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MCL - Madhav Copper

📊 NSE: MCL 🏢 Mining / Minerals / Metals 📅 Last Updated: 12/14/2025 9:24

📢 Recent Corporate Announcements

Madhav Copper Rectifies Financial Reporting Errors; Q2 FY26 Net Loss at ₹20.38 Lakhs

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 06 Mar 2026, 05:58 PM

Madhav Copper Limited (MCL) has issued a clarification to the National Stock Exchange regarding errors in its previously submitted financial results for the quarter ended September 30, 2025. The company admitted to providing incorrect comparative period data in the Balance Sheet and discrepancies in XBRL filings, which have now been rectified. Financially, the company reported a net loss of ₹20.38 lakhs for Q2 FY26, a sharp decline from a profit of ₹26.67 crore in the same quarter last year, despite revenue doubling to ₹51.14 crore. This loss is primarily attributed to high tax expenses and significant margin compression.

Company admitted to 'inadvertent errors' in comparative Balance Sheet data and XBRL submissions for Q2 FY26.
Revenue from operations grew 98.7% YoY to ₹51.14 crore in Q2 FY26 compared to ₹25.73 crore in Q2 FY25.
Reported a Net Loss of ₹20.38 lakhs for the quarter ended Sept 2025, down from a profit of ₹26.67 crore in Sept 2024.
Total expenditure for the quarter rose to ₹50.37 crore, nearly exhausting the total income of ₹51.48 crore.
H1 FY26 Net Profit declined to ₹83.88 lakhs from ₹2.06 crore in the previous year's corresponding period.

💡 The reporting errors and the sudden swing to a quarterly loss are red flags regarding internal controls and operational efficiency. Investors should exercise caution and wait for margin stabilization and improved financial oversight before making further commitments.

Madhav Copper Limited Board Approves Proposal for Change of Company Name

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 16 Feb 2026, 01:55 PM

The Board of Directors of Madhav Copper Limited (MCL) approved a proposal to change the company's name during their meeting on February 13, 2026. The company is currently seeking name availability from the Ministry of Corporate Affairs (MCA) before proceeding with further regulatory filings. This administrative move will be followed by updates to the stock exchange once the new name is finalized. Investors should watch for any strategic shifts that might accompany this rebranding.

Board of Directors approved the name change proposal in a meeting held on February 13, 2026.
The company is currently awaiting name availability confirmation from the Ministry of Corporate Affairs.
Further intimations will be made to statutory and regulatory authorities once the name is finalized.

💡 Monitor for the announcement of the new name to see if it indicates a strategic shift in the company's business model. No immediate portfolio changes are necessary based on this administrative update.

Madhav Copper Receives GST Assessment Order Under Section 74

🔵 WATCH ⭐ 6/10

REGULATORY 📅 19 Jan 2026, 01:41 PM

Madhav Copper Limited has received a formal Assessment Order in Form GST DRC-07 from the SGST department under Section 74 of the CGST Act, 2017. This follows a previous intimation issued on June 28, 2025, and a subsequent reply filed by the company on August 13, 2025. While the specific tax demand amount was not disclosed in the filing, the company is currently evaluating the legal implications. Management has stated they do not expect any immediate material impact on the company's financials or operations.

Received Assessment Order in Form GST DRC-07 under Section 74 of the CGST Act, 2017.
The order follows an initial intimation (DRC 01A) received from the SGST department on June 28, 2025.
Company had previously submitted a written reply and clarifications on August 13, 2025.
Management claims no immediate material impact on operations or financial health is expected.

💡 Investors should monitor for future disclosures regarding the specific tax and penalty amounts involved in the order. Since Section 74 involves allegations of willful misstatement or suppression, any significant demand could impact future cash flows.

Madhav Copper Receives GST Assessment Order Under Section 74

🔵 WATCH ⭐ 6/10

REGULATORY 📅 19 Jan 2026, 01:39 PM

Madhav Copper Limited has received a formal Assessment Order in Form GST DRC-07 from the SGST department under Section 74 of the CGST Act, 2017. This follows a previous intimation order issued on June 28, 2025, to which the company had responded with clarifications on August 13, 2025. The company is currently evaluating the order and has stated that it does not expect any immediate material impact on its financial performance or operations. Investors should note that Section 74 typically relates to tax shortfalls involving fraud or willful misstatement, though the company maintains a cooperative stance.

