Mayank Cattle FoodShare price, financial results, shareholding and management
- Market cap
- ₹158 cr
- Stock P/E
- 26.2peers 13.3
- Book value
- ₹35.2
- Price to book
- 4.15
- EV / operating profit
- -
- Market cap to sales
- 0.39
- ROCE · FY26
- 15.8%
- ROE · FY26
- 17.2%
- ROE, 3-year average
- 17.6%
- Operating margin · FY26
- 3.3%peers 9.5%
- Sales growth, 3 years
- 9.3%
- Profit growth, 3 years
- 81.9%
- Debt to equity
- 1.05peers 0.58
- Borrowings
- ₹40 cr
- Interest cover
- 3.5×
- Cash from business / op. profit
- 0%
- Debtor days
- 17
- Pledged
- 0.00%
- Promoter holding
- 65.00%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 385
- 52-week high / low
- ₹182 / ₹72
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Mayank Cattle Food share price chart
Close on 6 Nov 2026 · -4.98% on the day · Vol 1.21 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +44.6%
- 3 months
- +35.2%
- 6 months
- +57.0%
- 1 year
- +42.5%
- Traded a day, 20 days
- ₹0.42 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +3% | +20% |
| 3 years, a year | +9% | +82% |
| Latest half, H2 FY26 | +3% | +18% |
About Mayank Cattle Food: business, products and customers
Mayank Cattle Food presses maize germ at a plant near Rajkot into crude maize oil, which goes on to be refined, and maize cake, which dairy farmers feed to cattle. Its shares trade on BSE SME.
Mayank Cattle Food, founded in 1998, runs one plant on the Rajkot to Jamnagar highway in Gujarat. It purchases maize germ, the oily part of the maize grain, and presses it into crude maize oil that is not fit to eat until a refiner cleans it, and maize cake, a high fat ingredient for dairy cattle feed. It also trades cotton cake, cotton wash oil and cotton seed, and in FY26 launched three small branded feed products: Masino Nuskho, Mayank All in One and Mayank Hajma Hajam.
The way it works shapes the numbers. Maize germ is bought on short term quotes from suppliers and brokers, with no long term contracts, and the oil and cake are sold at market prices, mostly in Gujarat through agents, brokers and direct buyers. So revenue rises and falls with crop and oil prices, and the company keeps only a thin spread between what it pays for germ and what the oil and cake fetch. Despite its name, maize oil brings in more money than the cattle feed cake.
Read more about the business
Stocks of maize germ are financed with bank credit lines that the directors guarantee personally, and with loans from the promoter family at twelve percent interest, repayable on demand. Shareholders were asked at the FY26 annual meeting to approve a bonus issue of one new share for every share held.
The offer document says no listed company in India offers the same range of products, so it names no listed peer, and it describes the field as highly competitive, unorganised and fragmented, with competition from both organised and unorganised players.
From the offer document (January 2024) and the FY25 and FY26 annual reports.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 65.00%.
To watch
- Repayment of the ₹3.5 cr owed by Nanogen Agrochem, a company in which a director or relative is a director or member, after the company sold almost all its stake on 27 March 2026; the auditor named these loans a key audit matter (Annual report FY26, p.101 and p.135 to p.136).
- Shareholder decisions from the FY26 annual meeting: pay rises for the Managing Director and whole time directors from April 2026, re-appointments for five years, and the bonus issue of one share for each share held (Annual report FY26, notice of meeting, p.18 to p.22).
- Margins in the results for the half year to September 2026, after raw material stocks rose sharply by March 2026 (Annual report FY26, p.136).
- Controls: the internal auditor found that balances with major customers and suppliers were not being confirmed regularly, and management has said it will do so (Annual report FY26, p.66).
