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Mauria Udyog Ltd (539219)

📊 BSE: 539219 🏢 Other Industrial Products 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Mauria Udyog's revenue was ₹109 Cr (-18.3% year on year, +55.0% on the previous quarter), and net profit ₹4.9 Cr (-26.8% year on year); the operating margin was 7.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹109	-18.3%	+55.0%
Operating profit	₹8.6	-25.7%	—
Net profit	₹4.9	-26.8%	+124.3%
EPS (₹)	0.37	-26.0%	+131.2%
Operating margin	7.8%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

SAT Denies Stay on 5-Yr Debarment, Stays Rs 19.68 Cr Demand on 50% Deposit for Mauria Udyog

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 16 Oct 2026, 05:13 PM

Mauria Udyog announced an interim order from the Securities Appellate Tribunal (SAT) regarding SEBI's June 30, 2026 order for PFUTP violations. SAT has rejected the company's prayer to stay the 5-year market debarment. However, SAT stayed recovery of the ₹18.68 crore disgorgement and ₹1 crore penalty subject to a 50% deposit (approx. ₹9.84 crore) within four weeks from October 8, 2026. This required cash outflow represents nearly 45% of the company's FY26 net profit of ₹23.97 crore, posing notable liquidity pressure.

SAT rejected the company's interim prayer seeking a stay on SEBI's 5-year debarment order
Recovery of ₹18,68,40,551 disgorgement and ₹1 Crore penalty stayed subject to 50% deposit
Company must deposit 50% of the amounts with SEBI within four weeks from October 8, 2026
Allegations pertain to manipulation of price and volume under SEBI PFUTP Regulations 2003
Deposited amount to be placed by SEBI in an interest-bearing account

💡 Track whether the company complies with the 50% deposit requirement (~₹9.84 crore) by early November 2026 and monitor the ongoing hearings and final outcome in SAT Appeal No 269 of 2026.

Mauria Udyog Submits Revised Proceedings of 46th AGM Following BSE Query

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 03:42 PM

Mauria Udyog Limited submitted revised proceedings for its 46th Annual General Meeting held on September 25, 2026, via video conferencing. The refiling addresses a BSE query regarding delayed submission, citing a delay in receiving attendance records from NSDL and its RTA. Key agenda items tabled included the adoption of FY26 financial statements, retirement by rotation of MD Navneet Kumar Sureka, appointment of an Independent Director, and related-party transaction approvals. A total of 40 attendees were recorded at the meeting.

46th AGM was held on Friday, September 25, 2026, between 3:13 PM and 3:50 PM IST
Revised proceedings submitted on September 30, 2026, pursuant to a BSE query dated September 29, 2026
NSDL reported a total attendance of 40 persons via video conferencing
Remote e-voting was conducted between September 22, 2026 (9:00 AM) and September 24, 2026 (5:00 PM)

💡 Monitor the final voting results and Scrutinizer's report disclosures on BSE to confirm shareholder approval of related-party transactions and director appointments.

Mauria Udyog: 2 Directors Vacate Office Due to 12-Month Absence from Board Meetings

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Aug 2026, 03:59 PM

Two directors of Mauria Udyog Ltd, Mr. Birendra Kumar (Independent) and Mrs. Veena Aggarwal (Non-Independent), have vacated their offices effective August 13, 2026. This cessation occurred automatically under Section 167(1)(b) of the Companies Act, 2013, as both individuals were absent from all board meetings held during the preceding 12 months. The company confirmed there are no other material reasons for these exits. For a company with a ₹105 Cr market cap and ₹424 Cr TTM revenue, maintaining an active and compliant board is a basic regulatory requirement.

2 directors vacated their positions effective from the end of business hours on August 13, 2026.
12 months of continuous absence from all board meetings triggered the vacation of office by operation of law.
Action taken specifically under Section 167(1)(b) of the Companies Act, 2013.
Company maintains a high promoter holding of 74.5% as of June 2026.
The firm reported TTM revenue of ₹424 Cr and a PAT of ₹24 Cr for FY26.

