Maral Overseas Limited (MARALOVER)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Maral Overseas' revenue was ₹263 Cr (+16.5% year on year, +2.0% on the previous quarter), and net profit ₹6.0 Cr (against a loss a year earlier); the operating margin was 6.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹263 | +16.5% | +2.0% |
| Operating profit | ₹16.7 | +735.9% | -7.1% |
| Net profit | ₹6.0 | from loss | -54.0% |
| EPS (₹) | 1.44 | from loss | -55.1% |
| Operating margin | 6.4% | — | — |
MARALOVER delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 96.25% of the MARALOVER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 69.7%. That is higher than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average.
Delivery in the last 5 sessions: 79.8% · 60.8% · 59.4% · 96.7% · 96.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Maral Overseas Limited has submitted its monthly report on the re-lodgment of physical share transfer requests under the special SEBI window for September 2026. During the month, the company's Registrar and Transfer Agent (MCS Share Transfer Agent Limited) received and processed 2 requests covering a total of 200 shares. Both requests were rejected due to documentation deficiencies, such as signature mismatches and missing proof of purchase. The average processing time taken was 10 days.
- Received and processed 2 requests for re-lodgment of physical share transfers in September 2026
- 0 requests approved and 2 requests rejected during the month
- Total of 200 physical shares involved across the 2 rejected requests (100 shares each)
- Average processing turnaround time was 10 days
Maral Overseas Limited has submitted its monthly report on the re-lodgment of physical share transfer requests under SEBI's special window for August 2026. The Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, processed 2 requests covering a total of 200 shares during the month. Both requests were rejected due to procedural issues, including mismatched signatures and missing proof of purchase. The average processing time was 10 days, and the disclosure is strictly administrative in nature.
- 2 requests received and processed during August 2026 under the SEBI special window
- 0 requests approved and 2 requests rejected
- Total of 200 shares involved across the 2 rejected requests (100 shares each)
- Average processing time taken was 10 days
CARE Ratings has reaffirmed the credit rating for Maral Overseas Limited's long-term bank facilities at 'CARE BB+; Positive' on an enhanced amount of ₹164.56 crore (up from ₹155.04 crore). Short-term bank facilities of ₹217.53 crore were also reaffirmed at 'CARE A4+'. In aggregate, total rated bank facilities stand at ₹382.09 crore, encompassing term loans, fund-based working capital limits, and non-fund-based facilities. The reaffirmation maintains stability in borrowing arrangements against the company's existing debt profile of ₹374 crore.
- Long-term bank facilities rating reaffirmed at 'CARE BB+; Positive' on ₹164.56 crore (enhanced from ₹155.04 crore)
- Short-term bank facilities rating reaffirmed at 'CARE A4+' on ₹217.53 crore
- Total bank facilities rated by CARE stand at ₹382.09 crore across fund-based and non-fund limits
- Long-term debt includes term loans from major lenders including Union Bank of India (₹68.74 crore) and SBI (₹46.70 crore)
Maral Overseas Limited announced the voting results for its 37th Annual General Meeting held on August 25, 2026. A total of 3.18 crore valid votes were polled, representing 76.72% of the company's 4.15 crore outstanding equity shares. All five resolutions were passed with the requisite majority, including the adoption of FY26 financial statements, reappointment of retiring director Ravi Jhunjhunwala, and the restructuring of remuneration for CMD Shekhar Agarwal and Joint MD Shantanu Agarwal. Notably, 100% of the voting institutional shareholders (26,638 votes) opposed the managerial remuneration restructuring resolutions, though promoter voting power ensured passage.
- All 5 resolutions passed at the 37th AGM held on August 25, 2026.
- Total voter turnout stood at 76.7158% (3,18,43,180 votes cast out of 4,15,08,000 shares).
- Special resolutions for restructuring remuneration of CMD Shekhar Agarwal and Joint MD Shantanu Agarwal passed with 99.92% and 99.77% overall assent.
- Public institutional voters cast 100% of their 26,638 votes against both executive remuneration restructuring resolutions.
