MITCON Consultancy & Engineering Services Ltd. (MITCON) AI Stock Analysis

MITCON Consultancy & Engineering Services Ltd.

(NSE:MITCON)

Select Model

Rating:47Neutral

Action:reiterated

Date:09/06/26

MITCON scores in the lower band, driven primarily by weak financial fundamentals. Poor cash conversion is the standout risk — free cash flow of just ₹10.8 million against ₹80.9 million of net income suggests reported profits are not backed by cash. Thin net margins (~6.4%), a low 5.1% return on equity, and an erratic revenue path further weigh on the score. Offsetting positives include meaningful deleveraging (debt-to-equity down to 0.62x from 1.24x), steadily growing equity, a return to revenue growth in FY2026, and an undemanding 12.65x P/E. With no technical, earnings call, or corporate event data available, the score rests almost entirely on financial performance and valuation.

Positive Factors

Profitability turnaroundThe shift from loss to solid profitability indicates improved earnings capacity and gives the consultancy a stronger base for reinvestment. Mid-single-digit margins provide evidence that its service model can generate sustainable profits, although consistency remains important.

Negative Factors

Weak cash conversionCash generation is materially weaker than reported profitability, suggesting that earnings are not consistently converting into available cash. This can restrict funding for new assignments, increase dependence on external financing, and leave the business less resilient when project collections or working capital move adversely.

MITCON Consultancy & Engineering Services Ltd. Business Overview & Revenue Model

Company Description

MITCON Consultancy & Engineering Services Limited, an Indian firm established in 1982 and headquartered in Pune, delivers comprehensive advisory and engineering solutions. The company caters to a diverse client base across India, including small and...

How the Company Makes Money

MITCON primarily makes money by charging professional fees for consultancy and engineering/advisory assignments delivered to its clients. Key revenue streams typically include: (1) project and investment advisory fees for services such as feasibility...

MITCON Consultancy & Engineering Services Ltd. Financial Statement Overview

Summary

Financials are weak overall. Revenue has been highly volatile (-12.9% in FY2025 before an 11.5% recovery in FY2026), and net margins remain thin at ~6.4% despite healthier EBITDA margins, pointing to heavy interest and below-the-line costs. The balance sheet is the relative bright spot: debt fell from ₹1.44 billion (FY2024) to ₹985 million and debt-to-equity improved to 0.62x, though return on equity is a low 5.1%. Cash flow is the biggest concern — free cash flow was negative in three of the last five years and only ₹10.8 million in FY2026 versus ₹80.9 million of net income, with operating cash conversion deteriorating to 10.8%, raising earnings-quality questions.

Income Statement

42Neutral

Balance Sheet

45Neutral

Cash Flow

35Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	1.26B	1.26B	1.13B	1.29B	836.52M	1.07B
Gross Profit	513.55M	399.22M	359.60M	347.07M	546.42M	294.71M
EBITDA	330.37M	329.84M	317.80M	325.12M	160.88M	171.85M
Net Income	80.86M	80.88M	55.56M	53.34M	42.28M	10.63M
Balance Sheet
Total Assets	3.22B	3.22B	2.86B	3.12B	2.48B	2.17B
Cash, Cash Equivalents and Short-Term Investments	161.18M	161.18M	75.67M	140.47M	187.35M	63.90M
Total Debt	985.41M	985.41M	1.13B	1.44B	1.15B	881.59M
Total Liabilities	1.49B	1.49B	1.46B	1.81B	1.34B	1.15B
Stockholders Equity	1.58B	1.58B	1.27B	1.16B	1.02B	929.79M
Cash Flow
Free Cash Flow	0	10.84M	-82.37M	-197.23M	132.77M	-171.31M
Operating Cash Flow	0	80.14M	206.18M	238.38M	297.51M	-22.91M
Investing Cash Flow	0	-87.83M	139.31M	-416.47M	-338.09M	-47.29M
Financing Cash Flow	0	93.20M	-410.28M	131.65M	163.59M	-37.02M

MITCON Consultancy & Engineering Services Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MITCON against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:AARVI	63Neutral	INR 1.93B	5.98	―	1.53%	22.41%	66.20%
IN:SECMARK	61Neutral	INR 1.54B	66.87	―	―	20.14%	-39.01%
IN:SEMAC	60Neutral	INR 701.39M	11.23	―	―	8.90%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:MITCON	47Neutral	―	11.84	―	―	49.79%	122.60%
IN:RKEC	43Neutral	INR 466.62M	-0.95	―	―	-70.62%	-400.50%
IN:DHRUV	40Underperform	INR 388.81M	-1.07	―	―	-63.77%	-537.92%

* General Sector Average

Performance Comparison

IN:MITCON and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:AARVI	Aarvi Encon Ltd.	130.98	13.17	11.18%
IN:DHRUV	Dhruv Consultancy Services Ltd.	20.01	-31.99	-61.52%
IN:RKEC	RKEC Projects Ltd.	20.42	-46.23	-69.36%
IN:SECMARK	SecMark Consultancy Ltd.	148.00	35.85	31.97%
IN:SEMAC	Semac Consultants Ltd	229.95	-164.55	-41.71%

MITCON Consultancy & Engineering Services Ltd. Corporate Events

MITCON Capitalises Two New Step-Down Subsidiaries to Expand Corporate Support Services

Aug 3, 2026

MITCON Credentia Trusteeship Services Ltd., a subsidiary of MITCON Consultancy & Engineering Services Ltd., has remitted subscription money to fully capitalize two newly formed step-down subsidiaries. MITCON Credentia Repository Services Ltd. and...

MITCON expands corporate services via new step-down subsidiaries

Aug 3, 2026

MITCON Credentia Trusteeship Services Ltd., a subsidiary of MITCON Consultancy & Engineering Services Ltd., has fully subscribed to the share capital of MITCON Credentia Repository Services Ltd., a step-down subsidiary incorporated in June 2026 t...

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

MITCON Consultancy & Engineering Services Ltd. AI Stock Analysis