Mangalam Worldwide Limited (MWL)
₹39.79 -1.92% last close, 16 Oct
Q2 FY27 results
Mangalam Worldwide Limited reported Q2 FY27 results on 15 Oct 2026: revenue ₹360 Cr (+13.7% year on year, +14.0% on the previous quarter), and net profit ₹13.8 Cr (+25.6% year on year); the operating margin was 11.0%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹360 | +13.7% | +14.0% |
| Operating profit | ₹39.5 | +88.2% | +35.9% |
| Net profit | ₹13.8 | +25.6% | +14.9% |
| EPS (₹) | 0.47 | +32.4% | +17.2% |
| Operating margin | 11.0% | — | — |
EPS restated for the ₹10 to ₹1 split of Jul 2026: Q1 FY27 ₹4.01 to ₹0.40; Q2 FY26 ₹3.55 to ₹0.35.
- Profit -24% below its own trend
- Operating margin expanded 434 bps YoY
- FY26 operating cash flow was only 48% of profit
- H1 FY27 operating cash flow was negative despite a profit
- Borrowings up 63% since Mar 2026
Quality of profit: of pre-tax profit of ₹17.7 Cr, ₹17.1 Cr (96%) came from the core business and the rest from other income and one-off items.
Against its own trend: net profit of ₹13.8 Cr was -24.1% against the ₹18.2 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.
Share price since the results: -1.9% (close before the filing to the latest close).
MWL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 34.57% of the MWL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.04%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 67.7% · 76.3% · 67.3% · 54.0% · 34.6%
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
Mangalam Worldwide Limited (MWL) reported its Q2 FY27 investor presentation, posting a 13.4% YoY rise in consolidated total income to ₹361.06 Cr compared to ₹318.52 Cr in Q2 FY26. Consolidated EBITDA increased 80.7% YoY to ₹40.17 Cr, with margins expanding 415 bps to 11.13%, driven by an improved mix of value-added products. Consolidated PAT grew 30.9% YoY to ₹13.82 Cr with EPS at ₹0.47 (face value ₹1 following a stock split). For H1 FY27, revenue reached ₹677.91 Cr with PAT of ₹25.84 Cr, while operational solar power capacity stood at 11.6 MW.
- Q2 FY27 consolidated total income rose 13.4% YoY to ₹361.06 Cr from ₹318.52 Cr
- Q2 FY27 EBITDA jumped 80.7% YoY to ₹40.17 Cr, lifting EBITDA margin by 415 bps to 11.13%
- Q2 FY27 consolidated PAT reached ₹13.82 Cr, up 30.9% YoY from ₹10.56 Cr
- Export revenue reached an all-time high of ₹63.86 Cr in Q2 FY27 (17.69% of revenue vs 4.91% in Q2 FY26)
- Operational solar capacity reached 11.6 MW after commissioning a 10.4 MW ground-mounted unit
Mangalam Worldwide reported strong Q2 FY27 performance with consolidated revenue increasing 13.4% YoY to ₹361 crore and PAT rising 30.9% YoY to ₹13.82 crore. Operational profitability showed a sharp boost as adjusted EBITDA surged 81% YoY to ₹40.17 crore, lifting EBITDA margins from 6.98% to 11.13%. Growth was significantly propelled by export revenue, which skyrocketed 355% YoY to ₹63.86 crore. Additionally, the company expanded its global footprint by incorporating a wholly owned subsidiary, MWL Europe BV, in Belgium.
- Q2 FY27 PAT grew 30.90% YoY to ₹13.82 crore compared to ₹10.55 crore in Q2 FY26
- Total income rose 13.4% YoY to ₹361 crore from ₹319 crore in Q2 FY26
- Export revenue jumped 355% YoY to ₹63.86 crore from ₹14.04 crore
- Adjusted EBITDA margin expanded by 415 bps YoY to 11.13% (EBITDA at ₹40.17 crore)
- Incorporated a wholly owned subsidiary, MWL Europe BV, in Belgium to strengthen European market reach
Mangalam Worldwide reported standalone revenue from operations of ₹360.40 Cr for Q2 ended September 30, 2026, up 13.6% YoY from ₹317.11 Cr. Profit after tax increased 31.3% YoY to ₹13.83 Cr compared to ₹10.53 Cr in Q2 FY26. For H1 FY27, revenue reached ₹676.62 Cr (vs ₹592.84 Cr) with PAT at ₹25.58 Cr (vs ₹20.64 Cr). However, operating cash flow for H1 FY27 was negative at -₹47.22 Cr due to substantial working capital blockage in inventory and receivables.
