MCON
MCON Rasayan India financials
- Market cap
- ₹31 Cr
- Sector
- Construction Materials
- Calls analysed
- 3
MCON Q4 FY26
What went well
- FY26 Revenue increased 29% YoY to ₹65.2 crores (INR 652 million) from ₹50.7 crores (INR 507 million) in FY25.
- FY26 EBITDA grew 31% YoY to ₹7.6 crores (INR 76 million) from ₹5.9 crores (INR 59 million) in FY25.
- H2 FY26 EBITDA margins improved by 351 bps to 11.7%, driven by better operational efficiencies and product mix.
What to watch
- Impact of Iran war on petrochemical prices leading to increased raw material costs and scarcity.
- Aggressive geographical expansion can put pressure on working capital.
What MCON Rasayan India Ltd does
Mcon Rasayan manufactures construction and finishing chemicals — ready mix mortar, tile adhesives and grouts, waterproofing systems, admixtures, engineering grouts, wall finish/paints and concrete-repair products — at two in-house plants in Gujarat (Sarigam and Ambethi), producing both powder-based (cement/sand) and liquid/paste product lines. Products move through a network of distributors, dealers and retailers, plus a Franchise-Owned Company-Operated (FOCO) model where franchise partners host powder-manufacturing units closer to regional markets. End customers span residential and private building construction, repair and rehabilitation work, government infrastructure projects, and retail/contractor counters across multiple Indian states.
Segments
- Ready Mix Mortar
- Tile Adhesives & Grouts
- Waterproofing Systems
- Admixtures
- Concrete Repair
- Wall Finish & Paints
- Engineering Grouts
- Concrete Flooring
- Manufacturing plants
- 2 (Sarigam and Ambethi, Gujarat)
- Own installed capacity
- 51,500 MTPA (FY26)
- FOCO (franchise) capacity
- ~40,000 MTPA across North (11,500), West (19,500) and South (9,000) regions (FY26)
- FOCO franchise partnerships
- 7 (FY26)
- Distributor network
- 188+
- Dealers & retailers
- 245+ dealers, 1,500+ retailers
Guidance record · Q4 FY26
what the last two calls moved 14 tracked 0 delivered 4 missed 10 open- FY26 Total Revenue missed said Q4 FY25 Promised: ₹70 crores Q4 FY26: Missed. Achieved FY26 revenue of ₹65.2 crores against the guided target of ₹70 crores.
- EBITDA Margin >15% delayed said Q4 FY25 Promised: Anything above 15% is for sure (for FY26) Q4 FY26: FY26 margin was 11.7%, missing the original target. The delayed target for FY27 is now guided to be ~13% (11.7% + 1-1.5%), still below 15%. The 15% goal is now part of a longer-term 18% target by 2028.
- Working Capital Normalization on track said Q4 FY25 Promised: Slowly you will see reduction in the inventory levels or the cost of inventory. Q4 FY26: Reported improvement in working capital days to ~164. Acknowledged continued pressure from expansion but are taking steps like bill discounting to manage it.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 48.2%, net profit up 55.2% 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 | 13 | 18 | 17 | 25 | 22 +65% | 29 +62% | 28 +65% | 37 +48% |
| EBITDA | 1 | 1 | 2 | 3 | 3 +149% | 2 +84% | 3 +65% | 4 +32% |
| Net profit | 1 | 0 | 1 | 1 | 1 +88% | 1 +117% | 1 +15% | 2 +55% |
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 −50.4% 1Y
1Y: ₹83 on 9 Sept 2025 → ₹41.2. High ₹83 (9 Sept 2025), low ₹37.8 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +0.5%
- 29 May
- Q2 FY26
- −4.2%
- 19 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹6 Cr | ₹6 Cr | ₹7 Cr | ₹7 Cr |
| Reserves | ₹0 Cr | ₹1 Cr | ₹7 Cr | ₹9 Cr | ₹27 Cr | ₹29 Cr |
| Borrowings | ₹3 Cr | ₹7 Cr | ₹8 Cr | ₹16 Cr | ₹19 Cr | ₹18 Cr |
| Other liabilities | ₹3 Cr | ₹5 Cr | ₹8 Cr | ₹14 Cr | ₹17 Cr | ₹22 Cr |
| Total liabilities | ₹8 Cr | ₹14 Cr | ₹30 Cr | ₹46 Cr | ₹71 Cr | ₹77 Cr |
| Fixed assets | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹10 Cr | ₹15 Cr | ₹15 Cr |
| Capital work in progress | ₹0 Cr | ₹1 Cr | ₹6 Cr | ₹5 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹7 Cr | ₹12 Cr | ₹23 Cr | ₹30 Cr | ₹56 Cr | ₹61 Cr |
| Total assets | ₹8 Cr | ₹14 Cr | ₹30 Cr | ₹46 Cr | ₹71 Cr | ₹77 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, FIIs trimmed −4.12 pp while the public added +3.17 pp.
- Promoters
- 57.4%
- DIIs
- 3.5%
- Public
- 39.1%
Since Mar 2025
- FIIs −4.12 pp
- Public +3.17 pp
- DIIs +0.86 pp
How it drifted, 7 quarters
Over this window promoters fell from 66.7% to 57.4% — −9.2 pp.
Ownership split by quarter, oldest first. Mar '23: Promoters 66.7%, Public 33.4%.Sep '23: Promoters 66.7%, Public 33.4%.Mar '24: Promoters 66.7%, Public 33.4%.Sep '24: Promoters 66.7%, FIIs 1.5%, Public 31.9%.Mar '25: Promoters 57.3%, FIIs 4.1%, DIIs 2.6%, Public 35.9%.Sep '25: Promoters 57.3%, FIIs 1.7%, DIIs 3.5%, Public 37.5%.Mar '26: Promoters 57.4%, DIIs 3.5%, Public 39.1%.
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.
- Devendra Agarwal +1.00 pp 2.04% held
- Dhairyashil Narayanarav Chate +0.96 pp 2.69% held
- Chetan Ravji Bhanushali +0.06 pp 6.52% held
- Europlus One Reality Private Limited +0.05 pp 3.64% held
- Llp newly disclosed 0.04% held
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 Mar 2026 filing
Every holder of MCON Rasayan India Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Mahesh Ravji Bhanushali | 47.79% | unchanged |
| Chetan Ravji Bhanushali | 6.52% | +0.06 pp |
| Europlus One Reality Private Limited | 3.64% | +0.05 pp |
| Dhairyashil Narayanarav Chate | 2.69% | +0.96 pp |
| Devendra Agarwal | 2.04% | +1.00 pp |
| Yogita Bhavesh Chauhan | 1.87% | unchanged |
| Puja Mahesh Bhanushali | 1.55% | unchanged |
| Nilam Chetan Bhanushali | 1.55% | unchanged |
| 129 Wealth Fund AIF | 1.23% | unchanged |
| Hexaxis Advisors Limited | 1.06% | unchanged |
| Llp | 0.04% | newly disclosed |
| Vimla Ravji Bhanushali | 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.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse MCON Rasayan India Ltd
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