MAMATA - Mamata Machinery

📊 NSE: MAMATA 🏢 Engineering 📅 Last Updated: 12/14/2025 9:29

💰 Financial Performance

Revenue Growth by Segment

Revenue grew 31% YoY in H1FY26 to INR 92.03 Cr and 25% YoY in Q2FY26 to INR 53.37 Cr. FY25 revenue was INR 254.6 Cr, an 8% increase from FY24's INR 236.6 Cr.

Geographic Revenue Split

Exports contributed 70% of revenue in H1FY26 and 71% in FY25, with the remaining 30% and 29% respectively coming from the domestic Indian market.

Profitability Margins

FY25 margins: Gross Margin 61%, Operating Margin 21%, Net Margin 16%. H1FY26 PAT margin was 8%, up 89 bps YoY, while Q2FY26 PAT margin was 8%, down 222 bps YoY due to high exhibition spending.

EBITDA Margin

EBITDA margin was 11% in H1FY26 (up 310 bps YoY) and 12% in Q2FY26 (up 22 bps YoY). FY25 EBITDA margin was 21%, compared to 20% in FY24.

Capital Expenditure

The company operates a robust, asset-light manufacturing model with the potential to grow from existing facilities without incurring significant CAPEX in the near term.

Credit Rating & Borrowing

The company is net-debt-free with healthy liquidity. Finance costs decreased 48% YoY in H1FY26 to INR 0.21 Cr from INR 0.40 Cr in H1FY25.

⚙️ Operational Drivers

Raw Materials

Cost of Goods Sold (COGS) represents 39% of revenue as of FY25, down from 43% in FY24.

Capacity Expansion

Management indicates the ability to grow from the existing facility without significant CAPEX; specific MT or unit capacity is not disclosed.

Raw Material Costs

COGS was 39% of revenue in FY25, showing a 4% improvement from FY24 (43%) due to operational efficiencies and procurement strategies.

Manufacturing Efficiency

Maintains high contribution margins with a 4-year average Gross Profit Margin of 57% and an asset-light manufacturing model.

📈 Strategic Growth

Expected Growth Rate

31%

Growth Strategy

Growth will be achieved by penetrating new export markets (Africa, Middle East, Europe, Asia, South-Central America), expanding the product base within existing categories, and introducing new product categories for larger end-use segments.

Products & Services

Total flexible packaging machinery solutions, including machines for recyclable films and pouch-making machinery.

Brand Portfolio

MAMATA

New Products/Services

New product categories targeting recyclable films, which represent a 10 million ton global opportunity.

Market Expansion

Targeting increased penetration in Africa, Middle East, Europe, Asia, and South-Central America.

Market Share & Ranking

Leading player in the $8.3 billion global flexible packaging machinery market; aims to become the first Indian conglomerate in the sector.

Strategic Alliances

Operates through subsidiaries like Mamata Enterprises Inc (USA), which executed INR 41 Cr in the current financial year.

🌍 External Factors

Industry Trends

The global packaging machinery market is $8.3 billion. A major trend is the shift toward recyclable films (10 million ton opportunity), which Mamata is positioning its machinery to address.

Competitive Landscape

The global market is dominated by four conglomerates doing $6 billion in revenue; Mamata competes as a leading Indian player aiming for conglomerate status.

Competitive Moat

Sustainable advantages include an asset-light manufacturing model, R&D-driven leadership, and a strong global presence with 70% export contribution.

Macro Economic Sensitivity

Highly sensitive to global demand and trade cycles, as 70-71% of revenue is derived from exports.

Consumer Behavior

Shift toward smarter, more responsible, and recyclable packaging formats is driving demand for new machinery solutions.

Geopolitical Risks

Exposure to international markets (70% revenue) makes the company vulnerable to trade barriers and geopolitical shifts in regions like the US and Europe.