Receipt of Assessment Order in Form GST DRC-07 under Section 74 of the CGST Act, 2017
Follow-up to the initial GST intimation order (DRC 01A) issued on June 28, 2025
Company submitted a formal reply with supporting documents on August 13, 2025
Management currently expects no immediate material impact on financials or operations

💡 Investors should monitor for subsequent disclosures regarding the specific tax demand amount and the company's decision to either pay or appeal the order in higher forums.

Madhav Copper Receives GST Assessment Order Under Section 74

🔵 WATCH ⭐ 6/10

REGULATORY 📅 19 Jan 2026, 01:37 PM

Madhav Copper Limited has received an Assessment Order in Form GST DRC-07 from the SGST department under Section 74 of the CGST Act, 2017. This follows a previous intimation order issued in June 2025, to which the company had responded in August 2025. While the company is currently evaluating the specific details of the order, management has stated that they do not expect any immediate material impact on the company's financials or operations. The disclosure marks a progression in a tax-related regulatory matter that has been ongoing since mid-2025.

Received Assessment Order in Form GST DRC-07 under Section 74 of the CGST Act, 2017
Follow-up to the initial SGST department intimation (DRC 01A) dated June 28, 2025
Company submitted formal reply and documentation on August 13, 2025
Management expects no immediate material impact on financials or operations

💡 Investors should monitor for subsequent disclosures regarding the specific tax demand amount and whether the company decides to appeal the order. While the company claims no immediate impact, the final liability amount will determine the long-term effect on the balance sheet.

Madhav Copper Limited Submits SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jan 2026, 03:39 PM

Madhav Copper Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report, issued by Bigshare Services Private Limited, covers the period from October 1, 2025, to December 31, 2025. It confirms that the company received zero dematerialization requests for its equity shares during this three-month window. This filing is a standard administrative requirement for listed companies to maintain transparency in shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Bigshare Services Private Limited served as the Registrar and Share Transfer Agent (RTA).
Confirmed that no dematerialization requests were received between October 1, 2025, and December 31, 2025.
The filing adheres to the guidelines set by NSDL and CDSL circulars dated January 25, 2019.

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming financial results.

Madhav Copper Promoter Vishal Talsibhai Monpara Sells Equity Shares in Open Market

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 29 Dec 2025, 12:03 PM

Madhav Copper Limited has informed the stock exchange that promoter Vishal Talsibhai Monpara has sold equity shares of the company in the open market. The disclosure was made on December 29, 2025, under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Insider Trading regulations. While the specific volume of shares was not detailed in the cover letter, open market sales by promoters typically signal a reduction in their stake. Investors should monitor the updated shareholding pattern to assess the impact on management's skin in the game.

Promoter Vishal Talsibhai Monpara sold equity shares of Madhav Copper Limited via the open market.
Disclosure filed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Compliance also noted under Regulation 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations, 2015.
The official notification was submitted to the National Stock Exchange on December 29, 2025.

💡 Investors should exercise caution as open market sales by promoters can be perceived as a lack of confidence or a need for liquidity. It is advisable to wait for the full shareholding disclosure to see the total percentage of equity divested.

Madhav Copper Promoter Vishal Monpara Sells Equity Shares via Open Market

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 29 Dec 2025, 12:00 PM

Madhav Copper Limited (MCL) has reported a stake sale by its promoter, Mr. Vishal Talsibhai Monpara, through the open market. The disclosure was made in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. While the specific number of shares sold was not quantified in the cover letter, the move indicates a reduction in promoter skin in the game. Investors should monitor the company's upcoming shareholding patterns to determine the total percentage of the promoter's remaining stake.

Promoter Mr. Vishal Talsibhai Monpara sold equity shares of Madhav Copper Limited in the open market.
The disclosure was filed under Regulation 29(2) of SEBI (SAST) Regulations, 2011.
The official notification was submitted to the National Stock Exchange on December 29, 2025.
Open market sales by promoters are generally viewed with caution by the market as they can signal a lack of confidence or liquidity needs.

💡 Investors should verify the exact volume of shares sold once the full disclosure details are processed to assess the impact on overall promoter control. It is advisable to wait for price stabilization before making new entries.

