Mahickra Chemicals share price & results
- Mar 2026
- Sept 2026
Ahmedabad-based manufacturer of reactive dyes (Nikafix, Nikazol) and specialty textile chemicals — pigment emulsions, auxiliaries and coating agents — for domestic and export textile markets.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 57.0 | +32.6% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 11.0 | +10.6 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 4.0 | +300.0% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
| Return on equity | +1.0 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | -7.71 | −7.5 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | −7.2 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Price
Performance +61.6% 1Y
1Y: ₹160.9 on 24 Oct 2025 → ₹260. High ₹314.5 (18 Sept 2026), low ₹137.5 (9 Dec 2025).
- Previous close
- ₹268.8
- Market cap
- ₹254 Cr
- 52-week range
- ₹137.5 – ₹314.5
- One year
- +61.59%
- Price to earnings (FY ending Mar 2026)
- 50.80×
- Return on equity (FY ending Mar 2026)
- 9.71%
Overview
- Symbol
- NSE:MAHICKRA
- Sector
- Chemicals
- Industry
- Commodities
- Exchange
- NSE
- Currency
- INR
What Mahickra Chemicals Ltd does
Based on the company's own presentations, annual report and earnings calls.
Mahickra Chemicals manufactures reactive dyes marketed under the Nikafix and Nikazol brands for dyeing and printing in the textile industry, alongside Nikron pigment emulsions, textile auxiliaries for knitwear and cotton woven fabrics, textile emulsions/hardeners/binders, and eco-friendly coating agents. Production is carried out at two dedicated plants in Vatva GIDC, Ahmedabad, Gujarat. The company sells across the domestic Indian market and exports to textile manufacturing hubs in Asia, Latin America, the Middle East and Eurasia.
Segments
- Reactive dyes
- Pigment emulsions
- Textile auxiliaries
- Textile emulsions, hardeners, binders & coating agents
- Manufacturing plants
- 2 dedicated plants for reactive dyes (Vatva GIDC, Ahmedabad, Gujarat)
- Export markets
- 9 countries (Turkey, Bangladesh, Egypt, Peru, Indonesia, Taiwan, Colombia, Vietnam, UAE)
- Export recognition
- Two Star Export House (DGFT, valid Oct 2021–Oct 2026)
- Quality & environmental certifications
- ISO 9001, ISO 14001, ISO 45001, ZDHC Level 3 Eco Passport (Oeko-Tex), GOTS v7.0
- International trade fair participation (FY25)
- 3 major exhibitions (China Interdye Shanghai, Dye+Chem Brazil Expo São Paulo, Interdye & Textile Printing Eurasia Istanbul)
- Land bank for expansion
- Industrial land acquired at Saykha (2014) for future capacity expansion
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 5 fiscal years held (Mar 2022 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +300% (quarter to mar 2026 against mar 2025).
| Line item | Sept 2022 | Mar 2023 | Sept 2023 | Mar 2024 | Sept 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 54 | 49 | 37 | 35 | 45 | 43 | 49 | 57 |
| Expenses | 53 | 47 | 36 | 36 | 42 | 43 | 48 | 51 |
| Operating profit | 0 | 2 | 2 | 0 | 2 | 0 | 1 | 6 |
| Operating margin | 0.9% | 3.7% | 4.1% | −0.3% | 5.0% | 0.4% | 3.0% | 11.0% |
| Other income | 2 | 1 | 0 | 2 | 0 | 2 | 1 | 0 |
| Interest | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | 2 | 1 | 1 | 2 | 2 | 1 | 6 |
| Tax rate | 29.0% | 27.0% | 29.0% | 27.0% | 25.0% | 31.0% | 32.0% | 24.0% |
| Net profit | 2 | 2 | 0 | 1 | 1 | 1 | 1 | 4 |
| EPS (₹ per share) | 1.96 | 2.09 | 0.60 | 0.73 | 1.66 | 1.47 | 1.12 | 4.35 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 8 | 8 | 8 | 8 | 8 | 10 |
| Reserves | 22 | 24 | 25 | 28 | 28 | 57 |
| Borrowings | 10 | 10 | 13 | 15 | 15 | 16 |
| Other liabilities | 25 | 21 | 14 | 17 | 20 | 14 |
| Total liabilities | 65 | 63 | 61 | 68 | 71 | 97 |
| Fixed assets | 2 | 4 | 5 | 5 | 5 | 5 |
| Capital work in progress | 3 | 0 | 1 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 61 | 59 | 55 | 63 | 66 | 92 |
| Total assets | 65 | 63 | 61 | 68 | 71 | 97 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash from operations | 3 | 2 | -1 | 0 | -8 |
| Cash from investing | -1 | -1 | -1 | 0 | -7 |
| Cash from financing | -2 | -1 | 2 | 0 | 25 |
| Net cash flow | 0 | 0 | 0 | 0 | 9 |
| Free cash flow | 2 | 1 | -2 | 0 | -8 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 143 | 136 | 130 | 119 | 104 | 115 |
| Inventory days | 71 | 72 | 78 | 143 | 150 | 145 |
| Days payable | 89 | 98 | 77 | 72 | 73 | 51 |
| Cash conversion cycle | 125 | 110 | 132 | 190 | 180 | 210 |
| Working capital days | 101 | 93 | 100 | 140 | 119 | 152 |
| Return on capital employed | 15.0% | — | 14.0% | 6.0% | 10.0% | 13.0% |
| Dividend payout | 5.0% | 5.0% | 16.0% | 23.0% | 6.0% | 3.0% |
What the price assumes
- Growth the price implies
- 28.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Ownership
Who owns it
Public hold 59.90% as of Sept 2026; institutions added 0.00 pts since Mar 2026.
- Promoters 40.10%
- Foreign institutions 0.00%
- Domestic institutions 0.00%
- Public 59.90%
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- newly disclosed 2.62% held
- newly disclosed 1.10% held
- newly disclosed 1.05% held
- newly disclosed 0.78% held
- newly disclosed 0.57% held
The same filing shows 3 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Mahickra Chemicals Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 13.18% | unchanged | |
| 9.64% | unchanged | |
| 7.33% | unchanged | |
| 3.08% | unchanged | |
| 2.62% | newly disclosed | |
| 2.58% | unchanged | |
| 2.33% | unchanged | |
| 1.60% | −0.24 pp | |
| 1.44% | unchanged | |
| 1.29% | −1.28 pp | |
| 1.24% | unchanged | |
| 1.20% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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