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Mazda Ltd

MAZDA

NSE

₹281.30-4.30%19 Oct 2026

Reports

Capital Goods Engineering General

Mazda Ltd

MAZDA

NSE

₹281.30

-4.30%

19 Oct 2026

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Capital Goods Engineering General

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Mazda Limited is an Indian manufacturer that built its name on industrial vacuum systems and evaporators - the kind of heavy engineering equipment that keeps refineries, pharma plants and power stations running - and then used that industrial backbone to launch a consumer food brand sold across the Middle East and Africa. The company was founded in 1990 as a pure engineering play and diversified into food in 2006, creating two businesses that share little in terms of product but everything in terms of philosophy: long customer relationships, competitive pricing without cutting corners on quality, and a willingness to let new products take years to find their footing. That same patient, relationship-driven approach explains why a key American client also became a shareholder, why export orders are won through Indian procurement offices of multinationals, and why a food brand that started with one product now sells over thirty.

Business segments

Two engines at different stages - an industrial equipment cash cow that commands roughly a third of its domestic niche, and a consumer food brand built on export markets and now reaching back into India - each run with the same patient, quality-first logic.

1. Engineering Division: the industrial backbone that funds everything else

Mazda makes the heavy equipment - vacuum systems, evaporators, condensers - that process industries cannot run without, and it holds a roughly 30-35% share of the Indian vacuum systems market.

Dominant in its niche - the company’s vacuum systems alone command about 30 to 35% of the Indian market, serving refineries, petrochemical plants, pharma manufacturers, agro-chemical producers and power stations.
Steel is the raw material, so margins are protected by contract - the key input is high-quality steel, and price volatility is a constant threat; the company counters this with a pricing governance system that sets minimum acceptable margins, requires structured approvals for any deviation, and locks in back-to-back arrangements with vendors and clients where possible.
A key American client is also a shareholder - Croll Reynolds, based in the United States, is both a major customer and a 7.23% equity holder in Mazda, a relationship that anchors the division’s export credibility even though many overseas sales flow indirectly through the Indian procurement arms of multinationals seeking lower prices.
R&D is pivoting toward chemical-free and green technologies - the division has deployed a non-chemical anti-scaling device called the Smart Rod System for chillers and cooling towers, is developing a hybrid Mechanical and Thermal Vapor Recompression evaporation system for which a patent has been filed, and is running advanced trials on a chemical-free cleaning solution for the dairy industry.
Large orders arrive in lumps - in December 2024 the division won an export order worth USD 11.67 million for a Multi Effect Evaporator destined for a Zero Liquid Discharge plant, and in December 2025 it secured two domestic orders together worth Rs. 53.25 Crore for condensers and an evaporator-plus-dryer system, each to be delivered within eight to eleven months.

2. Food Division (B-Cool): a patient export brand now turning toward home

What began as a single product in 2006 is now a basket of over thirty instant drinks, jams, food colourings and ready-to-eat items sold in more than ten countries, built on the kind of quality consistency that keeps customers coming back for two decades.

Consistency is the competitive moat - the division sells in small lots, sometimes as little as 22 tonnes at a time, so every batch must taste and look identical; customers who placed their first orders as far back as 2005 are still buying today.
Managed from the UK, sold across the Middle East and Africa - the brand is primarily export-oriented and run out of the United Kingdom, with a strong presence in Middle Eastern and African markets where it has participated in trade shows like the Saudi Food Show and Africa Food Show.
A new factory raised the hygiene bar - in July 2022 the division started production at a new facility in Changodar, Ahmedabad, equipped with continuous-process machinery designed to meet strict food-safety certifications.
Now pushing into its own backyard - domestic sales contributed about 18% of the food business in FY22-23, and the company is strengthening its Indian sales force, particularly in Gujarat, while partnering with regional super-stockists and appearing at trade fairs to build a home-market presence.
Export markets are volatile by nature - dollar fluctuations and currency-access problems in African countries create unpredictability, so the domestic push is as much about stability as it is about growth.

