New Risk • May 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₹4.19b market cap, or US$43.7m). Reported Earnings • May 27
Full year 2026 earnings released: EPS: ₹13.74 (vs ₹12.41 in FY 2025) Full year 2026 results: EPS: ₹13.74 (up from ₹12.41 in FY 2025). Revenue: ₹2.19b (up 14% from FY 2025). Net income: ₹275.1m (up 11% from FY 2025). Profit margin: 13% (in line with FY 2025). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • May 26
Mazda Limited Recommends Dividend for the Financial Year Ended on 31 March, 2026 Mazda Limited announced the Board of Directors at the Board Meeting held on 26 May, 2026 recommended a dividend of (200 %) INR 4.00 per equity share of face value of INR 2/- each for the financial year ended on 31 March, 2026 subject to the approval of the shareholders at the ensuing Annual General Meeting. Announcement • May 19
Mazda Limited to Report Q4, 2026 Results on May 26, 2026 Mazda Limited announced that they will report Q4, 2026 results on May 26, 2026 Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹185, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 24x in the Machinery industry in India. Total returns to shareholders of 51% over the past three years. Reported Earnings • Feb 13
Third quarter 2026 earnings released: EPS: ₹4.36 (vs ₹3.71 in 3Q 2025) Third quarter 2026 results: EPS: ₹4.36 (up from ₹3.71 in 3Q 2025). Revenue: ₹492.4m (up 5.3% from 3Q 2025). Net income: ₹87.2m (up 18% from 3Q 2025). Profit margin: 18% (up from 16% in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Feb 04
Mazda Limited to Report Q3, 2026 Results on Feb 11, 2026 Mazda Limited announced that they will report Q3, 2026 results on Feb 11, 2026 Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: ₹3.79 (vs ₹4.48 in 2Q 2025) Second quarter 2026 results: EPS: ₹3.79 (down from ₹4.48 in 2Q 2025). Revenue: ₹516.5m (down 9.0% from 2Q 2025). Net income: ₹75.8m (down 16% from 2Q 2025). Profit margin: 15% (down from 16% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 08
Mazda Limited to Report Q2, 2026 Results on Nov 12, 2025 Mazda Limited announced that they will report Q2, 2026 results on Nov 12, 2025 Announcement • Sep 18
Mazda Limited Approves Final Dividend for the Financial Year Ended on 31 March, 2025 Mazda Limited announced at annual general meeting held on September 18, 2025, the shareholders approved the declaration of Ordinary Resolution for declaration of Final Dividend of INR 3.60 per equity share of fully paid-up face value of INR 2 each for the financial year ended on 31 March, 2025. Declared Dividend • Aug 09
Dividend of ₹3.60 announced Shareholders will receive a dividend of ₹3.60. Ex-date: 4th September 2025 Payment date: 18th October 2025 Dividend yield will be 1.3%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (29% earnings payout ratio) but not covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 06
Mazda Limited, Annual General Meeting, Sep 18, 2025 Mazda Limited, Annual General Meeting, Sep 18, 2025, at 12:00 Indian Standard Time. Reported Earnings • Aug 06
First quarter 2026 earnings released: EPS: ₹2.45 (vs ₹1.45 in 1Q 2025) First quarter 2026 results: EPS: ₹2.45 (up from ₹1.45 in 1Q 2025). Revenue: ₹539.0m (up 49% from 1Q 2025). Net income: ₹49.1m (up 70% from 1Q 2025). Profit margin: 9.1% (up from 8.0% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 30
Mazda Limited to Report Q1, 2026 Results on Aug 05, 2025 Mazda Limited announced that they will report Q1, 2026 results at 12:15 PM, Indian Standard Time on Aug 05, 2025 New Risk • Jul 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (102% cash payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (₹4.84b market cap, or US$56.7m). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹290, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 34x in the Machinery industry in India. Total returns to shareholders of 168% over the past three years. Reported Earnings • May 30
Full year 2025 earnings released: EPS: ₹12.41 (vs ₹15.74 in FY 2024) Full year 2025 results: EPS: ₹12.41 (down from ₹15.74 in FY 2024). Revenue: ₹2.01b (down 11% from FY 2024). Net income: ₹248.5m (down 21% from FY 2024). Profit margin: 12% (down from 14% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 22
