19,010	18,117	17,821	17,561	16,837	16,361	15,010

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Q3 FY26

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