- Q2 revenue from operations grew 13.6% YoY to ₹36,039.97 lakhs (₹360.40 Cr)
- Q2 PAT expanded 31.3% YoY to ₹1,382.94 lakhs (₹13.83 Cr)
- H1 FY27 revenue stood at ₹67,661.62 lakhs and PAT stood at ₹2,558.48 lakhs
- Finance costs surged to ₹1,788.66 lakhs in Q2 compared to ₹927.20 lakhs in Q2 FY26
- Net cash flow from operations was negative at -₹4,721.96 lakhs for H1 FY27 driven by inventory build-up
Mangalam Worldwide reported standalone revenue from operations of ₹360.40 Cr for Q2 ended September 30, 2026, up 13.6% YoY from ₹317.11 Cr. Profit after tax increased 31.3% YoY to ₹13.83 Cr compared to ₹10.53 Cr in Q2 FY26. For H1 FY27, revenue reached ₹676.62 Cr (vs ₹592.84 Cr) with PAT at ₹25.58 Cr (vs ₹20.64 Cr). However, operating cash flow for H1 FY27 was negative at -₹47.22 Cr due to substantial working capital blockage in inventory and receivables.
- Q2 revenue from operations grew 13.6% YoY to ₹36,039.97 lakhs (₹360.40 Cr)
- Q2 PAT expanded 31.3% YoY to ₹1,382.94 lakhs (₹13.83 Cr)
- H1 FY27 revenue stood at ₹67,661.62 lakhs and PAT stood at ₹2,558.48 lakhs
- Finance costs surged to ₹1,788.66 lakhs in Q2 compared to ₹927.20 lakhs in Q2 FY26
- Net cash flow from operations was negative at -₹4,721.96 lakhs for H1 FY27 driven by inventory build-up
Mangalam Worldwide Limited (MWL) announced the voting results of its Postal Ballot dated September 3, 2026. Shareholders approved the appointment of Mr. Keyoor Madhusudan Bakshi as a Non-Executive Independent Director with 99.99% votes in favor. Additionally, an ordinary resolution approving remuneration for Mrs. Rashmi Mangal (holding an office or place of profit) was passed with 99.94% votes in favor. Total valid votes cast for the two resolutions were 19.93 crore and 17.32 crore shares respectively.
- Resolution 1: Appointment of Keyoor Madhusudan Bakshi as Independent Director approved with 99.99% votes in favor (19,93,07,704 votes).
- Resolution 2: Remuneration approval for Mrs. Rashmi Mangal passed with 99.94% votes in favor (17,30,95,304 votes).
- A total of 2,61,06,000 promoter votes were treated as invalid/unutilized for Resolution 2 due to related party voting restrictions.
- Institutional shareholders largely voted against Resolution 2, with 82,270 votes (98.22% of institutional votes polled) opposing it.
Mangalam Worldwide Limited submitted the proceedings of its postal ballot concluded on October 08, 2026. The postal ballot sought member approval for two resolutions: the appointment of Mr. Keyoor Madhusudan Bakshi as Non-Executive Independent Director, and the payment of remuneration to Mrs. Rashmi Mangal for holding an office or place of profit. Remote e-voting was open from September 09, 2026 to October 08, 2026, with the scrutinizer report pending formal submission to the stock exchanges. This is a procedural disclosure following the close of voting.
- E-voting period commenced on September 09, 2026 at 09:00 A.M. IST and concluded on October 08, 2026 at 05:00 P.M. IST
- Cut-off date for voter eligibility was September 04, 2026
- Special Resolution proposed for the appointment of Mr. Keyoor Madhusudan Bakshi (DIN: 00133588) as Independent Director
- Ordinary Resolution proposed for approving remuneration to Mrs. Rashmi Mangal for holding an office or place of profit
Mangalam Worldwide Limited has submitted the quarterly confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by MUFG Intime India Private Limited, the company's Registrar and Share Transfer Agent, on October 3, 2026. It confirms that securities received for dematerialisation during the period were duly processed and confirmed to depositories. This is a standard quarterly compliance filing with no operational or financial impact.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Confirmation certificate received from Registrar MUFG Intime India Private Limited dated October 3, 2026
- Company filing completed on October 8, 2026
Mangalam Worldwide Limited (MWL) announced the incorporation of a wholly-owned subsidiary, 'MWL Europe BV', in Belgium on October 01, 2026. The new entity is formed with a share capital of €250,000, subscribed 100% in cash at face value. The subsidiary is intended to establish MWL's business presence, strengthen customer outreach, and explore growth opportunities in the European steel market. Relative to MWL's TTM revenue of ₹1,248 Cr and net worth of ₹292 Cr, the initial capital commitment is modest at roughly ₹2.3–2.5 Cr.
