Madhav Copper Limited (MCL)
₹53.55 -1.03% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Madhav Copper's revenue was ₹80.3 Cr (+73.7% year on year, -4.5% on the previous quarter), and net profit ₹1.0 Cr (+0.3% year on year); the operating margin was 3.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹80.3 | +73.7% | -4.5% |
| Operating profit | ₹2.9 | +44.0% | -32.6% |
| Net profit | ₹1.0 | +0.3% | -64.1% |
| EPS (₹) | 0.39 | +2.6% | -63.6% |
| Operating margin | 3.6% | — | — |
MCL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.74% of the MCL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.11%. That is close to its usual level. Turnover was only ₹17 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 35.2% · 60.7% · 55.6% · 33.0% · 63.7%
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
M Tek Copper Limited has submitted a disclosure under Regulation 29(2) of SEBI (SAST) Regulations regarding an open market sale of shares by promoter Mr. Divya Arvindbhai Monpara. As of March 2026, aggregate promoter holding stood at 65.21% in the Rs 145 Cr market cap company. The filing serves as the cover letter notifying the exchange, though specific share quantities and transaction values were omitted in the initial extract text.
- Disclosure filed on October 05, 2026 under Regulation 29(2) of SEBI SAST Regulations
- Open market equity share sale undertaken by promoter Divya Arvindbhai Monpara
- Overall promoter stake stood at 65.21% prior to recent filings against a market cap of Rs 145 Cr
M Tek Copper Limited has submitted a disclosure under Regulation 29(2) of SEBI (SAST) Regulations regarding an open market sale of shares by promoter Mr. Divya Arvindbhai Monpara. As of March 2026, aggregate promoter holding stood at 65.21% in the Rs 145 Cr market cap company. The filing serves as the cover letter notifying the exchange, though specific share quantities and transaction values were omitted in the initial extract text.
- Disclosure filed on October 05, 2026 under Regulation 29(2) of SEBI SAST Regulations
- Open market equity share sale undertaken by promoter Divya Arvindbhai Monpara
- Overall promoter stake stood at 65.21% prior to recent filings against a market cap of Rs 145 Cr
M Tek Copper Limited has submitted a disclosure under Regulation 29(2) of SEBI (SAST) Regulations regarding an open market sale of shares by promoter Mr. Divya Arvindbhai Monpara. As of March 2026, aggregate promoter holding stood at 65.21% in the Rs 145 Cr market cap company. The filing serves as the cover letter notifying the exchange, though specific share quantities and transaction values were omitted in the initial extract text.
- Disclosure filed on October 05, 2026 under Regulation 29(2) of SEBI SAST Regulations
- Open market equity share sale undertaken by promoter Divya Arvindbhai Monpara
- Overall promoter stake stood at 65.21% prior to recent filings against a market cap of Rs 145 Cr
M Tek Copper Limited has submitted a disclosure under Regulation 29(2) of SEBI (SAST) Regulations regarding an open market sale of shares by promoter Mr. Divya Arvindbhai Monpara. As of March 2026, aggregate promoter holding stood at 65.21% in the Rs 145 Cr market cap company. The filing serves as the cover letter notifying the exchange, though specific share quantities and transaction values were omitted in the initial extract text.
- Disclosure filed on October 05, 2026 under Regulation 29(2) of SEBI SAST Regulations
- Open market equity share sale undertaken by promoter Divya Arvindbhai Monpara
- Overall promoter stake stood at 65.21% prior to recent filings against a market cap of Rs 145 Cr
M Tek Copper Limited has submitted disclosures under Regulation 29(2) of SEBI SAST Regulations regarding the open market sale of equity shares by promoter Mr. Vishal Talsibhai Monpara. As of March 2026, total promoter holding stood at 65.21% in the company, which has a market capitalization of Rs 148 Cr. The exact volume and transaction value were not detailed in the cover letter. Investors should review the attached SAST forms to verify the exact reduction in the promoter's holding.
