MAL
Meyer Apparel financials
- Market cap
- ₹115 Cr
- Sector
- Capital Goods
What Meyer Apparel Limited does
Mangalam Alloys Limited runs an integrated stainless steel manufacturing facility at Chhatral GIDC, Gujarat, converting inputs through melting, rolling and finishing into ingots, bars and profiles. It makes SS Ingots, Round Bars, RCS, Bright Bars, custom profiles (squares, hexes, angles, pattis) as well as forgings and fasteners, serving both domestic and export markets as a DGFT-recognised Two Star Export House. It also generates a portion of its own power via a windmill and has an overseas joint venture in Vietnam.
Segments
- Stainless steel long products
- Forgings and fasteners
- Installed production capacity
- 40,000 TPA
- Manufacturing facility area
- 40,000 sq. meters
- Employees
- 300+
- Rolling mills
- 16 (plus 20-inch, 17-inch and 12-inch mills added 2017)
- Captive power (windmill)
- 1.25 MW
- Export recognition
- Two Star Export House (DGFT)
Quarterly results
Q4 FY26: revenue down 6.4%, net profit down 75.0% against the same quarter last year.
| Line item | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 198 | 0 | 234 | 0 −74% | 219 +11% | 0 −96% | 219 −6% |
| EBITDA | -0 | 14 | -0 | 39 | -0 +32% | 28 +100% | -0 +48% | 27 −31% |
| Net profit | -0 | 1 | -0 | 12 | -0 +30% | 12 +1100% | -0 +37% | 3 −75% |
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 −17.5% 1Y
1Y: ₹59 on 10 Sept 2025 → ₹48.7. High ₹60.25 (18 Sept 2025), low ₹29.05 (11 Jun 2026).
Financials, as filed
Revenue grew 19.6% a year over 2 years, FY24 to FY26. Operating margin widened to 12.5%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹306 Cr | ₹433 Cr | ₹438 Cr |
| Operating profit | ₹31 Cr | ₹52 Cr | ₹55 Cr |
| Operating margin | 10.1% | 12.1% | 12.5% |
| Interest | ₹19 Cr | ₹26 Cr | ₹31 Cr |
| Depreciation | ₹7 Cr | ₹8 Cr | ₹8 Cr |
| Net profit | ₹10 Cr | ₹12 Cr | ₹15 Cr |
| Net margin | 3.3% | 2.9% | 3.3% |
| Cash from operations | ₹9 Cr | ₹1 Cr | ₹-4 Cr |
| Free cash flow | ₹-11 Cr | ₹-1 Cr | ₹-17 Cr |
| ROCE | 11.0% | 16.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr |
| Reserves | ₹45 Cr | ₹50 Cr | ₹60 Cr | ₹105 Cr | ₹130 Cr | ₹133 Cr |
| Borrowings | ₹168 Cr | ₹164 Cr | ₹154 Cr | ₹151 Cr | ₹184 Cr | ₹296 Cr |
| Other liabilities | ₹81 Cr | ₹68 Cr | ₹99 Cr | ₹110 Cr | ₹159 Cr | ₹80 Cr |
| Total liabilities | ₹312 Cr | ₹301 Cr | ₹332 Cr | ₹390 Cr | ₹498 Cr | ₹534 Cr |
| Fixed assets | ₹78 Cr | ₹82 Cr | ₹77 Cr | ₹96 Cr | ₹88 Cr | ₹85 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹6 Cr | ₹0 Cr | ₹0 Cr | ₹11 Cr |
| Investments | ₹19 Cr | ₹19 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹215 Cr | ₹199 Cr | ₹248 Cr | ₹295 Cr | ₹410 Cr | ₹437 Cr |
| Total assets | ₹312 Cr | ₹301 Cr | ₹332 Cr | ₹390 Cr | ₹498 Cr | ₹534 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 trimmed −0.68 pp while FIIs added +0.46 pp. The shareholder count shrank 28% to 1,541.
- Promoters
- 59.7%
- FIIs
- 0.5%
- Government
- 0.2%
- Public
- 39.6%
Since Mar 2025
- Public −0.68 pp
- FIIs +0.46 pp
- Government +0.22 pp
How it drifted, 7 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 59.7%, DIIs 0.0%, Public 40.3%.Oct '23: Promoters 59.7%, DIIs 0.0%, Public 40.3%.Mar '24: Promoters 59.7%, Public 40.3%.Sep '24: Promoters 59.7%, Public 40.3%.Mar '25: Promoters 59.7%, Public 40.3%.Sep '25: Promoters 59.7%, FIIs 0.5%, Public 39.8%.Mar '26: Promoters 59.7%, FIIs 0.5%, Government 0.2%, Public 39.6%.
Who is on the register
Named in the Mar 2026 filing
Every holder of Meyer Apparel Limited above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Tushar Uttamchand Mehta | 25.32% | unchanged |
| Uttamchand Chandanmal Mehta | 14.77% | unchanged |
| Meghjyoti Impex Private Limited | 13.02% | unchanged |
| Aeml | 5.57% | unchanged |
| Megha Tushar Mehta | 3.27% | unchanged |
| Shelja Finlease Pvt Ltd | 3.22% | unchanged |
| Hem Desai | 1.32% | unchanged |
| Hirenkumar Ranchhodbhai Thakkar Huf | 1.15% | unchanged |
| Tirth Uttam Mehta | 0.13% | unchanged |
| Unison Forgings Private Limited | 0.00% | 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.
Learn to analyse Meyer Apparel Limited
Guides on how to read this kind of business and the numbers that matter.