Macfos Ltd Q2FY26 – The E-commerce Engineer That Sold Robotics, Drones & Dreams, But Forgot to Pay Dividends

1. At a Glance

If Flipkart sold logic boards and Amazon stocked drone motors, you’d probably getMacfos Ltd— the Pune-based e-commerce garage where engineers go shopping instead of girls going for Zara sales. Listed in March 2023, Macfos operates its nerdy kingdom viaRobu.in, an online store with over16,000+ SKUs, selling everything from Raspberry Pi boards to IoT modules and e-bike parts. The company currently trades around₹810, with amarket cap of ₹763 crore, astock P/E of 42.8x, andbook value of ₹85.5.

For Q2FY26 (Sep 2025), the company reportedsales of ₹68.48 croreandPAT of ₹5.12 crore, representing aQoQ growth of +15.6%andYoY decline of -23.8%in sales — clearly, engineers were on a spending diet. TheROCEstands tall at41.8%, whileROEflexes an impressive36.7%, but despite these sexy ratios, management’s dividend distribution record is a flat0.00%— almost as dry as a robotics lab’s coffee supply.

Over the last five years, Macfos has delivered aprofit CAGR of 122%andsales CAGR of 74%, making it one of the fastest-growing hardware e-commerce players in India. But the stock’s 1-year return? A painful-27.4%, suggesting that even high-voltage circuits can face grounding issues on Dalal Street.

2. Introduction

Ah, Macfos Ltd — the place where every engineering student’s wishlist becomes a company’s business plan. Founded in 2017, these folks figured out something that even government college canteens couldn’t: that India’s tinkerers and techies will pay for convenience. Whether you’re building a drone to impress your crush or a robot to avoid her, chances are you’ve bought a part fromRobu.in, Macfos’ e-commerce platform.

But behind those shiny sensors and blinking LEDs lies a serious business machine. From3D printing services and prototypingtobattery assembly and industrial R&D supplies, Macfos has quietly built itself into the Amazon of Indian electronics DIY.

The story reads like a desi engineering dream — started small, got into IITs’ procurement lists, then added HAL, Wipro, Bharat Forge, ONGC, and Tata Power to its client base. It’s almost poetic: a company that helps others automate, now automating its own cash flow — hopefully without blue sparks.

Yet, there’s a paradox. Despite clocking ₹255 crore revenue in FY25, it still sits on a cash flow swing between heaven and hell — a pattern that says: “I make profits but my wallet’s empty.” The stock market, which once loved this nerd, now flirts elsewhere. So, is Macfos just going through an engineering phase, or is it really India’s next electronics powerhouse? Let’s pop the hood.

3. Business Model – WTF Do They Even Do?

Macfos isn’t your typical e-commerce outfit selling iPhones and deodorants. It’s the serious side of e-commerce — serving the people who actuallybuildthose gadgets. The company’s crown jewel,Robu.in, is basically a Disneyland for engineers — shelves full of motors, circuits, batteries, and sensors that make your project come alive (or sometimes smoke).

The business has three verticals:

1. E-commerce Reselling and Retailing:The bread-and-butter — reselling over16,000 SKUsacross120+ brandsin electronics, robotics, IoT, and drone components.
2. Manufacturing & Assembly:Through its in-house brands —SmartElex,Orange, andEasyMech— Macfos manufactures electronic modules, batteries, and mechanical kits. These brands together contribute hundreds of products (Orange alone has 627 SKUs).
3. Services:Offering3D printing, prototyping, and R&D assembly servicesfor industrial and educational clients.

Their clientele includes the who’s who of India Inc. — ONGC, Mahindra & Mahindra, HAL, and Tata Power. Basically, if it flies, rolls, or computes, Macfos has probably sold a part of it.

But there’s a catch — inventory management. Withover 160+ vendor tie-upsand warehouses running at high SKU complexity, logistics isn’t just a cost — it’s a full-time stress disorder. Still, theirPune fulfilment centreof 7,900 sq. ft. acts as the beating heart of operations, connected via third-party logistics.

You could say Macfos sells the parts of the future — quite literally.

4. Financials Overview