Mangalam Worldwide Ltd(MWL)

NSE: MWLBSE: 544764

₹ 37-6.12%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,099 crWebsite: www.mangalamworldwide.comUpdated: 24 Oct 2026

About

Mangalam Worldwide Ltd makes stainless steel billets and ingots, rolled flat and round bars, bright bars, seamless pipes and tubes, U-bend tubes and ERW pipes, and also trades steel scrap and ferro alloys. Its integrated plants are at Halol, Changodar and Kapadvanj in Gujarat, and installed capacity was 190,000 MTPA in Q1 FY27. FY26 revenue was Rs 1,207.98 Cr.^[1][2]

Products and brands

Long products (billets, ingots, bright bars, forged bars) are sold under the Mangalam Saarloh brand, and tubular products (seamless pipes and tubes) under Mangalam Tubicore, as of FY25.^[1]
Grades made as of FY25: 200, 300 and 400 series, plus special grades such as 17/4 PH, Duplex and Super Duplex.^[1]
Products are used in automotive engine components, railway equipment, oil refinery infrastructure and general engineering machinery (FY25).^[1]
The company holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and 2014/68/EU certificates (FY25).^[1]

Plants and capacity

Installed capacity was 190,000 MTPA as stated in the Q2 FY27 call, unchanged from Q1 FY27.^[3][4]
Unit I at Halol is a melting shop with 66,000 tonnes a year of billet and ingot capacity (FY25).^[1]
In Q2 FY27 the Halol plant's old 6/11 m double-radius caster was replaced with a 9/13.5/27 m triple-radius continuous casting machine built for crack-sensitive grades.^[3]
Unit II at Changodar is a rolling mill with 90,000 tonnes a year of capacity (FY25).^[1]
At Kapadvanj, Unit III is a bright bar unit with 18,000 tonnes a year of capacity and Unit IV makes seamless pipes and tubes with 16,800 tonnes a year (FY25).^[1]
The operations run from scrap melting to finished bars and pipes, so raw material is supplied in-house (FY25).^[1]
The company had 370 permanent employees as of March 31, 2025.^[1]

Captive solar power

A 1,200 kWp rooftop solar plant at Kapadvanj was commissioned in FY25.^[5]
A 10.4 MW ground-mounted solar plant at Handod, Vadodara, on a 25-year lease, took total solar capacity to 11.6 MW; management expects it to lower energy costs (Q2 FY27).^[4][3]

Exports and customers

Exports reached an all-time high in Q2 FY27 at Rs 63.86 Cr, or 17.69% of revenue, vs Rs 14.04 Cr and 4.91% in Q2 FY26.^[3]
Export revenue was Rs 33.08 Cr in Q1 FY27.^[4]
Exports were Rs 67.35 Cr in FY26 (5.54% of total), up from Rs 26.91 Cr in FY25.^[6]
In FY26 the company received vendor approvals from SABIC and QatarEnergy for high-specification oil and gas projects.^[6]
In Q2 FY27 CSL enlisted the company as a supplier of pipes and tube fittings, valid until 03.10.2031; CSL notes enlistment does not guarantee orders.^[3]
In FY25 the company exhibited at IPEC 2024 and at the Duplex & Heat Exchanger world conference in Rotterdam.^[5]

Product mix and plans

In Q2 FY27, higher volumes in long and tubular products drove topline growth, and the company credited a richer value-added mix for its margin gain.^[3]
Management plans to keep expanding the value-added stainless steel portfolio (Q2 FY27).^[3][4]
Management plans to grow international presence through the Belgium subsidiary and exports (Q2 FY27).^[3]
In FY25 the company set up a subsidiary to widen its industrial client base.^[5]

Recent developments

On 01 October 2026 the company incorporated MWL Europe BV in Belgium as a wholly owned subsidiary, with share capital of €250,000.^[7]
The company listed on the BSE Main Board in May 2026, after moving to the NSE Main Board in September 2025.^[4]
The Board approved a 10:1 stock split (Q1 FY27).^[4]
In FY26 the credit rating was upgraded to 'A' and the company issued listed NCDs.^[6]
In Q3 FY25 promoters put in Rs 28.90 Cr by converting warrants into equity, taking paid-up capital to Rs 29.70 Cr.^[8]

Market Cap

₹1,099 Cr

High / Low

₹48 / 35

Stock P/E

19.9

Price / Book

3.3

Book Value

₹10

EPS

₹1.7

No. of Shares

29.7 Cr

ROCE

17.6%

ROE

18.0%

OPM

7.2%

Debt / Equity

0.78

Sales

₹1,208 Cr

Net Profit

₹50 Cr

Promoter holding

66.5%

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