Madhav Copper Promoter Vishal Talsibhai Monpara Sells Equity Shares

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 26 Dec 2025, 12:17 PM

Madhav Copper Limited (MCL) has reported a sale of equity shares by one of its promoters, Mr. Vishal Talsibhai Monpara. The disclosure was made on December 26, 2025, in compliance with Regulation 7(2)(b) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. While the specific volume and value of the transaction were not detailed in the cover letter, the filing of Form C indicates a significant insider transaction. Investors typically view promoter selling with caution as it may reflect a change in the promoter's long-term outlook or personal liquidity needs.

Promoter Mr. Vishal Talsibhai Monpara offloaded equity shares of Madhav Copper Limited.
The disclosure was filed under Regulation 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations.
The notification was officially submitted to the National Stock Exchange on December 26, 2025.
The transaction details were provided in Form C as per statutory requirements.

💡 Investors should review the specific quantity of shares sold in the detailed Form C to determine if the promoter's stake has reduced significantly. Monitor for any further selling patterns by other promoters which could signal a lack of confidence in the company's near-term growth.

Madhav Copper Promoter Vishal Talsibhai Monpara Sells Equity Shares

🔵 WATCH ⭐ 6/10

OTHER 📅 26 Dec 2025, 12:14 PM

Madhav Copper Limited has informed the exchange about a sale of equity shares by one of its promoters, Mr. Vishal Talsibhai Monpara. The disclosure was filed under Regulation 7(2)(b) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The company received the formal Form C disclosure from the promoter on December 26, 2025. Investors should note that while the specific quantity was not mentioned in the cover letter, promoter selling often requires close monitoring of the remaining stake.

Promoter Mr. Vishal Talsibhai Monpara sold equity shares of Madhav Copper Limited.
The transaction was disclosed under SEBI (Prohibition of Insider Trading) Regulations.
Official notification was submitted to the National Stock Exchange on December 26, 2025.
The company secretary, Sneha Langaliya, confirmed the receipt of Form C from the promoter.

💡 Investors should check the detailed Form C filing on the exchange website to determine the exact volume of shares sold and the promoter's remaining percentage. Significant promoter selling can sometimes be a negative signal, though it may also be for personal liquidity needs.

Madhav Copper Promoter Vishal Talsibhai Monpara Sells Equity Shares in Open Market

🔵 WATCH ⭐ 6/10

REGULATORY 📅 25 Dec 2025, 12:56 PM

Madhav Copper Limited has informed the exchange about a sale of equity shares by its promoter, Mr. Vishal Talsibhai Monpara. The transaction was executed in the open market and disclosed under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. While the specific volume of shares sold was not detailed in the cover letter, such filings are mandatory when promoter holdings change significantly. Investors should monitor the total reduction in promoter stake to gauge long-term commitment.

Promoter Mr. Vishal Talsibhai Monpara sold equity shares via open market transactions.
Disclosure filed pursuant to Regulation 29(2) of SEBI (SAST) Regulations, 2011.
Notification also covers Regulation 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations, 2015.
The official announcement was recorded by the National Stock Exchange on December 25, 2025.

💡 Investors should review the detailed disclosure to identify the exact percentage of equity sold and the remaining promoter holding. Significant selling by promoters in the open market can sometimes signal a cautious outlook or a need for personal liquidity.

Madhav Copper Promoter Vishal Talsibhai Monpara Sells Equity Shares in Open Market

🔵 WATCH ⭐ 6/10

REGULATORY 📅 25 Dec 2025, 12:21 PM

Madhav Copper Limited has disclosed a sale of equity shares by its promoter, Mr. Vishal Talsibhai Monpara. The transaction was executed in the open market and reported under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulatory filing serves as a mandatory disclosure of changes in promoter shareholding. Investors should monitor the total volume sold to understand the impact on the promoter's long-term commitment to the company.

Promoter Mr. Vishal Talsibhai Monpara sold equity shares through open market transactions.
Disclosure filed pursuant to Regulation 29(2) of SEBI (SAST) Regulations, 2011.
The official notification was submitted to the National Stock Exchange on December 25, 2025.
The filing follows additional compliance under SEBI (Prohibition of Insider Trading) Regulations.