- Customers take longer to pay than before: 17 days in FY26, against 5 in FY19.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Mayank Cattle Food revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Mayank Cattle Food half-yearly results
SME companies report every six months · ₹ crore
| H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 135 | 117 | 173.46 | 179.23 | 211.63 | 185.39 | 217.78 |
| Expenses | 132 | 112 | 168.55 | 173.37 | 204.56 | 179.17 | 210.55 |
| Operating profit | 4 | 4 | 4.91 | 5.87 | 7.06 | 6.22 | 7.23 |
| OPM | 2.6% | 3.8% | 2.8% | 3.3% | 3.3% | 3.4% | 3.3% |
| Interest | 2 | 2 | 1.64 | 1.93 | 1.72 | 1.69 | 1.58 |
| Depreciation | 1 | 1 | 1.09 | 1.28 | 1.26 | 1.21 | 1.21 |
| Profit before tax | 1 | 2 | 2.33 | 2.77 | 4.34 | 3.50 | 4.78 |
| Net profit | 1 | 1 | 1.92 | 2.02 | 2.95 | 2.52 | 3.49 |
Mayank Cattle Food profit and loss
Full years to March, FY19 to FY26 · ₹ crore, consolidated where reported
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 123 | 133 | 186 | 322 | 309 | 290.30 | 391 | 403.17 |
| Expenses | 121 | 130 | 182 | 318 | 302 | 280.94 | 378 | 389.72 |
| Operating profit | 2 | 3 | 4 | 4 | 6 | 9.35 | 13 | 13.45 |
| OPM | 1.9% | 2.3% | 2.1% | 1.3% | 2.0% | 3.2% | 3.4% | 3.3% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0.34 | 0 | 0.51 |
| Interest | 1 | 2 | 2 | 2 | 3 | 3.43 | 4 | 3.26 |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 2.26 | 3 | 2.41 |
| Exceptional and other items | 1 | 1 | · | · | 1 | · | 1 | · |
| Profit before tax | 1 | 1 | 1 | 1 | 2 | 4 | 7 | 8.28 |
| Tax rate | 0.0% | 100.0% | 0.0% | 0.0% | 50.0% | 24.3% | 28.6% | 27.3% |
| Net profit | 1 | 0 | 1 | 1 | 1 | 3.03 | 5 | 6.02 |
| EPS ₹ | 0.83 | 0.60 | 1 | 1.11 | 1.76 | 7.80 | 4.67 | 11.14 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY20) comes from tax charged on a small or negative profit, as reported.
Mayank Cattle Food profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 1.9% | 2.3% | 2.1% | 1.3% | 2.0% | 3.2% | 3.4% | 3.3% |
| Tax rate | 0.0% | 100.0% | 0.0% | 0.0% | 50.0% | 24.3% | 28.6% | 27.3% |
| ROCE | · | 16.5% | 11.9% | 9.6% | 12.4% | 13.9% | 16.9% | 15.8% |
| ROE | · | 0.0% | 45.5% | 37.0% | 23.8% | 18.8% | 16.9% | 17.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Mayank Cattle Food debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are now larger than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and drew on its cash. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Mayank Cattle Food balance sheet
At each 31 March · ₹ crore
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 5 | 5 | 5 |
| Reserves | 1 | 2 | 2 | 3 | 5 | 22 | 27 | 33 |
| Net worth | 1.20 | 2.20 | 2.20 | 3.20 | 5.20 | 27 | 32 | 38 |
| Borrowings | 12 | 21 | 25 | 32 | 40 | 35 | 36 | 40 |
| Other liabilities | 4.80 | 2.80 | 6.80 | 6.80 | 3.80 | 9 | 5 | 7 |
| Total liabilities | 18 | 26 | 34 | 42 | 49 | 71 | 73 | 85 |
| Fixed assets | 4 | 8 | 8 | 9 | 12 | 13 | 19 | 18 |
| Capital work in progress | 2 | 0 | 0 | 0 | 2 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 12 | 18 | 26 | 33 | 35 | 58 | 54 | 66 |
Mayank Cattle Food cash flow
₹ crore
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2 | 1 | 2 | -3 | 1 | -10 | 12 | 0 |
| Cash from investing | -3 | -3 | -1 | -3 | -6 | -1 | -9 | -1 |
| Cash from financing | 1 | 5 | -1 | 4 | 5 | 11 | -3 | 0 |
| Net cash flow | 0 | 3 | 0 | -2 | 0 | 0 | 0 | -1 |
Working capital
Days
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Debtor days | 5 | 9 | 14 | 7 | 8 | 26 | 16 | 17 |
| Inventory days | 24 | 28 | 32 | 27 | 31 | 45 | 32 | 40 |
| Days payable | 6 | 7 | 12 | 6 | 5 | 9 | 3 | 5 |
| Cash conversion cycle | 24 | 30 | 35 | 28 | 35 | 62 | 46 | 51 |
| Working capital days | 3 | 9 | 11 | 10 | 6 | 30 | 16 | 18 |
Mayank Cattle Food peers and competitors
Listed SME companies in the same industryBy sales, Mayank Cattle Food is number 5 of the 43 listed SME companies in food products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Rukmani Devi Garg Agro Impex | 120 | 13.3 | 460 | 9 | 3.2% | 0.19 |
| Mayank Cattle Food | 158 | 26.2 | 403 | 6 | 3.3% | 1.05 |
| Gujarat Peanut And Agri Products | 87 | 12.5 | 389 | 7 | 3.0% | 0.80 |
| Green Asia Impex | - | - | 384 | 16 | 8.0% | 2.36 |
| Freshara Agro Exports | 907 | 23.9 | 342 | 38 | 15.0% | 1.02 |
| Adon Agro Commodities | 234 | 10.2 | 324 | 23 | 11.0% | 0.62 |
| Madhusudan Masala | 382 | 20.7 | 292 | 18.5 | 11.3% | 0.68 |
| Shivam Chemicals | 253 | 42.2 | 284 | 6 | 3.2% | 0.52 |
