MDL - Marvel Decor

📊 NSE: MDL 🏢 Textiles - Products 📅 Last Updated: 12/14/2025 9:39

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 18.59% YoY to INR 64.25 Cr in FY25. Standalone (India) revenue grew 14.30% YoY to INR 34.08 Cr. In H1 FY26, consolidated revenue reached INR 36.97 Cr, a 19.6% increase compared to H1 FY25, driven by operational expansion.

Geographic Revenue Split

India operations (Standalone) contribute approximately 53% of total revenue (INR 34.08 Cr). International operations through subsidiaries in Sharjah (UAE), Harrow (UK), and USA contribute the remaining 47% (INR 30.17 Cr) of consolidated revenue.

Profitability Margins

Consolidated Net Profit Margin for FY25 was 6.29%, a slight moderation of 4.49% from 6.58% in FY24. H1 FY26 PAT margin stood at 5.3%, down 184 bps YoY from 7.2% in H1 FY25 due to increased operational expenditures.

EBITDA Margin

Operating EBITDA margin for FY25 was 6.06%, up 0.58% from 6.02% in FY24. However, H1 FY26 EBITDA margin declined to 10.7% (down 210 bps YoY) as the company increased hiring to support future growth, raising employee costs.

Capital Expenditure

The company raised INR 8.05 Cr through a preferential issue in September 2024. As of March 2025, it utilized INR 4.35 Cr for new product addition and project business expansion, and INR 1.05 Cr for working capital requirements.

Credit Rating & Borrowing

The Debt-Equity ratio improved to 0.25 in FY25, a 10.58% reduction from 0.28 in FY24. Interest coverage ratio significantly improved by 33.85% to 4.98, indicating a stronger ability to service debt of INR 0.86 Cr (H1 FY26 interest cost).

⚙️ Operational Drivers

Raw Materials

Window blind fabrics, curtain track components, and specialized motors for automated blinds and tracks. Specific percentage of total cost per material is not disclosed, but 'Cost of materials consumed' is the primary expenditure.

Import Sources

Sourced globally to support manufacturing in Jamnagar, Gujarat, and distribution through international subsidiaries in the UAE, UK, and USA.

Capacity Expansion

Allocated INR 5.05 Cr for new product addition and expansion in project business; INR 4.35 Cr was utilized by FY25 end to increase manufacturing capabilities for window fashion products.

Raw Material Costs

Cost of materials consumed is a major expense; the company is engaging a Finance Consultant to optimize cost structures and improve profit margins which were squeezed in H1 FY26.

Manufacturing Efficiency

The company is focused on improving workforce productivity through organizational strengthening and new leadership (4 family members now active in management).

Logistics & Distribution

Distribution is handled via a global network including Callistus Blinds Middle East (FZE), Callistus UK Limited, and Callistus Window Fashion USA Inc.

📈 Strategic Growth

Expected Growth Rate

19.60%

Growth Strategy

Growth is targeted through expansion into the U.S. hospitality project market with tailored product lines, organizational strengthening via strategic hiring, and leveraging a global subsidiary network in the UAE and UK to capture international demand.

Products & Services

Manufacturing and sale of Window Blinds, Curtain Tracks, and Motors for Blinds and Tracks.

Brand Portfolio

Marvel, Callistus.

New Products/Services

Developed new product lines specifically tailored for U.S. hospitality projects to drive international revenue contribution.

Market Expansion

Aggressive expansion into the US and UK markets; the company recently welcomed new family leadership to manage the growing global footprint.

Market Share & Ranking

The global curtains and window blinds market is valued at USD 24.9 Billion (2024), with MDL positioning itself as a global player through its 'Callistus' brand.

🌍 External Factors

Industry Trends

The industry is shifting toward automation (motorized blinds) and premium window fashion driven by global urbanization and a growing hospitality sector.

Competitive Landscape

Operates in a fragmented global market valued at USD 24.9B, competing with both local manufacturers and global window fashion brands.

Competitive Moat

MDL maintains a competitive advantage through its established international distribution subsidiaries and a family-led management structure that ensures long-term strategic continuity.

Macro Economic Sensitivity

Highly sensitive to urbanization trends; the global market is predicted to grow at a CAGR of 8.9% to USD 57.6 billion by 2034 based on increased urban living.

Consumer Behavior

Increasing consumer preference for motorized and automated window solutions in both residential and hospitality sectors.

Geopolitical Risks

Trade barriers or regulatory changes in the Middle East, UK, or USA could impact the 47% of revenue derived from international subsidiaries.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013 and applicable Accounting Standards (AS) for consolidated financial reporting across multiple jurisdictions (India, UAE, UK, USA).

Taxation Policy Impact

Consolidated tax expense for FY25 was INR 0.39 Cr on a PBT of INR 4.22 Cr, representing an effective tax rate of approximately 9.4%.

⚠️ Risk Analysis

Key Uncertainties

Margin pressure from rising employee costs (10.7% EBITDA margin in H1 FY26 vs 12.8% YoY) and the successful scaling of the US hospitality project business.