- Incorporation of wholly-owned subsidiary MWL Europe BV in Belgium completed on October 01, 2026
- Confirmation of incorporation received from regulatory authority on October 02, 2026
- Entity established with a share capital of €250,000 (100% subscribed via cash)
- Target entity currently has nil turnover and is yet to commence operations
NSE has returned two key applications submitted by Mangalam Worldwide Limited: one for in-principle approval to convert warrants into 44,00,000 equity shares at Rs 125.4 each (aggregating ~Rs 55.18 Cr), and another for the draft Scheme of Amalgamation with Mangalam Saarloh Private Limited. The exchange noted that both applications, originally filed when the company was on the SME board, triggered paid-up capital limits exceeding Rs 25 Cr under ICDR regulations and lacked satisfactory responses to queries between February and October 2024. Because recent March 2025 ICDR amendment relaxations cannot be applied retrospectively, NSE directed the company to file fresh applications. The warrant value of ~Rs 55.18 Cr represents roughly 43.4% of MWL's current market capitalization of Rs 127 Cr.
- Application for in-principle approval to convert 44,00,000 equity shares returned by NSE
- Warrant conversion issue price specified at Rs 125.4 per share (~Rs 55.18 Cr total value)
- Amalgamation application with Mangalam Saarloh Private Limited also returned by NSE
- Post-issue/post-scheme paid-up capital projected to exceed Rs 25 Cr threshold
- March 8, 2025 ICDR amendment relief not applied retrospectively; fresh applications required
Mangalam Worldwide Limited has responded to a surveillance inquiry from the National Stock Exchange dated September 10, 2026, regarding a spurt in trading volume. The company confirmed that it has disclosed all price-sensitive information under Regulation 30 of the SEBI Listing Regulations and has no impending announcements. Mangalam Worldwide stated that the recent movement in share price and volume is purely market-driven and beyond its control.
- NSE surveillance inquiry referenced letter no. NSE/CM/Surveillance/17539 dated September 10, 2026
- Company issued formal clarification on September 11, 2026
- Confirmed compliance with Regulation 30 of SEBI Listing Regulations
- Clarified no undisclosed price-sensitive information is pending
Mangalam Worldwide Limited has issued a Postal Ballot Notice seeking shareholder approval for two resolutions via remote e-voting. The resolutions cover the appointment of Mr. Keyoor Madhusudan Bakshi as a Non-Executive Independent Director and the approval of remuneration for Mrs. Rashmi Mangal holding an office or place of profit. The remote e-voting period runs from September 9, 2026, to October 8, 2026, with the cut-off date set as September 4, 2026. Voting results will be declared on or before October 10, 2026.
- E-voting period opens on September 9, 2026 (09:00 AM IST) and closes on October 8, 2026 (05:00 PM IST)
- Cut-off date for determining member voting eligibility is September 4, 2026
- Special Resolution proposed for the appointment of Mr. Keyoor Madhusudan Bakshi (DIN: 00133588) as Independent Director
- Resolution proposed for payment of remuneration to Mrs. Rashmi Mangal for holding an office or place of profit
- Scrutinizer voting results to be announced on or before 5:00 PM on October 10, 2026
Mangalam Worldwide Limited (MWL) announced its empanelment as an approved vendor with Abu Dhabi National Oil Company (ADNOC), making its MWL-Tubicore division eligible to supply tubes for ADNOC projects. This follows similar vendor empanelments earlier this financial year from Qatar Energy, BHEL, EIL, and GSFC. MWL operates integrated stainless steel manufacturing facilities across four plants with a total installed capacity exceeding 1,90,000 MTPA. While this approval does not include an immediate purchase order value, it qualifies the company to bid for ADNOC's high-margin energy contracts.
