Mahaveer Infoway Ltd (539383)
🎯 Key Takeaways
- Mahaveer Infoway Ltd appears to be in a distressed phase, marked by persistent losses and negative returns. The company reported a revenue of just ₹1 in Q1FY27 with an operating margin of -198.
- Revenue declined 63.7% QoQ to ₹1 in Q4FY24.
- ⚠️ The company faces existential risks due to its negative operating margins and shrinking revenue base. The negative ROCE and ROE highlight capital inef
- Market Cap
- ₹6
- P/B Ratio
- 1.49
- ROE
- -11.6%
- ROCE
- -5.3%
- Debt/Equity
- 0.44
- Promoter
- 47.1%
📖 The Story
Mahaveer Infoway Ltd appears to be in a distressed phase, marked by persistent losses and negative returns. The company reported a revenue of just ₹1 in Q1FY27 with an operating margin of -198.3%, reflecting severe operational inefficiencies. Despite a 28% one-year return, the underlying financials show a deteriorating business model with negative ROE and ROCE.
📰 What's Happening
Management has not announced any new strategic initiatives in recent filings. The company continues to operate with minimal revenue, reporting ₹1 in sales for Q1FY27, down from ₹2 in the prior quarter. There were no disclosures of new contracts, client acquisitions, or operational expansions in the latest BSE filing dated May 28, 2024. The business remains largely dormant with no visible recovery path.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|
| Revenue | 2 | 2 | 2 | 1 |
| Operating Profit | 0 | 0 | 0 | -1 |
| OPM % | 8.3% | 12.6% | 14.4% | -198.3% |
| Net Profit | 0 | 0 | 0 | -1 |
| EPS | ₹0.19 | ₹0.31 | ₹0.35 | ₹-1.61 |
Revenue has declined sharply quarter-on-quarter, with Q1FY27 sales collapsing to ₹1 from ₹2 in Q4FY26, despite stable top-line levels in the previous three quarters. Operating losses have widened significantly, turning from a near-break-even operating profit of ₹0 in Dec 2023 to a loss of ₹1 in Q1FY27. This trend contradicts any notion of stabilization and signals ongoing financial stress.
🔮 Management Outlook & What's Next
There is no forward guidance or strategic outlook provided in the latest filing. Management has not addressed future revenue targets, cost restructuring, or recovery plans in the commentary. The absence of any growth narrative or operational roadmap suggests a lack of confidence in near-term improvement.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2023 | Mar 2023 | Mar 2024 | Mar 2024 |
|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 |
| Reserves | -1 | -1 | -2 | -1 |
| Borrowings | 1 | 1 | 2 | 1 |
| Total Liabilities | 9 | 11 | 7 | 8 |
| Fixed Assets | 1 | 1 | 1 | 1 |
| Investments | 1 | 1 | 0 | 1 |
| Total Assets | 9 | 11 | 7 | 8 |
The balance sheet shows stable equity of ₹6 crore but declining total assets from ₹9 crore to ₹7 crore over the past year, indicating asset reduction without proportional liability reduction. Borrowings remain low at ₹2 crore, but reserves have turned negative at ₹-2 crore, signaling accumulated losses. This suggests conservative capital preservation but limited capacity for reinvestment.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2024 |
|---|---|
| Operating | -0 |
| Investing | +0 |
| Financing | -1 |
| Net Cash Flow | -1 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 47.1% | 47.1% | 47.1% | 47.1% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 51.1% | 51.2% | 51.2% | 47.8% |
| # Shareholders | 2,650 | 2,653 | 2,613 | 2,546 |
Promoter holding remains unchanged at 47.07% over the last four quarters, with no signs of accumulation or dilution. Public shareholding has slightly increased, but FII and DII holdings remain at 0%, indicating no institutional interest. The stock is widely dispersed among retail investors, with over 2,500 shareholders, but lacks investor confidence signals.
⚖️ Peer Comparison — IT - Software
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| TCS | 7.37 L Cr | 14.8 | 63.2% | — | 0.00 |
| INFY | 4.08 L Cr | 13.6 | 44.9% | — | 0.00 |
| HCLTECH | 3.32 L Cr | 19.0 | 31.6% | — | 0.00 |
| WIPRO | 1.55 L Cr | 12.4 | 18.1% | — | 0.19 |
| TECHM | 1.49 L Cr | 26.2 | 24.8% | — | 0.00 |
| LTM | 1.19 L Cr | 22.7 | 30.5% | — | 0.00 |
| OFSS | 90,555 | 26.5 | 60.3% | — | 0.00 |
| PERSISTENT | 82,117 | 42.3 | 32.7% | — | 0.00 |
| COFORGE | 76,187 | 35.0 | 25.6% | — | 0.04 |
| MPHASIS | 41,765 | 21.8 | 22.3% | — | 0.17 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
The company faces existential risks due to its negative operating margins and shrinking revenue base. The negative ROCE and ROE highlight capital inefficiency with no clear path to profitability. Additionally, the lack of institutional or DII interest suggests limited market confidence, while the concentrated promoter stake raises governance concerns in a stagnant business.
📋 Recent Filings
- 🟡 Board Meeting2026-09-30Mahaveer Infoway held its 35th AGM on September 30, 2026, approving the audited financials for March 31, 2026, and appointing a new director to replac…
- 🟡 Board Meeting2026-09-30Mahaveer Infoway held its 35th AGM on September 30, 2026, where shareholders approved the audited financials for March 2026 and reappointed Ashok Kuma…
- 🔴 Financial Results2026-09-30Mahaveer Infoway Ltd held its 35th Annual General Meeting on September 30, 2026, where shareholders approved the audited financial statements for the …
- Announcement2026-09-28Mahaveer Infoway Ltd announced the closure of its insider trading window effective October 1, 2026, until 48 hours after the unaudited quarterly resul…
- 🔴 annual report2026-09-08Mahaveer Infoway Ltd's 2025-26 annual report shows net profit of [amount not verified] (down from [amount not verified]), no dividend recommended, and…
- 🟡 Board Meeting2026-09-07The board approved the 35th Annual General Meeting for the financial year ending March 31, 2026, scheduled for 23 September 2026, including remote e-v…
- 🔴 annual report2026-09-07Mahaveer Infoway Limited announced its 35th Annual General Meeting on September 30, 2026, at its Hyderabad registered office. The filing includes the …
- 🔴 annual report2026-09-07Mahaveer Infoway Ltd filed its 35th Annual General Meeting notice and Annual Report for FY 2025-26 with BSE on September 7, 2026. The filing includes …
- 🟡 Board Meeting2026-09-02Mahaveer Infoway Ltd announced a board meeting on September 7, 2026 to approve the 35th Annual General Meeting schedule, director report, voting proce…
- Board Meeting2026-09-02Mahaveer Infoway Ltd announced the closure of its insider trading window effective 02-09-2026 until 48 hours after its board meeting on 07-09-2026, co…
🧠 Analyst's Read
Mahaveer Infoway is undergoing a silent operational decline with no visible catalysts for recovery. Investors should monitor for any signs of strategic realignment or management action, but currently, the business lacks momentum and financial resilience.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts for your stocks — summarized by AI daily
Set up your AI Radar — pick stocks, get daily email summaries of new filings.
Set up AI Radar — FreeFree account · 2 AI queries/day