- Disclosure submitted on October 01, 2026, under Regulation 29(2) of SEBI SAST Regulations
- Open market sale of equity shares executed by promoter Mr. Vishal Talsibhai Monpara
- Exact number of shares sold and transaction price marked as not disclosed in the cover letter
- Company market cap stands at Rs 148 Cr against latest reported promoter holding of 65.21%
M Tek Copper Limited has submitted disclosures under Regulation 29(2) of SEBI SAST Regulations regarding the open market sale of equity shares by promoter Mr. Vishal Talsibhai Monpara. As of March 2026, total promoter holding stood at 65.21% in the company, which has a market capitalization of Rs 148 Cr. The exact volume and transaction value were not detailed in the cover letter. Investors should review the attached SAST forms to verify the exact reduction in the promoter's holding.
- Disclosure submitted on October 01, 2026, under Regulation 29(2) of SEBI SAST Regulations
- Open market sale of equity shares executed by promoter Mr. Vishal Talsibhai Monpara
- Exact number of shares sold and transaction price marked as not disclosed in the cover letter
- Company market cap stands at Rs 148 Cr against latest reported promoter holding of 65.21%
Promoter Rajesh Odhavjibhai Patel disclosed the open market sale of 1,000 equity shares of M Tek Copper Limited under SEBI (SAST) Regulation 29(2). Following the transaction, his personal shareholding marginally reduced from 13,78,500 shares (4.96%) to 13,77,500 shares (4.956%). The disposal involves a negligible 0.004% stake of the company's total equity base of 2,71,42,800 shares. Overall promoter group control remains largely unchanged around 65.2%.
- Promoter Rajesh Odhavjibhai Patel sold 1,000 shares in the open market
- Shareholding decreased from 13,78,500 shares (4.96%) to 13,77,500 shares (4.956%)
- Disposal size represents ~0.004% of total equity share capital
- Total paid-up share capital stands at Rs 13,57,14,000 divided into 2,71,42,800 shares of Rs 5 each
Promoter Rajesh Odhavjibhai Patel disclosed the open market sale of 1,000 equity shares of M Tek Copper Limited under SEBI (SAST) Regulation 29(2). Following the transaction, his personal shareholding marginally reduced from 13,78,500 shares (4.96%) to 13,77,500 shares (4.956%). The disposal involves a negligible 0.004% stake of the company's total equity base of 2,71,42,800 shares. Overall promoter group control remains largely unchanged around 65.2%.
- Promoter Rajesh Odhavjibhai Patel sold 1,000 shares in the open market
- Shareholding decreased from 13,78,500 shares (4.96%) to 13,77,500 shares (4.956%)
- Disposal size represents ~0.004% of total equity share capital
- Total paid-up share capital stands at Rs 13,57,14,000 divided into 2,71,42,800 shares of Rs 5 each
M Tek Copper Limited has submitted a regulatory disclosure under SEBI SAST Regulation 29(2) regarding an open market sale of equity shares by promoter Divya Arvindbhai Monpara. While the specific number of shares and post-transaction shareholding details were not attached in the initial filing extract, promoter holding stood at 65.21% as of March 2026. M Tek Copper has a market cap of ₹160 Cr and reported TTM revenue of ₹268 Cr. Open market promoter selling requires scrutiny to assess total stake dilution and promoter sentiment.
- Disclosure filed on September 30, 2026, pursuant to SEBI (SAST) Regulation 29(2)
- Pertains to sale of equity shares in the open market by promoter Mr. Divya Arvindbhai Monpara
- Exact number of shares sold and transaction value not disclosed in cover letter
- Company market capitalization stands at approximately ₹160 Cr
M Tek Copper Limited has submitted a regulatory disclosure under SEBI SAST Regulation 29(2) regarding an open market sale of equity shares by promoter Divya Arvindbhai Monpara. While the specific number of shares and post-transaction shareholding details were not attached in the initial filing extract, promoter holding stood at 65.21% as of March 2026. M Tek Copper has a market cap of ₹160 Cr and reported TTM revenue of ₹268 Cr. Open market promoter selling requires scrutiny to assess total stake dilution and promoter sentiment.
- Disclosure filed on September 30, 2026, pursuant to SEBI (SAST) Regulation 29(2)
- Pertains to sale of equity shares in the open market by promoter Mr. Divya Arvindbhai Monpara
- Exact number of shares sold and transaction value not disclosed in cover letter
- Company market capitalization stands at approximately ₹160 Cr
M Tek Copper Limited has submitted a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, informing the exchange of an open market sale of equity shares by promoter Mr. Vishal Talsibhai Monpara. The filing forwards the formal disclosure, though specific share quantities and transaction values are not detailed in the cover letter. As of recent shareholding data, promoters held 65.21% of the company's equity. The market capitalization of the company stands at approximately Rs 160 Cr.
