CMP: ₹273 | Dividend: ₹3.60 | Net Profit: ₹24.85 Cr | FY25 Results
📌 At a Glance:
Mazda Ltd ne FY25 mein ₹24.85 Cr ka net profit kamaya — decent hai, safe hai, lekin multibagger ke sapne dekhne se pehle zara reality check le lo. Engineering division ne majboot performance diya, food division ne bhi thoda masala daala, aur shareholders ko milega ₹3.60 ka dividend.
Lekin market ne bola: “Thik hai bhai, zyada ud mat.” Stock gira ₹4 (1.5%) on result day. Mazagon Dock wale shareholders yacht le rahe hain, tum abhi tak EMI bhar rahe ho.
🏢 About Mazda Ltd
- Incorporated: 1990
- Headquarters: Ahmedabad, Gujarat
- Segments:
- Engineering Division – process equipment, vacuum systems
- Food Division – spray dried powders, seasoning, taste enhancers
💰 FY25 Financial Highlights (Standalone)
| Metric | FY25 | FY24 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | ₹193.26 Cr | ₹225.43 Cr | 🔽 -14.3% |
| Other Income | ₹7.47 Cr | ₹6.58 Cr | 🔼 +13.5% |
| Total Income | ₹200.74 Cr | ₹232.01 Cr | 🔽 -13.5% |
| Total Expenses | ₹167.73 Cr | ₹190.22 Cr | 🔽 -11.8% |
| EBITDA (approx) | ₹39.8 Cr | ₹42.9 Cr | 🔽 |
| Net Profit | ₹24.85 Cr | ₹31.52 Cr | 🔽 -21.2% |
| EPS (₹2 FV) | ₹12.41 | ₹15.74 | 🔽 -21.2% |
| Final Dividend | ₹3.60/share | ₹2.00/share | 🔼 80% hike |
Edu Angle:
Yeh result toh wahi ho gaya — salary kam ho gayi, par bonus mil gaya. Profit gira, lekin dividend badh gaya. Aise situations mein investor ke emotions confuse hote hain.
🔍 Segment-Wise Breakdown
🛠️ Engineering Division
- Revenue: ₹156.66 Cr (down from ₹195.32 Cr)
- Segment Profit: ₹39.34 Cr (down from ₹48.22 Cr)
⚙️ Roast Meter:
Mazda ka engineering unit bhi ab soch samajh ke kam kar raha hai. Orders aaye kam, par margins decent hai. Stable hai, sexy nahi.
🍲 Food Division
- Revenue: ₹36.59 Cr (up from ₹30.10 Cr)
- Segment Profit: ₹3.01 Cr (up from ₹1.71 Cr)
🍛 Roast Meter:
Food business ne thoda masala daala hai. Lekin abhi bhi yeh snacks ke side mein hai, main course nahi.
📊 Balance Sheet Highlights
| Metric | FY25 | FY24 |
|---|---|---|
| Total Assets | ₹264.69 Cr | ₹240.50 Cr |
| Equity Share Capital | ₹4.00 Cr | ₹4.00 Cr |
| Other Equity | ₹225.92 Cr | ₹208.24 Cr |
| Total Equity | ₹229.93 Cr | ₹212.24 Cr |
| Total Liabilities | ₹34.76 Cr | ₹28.26 Cr |
| Cash & Equivalents | ₹9.44 Cr | ₹14.10 Cr |
| Investments (Curr + Non) | ₹108.96 Cr | ₹97.65 Cr |
🧾 Edu Observation:
Company ke paas cash bhi hai, investments bhi. Lekin cash flow kaafi rollercoaster gaya hai. Investing activity mein ₹30 Cr ka outflow hai, par operating cash flow ne game bachaya.
💵 Dividend Analysis
- Face Value: ₹2/share
- Total Dividend: ₹3.60 (i.e. 180% of FV)
- Dividend Yield (at CMP ₹273): ~1.3%
💡 Investor Ko Sochna Chahiye:
“Dividend theek hai, par price appreciation ka kya?” Kyunki 52-week high ₹347 se seedha ₹273 pe aagaya hai.
🔦 Auditor’s Note
- Mayank Shah & Associates ne diya unmodified opinion.
- Clean chit, koi fraud nahi — lekin performance mein compression dikha hai.
⚠️ Red Flags & Risks
| Risk Area | Concern |
|---|---|
| Revenue Fall | FY25 revenue down 13.5% |
| Engineering Segment Shrink | Orders drying up? |
| High Inventory | ₹43.7 Cr inventory – almost 22% of assets |
| Declining EPS | 4-year CAGR growth slow ho gaya |
📈 EduInvesting Forward View
Let’s run a conservative forward fair value (FV) calc:
- Assume FY26 EPS stays at ₹12
- Reasonable P/E for stable smallcap = 15x
- Fair Value Estimate = ₹180
CMP = ₹273 → This is 52% above FV. So unless a major capex, export boost, or acquisition comes — price thoda hawa mein lag raha hai.
🧠 EduInvesting Verdict
“Mazda Ltd is that decent student jo class mein chup rehta hai, exam bhi theek deta hai, lekin school annual day pe award lene nahi bulaya jaata.”
- 📉 Stock is down from its highs despite decent profits.
- 📦 Food biz is trying, engineering is stabilising.
- 💵 Dividend accha hai, but future upside ka clarity kam hai.
- 📉 Valuation lag raha hai thoda inflated, given revenue decline.
🏁 Bottomline
Mazda Ltd is safe but slow.
Dividend milega, returns nahi pakka.
Agar aapko sarkari-style FD returns with flavour chahiye, this might be your jam.
Lekin multibagger dreams? Thoda ruk jao bhaiya.
Tags: Mazda Ltd Q4 FY25 results, Mazda dividend 2025, engineering stock India, food processing SME, smallcap stock analysis, EduInvesting roast, financial audit, stock EPS fall, undervalued smallcap, dividend stocks India