💡 Monitor the company's upcoming filings for the appointment of new directors to ensure the board remains compliant with SEBI's minimum independent director requirements.

Mauria Udyog Q1 PAT drops 27% to ₹4.87 Cr; Auditor flags ₹167 Cr Supreme Court deposit order

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 07 Aug 2026, 04:03 PM

Mauria Udyog reported a weak start to FY27, with Q1 revenue declining 18.3% YoY to ₹109.37 Cr and Net Profit falling 26.8% to ₹4.87 Cr. The auditor issued a qualified opinion, highlighting a severe legal risk where the Supreme Court directed the company and its directors to deposit ₹167 Cr related to the Amrapali Group case—a figure nearly 3x the company's net worth of ₹56 Cr. Furthermore, the auditor flagged non-compliance with Ind AS 109 regarding trade receivables and a final SEBI order dated June 30, 2026, which imposed penalties not yet recorded as liabilities.

Revenue from operations decreased 18.3% YoY to ₹109.37 Cr from ₹133.80 Cr in Jun 2025.
Net Profit for the quarter fell 26.8% YoY to ₹4.87 Cr compared to ₹6.65 Cr in the same period last year.
Auditor highlights a Supreme Court order to deposit ₹167 Cr, which represents ~162% of the company's current market cap.
Disputed and long-outstanding trade receivables worth ₹63.12 Cr (net of provisions) remain classified as non-current.
SEBI issued a final order on June 30, 2026, imposing restrictions/penalties that the company has not yet provided for in its accounts.

💡 Investors should closely monitor the legal resolution of the ₹167 Cr Supreme Court deposit requirement and the specific impact of the SEBI final order. The combination of declining earnings, high debt (D/E 2.46), and severe auditor qualifications makes this a high-risk situation.

Mauria Udyog to Consider Q1 FY27 Results on August 07, 2026

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 03 Aug 2026, 02:24 PM

Mauria Udyog has scheduled a board meeting for August 07, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. The company enters this quarter following a volatile FY26, where TTM revenue stood at Rs 424 Cr but quarterly revenue dropped significantly to Rs 70.54 Cr in March 2026 from Rs 133.8 Cr in June 2025. The trading window for designated persons is closed until August 09, 2026. Investors will be monitoring for signs of revenue stabilization given the company's high Debt-to-Equity ratio of 2.46.

Board meeting scheduled for August 07, 2026, at 02:00 P.M. to approve Q1 FY27 results.
Trading window for dealing in securities remains closed until August 09, 2026.
Company reported TTM revenue of Rs 424 Cr and TTM PAT of Rs 24 Cr for FY26.
Recent quarterly revenue showed a sharp decline to Rs 70.54 Cr in Mar 2026 from Rs 137.91 Cr in Sep 2025.

💡 Monitor the Q1 FY27 results on August 07 to evaluate if the company has recovered from the sequential revenue decline observed in the second half of FY26.

5-Year Market Ban for Mauria Udyog and Promoters by SEBI for Price Manipulation

🔴 NEGATIVE ⭐ 10/10

REGULATORY 📅 17 Jul 2026, 02:34 PM

SEBI has issued a final order dated June 30, 2026, restraining Mauria Udyog Ltd and its promoters, Mr. Navneet Kumar Sureka and Mrs. Deepa Sureka, from the securities market for a period of 5 years. The action follows allegations of price and volume manipulation of the company's equity shares in violation of SEBI (PFUTP) Regulations. While the company claims no material impact on operations, the promoters are prohibited from buying, selling, or dealing in securities during this period. The restraint period will be adjusted for time already served under the interim order dated June 19, 2023.