Group structure and partners

Mazda is a standalone Indian public company with no subsidiaries or joint ventures, a promoter family holding roughly 42% between two individuals, and a key industrial client sitting on the share register.

Promoter group anchored by the founder’s daughter - after founder Sorab Mody passed away in May 2021, his shares transferred via his Will to his daughter Shanaya Mody Khatua, who now holds 31.52% of the company; Whole-Time Director Percy Avari holds another 10.17%, giving the promoter group combined control of about 42%.
Croll Reynolds is both customer and shareholder - the American engineering firm holds 7.23% of Mazda’s equity, a stake that reflects a commercial relationship deep enough to warrant ownership.
Debt-free on the term-loan side, with a strong credit rating - the company has no term loans outstanding and carries an ‘A’ long-term and ‘A1’ short-term rating from ICRA with a stable outlook; its working capital facilities from State Bank of India total up to Rs. 30.88 Crore across cash credit, bank guarantees and letters of credit.
Three manufacturing units across Ahmedabad - production is spread across units in GIDC Naroda, Hitendranagar Naroda and GIDC Odhav, all within Ahmedabad’s industrial belt.
A nine-member board with four women directors - the board includes two Whole-Time Directors and three Independent Directors among its seven Non-Executive members, with the CFO and Company Secretary rounding out the key managerial personnel.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹563Cr

Close Price

₹281.15

Industry

Capital Goods Engineering General

Price To Earnings

18.81

Price To Sales

2.32

Revenue

₹243Cr

Rev Gr TTM

Revenue Growth TTM

17.43%

PAT Gr TTM

PAT Growth TTM

11.35%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	63	54	58	36	57	47	54	50	51	47	64	80
Growth YoY Revenue Growth YoY%	21.1	24.6	-14.0	-29.3	-9.4	-13.3	-7.0	37.2	-10.5	1.3	19.9	61.9
Expenses ExpensesCr	54	44	45	34	48	36	46	46	40	37	54	73
Operating Profit Operating ProfitCr	8	10	12	2	9	11	8	3	10	11	10	7
OPM OPM%	13.5	19.0	21.0	4.8	15.8	22.9	14.7	6.5	20.6	22.8	15.6	9.1
Other Income Other IncomeCr	1	2	2	3	4	0	1	4	1	2	0	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	8	11	13	4	12	10	8	6	10	11	9	10
Tax TaxCr	2	3	4	1	3	2	2	1	2	3	2	2
PAT PATCr	6	8	9	3	9	7	6	5	8	9	6	7
Growth YoY PAT Growth YoY%	58.7	25.0	-11.8	-62.3	45.1	-10.2	-40.7	69.3	-15.6	17.5	13.1	49.3
NPM NPM%	9.9	15.3	16.3	8.0	15.8	15.9	10.4	9.9	14.9	18.4	9.8	9.1
EPS EPS₹	3.1	4.1	4.7	1.4	0.9	0.7	2.8	2.5	3.8	4.4	3.1	3.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	63	54	58	36	57	47	54	50	51	47	64	80
Growth YoY Revenue Growth YoY%	21.1	24.6	-14.0	-29.3	-9.4	-13.3	-7.0	37.2	-10.5	1.3	19.9	61.9
Expenses ExpensesCr	54	44	45	34	48	36	46	46	40	37	54	73
Operating Profit Operating ProfitCr	8	10	12	2	9	11	8	3	10	11	10	7
OPM OPM%	13.5	19.0	21.0	4.8	15.8	22.9	14.7	6.5	20.6	22.8	15.6	9.1
Other Income Other IncomeCr	1	2	2	3	4	0	1	4	1	2	0	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	8	11	13	4	12	10	8	6	10	11	9	10
Tax TaxCr	2	3	4	1	3	2	2	1	2	3	2	2
PAT PATCr	6	8	9	3	9	7	6	5	8	9	6	7
Growth YoY PAT Growth YoY%	58.7	25.0	-11.8	-62.3	45.1	-10.2	-40.7	69.3	-15.6	17.5	13.1	49.3
NPM NPM%	9.9	15.3	16.3	8.0	15.8	15.9	10.4	9.9	14.9	18.4	9.8	9.1
EPS EPS₹	3.1	4.1	4.7	1.4	0.9	0.7	2.8	2.5	3.8	4.4	3.1	3.7

