Mazda Ltd (MAZDA)
🎯 Key Takeaways
- Mazda Ltd appears to be in a mature, cash-generative phase with declining profitability and no leverage, but recent operational weakness has shifted its narrative toward stabilization efforts. The company maintains a conservative capital structure and consistent dividend policy, yet faces headwinds in margin expansion and earnings growth.
- Revenue grew 25.2% QoQ to ₹80 in Q1FY27.
- ⚠️ 1) Persistent margin compression despite revenue growth raises concerns about operational efficiency. 2) The company continues to report net losses, w
- Market Cap
- ₹589
- P/E Ratio
- 19.7
- P/B Ratio
- 2.36
- ROE
- 12.0%
- ROCE
- 16.3%
- Debt/Equity
- 0.00
- Div Yield
- 1.36%
- Promoter
- 48.7%
📖 The Story
Mazda Ltd appears to be in a mature, cash-generative phase with declining profitability and no leverage, but recent operational weakness has shifted its narrative toward stabilization efforts. The company maintains a conservative capital structure and consistent dividend policy, yet faces headwinds in margin expansion and earnings growth.
📰 What's Happening
Management recently approved unaudited Q1 FY26 results showing consolidated revenue of ₹8,393.39 lakhs and a net loss after tax, despite revenue growth. The company scheduled its 36th AGM for 21 September 2026 to finalize the FY26 dividend, with 04 September 2026 set as the record date for entitlement. These filings confirm ongoing governance discipline and shareholder return focus, even amid profitability challenges.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 51 | 47 | 64 | 80 |
| Operating Profit | 9 | 10 | 9 | 6 |
| OPM % | 18.6% | 20.5% | 13.9% | 7.7% |
| Net Profit | 8 | 9 | 6 | 7 |
| EPS | ₹3.79 | ₹4.36 | ₹3.14 | ₹3.66 |
Revenue has grown sequentially from ₹47 crore (Dec 2025) to ₹64 crore (Mar 2026) and ₹80 crore (Jun 2026), but operating margins have declined from 20.5% to 7.7% over the same period, signaling rising cost pressures. Net profit and EPS have correspondingly fallen from ₹9 crore and ₹4.36 to ₹7 crore and ₹3.66, indicating that top-line growth is not translating into bottom-line resilience.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance on profitability or margin recovery in the latest filings, focusing instead on procedural updates related to the AGM and dividend declaration. The absence of strategic commentary suggests limited visibility into near-term improvement, with emphasis placed on routine governance rather than operational turnaround initiatives.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 |
| Reserves | 226 | 213 | 245 | 231 |
| Borrowings | 0 | 0 | 0 | 0 |
| Total Liabilities | 265 | 252 | 315 | 287 |
| Fixed Assets | 71 | 74 | 74 | 75 |
| Investments | 92 | 91 | 65 | 82 |
| Total Assets | 265 | 252 | 315 | 287 |
The balance sheet remains exceptionally strong with zero debt and growing reserves, reflecting a conservative capital allocation strategy. Total assets have risen steadily to ₹315 crore as of March 2026, funded entirely by equity and retained earnings, indicating no need for external financing and a focus on internal sustainability.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +11 |
| Investing | -9 |
| Financing | -7 |
| Net Cash Flow | -5 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 48.6% | 48.6% | 48.6% | 48.7% |
| FII | 0.1% | 0.1% | 0.1% | 0.1% |
| DII | 0.1% | 0.1% | 0.1% | 0.1% |
| Public | 35.1% | 34.8% | 35.2% | 34.8% |
| # Shareholders | 14,900 | 14,196 | 13,992 | 13,620 |
Promoter holding remains stable near 48.6%, but foreign institutional ownership is negligible and has declined slightly over recent quarters, while the number of public shareholders has increased. This suggests limited institutional conviction, though the broad retail base provides stability rather than volatility.
⚖️ Peer Comparison — Capital Goods-Non Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| CUMMINSIND | 1.34 L Cr | 56.4 | 36.6% | — | 0.00 |
| WELCORP | 74,774 | 32.4 | 27.3% | — | 0.24 |
| INDOMIM | 61,763 | — | — | — | 0.39 |
| APLAPOLLO | 60,807 | 49.5 | 35.9% | — | 0.15 |
| TIINDIA | 46,846 | 77.2 | 23.6% | — | 0.05 |
| KIRLOSENG | 34,954 | 64.0 | 13.7% | — | 1.47 |
| JYOTICNC | 24,198 | 75.3 | 18.5% | — | 0.42 |
| CARBORUNIV | 22,867 | 108.4 | 8.0% | — | 0.08 |
| GRINDWELL | 21,218 | 48.6 | 23.3% | — | 0.00 |
| RATNAMANI | 19,865 | 45.9 | 15.7% | — | 0.07 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent margin compression despite revenue growth raises concerns about operational efficiency. 2) The company continues to report net losses, with no clear indication of a bottoming in profitability. 3) Minimal institutional interest may limit upside potential and liquidity support during downturns.
📋 Recent Filings
- 🔴 Insider Trading2026-09-24Croll Reynolds International Inc., via CEO Samuel W. Croll, sold 2,00,149 shares on 18 September, 1,47,427 on 21 September, and 2,42,927 on 22 Septemb…
- Announcement2026-09-24Mazda Ltd announced that its trading window will close on 1 October 2026 for promoters, directors and designated persons, remaining shut until 48 hour…
- 🔴 Insider Trading2026-09-24Croll Reynolds International Inc., via CEO Samuel W. Croll, sold 5,90,503 Mazda Ltd shares across three open market transactions between 18-22 Septemb…
- 🟡 Board Meeting2026-09-21Mazda Ltd held its 36th AGM on 21 September 2026 via video conference, with 64 shareholders participating remotely. The meeting approved the audited f…
- 🔴 Corporate Action2026-08-17Mazda Limited announced that 04 September 2026 will be the record date for shareholders to determine entitlement to the final dividend of the financia…
- 🟡 Board Meeting2026-08-11Mazda Limited announced its 36th Annual General Meeting scheduled for Monday, 21 September 2026 at 12:00 p.m. via video conferencing, with book closur…
- 🟡 Board Meeting2026-08-10Mazda Limited approved its unaudited Q1 FY26 financial results and announced the 36th AGM for September 21, 2026, while reporting a consolidated reven…
- regulation 312026-06-17Mazda Limited disclosed promoter group holding of 97,29,011 equity shares representing 48.58% of total shares as of 31 March 2026, confirming no encum…
- share transfer2026-04-15Mazda Limited disclosed that its registrar and share transfer agent, MUFG In time India Private Limited, confirmed dematerialisation of securities for…
- Announcement2026-03-31Mazda Limited filed its general corporate filing for the quarter ended March 31, 2026. The document appears to be a standard regulatory submission wit…
🧠 Analyst's Read
Mazda Ltd is navigating a fragile phase where scale and cash flows are not translating into earnings resilience. Investors should monitor margin trends and whether the upcoming AGM brings any strategic clarity on cost management or earnings recovery.
Based on filing content and financial data. Not a recommendation.
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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.
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