- Disclosure submitted pursuant to Regulation 29(2) of SEBI (SAST) Regulations, 2011
- Open market share sale executed by promoter Mr. Vishal Talsibhai Monpara
- Disclosure dated September 29, 2026, submitted to NSE on September 30, 2026
- Promoter holding stood at 65.21% prior to recent transactions
M Tek Copper Limited has submitted a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, reporting an open market sale of equity shares by promoter Mr. Vishal Talsibhai Monpara. As of March 2026, promoter holding stood at 65.21% in the Rs 157 crore market cap company. Specific transaction quantities and post-transaction shareholding details were omitted in the initial cover letter.
- Disclosure submitted pursuant to Regulation 29(2) of SEBI (SAST) Regulations, 2011 on September 29, 2026
- Open market sale of equity shares carried out by promoter Mr. Vishal Talsibhai Monpara
- Exact number of shares sold and resulting shareholding percentage not disclosed in the filing cover letter
M Tek Copper Limited has submitted a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, reporting an open market sale of equity shares by promoter Mr. Vishal Talsibhai Monpara. As of March 2026, promoter holding stood at 65.21% in the Rs 157 crore market cap company. Specific transaction quantities and post-transaction shareholding details were omitted in the initial cover letter.
- Disclosure submitted pursuant to Regulation 29(2) of SEBI (SAST) Regulations, 2011 on September 29, 2026
- Open market sale of equity shares carried out by promoter Mr. Vishal Talsibhai Monpara
- Exact number of shares sold and resulting shareholding percentage not disclosed in the filing cover letter
Promoter Rajesh Odhavjibhai Patel disclosed the open-market sale of 9,000 equity shares of M Tek Copper Limited on September 25, 2026. This transaction represents 0.03% of the company's total voting capital, reducing his holding from 4.99% (1,387,500 shares) to 4.96% (1,378,500 shares). The total equity capital remains unchanged at Rs 13,57,14,000 divided into 2,71,42,800 shares of Rs 5 face value. Given the negligible size of approximately Rs 5.2 lakh at current prices, the transaction has minimal market impact.
- Promoter Rajesh Odhavjibhai Patel sold 9,000 equity shares via open market on September 25, 2026
- Sale accounts for 0.03% of the total share/voting capital
- Holding reduced from 13,87,500 shares (4.99%) to 13,78,500 shares (4.96%)
- Total voting capital unchanged at Rs 13,57,14,000 consisting of 2,71,42,800 shares
Promoter Rajesh Odhavjibhai Patel disclosed the open-market sale of 9,000 equity shares of M Tek Copper Limited on September 25, 2026. This transaction represents 0.03% of the company's total voting capital, reducing his holding from 4.99% (1,387,500 shares) to 4.96% (1,378,500 shares). The total equity capital remains unchanged at Rs 13,57,14,000 divided into 2,71,42,800 shares of Rs 5 face value. Given the negligible size of approximately Rs 5.2 lakh at current prices, the transaction has minimal market impact.
- Promoter Rajesh Odhavjibhai Patel sold 9,000 equity shares via open market on September 25, 2026
- Sale accounts for 0.03% of the total share/voting capital
- Holding reduced from 13,87,500 shares (4.99%) to 13,78,500 shares (4.96%)
- Total voting capital unchanged at Rs 13,57,14,000 consisting of 2,71,42,800 shares
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
5%
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.
Geographic Concentration Risk
High geographic concentration in Gujarat, India, for manufacturing, though export markets now span the Middle East, Europe, and Southeast Asia.
Third Party Dependencies
High dependency on external suppliers for copper concentrate, which is a critical raw material for production.
Technology Obsolescence Risk
Risk of technology obsolescence in furnace and casting; mitigated by ongoing upgrades to rolling mills and extrusion lines.
Credit & Counterparty Risk
Trade receivables were INR 23.71 Cr in FY19, representing 11.1% of revenue, indicating significant credit exposure to customers.