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	122	110	108	139	180	152	165	192	225	193	212	243
Growth Revenue Growth%	3.6	-9.5	-2.0	28.2	29.6	-15.2	8.3	16.1	17.7	-14.3	9.7	17.4
Expenses ExpensesCr	104	97	94	120	155	129	137	154	186	163	178	204
Operating Profit Operating ProfitCr	18	13	14	19	25	24	28	37	40	30	34	39
OPM OPM%	14.8	11.9	12.9	13.5	14.0	15.5	16.7	19.4	17.6	15.5	16.3	15.9
Other Income Other IncomeCr	2	5	4	3	2	2	3	2	7	7	7	6
Interest Expense Interest ExpenseCr	1	0	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	2	3	3	3	3	3	2	3	4	4	4	4
PBT PBTCr	17	15	14	19	22	22	28	36	42	33	36	40
Tax TaxCr	5	2	4	4	6	6	6	9	10	8	9	10
PAT PATCr	12	13	10	14	17	16	21	27	32	25	28	30
Growth PAT Growth%	7.2	7.3	-20.3	36.9	18.1	-1.9	30.1	25.3	18.4	-21.1	10.7	11.3
NPM NPM%	9.9	11.7	9.5	10.2	9.3	10.7	12.9	13.9	14.0	12.9	13.0	12.3
EPS EPS₹	5.7	6.1	4.8	6.6	8.3	8.2	10.6	13.3	15.7	12.4	13.7	14.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	122	110	108	139	180	152	165	192	225	193	212	243
Growth Revenue Growth%	3.6	-9.5	-2.0	28.2	29.6	-15.2	8.3	16.1	17.7	-14.3	9.7	17.4
Expenses ExpensesCr	104	97	94	120	155	129	137	154	186	163	178	204
Operating Profit Operating ProfitCr	18	13	14	19	25	24	28	37	40	30	34	39
OPM OPM%	14.8	11.9	12.9	13.5	14.0	15.5	16.7	19.4	17.6	15.5	16.3	15.9
Other Income Other IncomeCr	2	5	4	3	2	2	3	2	7	7	7	6
Interest Expense Interest ExpenseCr	1	0	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	2	3	3	3	3	3	2	3	4	4	4	4
PBT PBTCr	17	15	14	19	22	22	28	36	42	33	36	40
Tax TaxCr	5	2	4	4	6	6	6	9	10	8	9	10
PAT PATCr	12	13	10	14	17	16	21	27	32	25	28	30
Growth PAT Growth%	7.2	7.3	-20.3	36.9	18.1	-1.9	30.1	25.3	18.4	-21.1	10.7	11.3
NPM NPM%	9.9	11.7	9.5	10.2	9.3	10.7	12.9	13.9	14.0	12.9	13.0	12.3
EPS EPS₹	5.7	6.1	4.8	6.6	8.3	8.2	10.6	13.3	15.7	12.4	13.7	14.9

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4	4	4	4	4	4	4	4	4	4	4
Reserves ReservesCr	95	114	120	130	128	143	160	182	208	226	245
Current Liabilities Current LiabilitiesCr	30	20	23	35	32	23	25	34	24	29	58
Non Current Liabilities Non Current LiabilitiesCr	2	3	3	3	3	3	3	4	5	6	8
Total Liabilities Total LiabilitiesCr	132	141	151	173	167	173	192	224	241	265	315
Current Assets Current AssetsCr	101	96	109	123	103	103	113	145	161	184	236
Non Current Assets Non Current AssetsCr	31	45	42	50	64	70	79	79	79	81	79
Total Assets Total AssetsCr	132	141	151	173	167	173	192	224	241	265	315