Mazda Limited to Report Q4, 2025 Results on May 29, 2025 Mazda Limited announced that they will report Q4, 2025 results on May 29, 2025 Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹251, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 32x in the Machinery industry in India. Total returns to shareholders of 158% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹266, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 30x in the Machinery industry in India. Total returns to shareholders of 190% over the past three years. Recent Insider Transactions • Mar 19
Whole-Time Director recently bought ₹1.5m worth of stock On the 11th of March, Shanaya S. Khatua bought around 6k shares on-market at roughly ₹231 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹10m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹3.71 (vs ₹4.13 in 3Q 2024) Third quarter 2025 results: EPS: ₹3.71 (down from ₹4.13 in 3Q 2024). Revenue: ₹467.8m (down 13% from 3Q 2024). Net income: ₹74.2m (down 10% from 3Q 2024). Profit margin: 16% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 04
Mazda Limited to Report Q3, 2025 Results on Feb 12, 2025 Mazda Limited announced that they will report Q3, 2025 results on Feb 12, 2025 New Risk • Jan 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (₹7.94b market cap, or US$92.3m). Buy Or Sell Opportunity • Jan 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to ₹1,842. The fair value is estimated to be ₹1,521, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 19%. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,742, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 39x in the Machinery industry in India. Total returns to shareholders of 198% over the past three years. Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: ₹22.42 (vs ₹15.46 in 2Q 2024) Second quarter 2025 results: EPS: ₹22.42 (up from ₹15.46 in 2Q 2024). Revenue: ₹606.8m (down 3.2% from 2Q 2024). Net income: ₹89.8m (up 45% from 2Q 2024). Profit margin: 15% (up from 9.9% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 08
Mazda Limited to Report Q2, 2025 Results on Nov 13, 2024 Mazda Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Buy Or Sell Opportunity • Oct 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₹1,247. The fair value is estimated to be ₹1,560, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 21%. Board Change • Oct 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Ashok Kavdia was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 26
Whole-Time Director recently bought ₹5.1m worth of stock On the 24th of September, Shanaya S. Khatua bought around 4k shares on-market at roughly ₹1,276 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹9.0m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 25
Whole-Time Director recently bought ₹3.9m worth of stock On the 22nd of August, Shanaya S. Khatua bought around 3k shares on-market at roughly ₹1,290 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • Aug 15
Upcoming dividend of ₹16.00 per share Eligible shareholders must have bought the stock before 22 August 2024. Payment date: 20 September 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.3%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.7%). Buy Or Sell Opportunity • Aug 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.3% to ₹1,269. The fair value is estimated to be ₹1,586, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 21%. Announcement • Aug 08
Mazda Limited, Annual General Meeting, Sep 09, 2024 Mazda Limited, Annual General Meeting, Sep 09, 2024, at 12:00 Indian Standard Time. Reported Earnings • Aug 08
First quarter 2025 earnings released: EPS: ₹7.23 (vs ₹19.22 in 1Q 2024) First quarter 2025 results: EPS: ₹7.23 (down from ₹19.22 in 1Q 2024). Revenue: ₹393.1m (down 23% from 1Q 2024). Net income: ₹29.0m (down 62% from 1Q 2024). Profit margin: 7.4% (down from 15% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 30
Mazda Limited to Report Q1, 2025 Results on Aug 07, 2024 Mazda Limited announced that they will report Q1, 2025 results on Aug 07, 2024 Reported Earnings • May 24
Full year 2024 earnings released: EPS: ₹78.70 (vs ₹66.48 in FY 2023) Full year 2024 results: EPS: ₹78.70 (up from ₹66.48 in FY 2023). Revenue: ₹2.32b (up 22% from FY 2023). Net income: ₹315.2m (up 18% from FY 2023). Profit margin: 14% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 25% per year and the company’s share price has also increased by 25% per year. Announcement • May 24