💡 Investors should review the detailed disclosure to determine the exact percentage of equity sold and the remaining promoter stake. A consistent reduction in promoter holding can be a red flag, whereas minor sales for personal liquidity are usually neutral.

Madhav Copper Promoter Vishal Talsibhai Monpara Sells Shares via Open Market

🔴 NEGATIVE ⭐ 6/10

OTHER 📅 25 Dec 2025, 12:16 PM

Madhav Copper Limited (MCL) has disclosed a sale of equity shares by its promoter, Mr. Vishal Talsibhai Monpara, in the open market. The transaction was reported under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. While the specific quantity of shares sold was not detailed in the cover letter, this move indicates a reduction in the promoter's stake. Investors typically view open market sales by promoters with caution as it may impact market sentiment.

Promoter Vishal Talsibhai Monpara sold equity shares of Madhav Copper Limited.
The transaction was executed through the open market.
Disclosure filed under Regulation 29(2) of SEBI (SAST) Regulations, 2011.
The official notification was submitted to the National Stock Exchange on December 25, 2025.

💡 Investors should verify the exact percentage of the stake sold from the detailed SEBI filing to assess the impact on management control. Maintain a cautious stance as promoter selling in the open market can lead to downward pressure on the stock price.

Madhav Copper: Promoter Vishal Monpara Sells Equity Shares in Open Market

🔴 NEGATIVE ⭐ 6/10

OTHER 📅 25 Dec 2025, 12:11 PM

Madhav Copper Limited (MCL) has informed the exchange that promoter Mr. Vishal Talsibhai Monpara has sold equity shares of the company in the open market. The disclosure was made pursuant to Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. While the specific number of shares and the transaction price were not detailed in the cover letter, the move indicates a reduction in promoter holding. Investors should monitor the total percentage of equity offloaded to gauge the impact on the company's ownership structure.

Promoter Vishal Talsibhai Monpara sold equity shares of Madhav Copper Limited.
The transaction was executed through the open market.
Disclosure filed under Regulation 29(2) of SEBI (SAST) Regulations, 2011.
The official notification was dated December 25, 2025.

💡 Investors should verify the exact volume of shares sold through the detailed SEBI disclosure to assess the scale of the promoter's exit. Continuous promoter selling can be a cautionary signal and may lead to short-term price volatility.

Madhav Copper Promoter Rajesh Odhavjibhai Patel Sells Equity Shares in Open Market

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 24 Dec 2025, 02:09 PM

Madhav Copper Limited has informed the stock exchange regarding the sale of equity shares by its promoter, Mr. Rajesh Odhavjibhai Patel. The transaction was conducted in the open market and disclosed under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Prohibition of Insider Trading) Regulations, 2015. This filing indicates a reduction in the promoter's stake in the company. Investors should monitor the specific volume of shares sold to assess the impact on the company's ownership structure.

Promoter Rajesh Odhavjibhai Patel sold equity shares of Madhav Copper Limited in the open market.
The disclosure was made pursuant to Regulation 29(2) of SEBI (SAST) Regulations, 2011.
The company also cited compliance with Regulation 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations, 2015.
The official notification was submitted to the National Stock Exchange on December 24, 2025.

💡 Investors should review the detailed shareholding pattern to determine the exact percentage of the stake sold and whether other promoters are also offloading shares. Promoter selling in the open market often warrants a cautious approach until the rationale is clarified.

View All MCL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue reached INR 124.59 Cr in FY25, representing a 250.9% increase from INR 35.50 Cr in FY24. Historical growth for the manufacturing and trading of enameled and submersible wires showed a CAGR of 72.66% leading up to FY19.

Geographic Revenue Split

The company has a strong presence in Gujarat, India, but has significantly expanded its international footprint. Export revenues increased by 174.31x in FY25, targeting high-demand markets in the Middle East, Europe, and Southeast Asia.

Profitability Margins

Net Profit Margin (NPM) was 3.76% in FY25 compared to 3.46% in FY24. For Q1FY26, NPM stood at 2.26%. Operating Profit Margin (OPM) improved from -3.49% in FY24 to 4.95% in FY25, though it slightly moderated to 4.36% in Q1FY26.