Maral Overseas Limited announced that shareholders approved all five resolutions at its 37th Annual General Meeting held on August 25, 2026. Key items passed included the adoption of FY26 audited financial statements, re-appointment of Director Ravi Jhunjhunwala, and cost auditor remuneration. Special resolutions to restructure the remuneration of CMD Shekhar Agarwal and Joint MD Shantanu Agarwal were approved with 99.92% and 99.77% assent respectively, despite 100% institutional e-votes dissenting (26,638 shares). Overall voter participation stood at 76.72% of total share capital.
- All 5 resolutions passed with requisite majority with overall voter turnout of 76.72% (3,18,43,180 votes polled).
- Adoption of FY26 Audited Financial Statements approved with 99.99998% votes in favor.
- Restructuring of CMD Shekhar Agarwal's remuneration approved with 99.92% assent (26,743 votes against).
- Restructuring of Joint MD Shantanu Agarwal's remuneration approved with 99.77% assent (71,850 votes against).
Maral Overseas Limited conducted its 37th Annual General Meeting (AGM) on August 25, 2026, via video conferencing. Key ordinary agenda items included the adoption of FY26 audited financial statements and the reappointment of retiring director Shri Ravi Jhunjhunwala. Special business items tabled included restructuring the remuneration for Chairman & Managing Director Shekhar Agarwal and Joint Managing Director Shantanu Agarwal, alongside cost auditor remuneration ratification. Final voting results and the Scrutinizer's report are scheduled to be disclosed on or before August 27, 2026.
- 37th Annual General Meeting conducted on August 25, 2026, between 2:00 P.M. and 3:20 P.M.
- Remote e-voting window was active from August 21, 2026 (9:00 AM) to August 24, 2026 (5:00 PM)
- Total of 5 resolutions placed before shareholders (2 ordinary and 3 special business items)
- Scrutinizer's report and consolidated voting results to be announced on or before August 27, 2026
Maral Overseas Limited has filed a monthly update regarding the re-lodgment of physical share transfer requests for July 2026, following SEBI's special window guidelines. During the month, the company received only one request involving 200 shares, which was subsequently rejected. The rejection was based on a signature mismatch and missing documentation, including the ISR 2 form and Demat conversion requests. This filing is purely administrative and has no impact on the company's financial health or operational performance.
- 1 request for physical share transfer was received during the month of July 2026
- 200 shares were involved in the single transfer request submitted
- 10 days was the average time taken by the Registrar and Share Transfer Agent to process the request
- 0 requests were approved, with the sole request being rejected due to signature mismatch and missing KYC/Demat forms
Maral Overseas Limited has announced its 37th Annual General Meeting (AGM) scheduled for August 25, 2026, via video conferencing. The company is dispatching physical letters to shareholders without registered email addresses, providing digital access to the FY 2025-26 Annual Report via QR codes and web links. Key dates include a cut-off for e-voting on August 18, 2026, and an e-voting window from August 21 to August 24, 2026. This is a standard regulatory compliance procedure to ensure all shareholders can participate in the meeting and access financial disclosures.
- 37th Annual General Meeting scheduled for August 25, 2026, at 2:00 PM IST.
- Cut-off date for determining e-voting eligibility is Tuesday, August 18, 2026.
- Remote e-voting period spans 4 days, starting August 21 and ending August 24, 2026.
- Company is reaching out to shareholders to update PAN, KYC, and bank details with the RTA, MCS Share Transfer Agent Limited.
Maral Overseas has issued its FY2025-26 Annual Report and scheduled its 37th AGM for August 25, 2026. The company underwent significant structural realignment, including consolidating garment units and infusing ₹30 Crore into working capital to maintain liquidity. To further support the balance sheet, the company issued ₹30 Crore in 9.25% preference shares to promoters and utilized RBI relief measures to defer ₹8.00 Crore in loan installments. Operationally, the company is pivoting toward green energy with a 15 MW solar plant planned and a 92% biomass fuel mix already achieved.