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4	4	4	4	4	4	4	4	4	4	4
Reserves ReservesCr	95	114	120	130	128	143	160	182	208	226	245
Current Liabilities Current LiabilitiesCr	30	20	23	35	32	23	25	34	24	29	58
Non Current Liabilities Non Current LiabilitiesCr	2	3	3	3	3	3	3	4	5	6	8
Total Liabilities Total LiabilitiesCr	132	141	151	173	167	173	192	224	241	265	315
Current Assets Current AssetsCr	101	96	109	123	103	103	113	145	161	184	236
Non Current Assets Non Current AssetsCr	31	45	42	50	64	70	79	79	79	81	79
Total Assets Total AssetsCr	132	141	151	173	167	173	192	224	241	265	315

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	17	6	14	-5	22	20	8	24	43	11	-19
Investing Cash Flow Investing Cash FlowCr	-17	-4	-7	10	4	-20	-5	-15	-30	-9	24
Financing Cash Flow Financing Cash FlowCr	-4	-3	-4	-9	-19	-2	-6	-6	-6	-7	-8
Net Cash Flow Net Cash FlowCr	-4	-2	3	-4	7	-2	-3	3	6	-5	-3
Free Cash Flow Free Cash FlowCr	17	6	13	-12	10	10	-7	19	40	7	-23
CFO To PAT CFO To PAT%	144.1	44.3	131.9	-36.1	134.1	122.3	39.5	88.6	136.5	44.5	-68.3
CFO To EBITDA CFO To EBITDA%	96.4	43.7	97.1	-27.1	88.9	84.4	30.5	63.5	108.2	37.0	-54.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	17	6	14	-5	22	20	8	24	43	11	-19
Investing Cash Flow Investing Cash FlowCr	-17	-4	-7	10	4	-20	-5	-15	-30	-9	24
Financing Cash Flow Financing Cash FlowCr	-4	-3	-4	-9	-19	-2	-6	-6	-6	-7	-8
Net Cash Flow Net Cash FlowCr	-4	-2	3	-4	7	-2	-3	3	6	-5	-3
Free Cash Flow Free Cash FlowCr	17	6	13	-12	10	10	-7	19	40	7	-23
CFO To PAT CFO To PAT%	144.1	44.3	131.9	-36.1	134.1	122.3	39.5	88.6	136.5	44.5	-68.3
CFO To EBITDA CFO To EBITDA%	96.4	43.7	97.1	-27.1	88.9	84.4	30.5	63.5	108.2	37.0	-54.4

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	136	135	143	185	99	180	198	248	515	492	321	563
Price To Earnings Price To Earnings	11.9	10.5	13.9	13.1	6.0	11.0	9.3	9.3	16.3	19.8	11.7	18.8
Price To Sales Price To Sales	1.1	1.2	1.3	1.3	0.6	1.2	1.2	1.3	2.3	2.5	1.5	2.3
Price To Book Price To Book	1.4	1.1	1.1	1.4	0.8	1.2	1.2	1.3	2.4	2.1	1.3	2.3
EV To EBITDA EV To EBITDA	7.1	10.2	10.0	9.7	3.6	7.3	7.0	6.5	12.6	16.1	9.1	15.1
Profitability Ratios Profitability Ratios
GPM GPM%	35.4	36.0	38.4	34.0	30.7	35.7	38.8	39.9	38.2	41.5	42.7	42.7
OPM OPM%	14.8	11.9	12.9	13.5	14.0	15.5	16.7	19.4	17.6	15.5	16.3	15.9
NPM NPM%	9.9	11.7	9.5	10.2	9.3	10.7	12.9	13.9	14.0	12.9	13.0	12.3
ROCE ROCE%	17.5	12.8	11.8	14.2	17.6	15.3	17.2	19.5	19.9	14.6	15.0	15.0
ROE ROE%	12.1	10.9	8.3	10.5	12.6	11.1	12.9	14.3	14.8	10.8	11.0	11.0
ROA ROA%	9.1	9.2	6.8	8.1	10.0	9.4	11.1	11.9	13.1	9.4	8.7	8.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	136	135	143	185	99	180	198	248	515	492	321	563
Price To Earnings Price To Earnings	11.9	10.5	13.9	13.1	6.0	11.0	9.3	9.3	16.3	19.8	11.7	18.8
Price To Sales Price To Sales	1.1	1.2	1.3	1.3	0.6	1.2	1.2	1.3	2.3	2.5	1.5	2.3
Price To Book Price To Book	1.4	1.1	1.1	1.4	0.8	1.2	1.2	1.3	2.4	2.1	1.3	2.3
EV To EBITDA EV To EBITDA	7.1	10.2	10.0	9.7	3.6	7.3	7.0	6.5	12.6	16.1	9.1	15.1
Profitability Ratios Profitability Ratios
GPM GPM%	35.4	36.0	38.4	34.0	30.7	35.7	38.8	39.9	38.2	41.5	42.7	42.7
OPM OPM%	14.8	11.9	12.9	13.5	14.0	15.5	16.7	19.4	17.6	15.5	16.3	15.9
NPM NPM%	9.9	11.7	9.5	10.2	9.3	10.7	12.9	13.9	14.0	12.9	13.0	12.3
ROCE ROCE%	17.5	12.8	11.8	14.2	17.6	15.3	17.2	19.5	19.9	14.6	15.0	15.0
ROE ROE%	12.1	10.9	8.3	10.5	12.6	11.1	12.9	14.3	14.8	10.8	11.0	11.0
ROA ROA%	9.1	9.2	6.8	8.1	10.0	9.4	11.1	11.9	13.1	9.4	8.7	8.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	THERMAX	PITTIENG	TOTEM	MAZDA	FLUIDOM
Market CapitalizationMkt CapCr	38,487	3,727	723	563	313
Close PriceClose₹	3,230.00	989.80	140.05	281.15	635.00
IndustryIndustry	Capital Goods Engineering General	Capital Goods Engineering General	Capital Goods Engineering General	Capital Goods Engineering General	Capital Goods Engineering General
Price To EarningsPE	61.34	29.48	21.28	18.81	15.95
Price To SalesPS	3.55	1.88	2.71	2.32	4.35
RevenueRevenueCr	10,839	1,985	266	243	72
Revenue Growth TTMRev Gr TTM%	4.7%	12.2%	14.1%	17.4%	4.3%
PAT Growth TTMPAT Gr TTM%	-11.7%	-1.1%	22.6%	11.3%	-5.0%

	THERMAX	PITTIENG	TOTEM	MAZDA	FLUIDOM
Market CapitalizationMkt CapCr	38,487	3,727	723	563	313
Close PriceClose₹	3,230.00	989.80	140.05	281.15	635.00
IndustryIndustry	Capital Goods Engineering General	Capital Goods Engineering General	Capital Goods Engineering General	Capital Goods Engineering General	Capital Goods Engineering General
Price To EarningsPE	61.34	29.48	21.28	18.81	15.95
Price To SalesPS	3.55	1.88	2.71	2.32	4.35
RevenueRevenueCr	10,839	1,985	266	243	72
Revenue Growth TTMRev Gr TTM%	4.7%	12.2%	14.1%	17.4%	4.3%
PAT Growth TTMPAT Gr TTM%	-11.7%	-1.1%	22.6%	11.3%	-5.0%

FY2026

FY2025

FY2024

FY2022

FY2021

FY2020

FY2026

Jun 26