| Pajson Agro India | 893 | 35.7 | 256 | 25 | 14.0% | 0.25 |
| Healthy Life Agritec | 29 | 7.2 | 228 | 4 | 2.8% | 0.20 |
| DSM Fresh Foods | 120 | 8.6 | 221 | 14 | 14.0% | 0.55 |
| Median of the 10 others | 234 | 13.3 | 308 | 15 | 9.5% | 0.58 |
Mayank Cattle Food shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Mayank Cattle Food shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | Jun 26 | Aug 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 65.00% | 65.00% | 65.00% | 65.00% | 65.00% | 65.00% | 65.00% | 65.00% |
| Indian institutions (DIIs) | 0.00% | 0.00% | 0.36% | 0.00% | 0.00% | - | 0.00% | - |
| Number of shareholders | 423 | 369 | 337 | 326 | 324 | 389 | 389 | 385 |
Mayank Cattle Food study: the business from its own documents
Read from 3 of the company's own documentsMayank Cattle Food key facts from the filings
Each figure with the document it comes from
- Maize oil sales FY26
- ₹208.6 cr
- Crude, non edible oil sold for refining; the largest product, about half of revenue.Annual report FY26, p.92; Offer document, p.104
- Maize cake sales FY26
- ₹143.5 cr
- The cattle feed ingredient left after the oil is pressed out.Annual report FY26, p.92
- Net margin FY26
- 1.5%
- Profit of ₹6.0 cr on revenue of ₹403.2 cr; a small change in the spread moves profit a lot.Annual report FY26, p.62; our arithmetic
- Plant capacity
- 22,896 MT oil, 45,792 MT cake
- A year, at the single Rajkot plant, as stated in the offer document after the FY24 expansion.Offer document, p.103
- Top ten suppliers
- 90.77%
- Share of purchases in the four months to July 2023; a handful of germ suppliers matter a great deal.Offer document, p.25 and p.110
Show 5 more facts
- Top ten customers
- 62.42%
- Share of FY23 sales, the latest split published.Offer document, p.110
- IPO money used for Ajay Industries
- ₹4.0 cr
- The general corporate purpose part of the IPO went to acquiring Ajay Industries, a firm the annual report lists as a related party.Annual report FY25, p.103 and p.123
- Loan to former subsidiary
- ₹3.5 cr
- Owed by Nanogen Agrochem at March 2026, after the company sold almost all its 65% stake for ₹64,960.Annual report FY26, p.135 to p.136 and p.146
- Debt to equity FY26
- 1.05
- Borrowings about equal to shareholders' funds, mostly to carry stocks and money owed by customers.Annual report FY26, p.148
- Pay of MD and a whole time director
- ₹0.50 cr → ₹0.72 cr each
- Rise from April 2026 put to shareholders at the FY26 annual meeting.Annual report FY26 (notice of meeting), p.18 to p.19
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Mayank Cattle Food earns a thin spread by pressing maize germ into oil and cattle feed cake and selling both at market prices, mostly in Gujarat.
Its weak spots are prices it cannot control, heavy reliance on a few suppliers, borrowed working capital and money that has flowed to firms linked to its promoters.
WatchCan it set its own prices?No. It purchases germ on short term quotes and sells oil and cake at market prices, so it takes the price on both sides.
WatchHow strong is it against rivals?It works in a crowded, mostly unorganised field, and its main advantage is a long record and a plant close to its raw material.
AverageWho are its customers?Refiners, feed makers and traders reached through agents and brokers, mostly in Gujarat, with repeat buyers but a few large ones.
AverageDoes it need a lot of money?The plant itself is not costly, but large stocks of germ need borrowed money, so debt is about equal to equity.
WatchCan it keep finding new work?Little new is planned. No added capacity is disclosed since the offer document, and the new branded feeds sold only small amounts in their first year.
WatchDo good and bad years swing a lot?Yes. Revenue has jumped up and down with crop prices, and with a margin this thin, profit can move sharply on small changes.
Who runs Mayank Cattle Food?
Promoters, directors and officers; tap a name for the background
BPBharatkumar Popatlal VachhaniPromoter, Chairman and Managing Director · holds 17.50%
B.Com from the Maharaja Sayajirao University of Baroda (1985) with 37 years of experience at the time of the offer document; a director since April 1998 and Managing Director since July 2023, with re-appointment for five years from July 2026 put to the FY26 annual meeting. FY26 pay of ₹0.50 cr. The offer document states that Bharatkumar Popatlal Vachhani is the brother of Ajay Popatlal Vachhani and the father of Mayank Bharatkumar Vachhani and Ankit Bharatbhai Vachhani.