Mazda Limited Recommends Dividend for the Financial Year Ended on March 31, 2024 Mazda Limited at its board meeting held on May 23, 2024, recommended a dividend of (160%) INR 16.00 per equity share of face value of INR 10.00 each for the financial year ended on 31st March, 2024 subject to the approval of the shareholders at the up coming Annual General Meeting. Announcement • May 16
Mazda Limited to Report Q4, 2024 Results on May 23, 2024 Mazda Limited announced that they will report Q4, 2024 results on May 23, 2024 Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,483, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 37x in the Machinery industry in India. Total returns to shareholders of 243% over the past three years. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹20.63 (vs ₹16.50 in 3Q 2023) Third quarter 2024 results: EPS: ₹20.63 (up from ₹16.50 in 3Q 2023). Revenue: ₹557.4m (up 29% from 3Q 2023). Net income: ₹82.6m (up 25% from 3Q 2023). Profit margin: 15% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 31
Mazda Limited to Report Q3, 2024 Results on Feb 12, 2024 Mazda Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,530, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 35x in the Machinery industry in India. Total returns to shareholders of 211% over the past three years. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹15.46 (vs ₹9.73 in 2Q 2023) Second quarter 2024 results: EPS: ₹15.46 (up from ₹9.73 in 2Q 2023). Revenue: ₹637.1m (up 23% from 2Q 2023). Net income: ₹61.9m (up 59% from 2Q 2023). Profit margin: 9.7% (up from 7.5% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 28
Mazda Limited to Report Q2, 2024 Results on Nov 09, 2023 Mazda Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,305, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 31x in the Machinery industry in India. Total returns to shareholders of 159% over the past three years. New Risk • Oct 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (₹4.87b market cap, or US$58.5m). Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹1,166, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 30x in the Machinery industry in India. Total returns to shareholders of 118% over the past three years. Announcement • Sep 26
Mazda Limited Approves Final Dividend for the Financial Year Ended 31 March , 2023 Mazda Limited announced that at the Annual General Meeting held on September 22, 2023, approved declaration of Final Dividend of INR 14.00 per equity share of the company for the financial year ended on 31 March, 2023. Upcoming Dividend • Aug 31
Upcoming dividend of ₹14.00 per share at 1.4% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 22 October 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.4%. Within top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.7%). Announcement • Aug 25
Mazda Limited, Annual General Meeting, Sep 22, 2023 Mazda Limited, Annual General Meeting, Sep 22, 2023, at 12:00 Indian Standard Time. Agenda: To receive, consider and adopt the financial statements of the company for the year ended 31st March, 2023 including the Audited Balance Sheet as at 31st March, 2023, the Statement of Profit and Loss for the year ended on that date and the reports of the Directors and Auditors thereon; to declare Final Dividend of ` 14.00 per equity share of fully paid-up face value of `10 each of the company for the financial year ended on 31st March, 2023; to appoint a director in place of Mrs. Sheila Mody, who retires by rotation and being eligible, offers herself for re-appointment; and to discuss other matters. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: ₹19.22 (vs ₹13.72 in 1Q 2023) First quarter 2024 results: EPS: ₹19.22 (up from ₹13.72 in 1Q 2023). Revenue: ₹530.5m (up 80% from 1Q 2023). Net income: ₹77.0m (up 40% from 1Q 2023). Profit margin: 14% (down from 19% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 01
Mazda Limited to Report Q1, 2024 Results on Aug 10, 2023 Mazda Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₹977, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 26x in the Machinery industry in India. Total returns to shareholders of 263% over the past three years. Reported Earnings • May 27
Full year 2023 earnings released: EPS: ₹66.48 (vs ₹53.04 in FY 2022) Full year 2023 results: EPS: ₹66.48 (up from ₹53.04 in FY 2022). Revenue: ₹1.94b (up 18% from FY 2022). Net income: ₹266.3m (up 25% from FY 2022). Profit margin: 14% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 27
