MILTON
Milton Industries financials
- Market cap
- ₹65 Cr
- Sector
- Consumer Durables
What Milton Industries Limited does
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)
Quarterly results
Q4 FY26: revenue down 49.1%, net profit down 54.1% 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 | 29 | 32 | 41 | 48 | 22 −24% | 22 −31% | 22 −46% | 24 −49% |
| EBITDA | 3 | 3 | 2 | 5 | 1 −48% | 1 −60% | 2 −5% | 2 −51% |
| Net profit | 2 | 1 | 1 | 2 | 1 −66% | 1 −43% | 1 −9% | 1 −54% |
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 +38.2% 1Y
1Y: ₹27.5 on 5 Sept 2025 → ₹38. High ₹52 (3 Feb 2026), low ₹24.85 (24 Nov 2025).
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹20 Cr | ₹23 Cr | ₹26 Cr | ₹29 Cr | ₹31 Cr | ₹32 Cr |
| Borrowings | ₹13 Cr | ₹9 Cr | ₹16 Cr | ₹15 Cr | ₹18 Cr | ₹17 Cr |
| Other liabilities | ₹15 Cr | ₹13 Cr | ₹15 Cr | ₹12 Cr | ₹10 Cr | ₹9 Cr |
| Total liabilities | ₹64 Cr | ₹62 Cr | ₹74 Cr | ₹73 Cr | ₹77 Cr | ₹75 Cr |
| Fixed assets | ₹13 Cr | ₹13 Cr | ₹12 Cr | ₹12 Cr | ₹11 Cr | ₹11 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 | ₹51 Cr | ₹49 Cr | ₹62 Cr | ₹62 Cr | ₹66 Cr | ₹64 Cr |
| Total assets | ₹64 Cr | ₹62 Cr | ₹74 Cr | ₹73 Cr | ₹77 Cr | ₹75 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, DIIs trimmed −0.26 pp while the public added +0.26 pp. The shareholder count shrank 6% to 229.
- Promoters
- 73.0%
- Public
- 27.0%
Since Mar 2025
- DIIs −0.26 pp
- Public +0.26 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '22: Promoters 73.0%, Public 27.0%.Dec '22: Promoters 73.0%, Public 27.0%.Mar '23: Promoters 73.0%, Public 27.0%.Jun '23: Promoters 73.0%, Public 27.0%.Dec '23: Promoters 73.0%, Public 27.0%.Mar '24: Promoters 73.0%, Public 27.0%.Jun '24: Promoters 73.0%, DIIs 0.3%, Public 26.8%.Sep '24: Promoters 73.0%, DIIs 0.3%, Public 26.8%.Dec '24: Promoters 73.0%, DIIs 0.3%, Public 26.8%.Mar '25: Promoters 73.0%, DIIs 0.3%, Public 26.8%.Sep '25: Promoters 73.0%, DIIs 0.3%, Public 26.8%.Mar '26: Promoters 73.0%, Public 27.0%.
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.
- Ummeattiya Qureshi . newly disclosed 2.87% held
- Shirish Ajitbhai Ruparel newly disclosed 1.97% held
- Vikas Jain +1.27 pp 8.01% held
- Mehul Kishore Kakkad newly disclosed 1.11% held
- Dheeraj Kumar Lohia +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 |
|---|---|---|
| Vikas Jain | 8.01% | +1.27 pp |
| Babita Jain | 7.17% | unchanged |
| Sulochna Jain | 7.03% | unchanged |
| Vijay Pal Jain | 5.29% | unchanged |
| Daya Wati Jain | 5.27% | unchanged |
| Ajay Mahipal Singh Jain | 5.23% | unchanged |
| Abhaykumar Mahipalsingh Jain | 4.81% | unchanged |
| Preeti Abhaykumar Jain | 4.77% | unchanged |
| Rajinder Prasad Jain | 3.83% | unchanged |
| Gargi Vikas Jain | 3.71% | unchanged |
| Archna Jain | 3.67% | unchanged |
| Saket Jain | 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.
What the price assumes
- Growth the price implies
- 35.0% 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
Learn to analyse Milton Industries Limited
Guides on how to read this kind of business and the numbers that matter.