MDL
Marvel Decor financials
- Market cap
- ₹110 Cr
- Sector
- Consumer Durables
- Calls analysed
- 2
MDL Q2 FY26
What went well
- Consolidated revenue for H1 FY26 reached ₹37 crores.
- Project business revenue significantly increased to ₹11 crores in H1 FY26 from ₹5.4 crores last year, representing 103.7% YoY growth.
- Established key partnerships with Lutron (targeting ₹3-4 crores in H2 FY26), Livspace (exclusive for curtain tracks/motors), and a US design & build company (potential $10 million annually).
What to watch
- H1 FY26 saw margin compression due to significant investments in hiring, with consolidated employee costs rising to ₹7.8 crores (up 47.17% YoY), and marketing activities totaling ₹1.5 crores.
- Receivables increased due to the longer payment cycles (60-90 days) inherent in the growing project business segment.
What Marvel Decor Ltd does
Marvel Decor Ltd manufactures window-covering products — roller, roman, wooden, vertical and other blinds, curtain tracks and motorised operating systems — across three factories, two in Jamnagar (Gujarat, India) and one in Dubai (UAE). It sells in India under the Marvel brand through channel partners, galleries and experience centres, and internationally under the Callistus brand through wholly owned subsidiaries in the UAE, UK and USA. Alongside retail sales, it also executes large-scale window-covering projects for residential, hospitality, institutional and commercial clients such as hotels, hospitals and government buildings.
Segments
- Retail (Domestic)
- Projects
- International (Callistus)
- Manufacturing facilities
- 3 (2 in Jamnagar, Gujarat + 1 in Dubai, UAE)
- Product range
- 16+ blind types, 2000+ shades, 10+ operating systems (manual & motorised)
- Channel partners
- 800+ (400+ domestic, 400+ international)
- Galleries/displays
- 375+ (200+ domestic, 175+ international)
- Domestic footprint
- 245+ cities across 26+ states
- Export reach
- 20+ countries
Guidance record · Q2 FY26
what the last two calls moved 6 tracked 0 delivered 1 missed 5 open- Architect/Interior Designer Onboarding went quiet said Q4 FY25 Promised: onboard more than 200 architect interior in Mumbai, in PAN India this year Q2 FY26: No specific update provided on the number of architects onboarded in H1
- EBITDA Margin at risk said Q4 FY25 Promised: 12% to 13% we may achieve this year (FY26) Q2 FY26: H1 FY26 saw further margin reduction due to hiring/marketing; management now pushing recovery expectations to H2
- Revenue Growth on track said Q4 FY25 Promised: 20% to 30% increase in the upcoming year (FY26) Q2 FY26: H1 FY26 revenue at ₹37 Cr, pacing well to exceed FY25's ₹63 Cr by the targeted margin
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 15.7%, net profit up 31.0% 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 | 23 | 26 | 26 | 27 | 31 +32% | 32 +23% | 37 +41% | 32 +16% |
| EBITDA | 0 | 3 | 3 | 3 | 4 +693% | 3 +1% | 3 −18% | 2 −31% |
| Net profit | 1 | 1 | 1 | 2 | 2 +162% | 2 +14% | 2 +39% | 2 +31% |
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 −29.7% 1Y
1Y: ₹88.2 on 10 Sept 2025 → ₹62. High ₹101.25 (18 Sept 2025), low ₹43.1 (25 Feb 2026).
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹18 Cr | ₹18 Cr |
| Reserves | ₹27 Cr | ₹28 Cr | ₹31 Cr | ₹34 Cr | ₹47 Cr | ₹49 Cr |
| Borrowings | ₹11 Cr | ₹11 Cr | ₹14 Cr | ₹14 Cr | ₹20 Cr | ₹21 Cr |
| Other liabilities | ₹9 Cr | ₹10 Cr | ₹10 Cr | ₹11 Cr | ₹26 Cr | ₹13 Cr |
| Total liabilities | ₹64 Cr | ₹66 Cr | ₹71 Cr | ₹76 Cr | ₹110 Cr | ₹101 Cr |
| Fixed assets | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹15 Cr | ₹17 Cr | ₹19 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹48 Cr | ₹51 Cr | ₹56 Cr | ₹62 Cr | ₹93 Cr | ₹82 Cr |
| Total assets | ₹64 Cr | ₹66 Cr | ₹71 Cr | ₹76 Cr | ₹110 Cr | ₹101 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, promoters trimmed −2.62 pp while the public added +2.62 pp.
- Promoters
- 67.4%
- Public
- 32.6%
Since Mar 2025
- Promoters −2.62 pp
- Public +2.62 pp
- DIIs 0.00 pp
How it drifted, 12 quarters
Over this window promoters fell from 72.9% to 67.4% — −5.5 pp.
Ownership split by quarter, oldest first. Sep '20: Promoters 72.9%, Public 27.1%.Mar '21: Promoters 72.9%, Public 27.1%.Sep '21: Promoters 72.9%, Public 27.1%.Mar '22: Promoters 72.9%, Public 27.1%.Sep '22: Promoters 72.9%, Public 27.1%.Mar '23: Promoters 72.9%, Public 27.1%.Sep '23: Promoters 72.9%, Public 27.1%.Mar '24: Promoters 72.9%, Public 27.1%.Sep '24: Promoters 70.0%, Public 30.0%.Mar '25: Promoters 70.0%, Public 30.0%.Sep '25: Promoters 67.4%, Public 32.6%.Mar '26: Promoters 67.4%, Public 32.6%.
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.
- Ginni Finance Private Limited +0.76 pp 6.80% held
- Snehal Bhupendra Shah +0.15 pp 1.28% held
The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Marvel Decor Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Ashok Ramniklal Paun | 55.10% | unchanged |
| Urmi Ashok Paun | 10.50% | unchanged |
| Ginni Finance Private Limited | 6.80% | +0.76 pp |
| Jatinder Agarwal | 3.43% | unchanged |
| Nikhil Kishorchandra Vora | 1.87% | unchanged |
| Deepak Ramniklal Paun | 1.81% | unchanged |
| Vinay Jaiprakash Ambekar | 1.32% | unchanged |
| Snehal Bhupendra Shah | 1.28% | +0.15 pp |
| Prabha Mohta | 1.13% | unchanged |
| Dipti Dipak Paun | 0.00% | unchanged |
| Paun Khwahish Ashok | 0.00% | unchanged |
| Paun Manan | 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 the price implies
- 13.3% 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
All earnings calls (2)
Read the Q2 FY26 call →Learn to analyse Marvel Decor Ltd
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