MAHICKRA
Mahickra Chemicals financials
- Market cap
- ₹299 Cr
- Sector
- Chemicals
What Mahickra Chemicals Ltd does
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
Quarterly results
Q4 FY26: revenue up 62.9%, net profit up 300.0% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 54 | 49 | 37 | 35 | 45 −17% | 43 −12% | 49 +32% | 57 +63% |
| EBITDA | 0 | 2 | 2 | -1 | 2 | 0 −100% | 1 −50% | 6 +700% |
| Net profit | 2 | 2 | 0 | 1 | 1 −50% | 1 −50% | 1 | 4 +300% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +104.0% 1Y
1Y: ₹150 on 10 Sept 2025 → ₹305.95. High ₹305.95 (11 Sept 2026), low ₹137.5 (9 Dec 2025).
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹10 Cr |
| Reserves | ₹22 Cr | ₹24 Cr | ₹25 Cr | ₹28 Cr | ₹57 Cr |
| Borrowings | ₹10 Cr | ₹10 Cr | ₹13 Cr | ₹15 Cr | ₹16 Cr |
| Other liabilities | ₹25 Cr | ₹21 Cr | ₹14 Cr | ₹20 Cr | ₹14 Cr |
| Total liabilities | ₹65 Cr | ₹63 Cr | ₹61 Cr | ₹71 Cr | ₹97 Cr |
| Fixed assets | ₹2 Cr | ₹4 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr |
| Capital work in progress | ₹3 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹61 Cr | ₹59 Cr | ₹55 Cr | ₹66 Cr | ₹92 Cr |
| Total assets | ₹65 Cr | ₹63 Cr | ₹61 Cr | ₹71 Cr | ₹97 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, the public added +9.06 pp while promoters trimmed −8.47 pp. The shareholder count grew 30% to 485.
- Promoters
- 40.1%
- Public
- 59.9%
Since Mar 2025
- Public +9.06 pp
- Promoters −8.47 pp
- FIIs −0.59 pp
How it drifted, 12 quarters
Over this window the public went from 50.1% to 59.9% — +9.8 pp.
Ownership split by quarter, oldest first. Sep '20: Promoters 47.0%, DIIs 2.9%, Public 50.1%.Mar '21: Promoters 49.8%, DIIs 2.9%, Public 47.3%.Sep '21: Promoters 50.6%, DIIs 2.9%, Public 46.5%.Mar '22: Promoters 51.3%, DIIs 0.6%, Public 48.1%.Sep '22: Promoters 52.2%, FIIs 0.6%, Public 47.2%.Mar '23: Promoters 53.0%, FIIs 0.6%, Public 46.4%.Sep '23: Promoters 53.8%, FIIs 0.6%, Public 45.6%.Mar '24: Promoters 55.0%, FIIs 0.6%, Public 44.5%.Sep '24: Promoters 51.8%, FIIs 0.6%, Public 47.6%.Mar '25: Promoters 48.6%, FIIs 0.6%, Public 50.8%.Sep '25: Promoters 48.3%, Public 51.7%.Mar '26: Promoters 40.1%, Public 59.9%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Yogeshkumar Shantilal Doshi newly disclosed 3.08% held
- Harishbhai Jayantilal Lakhani newly disclosed 1.24% held
- Rajesh Jadavbhai Patel newly disclosed 1.04% held
The same filing shows 17 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Mahickra Chemicals Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Ashishkumar Champaklal Gandhi | 13.18% | −2.68 pp |
| Komal Miteshkumar Gandhi | 9.64% | −1.97 pp |
| Miteshkumar Champaklal Gandhi | 7.33% | −1.50 pp |
| Yogeshkumar Shantilal Doshi | 3.08% | newly disclosed |
| Anitaben Ashishkumar Gandhi | 2.58% | −0.53 pp |
| Sagar Pravinchandra Khakhara | 2.57% | −0.52 pp |
| Champaklal Kachralal Gandhi | 2.33% | −0.47 pp |
| National Stock Exchange Of India Limited Account Karvy Stock Broking Limited | 1.84% | −0.38 pp |
| Chandresh G Patel | 1.44% | −0.29 pp |
| Indo Kp Ventures Llp | 1.27% | −0.48 pp |
| Harishbhai Jayantilal Lakhani | 1.24% | newly disclosed |
| Bhavik Kiritkumar Shah | 1.18% | −0.25 pp |
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.
What the price assumes
- Growth the price implies
- 32.1% 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
Learn to analyse Mahickra Chemicals Ltd
Guides on how to read this kind of business and the numbers that matter.