- ₹30 Crore infused into working capital during FY26 to support operational continuity and liquidity.
- ₹30 Crore in 9.25% Redeemable Non-Convertible Cumulative Preference Shares issued to the Promoter Group.
- ₹800.19 Lakh in term loan installments deferred under RBI Trade Relief Measures 2025.
- ₹954.44 Lakh of interest converted into a Funded Interest Term Loan (FITL) to manage cash flows.
- 15 MW solar power plant planned to reduce CO2 emissions by 17,220 tonnes per annum.
Maral Overseas Limited has reported a significant turnaround in Q1 FY27, posting a net profit of Rs 5.98 Cr compared to a net loss of Rs 12.57 Cr in the same period last year. Revenue from operations grew 16.7% YoY to Rs 263.21 Cr, primarily led by the Yarn segment which contributed Rs 192.53 Cr. Despite the overall profit, the Garment segment remains under pressure, reporting an EBIT loss of Rs 2.77 Cr. Additionally, the company has extended the timeline for its 26% equity acquisition in a 15 MW solar plant by six months to February 2027.
- Turnaround to a Net Profit of Rs 5.98 Cr in Q1 FY27 from a loss of Rs 12.57 Cr in Q1 FY26.
- Revenue from operations increased by 16.7% YoY to Rs 263.21 Cr.
- Yarn segment revenue grew 18.7% YoY to Rs 192.53 Cr, representing 73% of total revenue.
- Garment segment reported an EBIT loss of Rs 2.77 Cr, though improved from a loss of Rs 5.79 Cr YoY.
- Timeline for 26% stake acquisition in Asawata Energy (15 MW Solar) extended to Feb 6, 2027.
Maral Overseas reported a significant turnaround in Q1 FY27, posting a net profit of ₹5.98 Cr compared to a net loss of ₹12.57 Cr in the same quarter last year. Revenue from operations grew 16.7% YoY to ₹263.21 Cr, primarily driven by the Yarn segment which saw its EBIT jump to ₹12.77 Cr from ₹2.15 Cr YoY. The company also extended the timeline for its 26% equity stake acquisition in Asawata Energy (15 MW Solar Plant) by 6 months to February 2027 due to ongoing negotiations. Despite the overall profit, the Garment segment remains a drag, reporting an EBIT loss of ₹2.77 Cr.
- Revenue from operations increased 16.7% YoY to ₹263.21 Cr in Q1 FY27.
- Net profit of ₹5.98 Cr represents a sharp recovery from a ₹12.57 Cr loss in Q1 FY26.
- Yarn segment EBIT grew nearly 6x YoY to ₹12.77 Cr, contributing the bulk of profitability.
- Garment segment losses narrowed to ₹2.77 Cr from ₹5.79 Cr in the year-ago period.
- Timeline for 26% stake acquisition in a 15 MW solar plant extended to February 6, 2027.
Maral Overseas Limited has announced its 37th Annual General Meeting (AGM) to be held on August 25, 2026, via video conferencing. The company has established August 18, 2026, as the cut-off date for determining shareholder eligibility for e-voting. The remote e-voting window will be open from August 21 to August 24, 2026. This is a standard administrative procedure required by SEBI and MCA regulations.
- 37th Annual General Meeting scheduled for August 25, 2026, at 2:00 p.m.
- Cut-off date for e-voting eligibility set for August 18, 2026.
- Remote e-voting period spans 4 days from August 21 to August 24, 2026.
- Company reported a net loss of Rs 24.20 Cr in FY25 as per financial context.
Maral Overseas Limited has filed its monthly report for June 2026 regarding the re-lodgment of physical share transfer requests as per SEBI's special window guidelines. The company received only 1 request during the month involving 200 shares. This request was rejected by the Registrar and Share Transfer Agent (RTA) due to signature discrepancies and missing KYC documentation. The processing time for the single request was 7 days.