Offer document, p.134 and p.150; Annual report FY26, p.69 and p.145APAjay Popatlal VachhaniPromoter and Whole time Director · holds 17.50%
B.Com from H L College of Commerce, Ahmedabad (1987) with 35 years of experience at the time of the offer document; a director since April 1998 and a member of the audit committee. Also a director of Mount Velle Farm Houses Private Limited. FY26 pay of ₹0.50 cr. The offer document states that Ajay Popatlal Vachhani is the father of Tanmai Ajaybhai Vachhani.
Offer document, p.135 and p.150; Annual report FY26, p.71 and p.145ABAnkit Bharatbhai VachhaniExecutive Director and Chief Financial Officer (promoter group) · holds 1.07%
Bachelor of Business Management from La Trobe University, Melbourne (2011); a director since October 2015. FY26 pay of ₹0.18 cr, with a rise to ₹0.25 cr proposed from April 2026.
Offer document, p.136; Annual report FY26, p.19 to p.20 and p.145MBMayank Bharatkumar VachhaniWhole time Director (promoter group) · holds 1.07%
Master of Commerce from the University of New South Wales (2018); a director since January 2020. The offer document lists Ajay Industries, Meghna Enterprise and P C Industries among Mayank Bharatkumar Vachhani's other ventures, and the FY25 annual report lists a directorship in Nanogen Agrochem Private Limited.
Offer document, p.136; Annual report FY25, p.33TATanmai Ajaybhai VachhaniWhole time Director (promoter group) · holds 1.07%
Undergraduate, a director since July 2022; designated partner of Freecopy Marketing Solutions LLP, with Ajay Industries, Meghna Enterprise and Pluto Workshop among other ventures listed in the offer document.
Offer document, p.135VBVimal Bachubhai ViraniIndependent Director, chair of the audit committee
B.Com and LLB with expertise in taxation; appointed on 19 July 2025 after independent directors Bhavesh Prataprai Doshi and Neelesh Kushalpal Bhardwaj both left the board on 21 June 2025.
Annual report FY25, p.35; Annual report FY26, p.68 and p.71EAEkta Ankur DholakiaIndependent Director
Chartered Accountant (2019) on the board since July 2023, with re-appointment for a second five year term from July 2026 put to the FY26 annual meeting.
Offer document, p.137; Annual report FY26, p.69Mayank Cattle Food latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹218 cr (+3%), net profit ₹3.5 cr (+18%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 65.00%.
Mayank Cattle Food announcements
2 on record, latest first; each opens the filing on the exchange
Mayank Cattle Food annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Mayank Cattle Food share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Bonus issueBonus issue 1:1ex-date 24 Aug 2026
Checks we ran on Mayank Cattle Food's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iBonus issue with ex-date 24 Aug 2026: earlier prices on this page are adjusted to the new share basis.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,08,00,000 shares).
- !The FY26 results imply 50,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹7.80) and FY25 (₹4.67) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY19 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Mayank Cattle Food
What does Mayank Cattle Food do?
Mayank Cattle Food presses maize germ at a plant near Rajkot into crude maize oil, which goes on to be refined, and maize cake, which dairy farmers feed to cattle. Its shares trade on BSE SME.
What is the share price of Mayank Cattle Food?
₹146 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Mayank Cattle Food?
₹158 cr at the close on 6 Nov 2026, on 1,08,00,000 shares.
What is the P/E of Mayank Cattle Food?
26.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Mayank Cattle Food's revenue and profit?
Revenue ₹403 cr and profit after tax ₹6 cr in FY26.
Who are the promoters of Mayank Cattle Food?
Bharatkumar Popatlal Vachhani, Ajay Popatlal Vachhani, Ankit Bharatbhai Vachhani, Mayank Bharatkumar Vachhani, Tanmai Ajaybhai Vachhani; promoters held 65.00% at 30 Sept 2026.
What is Mayank Cattle Food's website?
mayankcattlefood.com
More SME companies like Mayank Cattle Food
Other listed SME companies in food products, the closest in size first, each read from its own documents.
- Goyal SaltGOYALSALT · NSE Emerge · Food Products · listed 2023Market cap ₹166 cr
- Elfin Agro IndiaELFIN · BSE SME · Food ProductsMarket cap ₹175 cr
- Mother Nutri FoodsMNFL · BSE SME · Food ProductsMarket cap ₹200 cr
- Crazy SnacksCRAZY · BSE SME · Food ProductsMarket cap ₹125 cr
- Rukmani Devi Garg Agro ImpexRDGAIL · BSE SME · Food ProductsMarket cap ₹120 cr
- Chatha FoodsCHATHA · BSE SME · Food ProductsMarket cap ₹212 cr
Built from 2 annual reports, 1 offer document, 2 exchange announcements, 8 shareholding patterns and 8 years of reported results. Every figure carries its source; where the documents are silent, the page says so.