MAZDA

Mazda financials

Market cap
₹511 Cr
Sector
Capital Goods

What Mazda Limited does

Mazda Limited runs two segments: an Engineering business making industrial process and environmental equipment such as the Smart Rod System (non-chemical anti-scaling/descaling), and a Food Division built around its BCool flavoured-drinks brand, now expanding into ready-to-eat products. The Engineering segment is developing MVR/TVR-based evaporation systems (patent applied), 'High Gravity' scrubber/stripper technology for CO2/SO2/NH3 capture, and chemical-free Cleaning-in-Place systems for dairy. The Food Division exports BCool to over ten countries, mainly in the Middle East and Africa, while also building out its domestic Indian sales network.

Segments

  • Engineering
  • Food (FMCG)
Business segments
2 (Engineering; Food/FMCG)
Export footprint (BCool brand)
10+ countries (Middle East & Africa)
Engineering business vintage
Since 1990 (35 years)
Food division vintage
Since 2006 (19 years)
Engineering R&D pipeline
3 new platforms in development (MVR/TVR evaporation, High-Gravity scrubber/stripper, chemical-free CIP)
Key overseas engineering client
Croll Reynolds International Inc. (USA)
Founded 1990Headquarters Ahmedabad, Gujarat Company website

Quarterly results

Q1 FY27: revenue up 61.9%, net profit up 49.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue57 47 54 50 51 −10%47 +1%64 +20%80 +62%
EBITDA9 11 8 3 10 +16%11 +1%10 +27%7 +127%
Net profit9 7 6 5 8 −16%9 +18%6 +13%7 +49%
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 −8.3% 1Y

₹200₹250₹300Aug 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹278.4 on 29 Aug 2025 → ₹255.25. High ₹292.1 (8 Oct 2025), low ₹161.12 (30 Mar 2026).

Financials, as filed

Revenue grew 3.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 16.3%.

Year endingFY23FY24FY25FY26
Revenue₹192 Cr₹225 Cr₹193 Cr₹212 Cr
Operating profit₹37 Cr₹40 Cr₹29 Cr₹34 Cr
Operating margin19.4%17.6%15.2%16.3%
Interest₹1 Cr₹1 Cr₹1 Cr₹1 Cr
Depreciation₹3 Cr₹4 Cr₹4 Cr₹4 Cr
Net profit₹27 Cr₹32 Cr₹25 Cr₹28 Cr
Net margin13.9%14.0%12.9%13.0%
Cash from operations₹24 Cr₹43 Cr₹11 Cr₹-19 Cr
Free cash flow₹19 Cr₹40 Cr₹7 Cr₹-23 Cr
ROCE21.0%21.0%15.0%16.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹4 Cr
Reserves₹143 Cr₹160 Cr₹182 Cr₹208 Cr₹231 Cr₹245 Cr
Borrowings₹1 Cr₹0 Cr₹1 Cr₹0 Cr₹0 Cr₹0 Cr
Other liabilities₹24 Cr₹28 Cr₹38 Cr₹28 Cr₹52 Cr₹66 Cr
Total liabilities₹173 Cr₹192 Cr₹224 Cr₹240 Cr₹287 Cr₹315 Cr
Fixed assets₹35 Cr₹35 Cr₹76 Cr₹75 Cr₹75 Cr₹74 Cr
Capital work in progress₹25 Cr₹40 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹40 Cr₹31 Cr₹43 Cr₹78 Cr₹82 Cr₹65 Cr
Other assets₹73 Cr₹86 Cr₹105 Cr₹88 Cr₹130 Cr₹175 Cr
Total assets₹173 Cr₹192 Cr₹224 Cr₹240 Cr₹287 Cr₹315 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 Jun 2026

Since Jun 2025, promoters added +0.10 pp. The shareholder count grew 5% to 13,620.

Promoters
48.7%
FIIs
0.1%
DIIs
0.1%
Public
51.2%

Since Jun 2025

  • Promoters +0.10 pp
  • FIIs −0.08 pp
  • Public −0.01 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 48.3%, FIIs 0.2%, DIIs 0.0%, Public 51.4%.Dec '23: Promoters 48.3%, FIIs 0.2%, DIIs 0.0%, Public 51.4%.Mar '24: Promoters 48.3%, FIIs 0.2%, DIIs 0.0%, Public 51.4%.Jun '24: Promoters 48.3%, FIIs 0.2%, DIIs 0.0%, Public 51.4%.Sep '24: Promoters 48.5%, FIIs 0.2%, DIIs 0.0%, Public 51.2%.Dec '24: Promoters 48.5%, FIIs 0.3%, DIIs 0.1%, Public 51.2%.Mar '25: Promoters 48.6%, FIIs 0.1%, DIIs 0.1%, Public 51.2%.Jun '25: Promoters 48.6%, FIIs 0.1%, DIIs 0.1%, Public 51.2%.Sep '25: Promoters 48.6%, FIIs 0.1%, DIIs 0.1%, Public 51.3%.Dec '25: Promoters 48.6%, FIIs 0.1%, DIIs 0.1%, Public 51.2%.Mar '26: Promoters 48.6%, FIIs 0.1%, DIIs 0.1%, Public 51.3%.Jun '26: Promoters 48.7%, FIIs 0.1%, DIIs 0.1%, Public 51.2%.

Who was buying across the market this quarter →

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.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Mazda Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Shanaya Mody Khatua 31.56%unchanged
Percy Xerex Avari 10.23%+0.06 pp
Croll Reynolds International Inc 7.23%unchanged
Sheila Sorab Mody 6.88%unchanged
Sharad Kanayalal Shah 3.06%unchanged
Dorabjee And Company Private Limited 1.57%unchanged
Nilesh Hastimal Shah 1.06%unchanged
Katty X Avari 0.00%unchanged
Xerxis D Avari 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.

What the price assumes

Growth trap

To justify its price of ₹255, this stock must grow earnings at 12% every year for 7 years. Our analysis caps realistic growth at ~-3%. At that growth it is worth ₹112 — downside of 56%.

Growth the price implies
12.1% a year
for 7 years, fading to 4%
It has actually compounded at
-3.1% a year
net profit, FY23–FY26 · EPS -3.1%
The gap
0.2 pp
-56% downside if it only repeats history
Price today ₹255.25 Value at the reference growth ₹111.87

Change the assumptions yourself →

Learn to analyse Mazda Limited

Guides on how to read this kind of business and the numbers that matter.