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1 — At a Glance
In FY26, the company formerly known as Madhav Copper booked sales of ₹234.2 crore, up 88% from ₹124.5 crore a year earlier. The top line nearly doubled. Net profit, doing the opposite of what a doubling revenue line might lead one to expect, slipped to ₹4.49 crore from ₹4.69 crore — a decline of roughly 4%.
That single divergence is the entry’s central tension. Revenue surged while the bottom line drifted backward, and the gap between the two is where the story sits. Operating profit climbed to about ₹10 crore from ₹6 crore, yet operating margin held at 4.46% — thin enough that copper price movements and finance costs do most of the talking.
The market currently pays 34x earnings here, against a peer median near 16x. The balance sheet carried ₹41.6 crore of borrowings against ₹0.47 crore of cash at March-end. The company changed its name to M Tek Copper effective June 9, 2026, and a credit rating was withdrawn in May after the company stopped sharing information with the agency.
When sales double and profit doesn’t follow, the margin line is usually holding the answer — and a 4.46% margin holds very little. The full record follows below.
2 — Introduction
Incorporated in 2012 and reconstituted as a public company in 2017, the firm sits within the Gujarat-based Madhav group and operates out of Bhavnagar. It manufactures and trades enamelled and submersible copper winding wires — the kind that end up inside pumps, motors, transformers, and generators rather than on any shelf a retail buyer would recognise.
The FY26 period was eventful in ways that had little to do with selling wire. The board approved audited FY26 results on May 27, 2026, carrying an unmodified auditor opinion from P G Hemani & Co. NSE then approved the rename from Madhav Copper to M Tek Copper, effective June 9, 2026 — a fresh badge on a thirteen-year-old company.
The year also carried friction. NSE levied ₹70,000 plus GST for board-composition non-compliance, with a sixth director appointed on May 21, 2026 to fix it. A non-executive director, Divya Monpara, resigned in December 2025. And the company sat under multiple GST adjudication orders across the year, which Section 6 records.
Revenue history here is jagged rather than smooth. Sales ran ₹383 crore in FY21, collapsed to nearly nothing in FY23, and have rebuilt to ₹234 crore in FY26. This is not a steady compounder; it’s a business that swings.
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3 — Business Model: WTF Do They Even Do?
Strip away the rename and what remains is a copper conversion shop. The company buys copper — rods made from LME-registered Grade ‘A’ cathodes, conductors from 99.997% pure ETP and OFC grade — and turns it into enamelled copper wire, bus bars, submersible winding wire, paper-covered conductors, and copper strips. Per the FY24 annual report, sale of goods was roughly 88% of revenue, trading about 1%, and the remainder other income.
The honest description of this model is “copper in, slightly-more-valuable copper out.” The value-add is the enamelling, the insulation class, the precision of the winding — real engineering, but engineering that operates on a knife-thin spread. FY26 operating margin was 4.46%. For every ₹100 of wire shipped, about ₹4.46 survived as operating profit before interest and depreciation took their turn.
That margin is the whole personality of the business. When your raw material is a globally traded commodity priced by the London Metal Exchange, you are essentially a converter standing between a copper price you don’t set and customers who know exactly what copper costs. Pricing power lives in the spread, and the spread is thin.
Geographically, the FY24 split was about 96% domestic and 4% export — a Gujarat manufacturer serving largely Indian pump and motor makers. The certifications are real (ISO 9000, 14001, plus IS, IEC, NEMA conformance), and