5-year ban from accessing the securities market for the company and its promoters
Final order received on July 14, 2026, following an interim order issued on June 19, 2023
Violations cited under SEBI Act, 1992 and PFUTP Regulations, 2003 regarding share price manipulation
Disclosure delayed due to the voluminous nature of the SEBI order, which exceeded 300 pages
Promoters Mr. Navneet Kumar Sureka and Mrs. Deepa Sureka are specifically named in the prohibition

💡 Investors should monitor whether the company or promoters file an appeal with the Securities Appellate Tribunal (SAT). The primary concern is the impact of promoter restrictions on future corporate actions and capital raising capabilities.

5-Year SEBI Market Ban for Mauria Udyog and Promoters over Price Manipulation

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 16 Jul 2026, 05:44 PM

SEBI has issued a final order dated June 30, 2026, restraining Mauria Udyog Ltd and its promoters, Navneet Kumar Sureka and Deepa Sureka, from the securities market for 5 years. The order follows investigations into the manipulation of the company's equity share price and volume, violating PFUTP Regulations. The 5-year restraint period will be adjusted for the time already served under the interim order dated June 19, 2023. While the company claims no material impact on operations, the ruling is a significant regulatory action against the leadership.

5-year ban from accessing the securities market or dealing in securities for the company and its promoters.
Final Order dated June 30, 2026, received by the company on July 14, 2026.
Restraint period accounts for time already served since the Interim Order of June 19, 2023.
Violations cited under SEBI Act, 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003.

💡 Investors should monitor if the promoters appeal the order at the Securities Appellate Tribunal (SAT) and evaluate the impact of restricted capital market access on future growth.

View All 539219 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating income grew 42.7% from INR 235.91 Cr in FY23 to INR 336.67 Cr in FY24. Export sales (FOB) for the LPG and Terry Towel segments grew 19.07% YoY, reaching INR 296.76 Cr in FY25 compared to INR 249.23 Cr in FY24.

Geographic Revenue Split

The company is a recognized 'Trading House' exporting to over 75 countries across practically every continent. Exports represent a dominant portion of revenue, with FOB export value of INR 296.76 Cr against a 9MFY25 total operating income of INR 323.54 Cr (approximately 91.7% export contribution).

Profitability Margins

Net profit ratio for FY25 stood at 4%, a slight decline from 5% in FY24. Return on Equity (ROE) was 35% in FY25, down from 38% in FY24. However, Return on Capital Employed (ROCE) improved by 23.10% YoY to reach 15% in FY25.

EBITDA Margin

PBILDT (EBITDA) showed significant growth, rising from INR 22.11 Cr in FY24 to INR 31.12 Cr for the 9-month period ending December 31, 2024 (9MFY25). Interest coverage ratio improved drastically from 1.09x in FY24 to 13.02x in 9MFY25.

Capital Expenditure

The company is continuously automating and upgrading manufacturing facilities, including the installation of dish-end welding automation and pneumatic loading equipment. CIF value of capital goods/repairs imports was INR 0.0135 Cr in FY25, down from INR 0.0341 Cr in FY24.

Credit Rating & Borrowing

The company is rated 'CARE D; ISSUER NOT COOPERATING' as of March 12, 2025, for bank facilities totaling INR 295.00 Cr (INR 55 Cr Long Term, INR 240 Cr Short Term). This rating indicates default or high risk of default due to non-cooperation with the rating agency.

⚙️ Operational Drivers

Raw Materials

Key raw materials include HR Coils, CR Coils, MS Bunk, Brass, Aluminum alloy, Zinc-ingots, chemicals, Fabrics, grey yarn, and Dye powder. These materials are cost-intensive, making the company sensitive to global commodity price fluctuations.

Import Sources

The company imports raw materials and stock-in-trade, with the CIF value of imports increasing 107.5% from INR 20.23 Cr in FY24 to INR 41.98 Cr in FY25. Specific sourcing countries are not disclosed, but the company maintains relationships with global suppliers.

