This ₹100 Cr infra player is building highways for the govt. But does the road lead to rerating — or just reruns of EPC chaos?
⚡ At a Glance
Mayasheel Ventures Ltd is a UP-based Class A road contractor working with NHIDCL and state PWDs. FY25 saw revenue jump 31% and net profit soar 79%, but with no promoter data, no dividends, and zero visibility on orders, it’s a black box in a high-risk, high-reward lane.
🏗️ 1. What Does Mayasheel Actually Do?
Forget unicorns, Mayasheel is your typical old-school infra unicorn (read: B2G contractor with 3 backhoes and a dream).
🛠️ Core Business
- Segment: Road & Highway construction
- Clients: NHIDCL, state PWDs, other govt agencies
- Model: Pure EPC (Engineering, Procurement, Construction)
- Tender Type: BOQ (Bill of Quantities)
🧰 Also Does Electricals & More
But only on paper — because 99.35% of revenue is still from road construction. That 0.65% electrical biz is like your gym membership — technically there, rarely used.
🏗️ 2. Infra Equipment Army: Owned + Leased
Mayasheel isn’t outsourcing its dreams. It has a decent fleet of:
🚜 Owned Equipment
- Excavators, compactors, pavers, crushers
- Transit mixers, DG sets, batching plants
- Hot mix plants, dumpers
📄 Leased Stuff
- More excavators, tippers, tankers
✅ Verdict: Enough to execute mid-sized contracts without depending entirely on third-party rentals.
💸 3. Financials: Are the Numbers Roadworthy?
| FY | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % | Net Margin % |
|---|---|---|---|---|
| FY24 | 130 | 7 | 13% | 5.4% |
| FY25 | 171 | 11 | 14% | 6.4% |
📈 YoY Growth
- Revenue: +31%
- Net Profit: +79%
- Operating Margins: Stable and improving
🧠 Infra companies rarely deliver stable margins like this without voodoo or very tight execution controls.
🧾 4. Balance Sheet & Cash Flow: Anything Sketchy?
| Metric | FY24 | FY25 |
|---|---|---|
| Operating Cash Flow (₹ Cr) | 10 | 12 |
| Investing Cash Flow (₹ Cr) | –1 | –6 |
| Financing Cash Flow (₹ Cr) | –3 | –9 |
| Net Cash Flow (₹ Cr) | 6 | –3 |
💥 Positive cash from ops – ✅
💸 Capex rising – possibly reinvesting in machinery
📉 Financing outflow – maybe debt repayment or working cap adjustments
⚠️ But we have no data on debt, equity base, or reserves. Screener page says “NOPE” to everything beyond P&L. Red flag? Kind of.
📊 5. Valuation: Cheap for a Reason?
📉 P/E = 8.93x
🧮 EPS (FY25) ~ ₹1.1 (based on ~10 Cr equity assumption)
💰 Market Cap = ₹104 Cr
📏 Implied EPS = ₹11 Cr / ₹104 Cr = 10.6% earnings yield
That’s cheap — but also fair, because:
🧠 6. EduInvesting Fair Value Estimate
Let’s assign a conservative valuation:
- Net Profit FY25 = ₹11 Cr
- Assume growth sustains moderately: FY26 profit = ₹13–14 Cr
- Apply P/E of 10–12x (given B2G infra discount, lack of disclosures)
➡️ Fair Value Range = ₹110–₹135 Cr market cap
➡️ If equity base = 10 Cr shares → FV/share = ₹11–₹13.5
So unless this stock is trading under ₹10, the risk-reward is neutral, not mouthwatering.
🚨 7. Risk List: Longer Than NH44
- ❌ Zero promoter/shareholding data
- ❌ No dividend payout = no accountability
- ❌ Limited financial disclosure — no debt, assets, reserves listed
- ❌ 100% govt dependency = tender cycles, payment delays
- ❌ Tiny electrical segment = no diversification
🤨 Honestly, this feels like a “contractor co. that just listed because BSE SME is hot”.
🏁 Final Take: Is This Worth a Bet?
Only if you enjoy driving on pothole-ridden roads while blindfolded.
Yes, profits are growing, margins look stable, and it’s trading at a single-digit P/E.
🎯 EduInvesting Fair Value Range = ₹11–₹13.5 per share
(Assuming 10 Cr shares, based on profit of ₹11 Cr and P/E of 10–12x)
✍️ Written by Prashant | 📅 18 June 2025
Tags: road contractor stocks, Mayasheel Ventures, infra microcap, NHIDCL, EPC business, EduInvesting
