MHLXMIRU - Mahalaxmi Rubtec
📢 Recent Corporate Announcements
Mahalaxmi Rubtech Limited has initiated a postal ballot process to seek shareholder approval for the re-appointment and regularization of independent directors. The primary resolution involves re-appointing Mr. Balveermal Kewalmal Singhvi for a five-year term starting April 1, 2026, and approving his continuation beyond the age of 75. Additionally, the company seeks to regularize Mrs. Renukaben Patel as an Independent Director for a one-year tenure. The e-voting period is scheduled from April 21, 2026, to May 20, 2026.
- Re-appointment of Mr. Balveermal Kewalmal Singhvi as Independent Director for a 5-year term until March 31, 2031.
- Special resolution proposed for Mr. Singhvi to continue directorship beyond the age of 75 years.
- Regularisation of Mrs. Renukaben Patel as an Independent Director for a 1-year term effective April 1, 2026.
- Remote e-voting period commences on April 21, 2026, and concludes on May 20, 2026.
- The cut-off date for determining shareholder eligibility to vote is April 17, 2026.
Mahalaxmi Rubtech Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended March 31, 2026. The certificate, issued by Registrar MUFG Intime India Private Limited, confirms that all share dematerialization requests were processed within the prescribed timelines. It also verifies that physical certificates were mutilated and cancelled after verification, with depository names updated in the register of members. This is a standard procedural filing ensuring the integrity of the company's shareholding records.
- Compliance certificate issued for the 4th quarter ended March 31, 2026.
- Registrar MUFG Intime India Private Limited (formerly Link Intime) confirmed processing of demat requests.
- Physical security certificates were mutilated and cancelled after due verification.
- Register of members updated with depository names within mandated timelines.
Mahalaxmi Rubtech Limited has announced key changes to its Board of Directors effective April 1, 2026. Mrs. Renukaben Patel, a professional with 8 years of experience in corporate law and compliance, has been appointed as an Independent Director for a one-year term. Additionally, Mr. Balveermal Kewalmal Singhvi, who brings 40 years of banking and auditing expertise, has been re-appointed for a second five-year term. The company also reconstituted its Audit, Nomination and Remuneration, and CSR committees to include the new appointee, replacing Mrs. Sangita Shingi.
- Appointment of Mrs. Renukaben Patel as Independent Director for a 1-year term starting April 1, 2026.
- Re-appointment of Mr. Balveermal Kewalmal Singhvi for a second 5-year term as Independent Director.
- Mrs. Renukaben Patel appointed as Chairman of the Nomination and Remuneration Committee.
- Reconstitution of Audit and CSR committees to include the new Independent Director in place of Mrs. Sangita Shingi.
- New appointees bring combined expertise of 48 years in corporate law, banking, and auditing.
Mahalaxmi Rubtech Limited has announced the cessation of Mrs. Sangita Shingi as a Non-Executive Independent Director effective March 31, 2026. This change occurs as she has completed two consecutive terms of five years each, reaching the statutory maximum tenure for independent directors. The transition is a routine regulatory requirement under SEBI guidelines and does not indicate any internal governance issues. The company will likely seek a replacement to maintain its board composition in accordance with listing regulations.
- Mrs. Sangita Shingi (DIN: 06999605) ceases to be an Independent Director effective March 31, 2026.
- The cessation follows the completion of two consecutive 5-year terms (10 years total).
- The announcement is in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- No other material changes or resignations were reported in the filing.
Mahalaxmi Rubtech Limited has announced the closure of its trading window for designated persons starting April 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results will be communicated separately.
- Trading window closure begins on Wednesday, April 1, 2026.
- Restriction applies to all designated persons and their immediate relatives.
- Closure is for the purpose of finalizing Q4 and FY 2025-26 financial results.
- Trading window will reopen 48 hours after the financial results are declared.
Mahalaxmi Rubtech Limited (MHLXMIRU) has addressed NSE's queries regarding its Q3 FY26 financial results, clarifying that segment reporting was omitted due to a clerical error as the company operates in a single segment. The company also resolved the missing UDIN issue in the auditor's report, attributing it to technical portal issues. Financially, the company reported a steady performance with Q3 revenue growing to ₹27.39 crore from ₹25.02 crore YoY. Net profit for the quarter increased by 11.5% to ₹6.04 crore, while nine-month profits showed a significant 34.4% growth reaching ₹16.36 crore.
- Revenue from operations for Q3 FY26 stood at ₹2,739.37 Lakhs, up from ₹2,502.29 Lakhs in Q3 FY25.
- Net Profit for the quarter ended Dec 31, 2025, rose to ₹604.13 Lakhs compared to ₹541.54 Lakhs in the previous year.
