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Mangalam Organics Limited (MANORG) Fair Value & Analysis

Basic Materials · IN · Market cap ₹4.6B

MO Mangalam Organics Limited MANORG · NSE
Price₹447.65
Fair Value₹505.99
Upside+13.0%
Quality43/100
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Expensive Growth
Solidly profitable · 16.0% net margin
Low debt · negative free cash flow
Mixed vs. peers (7/13)
Moderate moat 50/100
Evidence: High Range ₹322.63 – ₹599.17 Share as image

Fair value as of: Aug 13, 2026

From 16 valuation models · updated 4 days ago

Share price −19.7% over the past month.

Below-average quality, screening 13% undervalued on our models.

What matters now

  • A fairly wide model range (₹322.63 to ₹599.17) leaves room in how you read the outcome.
  • Our model range runs from ₹322.63 (bear) to ₹599.17 (bull), base ₹505.99. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 43/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

₹1,239 ₹272.45 Fair Value ₹505.99 Nov 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

57‑month range ₹272.45 – ₹1,239 · fair‑value band ₹322.63 – ₹599.17 · the ₹447.65 price screens below the ₹505.99 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Mangalam Organics Limited (MANORG) currently trades at ₹447.65, while our model-based Fair Value estimate is ₹505.99, implying the stock looks roughly 13.0% undervalued today. The Quality Score stands at 43/100 (below-average quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Mangalam Organics Limited generated revenue of ₹489M at a net margin of 16.0%. Revenue grew 2.6% year over year. It earns a return on equity of 8.2%. Net debt stands at ₹3.6B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹322.63 (bear case) to ₹599.17 (bull case); at ₹447.65, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 26% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -68% fair-value upside, at 13%, MANORG screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹303.97 ₹323.41 ₹362.21 76
ROIC Compounder ₹540.86 ₹729.51 ₹977.87 72
Gordon GGM ₹13.17 ₹26.25 ₹39.75 70
All 16 models by family
Earnings-Based
Graham-Dodd ₹204.50 ₹835.70 ₹1,138 54
Lynch FV ₹209.67 ₹299.53 ₹389.39 50
PEG = 1.0 ₹209.67 ₹299.53 ₹389.39 46
EPV ₹498.26 ₹586.59 ₹662.79 59
Dividend Discount
Gordon GGM ₹13.17 ₹26.25 ₹39.75 70
DDM Multi-Stage ₹13.17 ₹22.69 ₹27.71 61
Multiples
P/E Multiple ₹383.44 ₹511.25 ₹639.07 63
P/S Multiple ₹383.44 ₹511.25 ₹639.07 58
P/B Multiple ₹383.44 ₹511.25 ₹639.07 55
EV/EBIT ₹677.45 ₹923.66 ₹1,170 53
EV/EBITDA ₹707.95 ₹964.32 ₹1,221 54
EV/Revenue ₹578.97 ₹853.31 ₹1,128 43
Asset-Based
NCAV (Graham) ₹186.00 ₹249.24 ₹372.00 50
Economic Profit
Residual Income ₹303.97 ₹323.41 ₹362.21 76
ROIC Compounder ₹540.86 ₹729.51 ₹977.87 72
Growth Earnings
Growth-Adj P/E ₹322.63 ₹460.90 ₹599.17 68

Widest divergence: Multiples (₹511.25) versus Dividend Discount (₹22.69). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹489M
Revenue growth (YoY) +2.6%
Net margin 16.0%
Return on equity 8.2%
Free cash flow −₹907M FY2026
P/E ratio 15.1
More key figures
Operating margin 23.6%
EPS (TTM) ₹29.65
EPS growth (YoY) +8.2%
Net debt ₹3.6B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 40 · Market factors (momentum, volatility) 38

Profitability 43
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 1
Earnings quality: real cash, not paper profit
Fin. Strength 38
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 72
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Mangalam Organics Limited, together with its subsidiaries, manufactures and sells chemicals for the industrial and consumer markets in India and internationally.

