MAZDAMazda LimitedNSE:MAZDATechnicalAnalystSucrit## Mazda Ltd. (CMP ₹261.00, NSE: MAZDA) **The SmartWay Research Desk | 3 September 2026** An Ahmedabad‑based engineering company, incorporated in 1990. Mazda Ltd. is engaged in **manufacturing of vacuum systems, evaporators, pollution control equipment, and allied engineering products**, catering to industries such as chemicals, pharmaceuticals, food processing, and power. **Promoter Holding (Jun 2026):** **Mazda Group (Patel Family) — ~65.1% stake (no pledges)** --- ### FY22–FY26 Snapshot - **Revenue Growth:** FY26 revenue ₹642 Cr vs ₹562 Cr in FY25 (+14.2% YoY). → **Good** - **Net Profit:** FY26 PAT ₹82 Cr vs ₹70 Cr in FY25 (+17.1% YoY). → **Good** - **Operating Margin:** FY26 EBITDA ₹142 Cr, margin 22.1% vs 21.4% last year (+70 bps). → **Good** - **Equity Capital:** Stable, face value ₹10. → **Good** - **Dividend Policy:** Dividend ₹3.00/share declared for FY26. → **Good** - **Asset Building:** Investments in **vacuum systems and pollution control equipment expansion**. → **Good** - **Sales:** Strong demand from **chemical and pharma industries**. → **Good** - **Expense:** Raw material cost pressures (steel, alloys) remain. → **Neutral/Good** - **EPS:** FY26 EPS ₹26.25 vs ₹22.40 last year (+17.2%). → **Good** --- ### Institutional Interest & Ownership Trends (Jun 2026) - **Promoter Holding:** ~65.1% (no pledges) - **FII Holding:** ~3.2% - **DII Holding:** ~6.8% - **Retail & Others:** ~24.9% --- ### Strategic Moves & Innovations - Expansion in **vacuum systems for chemical and pharma sectors**. - Focus on **pollution control and environmental engineering solutions**. - Partnerships with **global engineering firms for technology transfer**. - Diversification into **food processing and power sector equipment**. --- ### Cash Flow & Balance Sheet Strength - Market cap ~₹820 Cr. - Debt‑to‑equity ratio ~0.34 (moderate leverage). - Book value per share ₹92.00; P/B ~2.8. - EPS (TTM) ₹26.25; P/E ~9.9. --- ### Risk Factors - Low‑moderate **P/E ratio ~9.9**, valuations attractive. - Dependence on **industrial demand cycles**. - Exposure to **commodity price volatility (steel, alloys)**. - Competition from Thermax, Triveni Engineering, and Kirloskar Pneumatic. --- ### Investor Takeaway Mazda Ltd. has delivered **steady FY26 performance**, supported by demand in chemical, pharma, and pollution control equipment. With strong promoter backing (Patel Family, 65.1% stake), dividend payouts, and leadership in niche engineering solutions, Mazda remains a **small‑cap industrial engineering play**. At CMP ₹261.00, valuations are **attractive (P/E ~9.9, P/B ~2.8)**, reflecting growth potential with manageable risks.