- 1 request for physical share transfer was received during the month of June 2026
- 200 shares were involved in the single transfer request submitted
- 7 days was the average time taken by the RTA to process the request
- 100% rejection rate for the month as the sole request failed due to signature mismatch and missing ISR 2 forms
Maral Overseas Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all physical share certificates received for dematerialization were processed within the mandated 15-day window. The Registrar and Share Transfer Agent (RTA), MCS Share Transfer Agent Limited, verified that certificates were mutilated, cancelled, and the depository's name was updated in the records. This is a standard administrative procedure to ensure the integrity of electronic shareholding.
- Compliance confirmed for the quarter ended June 30, 2026.
- Dematerialization requests processed within the regulatory limit of 15 days.
- Verification and cancellation of physical certificates completed by MCS Share Transfer Agent Limited.
- Filing submitted to both BSE and NSE as per listing requirements.
CARE Ratings has reaffirmed Maral Overseas Limited's long-term bank facility rating at 'CARE BB+' and revised the outlook from 'Stable' to 'Positive'. This revision covers facilities totaling Rs 372.57 crore, including Rs 155.04 crore in long-term and Rs 217.53 crore in short-term debt. The positive outlook reflects improving operational performance in FY26, which is critical given the company's high Debt-to-Equity ratio of 3.37. Short-term ratings were reaffirmed at 'CARE A4+'.
- Outlook revised to Positive from Stable for Rs 155.04 crore long-term bank facilities.
- Short-term rating reaffirmed at CARE A4+ for Rs 217.53 crore facilities.
- Total rated bank facilities of Rs 372.57 crore represent nearly 100% of the company's Rs 374 crore debt.
- Long-term facilities include a Rs 68.74 crore Union Bank of India loan with repayment scheduled through June 2033.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew by 9% YoY to INR 1,051.83 Cr in FY25 from INR 964.81 Cr in FY24. The yarn and fabric segments saw improved capacity utilization, while the garment segment faced continued losses due to sluggish overseas demand. Historically, the company has maintained a 5-year CAGR of 13.5% in TOI.
Geographic Revenue Split
Exports contributed 45% of total revenue in FY24, amounting to INR 431.53 Cr. Key markets include Bangladesh (9.97% of TOI), Vietnam, Germany, Kenya, Southeast Asia, Europe, and North America. Domestic sales account for the remaining 55% of the revenue mix.
Profitability Margins
Profitability has been under severe pressure; PBILDT margin declined from 4.35% in FY24 to 2.63% in FY25. The company reported a net loss of INR 24.20 Cr in FY25, widening from a net loss of INR 9.76 Cr in FY24. Net loss in 9MFY25 was INR 23.97 Cr, driven by high depreciation and weak yarn realizations.
EBITDA Margin
PBILDT margin stood at 2.63% in FY25, a significant drop from 4.35% in FY24. This 172 bps decline was primarily caused by oversupply in the grey yarn market and softening international cotton prices, which squeezed margins despite higher volumes.
Capital Expenditure
The company is planning to set up a biomass plant with a total investment of INR 25 Cr. This project will be funded through a term loan of INR 16 Cr and INR 9 Cr from internal accruals. Additionally, the Melange plant was recently completed to boost topline growth.
Credit Rating & Borrowing
Long-term bank facilities of INR 155.04 Cr are rated CARE BB+; Stable (reaffirmed in Nov 2025). Short-term facilities of INR 217.53 Cr are rated CARE A4+. Ratings were previously downgraded in Feb 2025 from CARE BBB- due to weak operational performance and sub-unity interest coverage of 0.75x.
Operational Drivers
Raw Materials
Cotton is the primary raw material, representing the largest portion of the cost structure. Volatility in cotton prices directly impacts yarn realizations and overall PBILDT margins.
Import Sources
Raw materials are primarily sourced domestically in India, with high-quality cotton typically procured between October and April. Some raw materials are imported to provide a natural hedge against foreign exchange fluctuations.
Capacity Expansion
Current garment capacity is 100 lac pieces per annum. Recent expansion includes the completion of a Melange plant. A new biomass plant (INR 25 Cr) is planned to improve energy efficiency and reduce utility costs.
