Mangalam Organics Ltd (MANORG) AI Stock Analysis

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Mangalam Organics Ltd

(NSE:MANORG)

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Rating:48Neutral

Price Target:INR 433.00▼(-3.78% Downside)

Action:reiterated

Date:09/06/26

The overall score is constrained by significant financial risks, primarily high leverage and negative cash flows, which overshadow improving profitability. Technicals are neutral, and valuation is fair but offers no catalyst. The company's turnaround is not yet reflected in its cash generation or balance sheet strength.

Positive Factors

Steady Revenue GrowthSustained revenue growth indicates continued demand for Mangalam Organics’ products and supports a constructive medium-term operating trajectory. If maintained, expanding sales can improve fixed-cost absorption, strengthen customer relationships, and provide a foundation for rebuilding profitability.

Negative Factors

Materially Higher LeverageThe sharp increase in debt has made the balance sheet materially heavier and reduces financial flexibility. Higher leverage can increase funding pressure, limit the company’s ability to invest through weaker periods, and amplify the consequences if operating conditions soften.

Mangalam Organics Ltd (MANORG) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 3.80B
Dividend Yield: ―
Average Volume (3M): 615
Price to Earnings (P/E): 18.8
Beta (1Y): 1.06
Revenue Growth: 17.28%
EPS Growth: -10.19%
Country: India
Employees: 347
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

Mangalam Organics Ltd Business Overview & Revenue Model

Company Description

Mangalam Organics Limited, together with its subsidiaries, manufactures and sells chemicals for the industrial and consumer markets in India and internationally. The company offers terpene products, including camphor, camphene, dipentene, isobornyl a...

How the Company Makes Money

Mangalam Organics makes money primarily by manufacturing and selling terpene and turpentine-derived specialty chemicals to business customers. Its revenue is largely generated from (1) sale of core terpene chemicals (commonly including products such...

Mangalam Organics Ltd Financial Statement Overview

Summary

Financial performance is mixed. The Income Statement shows recovery with moderate revenue growth and a healthy gross margin, but the Balance Sheet is highly leveraged (debt-to-equity > 1.0) and Cash Flow is deeply negative, indicating significant financial risk and weak cash conversion.

Income Statement

58Neutral

Balance Sheet

42Neutral

Cash Flow

35Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	6.55B	6.23B	5.30B	4.94B	4.93B	4.91B
Gross Profit	2.42B	2.17B	2.57B	1.13B	701.20M	1.47B
EBITDA	857.00M	890.69M	589.13M	390.38M	-24.27M	924.25M
Net Income	207.96M	257.56M	125.97M	42.86M	-272.25M	537.43M
Balance Sheet
Total Assets	0	7.40B	6.24B	4.85B	5.06B	5.60B
Cash, Cash Equivalents and Short-Term Investments	25.91M	24.68M	189.27M	20.19M	12.79M	12.78M
Total Debt	0	3.59B	2.72B	1.73B	1.90B	2.12B
Total Liabilities	-3.19B	4.21B	3.30B	2.05B	2.30B	2.56B
Stockholders Equity	3.19B	3.19B	2.93B	2.81B	2.76B	3.04B
Cash Flow
Free Cash Flow	-769.42M	-907.41M	-751.15M	327.48M	361.57M	-1.84B
Operating Cash Flow	-281.34M	-272.47M	-78.44M	727.23M	769.23M	-841.04M
Investing Cash Flow	-381.05M	-600.78M	-670.47M	-395.09M	-407.80M	-995.25M
Financing Cash Flow	673.44M	879.76M	736.26M	-325.52M	-355.77M	1.83B

Mangalam Organics Ltd Technical Analysis

Technical Analysis SentimentNegative

Last Price450.00

Price Trends

50DMA457.25Negative

100DMA485.99Negative

200DMA474.20Negative

Market Momentum

MACD-3.96Positive

RSI44.86Neutral

STOCH20.81Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANORG, the sentiment is Negative. The current price of 450.00 is below the 20-day moving average (MA) of 450.33, below the 50-day MA of 457.25, and below the 200-day MA of 474.20, indicating a bearish trend. The MACD of -3.96 indicates Positive momentum. The RSI at 44.86 is Neutral, neither overbought nor oversold. The STOCH value of 20.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MANORG.

Mangalam Organics Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MANORG against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:JAYAGROGN	70Outperform	INR 6.93B	10.44	―	1.54%	18.12%	27.74%
IN:AARTISURF	66Neutral	INR 4.20B	23.82	―	0.19%	25.22%	20.38%
IN:ROSSARI	65Neutral	INR 23.79B	15.59	―	0.12%	19.76%	11.74%
IN:CHEMCON	61Neutral	INR 7.31B	25.01	―	3.17%	22.25%	20.33%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:FAIRCHEMOR	53Neutral	INR 8.73B	36.44	―	0.15%	17.44%	304.08%
IN:MANORG	48Neutral	INR 3.77B	18.78	―	―	17.28%	-10.19%

* General Sector Average

Performance Comparison

IN:MANORG and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MANORG	Mangalam Organics Ltd	450.00	-90.50	-16.74%
IN:AARTISURF	Aarti Surfactants Ltd.	520.75	65.88	14.48%
IN:CHEMCON	Chemcon Speciality Chemicals Ltd	204.55	-25.54	-11.10%
IN:FAIRCHEMOR	Fairchem Organics Ltd	688.15	53.11	8.36%
IN:JAYAGROGN	Jayant Agro-Organics Limited	228.05	12.36	5.73%
IN:ROSSARI	Rossari Biotech Ltd	429.05	-200.39	-31.84%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 06, 2026

Mangalam Organics Ltd AI Stock Analysis