MANDEEP - Mandeep Auto

📊 NSE: MANDEEP 🏢 Auto Ancillaries 📅 Last Updated: 12/14/2025 9:32

💰 Financial Performance

Revenue Growth by Segment

Total income grew by 7.2% YoY to INR 17.10 Cr in H1 FY26 from INR 15.95 Cr in H1 FY25. Segment-specific growth for sheet metal components and sprocket gears is not disclosed.

Geographic Revenue Split

100% domestic (India) based on the company's manufacturing base in Faridabad and its strong Indian customer base.

Profitability Margins

Net Profit Margin improved to 1.95% in H1 FY26 (INR 0.33 Cr profit) from a net loss margin of -8.5% in H1 FY25 (INR 1.36 Cr loss). Full-year FY25 Net Profit Margin was 4.38% (INR 1.41 Cr profit).

EBITDA Margin

4.38% in H1 FY26, representing a 10.12 percentage point improvement from the -5.74% margin in H1 FY25, driven by a 7.2% increase in total income and better cost control.

Capital Expenditure

INR 9.08 Cr allocated for manufacturing expansion, with INR 7.29 Cr (80%) utilized by September 2025 for building construction and equipment purchase to increase operational capacity.

Credit Rating & Borrowing

Not disclosed; finance costs of INR 0.088 Cr on INR 1.80 Cr long-term debt suggest an annualized borrowing cost of approximately 9.8%.

⚙️ Operational Drivers

Raw Materials

Sheet metal and steel coils, which accounted for 89.2% of total revenue (INR 15.26 Cr) in H1 FY26.

Capacity Expansion

Expansion of the Faridabad unit via a new building and equipment purchase (INR 9.08 Cr), with INR 1.79 Cr remaining for completion by the end of FY26.

Raw Material Costs

INR 15.26 Cr in H1 FY26 (89.2% of revenue), showing a slight improvement from 94.1% in H1 FY25 due to better procurement or pricing.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Expansion of manufacturing capacity (INR 9.08 Cr investment) and reduction of debt (INR 6.84 Cr) to improve operational leverage and margins.

Products & Services

Sprocket gears, sheet metal components, auto parts, and machined components used in tractors, automobiles, railways, and defense.

Brand Portfolio

Mandeep Auto Industries

New Products/Services

Customized precision components for specialized applications in the defense and DIY industries, expected to contribute to higher margins.

Market Expansion

Expansion of the existing Faridabad facility to scale operations and meet precision requirements.

🌍 External Factors

Industry Trends

Growth in the Indian auto component sector (7.2% YoY revenue growth for the company) and increasing demand for precision machining.

Competitive Moat

Durable advantage through long-standing customer relationships since 2000 and ISO certifications provide a competitive edge in regulated sectors like defense.