1. At a Glance
For nearly a decade, Mardia Samyoung Capillary Tubes Company Ltd behaved like that one factory gate you pass every day—locked, dusty, and emotionally unavailable. Then suddenly in Q3 FY26, it woke up, clocked ₹12.35 Cr quarterly revenue, posted ₹1.29 Cr PAT, and the stock decided to go full Bollywood comeback mode with 1,226% one-year returns.
Market cap today sits at ₹77.1 Cr, while book value is a modest ₹7.79, meaning the stock trades at 14.2× P/B—because obviously when fundamentals return after a decade, valuation logic takes a tea break.
Quarterly profit growth reads like a typo (2,680% YoY), ROCE suddenly looks respectable at 22.6%, and debt is basically nonexistent at ₹0.01 Cr. This is not a growth story yet—this is a resurrection story, and markets love resurrections more than spreadsheets.
But the real question: is this a genuine operational revival or just a one-quarter wonder with a loud mic? Let’s open the files.
2. Introduction
Incorporated in 1992, Mardia Samyoung Capillary Tubes Company Ltd spent most of its listed life perfecting the art of not selling anything. From FY2014 to FY2023, revenue was either zero, negative, or spiritually absent. Losses piled up, reserves went negative, and the balance sheet looked like it had survived demonetisation, GST, COVID, and management boredom—all together.
Then FY25 happened. Revenue returned. Not gradually. Not politely. Straight up ₹12.76 Cr TTM, mostly concentrated in Q3 FY26 alone.
This is the kind of company where one quarter can rewrite ten years of narrative—and the market has clearly chosen to believe. But belief is cheap; sustainability is expensive.
So before getting hypnotised by green candles, we need to ask:
Is this a manufacturing reboot?
Or is this just accounting CPR with
adrenaline shots?
3. Business Model – WTF Do They Even Do?
The company manufactures copper tube components and brass/copper parts, primarily used in refrigeration and air-conditioning systems.
Product Buckets:
- Copper Tubes for RAC: straight, coiled, pre-cut, bent tubes compliant with ASTM & ASME standards
- Fittings & Specialty Components: distributors, accumulators, connectors
- Brass & Copper Valves: ball valves, gate valves, nipples, bushings
In theory, this is a boring but respectable industrial business. In practice, for years it generated rent income instead of product revenue, which is like owning a factory but earning money by renting the guard cabin.
The latest quarter suggests actual manufacturing activity resumed. Whether this is due to new customers, revived capacity, or one-off orders is not disclosed in the dump—so no imagination allowed here.
4. Financials Overview
Quarterly Comparison (Figures in ₹ Crores)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 12.35 | 0.00 | 0.41 | NA | 2,912% |
| EBITDA | 1.89 | -0.12 | 0.02 | NA | Massive |
| PAT | 1.29 | -0.12 | 0.02 | 2,680% | Massive |
| EPS (₹) | 1.85 | -0.17 | 0.03 | NA | 🚀 |
EPS Annualisation Rule Applied
Result type detected: Quarterly Results
Annualised EPS = Q3 EPS average × 4 is NOT applied here due to rule: do not annualise a single strong quarter.
So trailing EPS of ₹1.48 is used.
Witty takeaway:
One