- Empanelled as an approved vendor with Abu Dhabi National Oil Company (ADNOC) for tube supply
- Follows earlier approvals this financial year from Qatar Energy, BHEL, EIL, and GSFC
- Company operates over 1,90,000 MTPA total installed manufacturing capacity across 4 plant locations in Gujarat
- Facility footprint spans 1,25,000+ square meters supported by 11.6 MW solar installations and 750+ employees
Mangalam Worldwide Limited has appointed Mr. Keyoor Madhusudan Bakshi as an Additional Non-Executive Independent Director for a 5-year term effective September 03, 2026, subject to shareholder approval. Mr. Bakshi brings over 46 years of experience across corporate governance, finance, and legal compliance, and previously served as the President of the Institute of Company Secretaries of India (ICSI) in 2008. The company has approved a Postal Ballot process with a record cut-off date of September 04, 2026, to seek formal shareholder approval for the appointment.
- Appointment of Mr. Keyoor Madhusudan Bakshi as Non-Executive Independent Director for a 5-year term starting September 03, 2026
- Appointee possesses over 46 years of experience in corporate law, finance, M&A, and corporate governance
- Postal ballot cut-off date for shareholder voting established as September 04, 2026
- M/s. Manoj Hurkat & Associates appointed as Scrutinizer for conducting the e-voting process
Mangalam Worldwide Limited announced the appointment of Mr. Keyoor Madhusudan Bakshi as an Additional Director (Non-Executive, Independent) for a 5-year term effective September 03, 2026, subject to shareholder approval. Mr. Bakshi brings over 46 years of experience in corporate law, finance, and corporate governance, having previously served as President of the Institute of Company Secretaries of India (ICSI) in 2008. The board also approved conducting a postal ballot with a cut-off date set for September 04, 2026, and appointed M/s. Manoj Hurkat & Associates as the scrutinizer.
- Appointment of Mr. Keyoor Madhusudan Bakshi as Non-Executive, Independent Director for a 5-year term effective September 03, 2026.
- Mr. Bakshi brings over 46 years of professional experience across corporate laws, finance, and governance, including serving as ICSI President in 2008.
- Postal ballot cut-off date fixed at September 04, 2026 for obtaining shareholder approval.
- M/s. Manoj Hurkat & Associates appointed as Scrutinizer for conducting the e-voting process.
BSE Limited has approved Mangalam Worldwide Limited's application for a complete waiver of a fine of ₹1,30,000 plus GST previously levied for alleged non-compliance with Regulation 33 of the SEBI Listing Regulations. The penalty had been issued via a BSE notice dated June 30, 2026, covering an alleged 26-day period. Following representations submitted by the company on July 10, 2026, BSE's relevant authority approved the waiver on August 26, 2026. As a result, the company has no penalty liability.
- BSE approved the waiver of a fine amounting to ₹1,30,000 plus GST on August 26, 2026.
- The penalty was originally levied for an alleged 26-day non-compliance with Regulation 33 (SEBI LODR).
- The company had filed its waiver application on July 10, 2026, following BSE's June 30, 2026 notice.
- No financial penalty is required to be paid by the company.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment of steel manufacturing and trading. Consolidated revenue from operations grew 29.61% YoY to INR 1,060.71 Cr in FY25 from INR 818.11 Cr in FY24. This growth was driven by higher sales volumes and an improved product mix, specifically the addition of value-added specialized steel products.
Geographic Revenue Split
MWL is primarily focused on the Indian market with manufacturing units located in Halol, Changodar, and Kapadvanj (Gujarat). While the company mentions having both domestic and export exposure to act as a natural hedge, the specific percentage contribution from each region is not disclosed in available documents.
Profitability Margins
Net Profit Margin improved to 2.76% in FY25 compared to 2.44% in FY24. Operating margins (EBITDA) expanded to 5.66% in FY25 from 5.20% in FY24. In H1FY26, the company reported a further improvement in PAT margins to 5.69% as capacity utilization of specialized product plants increased.
EBITDA Margin
EBITDA margin stood at 5.66% in FY25, up from 5.20% in FY24. Core profitability increased significantly as EBITDA grew 41.24% YoY to INR 60.06 Cr, driven by better operating efficiencies and the integration of higher-margin products like seamless pipes.
Capital Expenditure
Historical CAPEX includes the acquisition of the Stainless Seamless Pipes & Tubes and ERW Pipes Plant from H.M. Industrial Private Limited. While specific planned INR Cr values for future years are not disclosed, the company is focusing on utilizing the higher capacity of these acquired assets.
Credit Rating & Borrowing
Acuite assigned a long-term rating of 'ACUITE BBB+' (Stable) and a short-term rating of 'ACUITE A2' on INR 100.00 Cr bank facilities. Finance costs rose 60.6% YoY to INR 23.79 Cr in FY25 due to increased debt levels used to fund growth.