- Nine-month profit (Apr-Dec 2025) surged 34.4% to ₹1,635.61 Lakhs from ₹1,216.51 Lakhs YoY.
- Basic and Diluted EPS improved to ₹5.69 for the quarter from ₹5.10 in the corresponding period last year.
- Company confirmed it operates in a single reportable segment, resolving the exchange's compliance query.
Mahalaxmi Rubtech reported a steady performance for Q3 FY26, with net profit increasing to ₹6.04 crore from ₹5.42 crore in the same quarter last year. While revenue from operations grew 9.5% year-on-year to ₹27.39 crore, it saw a sequential decline from ₹29.96 crore in Q2 FY26. Operational efficiency improved as Profit Before Tax (PBT) rose both YoY and QoQ, reaching ₹8.17 crore. For the nine-month period ended December 2025, the company showed strong growth with a 34.4% increase in net profit to ₹16.36 crore.
- Net Profit for Q3 FY26 grew 11.6% YoY to ₹604.13 Lakhs compared to ₹541.54 Lakhs in Q3 FY25.
- Revenue from operations for the quarter stood at ₹2739.36 Lakhs, up 9.5% from ₹2502.25 Lakhs in the previous year.
- Nine-month (9M FY26) Net Profit surged 34.4% to ₹1635.61 Lakhs against ₹1216.51 Lakhs in 9M FY25.
- Earnings Per Share (EPS) improved to ₹5.69 for the quarter, up from ₹5.10 in the corresponding quarter last year.
- Finance costs significantly decreased to ₹13.03 Lakhs in Q3 FY26 from ₹24.84 Lakhs in Q3 FY25, indicating improved debt management.
Mahalaxmi Rubtech Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025. The certificate, issued by MUFG Intime India Private Limited, confirms that share certificates received for dematerialization were processed within prescribed timelines. It verifies that the securities are listed on the relevant stock exchanges and the register of members has been updated accordingly. This is a standard regulatory filing ensuring the integrity of the company's shareholding records.
- Compliance certificate submitted for the third quarter ended December 31, 2025.
- Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
- Verification that dematerialized securities are listed on BSE and NSE where earlier securities were listed.
- Confirmation of mutilation and cancellation of physical share certificates after due verification by depository participants.
Mahalaxmi Rubtech Limited has informed the exchanges that its trading window will be closed starting January 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is in anticipation of the declaration of financial results for the quarter ending December 31, 2025. The window will remain shut for all designated persons and their immediate relatives until 48 hours after the results are announced. The specific date for the board meeting to approve these results will be communicated separately.
- Trading window closure effective from Thursday, January 01, 2026
- Closure pertains to the financial results for the quarter ended December 31, 2025
- Window to re-open 48 hours after the official declaration of quarterly results
- Applies to all Designated Persons and their immediate relatives under SEBI regulations
Mahalaxmi Rubtech Limited has appointed Mr. Kaluram Birdaram Gurjar as its Chief Financial Officer (CFO) and Key Managerial Personnel, effective December 26, 2025. Mr. Gurjar is a highly qualified professional with over 20 years of experience in finance, accounting, auditing, and taxation. His background includes roles in corporate restructuring and project financing, which could benefit the company's financial strategy. The appointment was approved by the Board of Directors following the recommendation of the Nomination and Remuneration Committee.
- Appointment of Mr. Kaluram Birdaram Gurjar as CFO and KMP effective December 26, 2025
- The new CFO brings over 20 years of experience in finance, auditing, and taxation
- Qualifications include Fellow Member of ICAI, Associate Member of ICMAI, and DISA certification
- Expertise spans corporate restructuring, project financing, and Ind AS compliance
Financial Performance
Revenue Growth by Segment
Total income grew 20.68% YoY to INR 94.82 Cr in FY25 from INR 78.57 Cr. H1 FY26 revenue reached INR 55.02 Cr, a 24.4% increase over H1 FY25. Growth is primarily driven by the Technical Textiles and Rubber Division, while the Processing Division saw revenue of INR 56.64 Cr in FY21 and INR 51.19 Cr in 9MFY22.
Geographic Revenue Split
Exports contributed approximately 18% of total sales as of 9MFY22, up from 16% in FY21. The company is actively targeting global markets for its textile products to drive margin expansion.
Profitability Margins
Net Profit Ratio improved to 18.21% in FY25 from 14.35% in FY24, a 26.91% increase. Operating Profit Margin rose to 24.85% in FY25 from 21.05% in FY24. Profit After Tax for FY25 stood at INR 16.78 Cr compared to INR 11.27 Cr in the prior year.
