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Meghmani Organics Limited

MOL.BO
35
Chemicals - Specialty · Basic Materials
Price
₹54.44
-1.24 (-2.23%)
Market Cap
₹13.91B
Exchange
Bombay Stock Exchange
Winston Score
35
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Jul 25, 2026 · filings through Mar 31, 2026

Meghmani Organics Limited manufactures and sells pigments and agrochemicals in India and internationally. The company offers green and blue pigments, which are used in printing inks, paints and coatings, and plastics. It also offers agrochemical products comprising insecticides, which include acetamiprid, alphacypermethrin, bifenthrin, betacyfluthrin, cyfluthrin, cypermethrin, deltamethrin, dinotefuran, ethiprole, fipronil, flonicamid, flubendiamide, lambdacyhalothrin, permethrin, profenofos, pymetrozine, pyriproxyfen, and spiromesifen. in addition, the company provides herbicides, such as 2,4 D acid, amine, esters and triclopyr; intermediates, including cypermethric acid chloride, lambdacyhalothric acid (TFP Acid), pyrazole, high cis/trans CMAC, meta phenoxy benzaldehyde, and spiromesifen acid. Further, it offers technical and formulations that are used in crop protection, veterinary health, household pest control, and public health initiatives. Additionally, the company offers anatase and grade titanium dioxide for the use in paints, coatings, plastic, polymers, ink, dyes, paper, and cosmetics. Meghmani Organics Limited was founded in 1986 and is based in Ahmedabad, India.

Winston Score History

Growth Profile

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

Revenue Growth

-14.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-59.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Cash Position

Cash flow positive

$494M cash & investments

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

Revenue declining

Meghmani Organics Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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: 254.3M (2022) → 254.3M (2026)

Score breakdown

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Quality

Gross Margin
23.5%
Thin — 23.5% gross margin
Operating Margin
-2.0%
Losing money on operations — -2.0%
ROCE
-0.4%
Weak — -0.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
+4.5%
Slow sales growth (4.5% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
233%
Turns 233% of profit into real cash
FCF Margin
1.9%
Thin free cash flow (1.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.47
Conservative — low debt load (0.47)
Interest Cover
0.63x
Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)
48.2x
Expensive — P/E 48.2

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+28.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (48.2 → 19.4)

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Dividends

Not applicable for this business.
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