Full company description

Mangalam Organics Limited, together with its subsidiaries, manufactures and sells chemicals for the industrial and consumer markets in India and internationally. The company offers terpene products, including camphor, camphene, dipentene, isobornyl acetate, isoborneol, isoborneol flakes, sodium acetate trihydrate, terpineol, camphor oil, and pine tar; and resin products, such as terpene and alkyl phenolic resins, penta and glycerol modified ester gums, and rosin esters. It also provides camphor tablets and Bhimseni camphor under the Mangalam brand; and camphor-based home care products, such as camphor cones and sticks, camphor air purifiers and hand wash, camphor soap bars and hand sanitizers, camphor liquid vaporisers and surface cleaners, and camphor mosquito repellants and instacones under the CamPure brand. The company exports its products. It serves various applications, which include religious use, healthcare and hygiene products, fragrance and flavor, paints, cleaning and degreasing agents, textile and dyes, leather tanning, adhesives, tyres, rubbers, chewing gums, and printing ink. The company was formerly known as Dujodwala Products Limited and changed its name to Mangalam Organics Limited in October 2013. Mangalam Organics Limited was incorporated in 1981 and is headquartered in Mumbai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Mangalam Organics Limited reported revenue of ₹6.2B in FY2026 versus ₹4.9B in FY2022, a compound +6.1%/yr. Reported net income was ₹258M in FY2026, compounding −16.8%/yr from FY2022.

Growth Quality 61/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹6.2B
Latest YoY
+17.5%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.1%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.0%
Avg. growth/yr (18Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.1%
Revenue +6.1%/yr
FY22 ₹4.9B
FY23 ₹4.9B
FY24 ₹4.9B
FY25 ₹5.3B
FY26 ₹6.2B
Net income −16.8%/yr
FY22 ₹537M
FY23 −₹272M
FY24 ₹42.9M
FY25 ₹126M
FY26 ₹258M
Character of growth · EPS growth decomposed (2015-2026) +14.2 % p.a.
Revenue per share +12.0 pp

of which total revenue +11.4 pp · buybacks/dilution +0.6 pp

EBIT margin +13.2 pp
Tax rate −1.7 pp
Residual (interest, one-offs) −9.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Mangalam Organics Limited Fair Value". https://www.fairvalue-calculator.com/stock/MANORG

Peer Group

Specialty Chemicals · 672 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 43 · Bottom 25%
Fair Value upside +13% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 3% · Above median
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 24% · Top 25%
Revenue growth 3% · Below median
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.17× · Higher than median

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 15.1× · Cheaper than median
P/B 1.43× · Cheaper than median
P/S (TTM) 9.32× · Pricier than 75% of peers
EV/EBITDA 39.2× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 51 · sector 0
FUTURE 13 · sector 18
PAST 33 · sector 23
HEALTH 91 · sector 95
DIVIDEND 6 · sector 31

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Asian Paints Limited ASIANPAINT ₹2,756 ₹664.51 -76%
Solar Industries India Limited SOLARINDS ₹18,730 ₹2,793 -85%
Pidilite Industries Limited PIDILITIND ₹1,702 ₹351.84 -79%
PT Chandra Asri Pacific Tbk TPIA 2,160 IDR 2,322 IDR +8%
Berger Paints India Limited BERGEPAINT ₹559.80 ₹154.46 -72%
Gujarat Fluorochemicals Limited FLUOROCHEM ₹4,566 ₹836.47 -82%
Himadri Speciality Chemical Limited HSCL ₹778.15 ₹248.63 -68%

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Frequently asked questions

Is Mangalam Organics Limited (MANORG) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹505.99 versus a price of ₹447.65, about +13% (undervalued).
What is the fair value of MANORG?
Our model-based fair value for Mangalam Organics Limited is ₹505.99 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹447.65.
What is the quality score of MANORG?
Mangalam Organics Limited has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Mangalam Organics Limited (MANORG)?
Mangalam Organics Limited reported trailing-twelve-month revenue of about ₹489M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of MANORG?
The net profit margin of Mangalam Organics Limited is about 16.0%, meaning it keeps roughly 16.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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