Operational Drivers
Raw Materials
The primary raw materials are steel scrap and ferro alloys. Raw material expenses reached INR 837.23 Cr in FY25, representing 78.9% of total revenue, an increase from 77.6% in FY24.
Capacity Expansion
MWL operates integrated manufacturing units in Halol, Changodar, and Kapadvanj. Current strategy focuses on increasing the capacity utilization of the newly acquired specialized steel plant to capture higher market margins.
Raw Material Costs
Raw material costs increased 31.86% YoY to INR 837.23 Cr in FY25. The company employs a fully integrated infrastructure to allow for captive consumption of in-house manufactured stainless steel, which helps reduce overall procurement costs.
Manufacturing Efficiency
Capacity utilization is a primary efficiency metric; margins improved to 5.69% in H1FY25 from 4.79% in FY24 due to higher utilization of the acquired plant manufacturing specialized products.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth will be achieved by expanding the value-added product portfolio (Seamless Pipes, Bright Bars) and increasing capacity utilization of acquired assets. The company is also leveraging government initiatives like the PLI scheme for Specialty Steel (INR 6,322 Cr outlay) and its recent migration to the NSE Main Board (September 2025) to access broader capital markets.
Products & Services
Stainless Steel (SS) Billets, Ingots, Forged Roundbars, Forged Round Brightbars, SS Flat & Round Bars, Seamless Pipes & Tubes, U-Bend Tubes, and ERW Pipes.
Brand Portfolio
Mangalam
New Products/Services
Specialized steel products including Stainless Seamless Pipes & Tubes and ERW Pipes are expected to be major contributors; these products already helped drive a 52% YoY increase in PAT to INR 10.53 Cr in Q2 FY26.
Market Expansion
The company migrated from the SME Emerge platform to the Main Board of the National Stock Exchange (NSE) on September 18, 2025, to enhance visibility and liquidity.
Market Share & Ranking
Not disclosed, but the company's 29.61% revenue growth in FY25 significantly outpaced the broader Indian industry demand growth of approximately 8%.
Strategic Alliances
Strategic growth was supported by the acquisition of the Stainless Seamless Pipes & Tubes and ERW Pipes Plant from H. M. Industrial Private Limited.
External Factors
Industry Trends
The Indian steel industry is targeting 300 MT production by 2030. Current trends include the removal of export taxes and the introduction of the PLI scheme for 'Specialty Steel' to attract capital and technology upgrades.
Competitive Landscape
The industry is highly fragmented and dominated by unorganized players where price is the primary differentiator, constraining the pricing power of organized manufacturers.
Competitive Moat
MWL's moat is based on its fully integrated manufacturing infrastructure and 35+ years of management experience. This integration allows for cost-effective operations and captive consumption, though it faces constant pressure from unorganized competitors.
Macro Economic Sensitivity
The business is highly sensitive to GDP growth and political stability, as its primary end-users in construction and engineering are cyclical in nature.
Consumer Behavior
There is an increasing demand shift toward specialized and value-added stainless steel products in the domestic engineering and infrastructure sectors.
Geopolitical Risks
World economy stability and government trade policies (tariffs/trade remedies) are identified as key factors that could impact the competitiveness of domestic producers against imports.
Regulatory & Governance
Industry Regulations
Operations are governed by the National Steel Policy 2017 and pollution norms. The company is also subject to government regulations regarding the Production Linked Incentive (PLI) scheme for specialty steel.
Environmental Compliance
MWL maintains ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health and Safety) certifications to meet industry standards.
Taxation Policy Impact
The company had a negative effective tax rate in FY25 (INR -0.01 Cr) and FY24 (INR -2.52 Cr) due to significant deferred tax adjustments.
Risk Analysis
Key Uncertainties
Key risks include the cyclical nature of end-user segments and volatility in raw material prices, which could impact operating margins by 2-3% during downturns.
Geographic Concentration Risk
Manufacturing is heavily concentrated in Gujarat, India, making the company dependent on the industrial and regulatory environment of that specific state.
Third Party Dependencies
The company is dependent on third-party suppliers for steel scrap and ferro alloys, though it has improved its working capital position by extending credit periods from these vendors.
Technology Obsolescence Risk
MWL is mitigating technology risks by investing in 'Specialty Steel' manufacturing capabilities through the PLI scheme to stay ahead of unorganized players.
Credit & Counterparty Risk
The company manages credit exposure through a professional management team and risk framework, though specific receivables aging or bad debt percentages are not provided.