EBITDA Margin

EBITDA margin for FY19 was 4.25% (INR 9.06 Cr on INR 212.98 Cr revenue). Recent reports indicate EBITDA margin expansion driven by higher value addition and tighter cost control, though specific FY25 EBITDA percentage is not explicitly stated.

Capital Expenditure

The company allocated INR 6.48 Cr for the purchase of Plant & Machinery from its 2020 FPO proceeds. Recent strategic initiatives include expanding rolling mill and extrusion line capacities and upgrading furnace and casting technology.

Credit Rating & Borrowing

The company is currently rated 'CRISIL B-/Stable Issuer Not Cooperating' as of 2024 due to lack of information adequacy. Previously, it held a 'BB+/Stable' rating. Finance costs for FY19 were INR 1.26 Cr, representing approximately 0.59% of total revenue.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include Copper Concentrate and Copper Scrap. Copper material consumption accounted for INR 176.31 Cr in FY19, representing 82.7% of total revenue.

Import Sources

The company has a high dependence on imported copper concentrate, while also sourcing copper scrap domestically to promote circular usage and reduce import reliance.

Key Suppliers

Specific supplier names are not disclosed, but the company utilizes a mix of international copper concentrate providers and domestic scrap vendors.

Capacity Expansion

The manufacturing facility in Bhavnagar, Gujarat, covers 49,979 sq. Mts. Planned expansions include dedicated facilities for high-grade copper foils and rods to meet rising demand in the EV and renewable energy sectors.

Raw Material Costs

Raw material costs are highly sensitive to global copper price realizations. In FY19, cost of materials consumed was INR 176.31 Cr, a 22.9% increase YoY from INR 143.45 Cr in FY18.

Manufacturing Efficiency

Efficiency is driven by ISO 9001:2015, 14001:2015, and 45001:2018 certifications. The company is upgrading furnace technology to improve yield and reduce waste.

Logistics & Distribution

Distribution costs are being optimized through enhanced logistics networks to ensure faster delivery to export markets in the Middle East and Africa.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth will be achieved through a 5% projected industry CAGR in copper demand, expansion of rolling mill and extrusion capacities, and aggressive penetration into export markets in Southeast Asia and Europe. The company is also focusing on high-value products like copper foils for the electric vehicle (EV) sector.

Products & Services

Enameled copper wires, submersible copper wires, high-grade copper foils, and copper rods.

Brand Portfolio

Madhav Copper, Madhav Group.

New Products/Services

New product induction includes high-grade copper foils and rods, targeting the renewable energy and EV sectors for higher value addition.

Market Expansion

Targeting expansion in the Middle East, Africa, and Southeast Asia to capitalize on rising infrastructure development.

Market Share & Ranking

The company is a significant player in the Gujarat copper wire market and is listed on the NSE EMERGE platform.

Strategic Alliances

The company is part of the Madhav Group, leveraging group-level synergies for procurement and market reach.

🌍 External Factors

Industry Trends

The copper industry is evolving toward supporting the global energy transition (EVs, renewables), with demand expected to grow at a 5% CAGR over the next decade despite potential supply deficits.

Competitive Landscape

Competes with both large-scale copper producers and specialized wire manufacturers in the domestic Gujarat market and international export hubs.

Competitive Moat

Moat is built on backward integration, a large 49,979 sq. Mts manufacturing base, and specialized ISO certifications which are sustainable due to high entry barriers in copper smelting and processing.

Macro Economic Sensitivity

Highly sensitive to global copper prices and industrial production growth, particularly in the power and infrastructure sectors.

Consumer Behavior

Shift toward sustainable and energy-efficient electrical components is driving demand for high-quality enameled wires.

Geopolitical Risks

Geopolitical tensions affecting trade routes to the Middle East and Europe could impact the company's 174x export growth trajectory.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental and regulatory compliance regarding copper smelting and effluent discharge; the company conducts regular compliance audits.

Environmental Compliance

The company maintains ISO 14001:2015 certification and is investing in copper recycling and scrap processing to reduce its carbon footprint.

Taxation Policy Impact

Tax expense for FY19 was INR 1.82 Cr on a PBT of INR 6.04 Cr, reflecting an effective tax rate of approximately 30.1%.

⚠️ Risk Analysis

Key Uncertainties

The 'Issuer Not Cooperating' status by CRISIL (2024) represents a significant uncertainty regarding current credit quality and financial transparency.