EBITDA Margin
Operating Profit Margin was 24.85% in FY25, a YoY improvement of 3.80%. PBILDT margins have historically fluctuated, dropping to 9.21% in FY22 due to high input costs before recovering through the technical textiles segment.
Capital Expenditure
In FY25, the company invested INR 6.54 Cr in the purchase of Property, Plant, and Equipment (PPE) and intangible assets, compared to INR 2.90 Cr in FY24, representing a 125% increase in annual capex spend.
Credit Rating & Borrowing
Current credit rating is 'CARE BBB; Stable / CARE A3+' (revised from BBB+/A2). Finance costs for H1 FY26 were INR 0.33 Cr, down from INR 0.54 Cr in H1 FY25, reflecting a 38.8% reduction in interest outgo.
Operational Drivers
Raw Materials
Key raw materials include Polyester, Cotton, and Blended Fabrics for the textile division, along with Coal and Chemicals for the processing plant. Coal and chemicals represent a significant portion of processing costs.
Capacity Expansion
The company is undergoing a scheme of arrangement (approved March 2024) to demerge its business divisions into separate entities (Mahalaxmi Fabric Mills and Globale Tessile), which will likely reduce the standalone scale of MRT's operations.
Raw Material Costs
Cost of materials consumed in H1 FY26 was INR 24.47 Cr, representing 44.5% of operational revenue. This is an increase from INR 21.14 Cr in H1 FY25.
Manufacturing Efficiency
Return on Net Worth improved to 24.37% in FY25 from 21.08% in FY24, indicating higher capital efficiency. The company focuses on infrastructure upgradation to maintain competitiveness.
Strategic Growth
Expected Growth Rate
24%
Growth Strategy
Growth is targeted through the Technical Textiles and Rubber Division, focusing on high-margin products. The company is implementing a demerger to streamline operations and is upgrading infrastructure to meet 'fast fashion' and 'circular economy' demands while maintaining a healthy order book.
Products & Services
Printing blankets (Rubber Division), processed fabrics (Polyester, Cotton, and Blended), and technical textiles.
Brand Portfolio
Mahalaxmi RubTech, Mahalaxmi Fabric Mills, Globale Tessile.
New Products/Services
Focusing on advanced Technical Textiles and sustainable business processes to add value for stakeholders; specific new product revenue contributions are not quantified.
Market Expansion
Targeting global markets for textile products, with a focus on increasing the export contribution beyond the current 18%.
Strategic Alliances
Scheme of arrangement involves demerging divisions into Mahalaxmi Fabric Mills Private Limited and Globale Tessile Private Limited.
External Factors
Industry Trends
The industry is shifting toward advanced technical textiles and circular economy segments. MRT is positioning itself to capitalize on these through infrastructure upgrades, though slow adoption of recycling tech remains a sector-wide gap.
Competitive Landscape
Operates in a highly competitive and cyclical textile industry with significant pressure from both domestic and global players.
Competitive Moat
The company's moat is built on its specialized manufacturing capabilities in the Technical Textiles and Rubber Division (Printing Blankets), which are less commoditized than standard weaving.
Macro Economic Sensitivity
Highly sensitive to global inflation and currency volatility, which affects export earnings and requires robust financial hedging strategies.
Consumer Behavior
Increasing demand for 'fast fashion' and sustainable/recycled textile products is driving the need for technological advancement.
Geopolitical Risks
Conflicts in Europe and the Middle East are identified as key risks that subdue demand in export markets and increase logistics costs.
Regulatory & Governance
Industry Regulations
Compliance with Indian Accounting Standards (IND AS) and SEBI (LODR) Regulations. Operations are subject to environmental and pollution control standards for textile processing.
Environmental Compliance
The company faces regulatory risks associated with stringent pollution control norms for its textile processing business, requiring sustained investment in compliance infrastructure.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 23.5% (INR 5.15 Cr tax on INR 21.93 Cr PBT).
Risk Analysis
Key Uncertainties
Volatility in raw material prices (coal/chemicals) and foreign exchange rates could impact margins by 3-5%. Geopolitical instability poses a risk to export volumes.
Geographic Concentration Risk
Approximately 82% of revenue is domestic, with 18% from exports. Manufacturing is concentrated in Gujarat (Sanand and Ahmedabad).
Third Party Dependencies
Dependency on promoters for unsecured loans was noted during the 2022 share buy-back to maintain liquidity.
Technology Obsolescence Risk
Slow adoption of advanced recycling and fast-fashion technologies is a noted weakness that could hinder long-term competitiveness.
Credit & Counterparty Risk
Trade receivables stood at INR 19.06 Cr as of Sept 2025. The company monitors receivables quality, with bad debts written off amounting to INR 0.10 Cr in FY25.