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Mangalam Worldwide Ltd.
(MWL)
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Rating:57Neutral
Price Target:
₹38.00
Action:Reiterated
Date:10/11/26
Overall score is held back primarily by weak multi-year cash flow conversion and rising debt despite strong revenue/earnings growth. Technical indicators are broadly neutral, offering limited momentum support, while valuation is modestly positive due to the high dividend yield but tempered by a mid-range P/E.
Positive Factors
Strong revenue growth
Rapid revenue expansion indicates that Mangalam Worldwide has substantially increased its scale and sales reach across steel and steel-related products. If the higher volume base persists, it can support stronger operating leverage, broader customer penetration, and greater capacity to absorb fixed costs over the next several quarters.
Negative Factors
Weak cash conversion
Persistent negative operating and free cash flow indicates that reported profits have not consistently converted into cash. Even with FY2026 operating cash flow of 242.5M and near-breakeven free cash flow, the multi-year pattern can require external funding and makes liquidity more vulnerable during steel-cycle weakness.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Rapid revenue expansion indicates that Mangalam Worldwide has substantially increased its scale and sales reach across steel and steel-related products. If the higher volume base persists, it can support stronger operating leverage, broader customer penetration, and greater capacity to absorb fixed costs over the next several quarters.
Read all positive factors
Mangalam Worldwide Ltd. (MWL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹10.88B
Dividend Yield0.08%
Average Volume (3M)50.81K
Price to Earnings (P/E)19.5
Beta (1Y)0.17
Revenue Growth8.85%
EPS Growth49.02%
CountryIN
Employees509
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)0.65
Shares Outstanding297,006,740
10 Day Avg. Volume43,045
30 Day Avg. Volume50,813
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)2.59
Price to Sales (P/S)0.64
P/FCF Ratio-561.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mangalam Worldwide Ltd. Business Overview & Revenue Model
Company Description
Founded in 1942 and headquartered in Ahmedabad, India, Mangalam Worldwide Limited specializes in the production and distribution of various stainless steel products. The company's primary operations center on the manufacturing and sale of stainles...
How the Company Makes Money
MWL makes money mainly by selling steel and steel-related products to customers, generating revenue from (i) manufacturing-based sales where it produces steel/processed steel products and sells them at market-linked prices, and (ii) trading/distri...
Mangalam Worldwide Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.40B | 12.08B | 10.60B | 8.18B | 6.44B | 5.23B |
| Gross Profit | 100.53M | 2.73B | 1.04B | 723.81M | 463.34M | 415.07M |
| EBITDA | 386.56M | 978.42M | 607.15M | 416.23M | 242.42M | 218.41M |
| Net Income | 190.22M | 501.00M | 294.79M | 218.27M | 172.20M | 123.88M |
Balance Sheet | ||||||
| Total Assets | 7.72B | 9.29B | 6.36B | 4.14B | 2.59B | 1.24B |
| Cash, Cash Equivalents and Short-Term Investments | 201.00M | 113.46M | 2.58M | 3.49M | 50.27M | 53.00M |
| Total Debt | 2.23B | 2.36B | 1.92B | 1.03B | 847.90M | 477.32M |
| Total Liabilities | 4.89B | 6.23B | 3.74B | 2.28B | 1.19B | 787.11M |
| Stockholders Equity | 2.77B | 3.00B | 2.56B | 1.80B | 1.35B | 454.52M |
Cash Flow | ||||||
| Free Cash Flow | -746.79M | -13.81M | -910.75M | -209.97M | -1.01B | -485.62M |
| Operating Cash Flow | -672.34M | 242.49M | -867.80M | -99.98M | -613.09M | 15.94M |
| Investing Cash Flow | 162.40M | -254.91M | -73.47M | -202.21M | -378.80M | -403.34M |
| Financing Cash Flow | 498.57M | 19.37M | 940.37M | 264.15M | 980.42M | 431.88M |
Mangalam Worldwide Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | ₹2.65B | 17.50 | ― | 1.60% | 3.55% | -21.35% | |
60 Neutral | ₹3.72B | 10.64 | ― | ― | 29.77% | 108.66% | |
57 Neutral | ₹10.88B | 19.52 | ― | 0.08% | 8.85% | 49.02% | |
56 Neutral | ₹3.76B | 20.88 | ― | 0.23% | 25.22% | 20.38% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹7.62B | 13.44 | ― | 0.77% | -22.78% | ― |
* General Sector Average
IN:MWL
Mangalam Worldwide Ltd.
36.64
-1.72
-4.49%
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Mangalam Worldwide Ltd. Corporate Events
Mangalam Worldwide shareholders clear postal ballot on board appointment and remuneration
Oct 10, 2026
Mangalam Worldwide Ltd. operates in the manufacturing sector and is listed on both the National Stock Exchange of India and BSE, with its equity shares and multiple debt instruments actively traded. The Ahmedabad-based company maintains a broad sh...
Mangalam Worldwide forms Belgium subsidiary to drive European expansion
Oct 2, 2026
Mangalam Worldwide Ltd. has incorporated a wholly owned subsidiary, MWL Europe BV, in Belgium, with the entity formally established on October 1, 2026 and confirmation received the following day. The new subsidiary is designed to mirror and suppor...
NSE Returns Mangalam Worldwide’s Equity Issue and Amalgamation Applications
Sep 18, 2026
Mangalam Worldwide Ltd. has disclosed that the National Stock Exchange returned its application for in-principle approval to issue 4.4 million equity shares upon conversion of preferential warrants, after NSE noted that the post-issue paid-up capi...
Mangalam Worldwide publishes Q1 FY27 investor presentation on unaudited results
Aug 7, 2026
Mangalam Worldwide Ltd. has released an investor presentation detailing its unaudited financial results for the quarter ended June 30, 2026, corresponding to the first quarter of its 2027 financial year. The presentation, prepared in line with Ind...
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.