Key Suppliers

Not disclosed in available documents, though the company notes 'strong relationships' with its raw material suppliers to ensure optimum inventory levels.

Capacity Expansion

Current capacity includes manufacturing LPG cylinders ranging from 4.0 liters (1.7kg) to 120.0 liters (50kg). Automation efforts are focused on productivity improvements, such as welding both dish ends simultaneously and combining trimming/joggling operations.

Raw Material Costs

Raw material costs are a major component of the business model. The company maintains adequate inventory to mitigate price volatility and ensure quick turnaround for orders. Import costs for raw materials rose to INR 41.98 Cr in FY25.

Manufacturing Efficiency

Efficiency is being driven by replacing manual loading/unloading with pneumatic and electrical power equipment and upgrading to ISO 9001:2008 and OHSAS 18001:2007 standards.

Logistics & Distribution

The company utilizes its geographic location for transportation advantages. Commission on exports increased to INR 26.47 Cr in FY25 from INR 21.42 Cr in FY24.

📈 Strategic Growth

Expected Growth Rate

8.2%

Growth Strategy

Growth is targeted through automation of manufacturing lines, expansion into new export markets beyond the US for garments, and leveraging its 30-year experience in LPG cylinder manufacturing. The company is also focusing on the 'Eurospa' brand in the Terry Towel division to capture rising domestic and export demand.

Products & Services

LPG Cylinders (4L to 120L), Valves, Regulators, Disposable Cylinders, Methyl Bromide Cylinders, Refillable Cylinders, and Terry Towels.

Brand Portfolio

Eurospa (Terry Towels).

New Products/Services

The company is exploring newer markets for garment exports and has expanded its cylinder range to include ammonia and refrigerant gas cylinders.

Market Expansion

Targeting newer markets for garment exports and expanding the LPG cylinder footprint in over 75 countries, particularly in Africa and Europe.

Market Share & Ranking

The company claims to be the largest manufacturer and exporter of LPG cylinders in India.

Strategic Alliances

The company serves major global clients including BP, Shell, Total, BOC/Linde, Vitogaz, and Addax.

🌍 External Factors

Industry Trends

The Indian textile industry is buoyed by domestic consumption and export demand, contributing 4% to GDP. The LPG sector is growing due to global energy demand and investment in oil and gas infrastructure.

Competitive Landscape

Faces intense competition from Asian manufacturers (China, Taiwan) and regional players in the LPG and textile sectors.

Competitive Moat

Moat is built on 30+ years of manufacturing experience, ISO/OHSAS certifications, and a 'Trading House' status. This is sustainable due to high entry barriers in regulated cylinder manufacturing and established relationships with global oil majors.

Macro Economic Sensitivity

Highly sensitive to India's GDP growth (8.2% in FY24) and global trade policies. The textile sector's 13% contribution to national exports makes the company's Terry Towel division sensitive to trade negotiations.

Consumer Behavior

Shift toward quality apparel and increasing disposable income is driving demand for the Terry Towel division.

Geopolitical Risks

Exposed to international competition from China, Taiwan, and Sri Lanka. Changes in national/local government policies in export destinations significantly impact sales volumes.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with international standards for cylinders including IS 3196, DOT 4BA, EN 1442, AS 2469, ISO 4706, and EN 13322-1. Cost records are audited by M/s Jaiprakash & Co. for LPG products.

Environmental Compliance

The company is ISO 14001:2004 certified for Environmental Management Systems and OHSAS 18001:2007 certified for Health and Safety.

Taxation Policy Impact

Not specifically disclosed, but the company notes that national/local government policies have a significant impact on international business volumes.

Legal Contingencies

The Board reported that no fraud of any kind was noticed or reported during the year. The company maintains an internal financial control system commensurate with its size.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Issuer Not Cooperating' status with CARE Ratings, which may impact future credit access. Commodity price volatility on steel coils is a key risk to the 4% net margin.