General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1 — At a Glance
Four quarters ago this company posted an operating profit of ₹0.47 crore on ₹33.29 crore of revenue — an OPM of 1.41%, which is the financial equivalent of running a marathon to arrive exactly where you started. The quarter before that was worse: operating profit of minus ₹3.04 crore.
Then June 2026 happened. Revenue ₹59.54 crore, up 78.8% year-on-year. Operating profit ₹11.86 crore against ₹0.47 crore. PAT ₹9.00 crore against ₹0.68 crore. EPS ₹3.12 against ₹0.24. The company’s own press release calls it the highest-ever quarterly profit, and notes it is close to the entire previous year’s profit of ₹10.09 crore — one quarter doing roughly what twelve months managed.
Management describes the quarter as a “stellar performance” and attributes the jump to revenue growth, operational efficiency and cost control. They also volunteer, unprompted, that the newly acquired US business Beryl contributed essentially nothing to the bottom line — only to the top line. So the profit came from the old business, sharpened.
The company designs steel connections and substations for American clients from Hyderabad. It has 1,174 employees on the standalone India roll as of FY25, a market cap of ₹534 crore, and debt of ₹5.13 crore, which is less than the income tax demand notice it received in March. Both of those numbers are coming up.
2 — Introduction
Mold-Tek Technologies was incorporated in 1985 and provides civil and mechanical engineering design services. It is part of the Mold-Tek group, carries ISO 9001:2015 and ISO 27001:2005 certifications, and is a registered partner with AISC and NISD. Core domains, per the company: Automotive, Poles & Towers, and Oil & Gas. It serves over 200 clients across North America, Europe, Asia Pacific and the Middle East. In FY23, exports were roughly 91% of revenue and domestic 9%.
The structure has a wholly owned US subsidiary, Mold-Tek Technologies Inc. In October 2025 that entity’s sibling, Beryl Engineering Inc., executed an agreement to acquire 100% of Beryl Project Engineering LLC, a Florida business with USD 5.6 million of FY24 revenue, for a purchase consideration of USD 2.7 million. Consolidation began November 2025. Beryl brings residential engineering, permit engineering, plan review and building inspection services — regulatory work that sits earlier in a construction project than steel detailing does.
Since then the corporate calendar has been busy in both directions. In February 2026 the board approved a preferential issue of up to 2,90,000 shares at ₹164 (₹4.756 crore) to Richard Leon Cannyn, took it to an EGM on 30 March, and then withdrew it on 1 May 2026. Management explained the mechanics on the August call: the price offered was 165 against a lower prevailing market price, the party did not show interest, and the six-month window lapsed in April.
In November 2025 the company also granted 600,000 employee stock options at ₹160 under the MTTL ESOS 2025 scheme. In March 2026 it received an income tax demand notice of ₹30,40,440 for AY 2024-25 and said it was responding.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3 — Business Model: WTF Do They Even Do?
An American fabricator wins a job to put up a steel building. Somebody has to work out, in obsessive detail, exactly how every beam meets every column, how many bolts, at what angle, drawn to a standard a US inspector will sign off on. That somebody is increasingly sitting in Jubilee Hills, Hyderabad.
The Civil Engineering Services division does steel detailing, precast detailing, construction documentation and design development, steel staircases and miscellaneous steel detailing. It has been the bulk of the business for a decade — 81.38% of standalone revenue in FY25, and never below 73.87% in any year since FY16. The Mechanical Engineering Services division does automotive design, special purpose machines, press tools and surfacing, utilities and telecommunications. It was 18.62% in FY25.
Headcount tells the same story as revenue: 575 permanent India employees in FY16, 1,174 in FY25. This is a business where the raw material is engineers and the inventory line on the balance sheet is blank, because you cannot warehouse a person’s judgement.
The MES division has been reshaped. Management says mechanical “has been bleeding,” with a loss of ₹7–8 crore last year, incurred by holding staff and expensive software while waiting for an EV recovery that, in their words, has not arrived — “there seems to be no real turnaround for EV market.” Headcount in that portion went from roughly 125–130 to 50–60. A small team is retained deliberately so the company, per management, “should not be lagging in knowledge” if EV work returns in two to three years.
The redeployment target is power transmission and distribution — substation design and detailing, which management links to global data centre construction driving investment in poles, distribution, transformers and substations. They put their own opportunity at USD 5–10 million per annum, against a current run-rate they