Mazda Limited Recommends Dividend for the Financial Year Ended on March 31, 2023 Mazda Limited at its board meeting held on May 25, 2023, recommended a dividend of (140%) INR 14.00 per equity share of face value of INR 10.00 each for the financial year ended on March 31, 2023 subject to the approval of the shareholders at the upcoming Annual General Meeting. Announcement • May 19
Mazda Limited to Report Q4, 2023 Results on May 25, 2023 Mazda Limited announced that they will report Q4, 2023 results on May 25, 2023 Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹776, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 27x in the Machinery industry in India. Total returns to shareholders of 232% over the past three years. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹16.50 (vs ₹12.04 in 3Q 2022) Third quarter 2023 results: EPS: ₹16.50 (up from ₹12.04 in 3Q 2022). Revenue: ₹443.3m (up 2.9% from 3Q 2022). Net income: ₹66.1m (up 37% from 3Q 2022). Profit margin: 15% (up from 11% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 9% per year. Announcement • Feb 03
Mazda Limited to Report Q3, 2023 Results on Feb 13, 2023 Mazda Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹639, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 26x in the Machinery industry in India. Total returns to shareholders of 68% over the past three years. Reported Earnings • Nov 19
Second quarter 2023 earnings released: EPS: ₹9.73 (vs ₹12.86 in 2Q 2022) Second quarter 2023 results: EPS: ₹9.73 (down from ₹12.86 in 2Q 2022). Revenue: ₹524.1m (up 21% from 2Q 2022). Net income: ₹39.0m (down 24% from 2Q 2022). Profit margin: 7.4% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 8 highly experienced directors. 3 independent directors (5 non-independent directors). Non-Executive & Independent Director Nilesh Mankiwala was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 06
Mazda Limited to Report Q2, 2023 Results on Nov 14, 2022 Mazda Limited announced that they will report Q2, 2023 results on Nov 14, 2022 Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 23% share price gain to ₹755, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 27x in the Machinery industry in India. Total returns to shareholders of 127% over the past three years. Announcement • Sep 30
Mazda Limited Approves Declaration of Dividend for the Financial Year Ended on 31 March,2022 Mazda Limited approved declaration of Final Dividend of INR 12.10 per equity share of the company for the financial year ended on 31 March,2022. Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: ₹13.72 (vs ₹8.54 in 1Q 2022) First quarter 2023 results: EPS: ₹13.72 (up from ₹8.54 in 1Q 2022). Revenue: ₹296.1m (up 13% from 1Q 2022). Net income: ₹55.0m (up 61% from 1Q 2022). Profit margin: 19% (up from 13% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 24
Mazda Limited Recommends Dividend for the Financial Year Ended March 31, 2022 Mazda Limited at the board meeting held on May 23, 2022 recommended a dividend of (121%) INR 12.10/- per equity share of face value of INR 10/- for the financial year ended March 31, 2022 subject to the approval of the shareholders at the upcoming annual general meeting. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 20% share price gain to ₹570, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 24x in the Machinery industry in India. Total returns to shareholders of 51% over the past three years. Announcement • May 17
Mazda Limited to Report Q4, 2022 Final Results on May 23, 2022 Mazda Limited announced that they will report Q4, 2022 final results on May 23, 2022 Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. 3 independent directors (5 non-independent directors). Non-Executive & Independent Director Nilesh Mankiwala was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 16
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹12.04 (down from ₹12.48 in 3Q 2021). Revenue: ₹430.8m (down 8.1% from 3Q 2021). Net income: ₹48.2m (down 3.5% from 3Q 2021). Profit margin: 11% (in line with 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Feb 03
Now 21% undervalued Over the last 90 days, the stock is up 3.2%. The fair value is estimated to be ₹801, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% per annum over the last 3 years. Earnings per share has grown by 14% per annum over the last 3 years. Recent Insider Transactions • Nov 23
