MCON Rasayan India Ltd(MCON)

NSE: MCON

₹ 38.5-4.70%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 28 crUpdated: 27 Oct 2026

About

MCON Rasayan India Ltd, in operation since 2016, manufactures and supplies construction chemicals, waterproofing chemicals, paints and building finishing products for the civil engineering and construction industry. It operates an owned mother plant supplemented by a Franchise-Owned Company-Operated (FOCO) manufacturing network, selling through 188+ distributors across 10 states.^[1][2][3]

Products and certifications

The company makes construction chemicals, waterproofing chemicals, paints and building finishing products for the civil engineering and construction industry.^[1]
Active SKU count was rationalised to ~60 in FY26, down from 100+ previously, to reduce inventory complexity.^[3]
Tile adhesives grew to 26% of FY25 revenue, up from ~15% in the prior year, becoming the largest single product category.^[4]
Nine new products were launched in FY25, including a full decorative paints range with 15 SKUs sold through 70+ dealers.^[4]
The company holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, IS 15477:2019 (tile adhesives) and IS 2645:2003 (integral waterproofing compounds) certifications.^[1]

Manufacturing operations

The mother plant consists of two units: Sarigam and Ambethi (near Vapi, Gujarat). Ambethi Phase 2, adding 12,500 MTPA dry mix powder and 8,000 MTPA liquid capacity, commenced commercial production on 1 April 2024, bringing total Ambethi capacity to 44,500 MTPA.^[5]
Total manufacturing capacity (owned + FOCO) was 48,200 MTPA as of FY25, growing to 65,000 MT as of H1 FY26 with further FOCO additions.^[4][6]
Mother plant powder segment operated at 65% utilisation in FY26; liquid segment at 35%, indicating significant headroom.^[3]
The Sarigam plant was at 0% utilisation in H1 FY26 following consolidation of powder manufacturing at Ambethi and the FOCO network.^[6]
An in-house R&D facility is located at Navi Mumbai, Maharashtra, equipped with modern testing and research facilities.^[1]

FOCO manufacturing network

The FOCO (Franchise-Owned Company-Operated) model had 7 partnerships as of FY26, with plants including locations in Pune, Kurukshetra, Karnataka and Rajasthan.^[3][6]
FOCO plants operated at 15 - 20% utilisation in FY26, reflecting early-stage ramp-up; the model contributed 12 - 15% of total FY26 sales.^[3]
Shifting powder manufacturing to FOCO plants closer to demand centres is estimated to deliver ~2 - 2.5% additional EBITDA per region from transport cost savings net of franchisee margins.^[6]

Key operating numbers

FY26 revenue was INR 652 Mn, up 29% from INR 507 Mn in FY25; H2 FY26 alone grew 26% year-on-year.^[3]
H2 FY26 EBITDA rose to INR 43 Mn from INR 24 Mn in H2 FY25, with EBITDA margin of 11.7%, up 351 basis points year-on-year.^[3]
Working capital days were ~164 days in FY26; 12 - 15% of trade receivables were over 120 days as of H1 FY26, on a reducing trend.^[3][6]
Value-added products (VAP) contributed ~12% of FY26 revenue, up from a product mix that was 30% VAP / 70% standard as of H1 FY26.^[3][6]
Admixture division contributed 13% of FY25 revenue, up from 1.5% two years prior; management targeted crossing 20% in FY26.^[6][4]
Ready mix mortar share of sales fell to 37% in H1 FY25 from 42% previously as the company consciously shifted mix toward higher-margin liquid products.^[7]

Customers and distribution

Distribution network reached 188+ distributors and ~1,800 dealers and retailers across 10 states, 32+ cities and 26+ towns as of FY26.^[3]
Maharashtra contributes ~50% of revenue and Gujarat ~20%; Rajasthan ~12%; South India (Karnataka, Kerala) ~6 - 8%; UP ~4%, as of FY25.^[4]
Related party R K Trader, a construction chemicals dealer/contractor, is a key distribution channel; proposed finished goods sales to it are up to ₹19 crore in FY27, representing ~30.72% of FY26 revenue from operations.^[1]
Government and infrastructure projects contributed ~20% of H1 FY25 revenue; government receivables stood at ~12 - 13% of total as of FY26.^[7][3]
Client retention rate was 75 - 80% as of H1 FY26; pipeline order book (LOI) was ~₹18 - 18.5 crore as of H1 FY26.^[6]

Institutional approvals and project channels

CPWD approvals were secured across Maharashtra, Goa, Delhi-NCR and Gujarat, opening a central government institutional sales channel.^[3][4]
Chennai Metro ecosystem approval is expected to contribute approximately INR 4 - 5 crore annually for five years.^[3]
MSIDC tie-up covers HAM road projects of ~4,000 km over three years, with admixtures as the primary product.^[6]
MHDC (Maharashtra Housing Development Corporation) approval was received to supply 9 products to 850 PMAY projects in Maharashtra; total PMAY construction chemicals opportunity estimated at ₹800 crore.^[7]

Expansion and capex

No major capex is planned for FY27; capacity expansion requirements are to be handled through the FOCO model.^[3]
Two additional FOCO plants are planned, each adding approximately 7,000 - 7,500 MT capacity.^[6]
3 - 4 new products are in the pipeline for commercial launch in FY27.^[3]

Recent developments

Statutory auditor rotation: Devang Kumar Dand & Associates is completing its mandatory term; M/s. Patkar and Pendse (FRN 107824W) is proposed for a five-year term at ₹2.50 lakh per annum, a 25% increase over the prior fee.^[1]
Remuneration revisions proposed effective 1 October 2026: MD at ₹3 lakh/month, Whole-Time Director Chetan Bhanushali at ₹2.25 lakh/month, Whole-Time Director Nandan Pradhan at ₹4.65 lakh/month, each with performance bonus up to 100% of gross salary.^[1]
A QIP or similar equity capital market raise is being planned; exact timeline was not defined as of the FY26 earnings call.^[3]
Migration to NSE mainboard is under consideration; no defined timeline as of the FY26 earnings call.^[3]
A ₹16 crore QIP was completed in H1 FY25 with allotments to HDFC, Antara, Tatwani and Shwom, primarily to fund working capital needs.^[7]

Market Cap

₹28 Cr

High / Low

₹80 / 37

Stock P/E

9.7

Price / Book

0.8

Book Value

₹49

EPS

₹4.2

No. of Shares

0.73 Cr

ROCE

11.1%

ROE

8.8%

OPM

9.1%

Debt / Equity

0.50

Sales

₹65 Cr

Net Profit

₹3 Cr

Promoter holding

57.4%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials