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Marvel Decor Ltd

MDL·NSE
60.000.00%Wed, 23 Sept '26

Marvel Decor Ltd

MDL
NSE
60.00
0.00%
|Wed, 23 Sept '26
SOICxStockScans Reports
6M
Price
Charts
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Quick Ratios

Edit Ratios
Mkt Cap
Market Capitalization
106Cr
Close
Close Price
60.00
Industry
Industry
Textiles - Others
PE
Price To Earnings
24.49
PS
Price To Sales
1.55
Revenue
Revenue
68Cr
Rev Gr TTM
Revenue Growth TTM
8.52%
PAT Gr TTM
PAT Growth TTM
13.38%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2020Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Mar 2026
Revenue
RevenueCr
101820222326262731323732
Growth YoY
Revenue Growth YoY%
-34.222.8102.819.120.120.811.83.817.918.319.6-2.1
Expenses
ExpensesCr
111418192323232427293529
Operating Profit
Operating ProfitCr
-141303334322
OPM
OPM%
-11.621.16.111.72.010.410.912.011.78.46.77.2
Other Income
Other IncomeCr
011121100122
Interest Expense
Interest ExpenseCr
111111111111
Depreciation
DepreciationCr
111111111111
PBT
PBTCr
-141223333334
Tax
TaxCr
000000000000
PAT
PATCr
-220111122222
Growth YoY
PAT Growth YoY%
-4,066.7276.9113.9-49.8160.613.072.125.252.0-9.2-8.444.3
NPM
NPM%
-24.713.41.75.73.75.35.76.47.34.95.67.2
EPS
EPS
-1.51.40.30.30.50.80.91.01.30.91.21.3
QuarterSep 2020Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Mar 2026
Revenue
RevenueCr
101820222326262731323732
Growth YoY
Revenue Growth YoY%
-34.222.8102.819.120.120.811.83.817.918.319.6-2.1
Expenses
ExpensesCr
111418192323232427293529
Operating Profit
Operating ProfitCr
-141303334322
OPM
OPM%
-11.621.16.111.72.010.410.912.011.78.46.77.2
Other Income
Other IncomeCr
011121100122
Interest Expense
Interest ExpenseCr
111111111111
Depreciation
DepreciationCr
111111111111
PBT
PBTCr
-141223333334
Tax
TaxCr
000000000000
PAT
PATCr
-220111122222
Growth YoY
PAT Growth YoY%
-4,066.7276.9113.9-49.8160.613.072.125.252.0-9.2-8.444.3
NPM
NPM%
-24.713.41.75.73.75.35.76.47.34.95.67.2
EPS
EPS
-1.51.40.30.30.50.80.91.01.30.91.21.3

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
RevenueCr
322630284150536368
Growth
Revenue Growth%
-18.412.8-5.848.020.57.618.18.5
Expenses
ExpensesCr
242025253746475764
Operating Profit
Operating ProfitCr
874343665
OPM
OPM%
25.025.214.29.89.06.411.510.27.0
Other Income
Other IncomeCr
011123114
Interest Expense
Interest ExpenseCr
201122221
Depreciation
DepreciationCr
222222222
PBT
PBTCr
452023445
Tax
TaxCr
111000001
PAT
PATCr
341022344
Growth
PAT Growth%
12.7-79.5-90.02,087.144.542.518.813.6
NPM
NPM%
9.713.42.40.33.84.56.06.16.3
EPS
EPS
1.82.10.40.00.91.31.92.22.5
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
RevenueCr
322630284150536368
Growth
Revenue Growth%
-18.412.8-5.848.020.57.618.18.5
Expenses
ExpensesCr
242025253746475764
Operating Profit
Operating ProfitCr
874343665
OPM
OPM%
25.025.214.29.89.06.411.510.27.0
Other Income
Other IncomeCr
011123114
Interest Expense
Interest ExpenseCr
201122221
Depreciation
DepreciationCr
222222222
PBT
PBTCr
452023445
Tax
TaxCr
111000001
PAT
PATCr
341022344
Growth
PAT Growth%
12.7-79.5-90.02,087.144.542.518.813.6
NPM
NPM%
9.713.42.40.33.84.56.06.16.3
EPS
EPS
1.82.10.40.00.91.31.92.22.5

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
171717171717171818
Reserves
ReservesCr
232527272831344549
Current Liabilities
Current LiabilitiesCr
71318151822242627
Non Current Liabilities
Non Current LiabilitiesCr
322432228
Total Liabilities
Total LiabilitiesCr
5059666466717690101
Current Assets
Current AssetsCr
374246454752597077
Non Current Assets
Non Current AssetsCr
131720192019172023
Total Assets
Total AssetsCr
5059666466717690101
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
171717171717171818
Reserves
ReservesCr
232527272831344549
Current Liabilities
Current LiabilitiesCr
71318151822242627
Non Current Liabilities
Non Current LiabilitiesCr
322432228
Total Liabilities
Total LiabilitiesCr
5059666466717690101
Current Assets
Current AssetsCr
374246454752597077
Non Current Assets
Non Current AssetsCr
131720192019172023
Total Assets
Total AssetsCr
5059666466717690101

Cash Flow

Consolidated
Standalone
Financial YearMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-7332-10-5-1
Investing Cash Flow
Investing Cash FlowCr
-5-5-1-3-10-4-5
Financing Cash Flow
Financing Cash FlowCr
01-102096
Net Cash Flow
Net Cash FlowCr
-11-11-10010
Free Cash Flow
Free Cash FlowCr
-12-230-2-1-8-5
CFO To PAT
CFO To PAT%
-201.0358.84,438.5118.8-30.0-14.5-119.3-15.2
CFO To EBITDA
CFO To EBITDA%
-106.761.2116.649.8-21.2-7.6-71.1-13.7
Financial YearMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-7332-10-5-1
Investing Cash Flow
Investing Cash FlowCr
-5-5-1-3-10-4-5
Financing Cash Flow
Financing Cash FlowCr
01-102096
Net Cash Flow
Net Cash FlowCr
-11-11-10010
Free Cash Flow
Free Cash FlowCr
-12-230-2-1-8-5
CFO To PAT
CFO To PAT%
-201.0358.84,438.5118.8-30.0-14.5-119.3-15.2
CFO To EBITDA
CFO To EBITDA%
-106.761.2116.649.8-21.2-7.6-71.1-13.7

Ratios

Consolidated
Standalone
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
965034375268153164101106
Price To Earnings
Price To Earnings
31.114.3125.01,100.039.133.647.642.823.324.5
Price To Sales
Price To Sales
3.01.91.11.41.31.42.92.61.51.6
Price To Book
Price To Book
2.41.20.80.91.11.43.02.61.51.6
EV To EBITDA
EV To EBITDA
11.28.210.717.416.825.527.227.825.326.4
Profitability Ratios
Profitability Ratios
GPM
GPM%
56.869.349.438.039.537.441.440.442.042.0
OPM
OPM%
25.025.214.29.89.06.411.510.27.07.0
NPM
NPM%
9.713.42.40.33.84.56.06.16.36.3
ROCE
ROCE%
15.211.35.22.65.96.68.07.37.37.3
ROE
ROE%
7.88.21.60.23.54.76.36.16.56.5
ROA
ROA%
6.36.01.10.12.43.24.24.24.34.3
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
965034375268153164101106
Price To Earnings
Price To Earnings
31.114.3125.01,100.039.133.647.642.823.324.5
Price To Sales
Price To Sales
3.01.91.11.41.31.42.92.61.51.6
Price To Book
Price To Book
2.41.20.80.91.11.43.02.61.51.6
EV To EBITDA
EV To EBITDA
11.28.210.717.416.825.527.227.825.326.4
Profitability Ratios
Profitability Ratios
GPM
GPM%
56.869.349.438.039.537.441.440.442.042.0
OPM
OPM%
25.025.214.29.89.06.411.510.27.07.0
NPM
NPM%
9.713.42.40.33.84.56.06.16.36.3
ROCE
ROCE%
15.211.35.22.65.96.68.07.37.37.3
ROE
ROE%
7.88.21.60.23.54.76.36.16.56.5
ROA
ROA%
6.36.01.10.12.43.24.24.24.34.3
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
- **Marvel Decor is a window-coverings brand that started by making the smallest components inside a blind and then spent two decades building the whole blind, the brand that sells it, and the motor that moves it - all under its own roof. It was founded in 2000 as a manufacturer of curtain rods and a supplier of fabrics and components to blinds manufacturers, and over the next twenty years it transformed into a vertically integrated company that designs, manufactures, and sells blinds, curtain tracks, and motors directly to homes, hotels, and offices across India and 20-plus countries. The recurring approach is simple: master a technical piece of the product first, then expand into the next link in the chain - from components to finished blinds, from India to the UAE, from manual systems to smart motors - so that it never depends on anyone else for what it sells.** # Business segments A single engine with two brands and a motorization arm - Marvel for India, Callistus for international markets, and Solis motors stitched through both - all fed by the same vertically integrated factory system. ## 1. Window coverings: made-to-measure blinds, tracks, and motors sold through a branded channel network **The company makes the components, assembles the finished product, and sells it directly to end customers and projects under its own brands - no middlemen between factory and window.** - **Started with the smallest parts** - the company began by manufacturing blinds components and supplying them to other blind makers, which gave it deep technical know-how in every mechanism before it ever sold a finished blind. - **One factory system, two brands** - blinds, curtain tracks, and motors are designed and assembled at a 2 lac sq. ft. factory in Jamnagar, Gujarat, and a 13,000 sq. ft. assembly unit in Sharjah, UAE, then sold under the Marvel brand in India and the Callistus brand internationally. - **The largest range in the industry** - the company offers 16 types of blinds, 10 operating systems, and over 2,000 fabric shades, all made-to-measure for each client, with a 48-hour dispatch commitment in India. - **Sold through galleries, not just catalogues** - over 400 galleries and 800 dealers across 250-plus Indian cities let architects, interior designers, and end customers see products on real windows with real sunlight before they buy. - **Projects feed the retail brand** - landmark installations like the New Parliament Building, the Vice President of India’s Residence, and the awarded New Port & Customs Authority tower in Dubai act as public proof of quality, which in turn pulls in retail customers. ## 2. Solis motorization: the automation layer that turns blinds into smart-home devices **Motors are the fastest-growing piece of the window-covering market, and the company now makes its own rather than buying someone else’s.** - **Launched to complete the portfolio** - Solis motors, introduced in February 2025, fill the last gap in the company’s offering so that a customer can get the blind, the track, and the motor from one source. - **Sold with blinds and on their own** - the motors are designed to pair with the company’s existing blinds and curtain tracks, but they are also available as an independent product for buyers who already have window coverings and only want automation. - **Riding a 20%-plus growth wave** - the motorized segment of the window-covering market is expected to grow at over 20% annually, so making motors in-house positions the company to capture that demand directly rather than handing it to a third-party supplier. # Group structure and partners **A family-run Indian parent with three wholly owned international subsidiaries - UAE, UK, and USA - and partnerships that open doors in luxury automation and large-scale project procurement.** - **Parent and three subsidiaries** - Marvel Decor Ltd is the listed Indian parent; Callistus Blinds Middle East FZE runs the UAE assembly unit and GCC sales; Callistus UK Ltd. lets British dealers buy locally; and Callistus Window Fashion USA Inc., incorporated in April 2025, enables local invoicing for American customers who wanted to avoid import friction and high PayPal fees. - **Family in every key seat** - the Chairman and Managing Director runs the whole group, his wife oversees finance and purchasing, one daughter manages the UAE market, and another daughter recently joined the business. - **Lutron brings the luxury home-automation customer** - a partnership with the US-based premium automation brand (worldwide sales of roughly ₹15,000 crores) lets the company supply blinds and curtain motors into high-end residential, hospitality, and commercial projects through Marvel Blinds network. - **A US design-build partner could shift procurement from China** - a large American firm handling about 150 projects a year globally has indicated it wants to move its entire window-covering procurement to Marvel Decor, potentially worth $10 million a year, with a $2 million order funnel already in place.

Documents — Marvel Decor Ltd

  • Q2 FY2026 Earnings Call Transcript (Sep 2025, PDF): https://www.stockscans.in/document/qgqctd869e7usrcc3mq2kbd8.pdf
  • Q4 FY2025 Earnings Call Transcript (Mar 2025, PDF): https://www.stockscans.in/document/8cz3qxmafcziivglsdoswxd3.pdf
  • Q2 FY2025 Earnings Call Transcript (Sep 2024, PDF): https://www.stockscans.in/document/x5sqpiowt6ihlf4h5gdlykn8.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/9pc693cfvif9uzzx6x4f6au2.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/u20csruaxpwi3jrx5dq9skb9.pdf
  • Q2 FY2025 Quarterly Result (Sep 2024, PDF): https://www.stockscans.in/document/4rcu3aytqgg36mhosf3c6sa8.pdf
  • Q4 FY2024 Quarterly Result (Mar 2024, PDF): https://www.stockscans.in/document/6m40pjxzsx9g9rmmq5go0xoj.pdf
  • Q2 FY2026 Investor Presentation (Sep 2025, PDF): https://www.stockscans.in/document/o8tkxgwrd5yz6u2eu7ldd2z9.pdf
  • Q2 FY2025 Investor Presentation (Sep 2024, PDF): https://www.stockscans.in/document/c1a0v7ajuh31x9z3lvc84cal.pdf
  • Q4 FY2024 Investor Presentation (Mar 2024, PDF): https://www.stockscans.in/document/dchc74qfaejzzux56kh2xh0q.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/12edmpe18ccj5mwj8esuj59q.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/vfgr8extpjxxw9sm4xfafmjo.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/tsbhaf4k6uzutqj23fbpkvxx.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/ty8xwuxy0w6p87tgtaq0498u.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/l3yyr3l6q78ix7lyjrbgndtj.pdf
  • FY2021 Annual Report (PDF): https://www.stockscans.in/document/9o79iszji5aoc6ad6xu6xm1k.pdf
  • FY2020 Annual Report (PDF): https://www.stockscans.in/document/ij9sxduf8z53e7ek1nec3zub.pdf

Concall Transcript Summaries — Marvel Decor Ltd

  • Q2 FY2026 Concall Transcript Summary (Sep 2025): https://www.stockscans.in/company/NSE%3AMDL/transcript-notes/202509/qgqctd869e7usrcc3mq2kbd8.pdf
  • Q4 FY2025 Concall Transcript Summary (Mar 2025): https://www.stockscans.in/company/NSE%3AMDL/transcript-notes/202503/8cz3qxmafcziivglsdoswxd3.pdf
  • Q2 FY2025 Concall Transcript Summary (Sep 2024): https://www.stockscans.in/company/NSE%3AMDL/transcript-notes/202409/x5sqpiowt6ihlf4h5gdlykn8.pdf