Raw Material Costs
Raw material costs are highly sensitive to international cotton price corrections. In FY24, lower realizations for yarn and fabric were driven by a correction in cotton prices, leading to a 6.3% decline in TOI that year.
Manufacturing Efficiency
The company operates an integrated setup from spinning to garmenting, which provides better quality control. Capacity utilization improved in FY25 across yarn and fabric segments, supporting a 9% TOI growth.
Logistics & Distribution
Export-oriented logistics are critical as 45% of revenue is derived from global markets. Distribution costs are impacted by volatile geopolitical conditions and global shipping stability.
Strategic Growth
Expected Growth Rate
13.50%
Growth Strategy
Growth will be driven by the stabilization of realizations in the yarn segment and increased revenue contributions from the new Melange plant. The company is also targeting a recovery in the garment segment through anticipated orders from global brands and a potential shift of business from Bangladesh to India due to regional unrest.
Products & Services
The company sells cotton yarn (including Melange and grey yarn), processed fabric, and readymade garments (100 lac pieces per annum capacity).
Brand Portfolio
The company does not list owned consumer brands but has established marketing tie-ups with leading global apparel brands.
New Products/Services
New revenue streams are expected from the Melange plant and the upcoming biomass plant, which aims to improve the bottom line through cost reduction rather than just top-line growth.
Market Expansion
The company is focusing on expanding its presence in the garment segment by leveraging its integrated manufacturing facilities in Noida (U.P.) and Khargone (M.P.) to attract global apparel brands.
Strategic Alliances
MOL is part of the LNJ Bhilwara Group, providing strong parentage and financial support, including a recent INR 10 Cr infusion by promoters in Q3FY25.
External Factors
Industry Trends
The textile industry is seeing a shift toward integrated players who can control quality from yarn to finished garments. There is a trend of redirecting export capacity to the domestic Indian market due to global slowdowns, increasing local competition.
Competitive Landscape
Faces intense competition from China and Bangladesh in the garment segment. Domestic competition is also rising as international brands enter India and exporters pivot to the domestic market.
Competitive Moat
The moat is derived from its strong parentage (LNJ Bhilwara Group) and its long-standing (20+ years) relationships with global apparel agents. Sustainability is challenged by high leverage (4.16x gearing) and intense competition from low-cost countries.
Macro Economic Sensitivity
Highly sensitive to global demand for apparel and fluctuations in international cotton prices. Sluggish overseas markets were a primary reason for the garment segment's consistent losses.
Consumer Behavior
Demand is driven by global apparel consumption trends; recent sluggishness in Western markets has directly led to underutilization and losses in the garment division.
Geopolitical Risks
Political instability in Bangladesh is a major risk, impacting nearly 10% of TOI. However, management expects some export business to shift to India if unrest continues, potentially benefiting the company in the long term.
Regulatory & Governance
Industry Regulations
Operations are subject to textile manufacturing standards and export-import regulations. The company must adhere to SEBI Listing Obligations (LODR) for financial reporting and independent director appointments.
Environmental Compliance
The investment in a INR 25 Cr biomass plant indicates a strategic move toward sustainable energy and compliance with evolving environmental standards for manufacturing.
Legal Contingencies
The company continues to service debt under Corporate Debt Restructuring (CDR) terms approved in 2009. No specific pending court cases or values were disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timeline for a demand recovery in the garment segment and the stabilization of the political situation in Bangladesh, which could impact 10% of revenue.
Geographic Concentration Risk
45% of revenue is concentrated in export markets, making the company vulnerable to global trade barriers and geopolitical shifts in Southeast Asia and Europe.
Third Party Dependencies
Dependency on global apparel brands for garment orders is high; the loss of key marketing tie-ups would significantly impact the 100 lac piece garment capacity.
Technology Obsolescence Risk
The company is addressing technology risks by investing in a Melange plant and a biomass plant to maintain manufacturing competitiveness.
Credit & Counterparty Risk
Receivables are managed with a 42-day collection period; export payments are often received in advance or on a days-at-sight basis, mitigating counterparty risk.
