Mazda Limited

MAZDA.BO

Industrial - Machinery · Industrials

Price

₹238.00

-4.30 (-1.77%)

Market Cap

₹4.81B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 2026 · filings through Mar 31, 2026

Mazda Limited (traded on the Bombay Stock Exchange) is an Indian industrial company that makes electrical equipment and components, including switchgear, control panels, and related machinery used in power distribution and industrial applications. Its main customers are factories, utilities, and construction projects across India. The company operates in the broader electrical equipment segment of India's industrials sector.

Mazda earns revenue by selling its manufactured products directly to industrial buyers and project contractors, rather than through subscriptions or recurring licenses. The company operates primarily within India, and with a market cap of roughly $4.9 billion rupees it is a mid-sized player in a fragmented domestic market. Its competitive position relies on established customer relationships and local manufacturing know-how. The key growth driver is India's ongoing infrastructure buildout and rising industrial electricity demand, though the main risk is intense price competition from both domestic rivals and imported equipment, which could pressure margins over time.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+13.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

62.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$767M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Mazda Limited is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 20.0M (2022) → 20.0M (2026)

Score breakdown

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Quality

Gross Margin

30.6%

Modest — 30.6% gross margin

Operating Margin

13.9%

Healthy — 13.9% operating margin

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.7%

Steady sales growth (+9.7% YoY)

EPS YoY

+10.7%

Earnings growing (+10.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-12%

Weak — only -12% of profit becomes cash

FCF Margin

-3.0%

Burning cash (-3.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

30.06x

Comfortably covers interest (30.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

17.3x

Fair value — P/E 17.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.49%

Small dividend — 1.49% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+100.3%

Dividend growing fast (100.3% YoY)

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