Whole-Time Director recently bought ₹1.9m worth of stock On the 18th of November, Shanaya S. Khatua bought around 3k shares on-market at roughly ₹623 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹12m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 24% share price gain to ₹739, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 25x in the Machinery industry in India. Total returns to shareholders of 115% over the past three years. Upcoming Dividend • Sep 01
Upcoming dividend of ₹11.00 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 17 October 2021. Trailing yield: 1.8%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.7%). Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS ₹8.54 (vs ₹4.27 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹271.7m (up 14% from 1Q 2021). Net income: ₹34.2m (up 100% from 1Q 2021). Profit margin: 13% (up from 7.2% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year and the company’s share price has also increased by 18% per year. Reported Earnings • Jun 29
Full year 2021 earnings released: EPS ₹40.77 (vs ₹41.46 in FY 2020) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2021 results: Revenue: ₹1.55b (down 14% from FY 2020). Net income: ₹163.3m (down 1.9% from FY 2020). Profit margin: 11% (up from 9.3% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 23% per year. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 24% share price gain to ₹574, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 25x in the Machinery industry in India. Total returns to shareholders of 75% over the past three years. Executive Departure • May 13
MD & Executive Director has left the company On the 5th of May, Sorab Mody's tenure in the role of MD & Executive Director ended. As of December 2020, Sorab personally held 1.35m shares (₹679m worth at the time). Sorab is the only executive to leave the company over the last 12 months. Recent Insider Transactions • Feb 24
MD & Executive Director recently bought ₹5.3m worth of stock On the 19th of February, Sorab Mody bought around 10k shares on-market at roughly ₹528 per share. This was the largest purchase by an insider in the last 3 months. Sorab has been a buyer over the last 12 months, purchasing a net total of ₹17m worth in shares. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS ₹12.48 (vs ₹11.98 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ₹479.2m (up 3.0% from 3Q 2020). Net income: ₹50.0m (up 3.9% from 3Q 2020). Profit margin: 10% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Feb 04
Mazda Limited to Report Q3, 2021 Results on Feb 11, 2021 Mazda Limited announced that they will report Q3, 2021 results on Feb 11, 2021 Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 17% share price gain to ₹577, the stock is trading at a trailing P/E ratio of 12.8x, up from the previous P/E ratio of 11x. This compares to an average P/E of 21x in the Machinery industry in India. Total returns to shareholders over the past three years are 67%. Is New 90 Day High Low • Jan 27
New 90-day low: ₹495 The company is down 8.0% from its price of ₹536 on 29 October 2020. The Indian market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: ₹510 The company is down 4.0% from its price of ₹532 on 29 September 2020. The Indian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 19% over the same period. Reported Earnings • Nov 13
Second quarter 2021 earnings released: EPS ₹17.11 The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ₹423.5m (down 15% from 2Q 2020). Net income: ₹68.5m (up 41% from 2Q 2020). Profit margin: 16% (up from 9.8% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 09
New 90-day high: ₹569 The company is up 66% from its price of ₹344 on 11 August 2020. The Indian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. Is New 90 Day High Low • Sep 30
New 90-day high: ₹565 The company is up 87% from its price of ₹302 on 02 July 2020. The Indian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 13% over the same period. Recent Insider Transactions • Sep 19
MD & Executive Director recently bought ₹2.7m worth of stock On the 16th of September, Sorab Mody bought around 6k shares on-market at roughly ₹448 per share. This was the largest purchase by an insider in the last 3 months. This was Sorab's only on-market trade for the last 12 months. Announcement • Aug 23
Mazda Limited to Report Q1, 2021 Results on Aug 28, 2020 Mazda Limited announced that they will report Q1, 2021 results on Aug 28, 2020 
