Milton Industries share price & results
- Mar 2026
- Mar 2026
Gujarat-based manufacturer that furnishes and fits out railway coach interiors for Indian Railways.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 24.4 | +11.3% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 9.8 | +3.7 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1.1 | +55.6% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
| Return on equity | +1.2 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | 15.26 | +23.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | +55.5 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Price
Performance +58.7% 1Y
1Y: ₹27.5 on 5 Sept 2025 → ₹43.65. High ₹52 (3 Feb 2026), low ₹24.85 (24 Nov 2025).
- Previous close
- ₹41.6
- Market cap
- ₹60 Cr
- 52-week range
- ₹24.85 – ₹52
- One year
- +66.92%
- Price to earnings (FY ending Mar 2026)
- 33.50×
- Return on equity (FY ending Mar 2026)
- 3.72%
Overview
- Symbol
- NSE:MILTON
- Sector
- Consumer Durables
- Industry
- Consumer Discretionary
- Exchange
- NSE
- Currency
- INR
What Milton Industries Limited does
Based on the company's own presentations, annual report and earnings calls.
Milton Industries manufactures and furnishes interiors for Indian Railways coaches, delivering fully furnished coaches and executing furnishing/upgradation projects for railway workshops such as Modern Coach Factory, RCNK Sonipat and NF Railway Workshop, Dibrugarh. It also carries out toilet upgradation in LHB coaches and furnishing of campaign coaches. Manufacturing is done from two factory units in Gujarat.
Segments
- Railway coach furnishing
- Manufacturing units
- 2 (Kadi, Mehsana & Prantij, Sabarkantha, Gujarat)
- Active rail furnishing projects
- 4 (Modern Coach Factory, RCNK Sonipat, NF Railway Workshop Dibrugarh, Campaign Coaches Bhavnagar)
- Electricity units purchased
- 675,075 units (FY25, vs 1,122,055 in FY24)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +56% (quarter to mar 2026 against mar 2025).
| Line item | Sept 2022 | Mar 2023 | Sept 2023 | Mar 2024 | Sept 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 29 | 32 | 41 | 48 | 22 | 22 | 22 | 24 |
| Expenses | 27 | 28 | 39 | 43 | 21 | 21 | 20 | 22 |
| Operating profit | 3 | 3 | 2 | 5 | 1 | 1 | 2 | 2 |
| Operating margin | 8.7% | 10.5% | 5.2% | 10.2% | 6.0% | 6.1% | 9.2% | 9.8% |
| Other income | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 2 | 2 | 1 | 4 | 1 | 1 | 1 | 2 |
| Tax rate | 0.0% | 48.6% | 0.0% | 31.3% | 0.0% | 30.8% | 0.0% | 36.7% |
| Net profit | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 1 |
| EPS (₹ per share) | 0.94 | 0.75 | 0.44 | 1.44 | 0.32 | 0.42 | 0.40 | 0.66 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 23 | 26 | 29 | 30 | 31 | 32 |
| Borrowings | 9 | 16 | 15 | 20 | 18 | 17 |
| Other liabilities | 13 | 15 | 12 | 8 | 10 | 9 |
| Total liabilities | 62 | 74 | 73 | 76 | 77 | 75 |
| Fixed assets | 13 | 12 | 12 | 11 | 11 | 10 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 49 | 62 | 62 | 65 | 66 | 64 |
| Total assets | 62 | 74 | 73 | 76 | 77 | 75 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 8 | 8 | -8 | 2 | -3 | 8 |
| Cash from investing | -2 | -0 | 1 | -0 | 1 | -0 |
| Cash from financing | -5 | -5 | 6 | -3 | 4 | -5 |
| Net cash flow | 0 | 3 | -1 | -1 | 1 | 3 |
| Free cash flow | 5 | 7 | -8 | 2 | -4 | 7 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 225 | 123 | 159 | 100 | 170 | 163 |
| Inventory days | 302 | 218 | 225 | 145 | 381 | 372 |
| Days payable | 138 | 76 | 98 | 39 | 72 | 72 |
| Cash conversion cycle | 390 | 265 | 286 | 206 | 478 | 464 |
| Working capital days | 258 | 171 | 190 | 149 | 294 | 262 |
| Return on capital employed | 11.0% | 11.2% | 9.3% | 10.2% | 5.0% | 6.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
GFRE contributes 70.0% of reported segment revenue.
Year ended 31 Mar 2026 · Standalone
- GFRE 70.0%
₹32.46 crore
- Laminate 18.9%
₹8.77 crore
- Rexine 11.1%
₹5.14 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| GFRE | 32.46 | 70.0% |
| Laminate | 8.77 | 18.9% |
| Rexine | 5.14 | 11.1% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹46.37 crore
- Intersegment adjustment
- ₹0.00 crore
- Net segment revenue
- ₹46.37 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
What the price assumes
- Growth the price implies
- 38.0% 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
Ownership
Who owns it
Promoters hold 72.96% as of Mar 2026; institutions cut 0.26 pts since Sept 2025.
- Promoters 72.96%
- Domestic institutions 0.00%
- Public 27.04%
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.
- newly disclosed 2.87% held
- newly disclosed 1.97% held
- +1.27 pp 8.01% held
- newly disclosed 1.11% held
- +0.08 pp 1.79% held
The same filing shows 1 holder trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Milton Industries Limited above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| 8.01% | +1.27 pp | |
| 7.17% | unchanged | |
| 7.03% | unchanged | |
| 5.29% | unchanged | |
| 5.27% | unchanged | |
| 5.23% | unchanged | |
| 4.81% | unchanged | |
| 4.77% | unchanged | |
| 3.83% | unchanged | |
| 3.71% | unchanged | |
| 3.67% | unchanged | |
| 3.01% | 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.
Your own record
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