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Milton Cycle Unlisted Shares

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About Milton Cycle Unlisted Shares

Milton Cycle Industries Limited (MCIL) started operations in 1960 as a component manufacturer, producing bicycle parts like chains, freewheels, and BB axles for Atlas Cycles. In July 2006, MCIL transitioned into a full-fledged bicycle manufacturing unit, serving as an ancillary to ACL’s Sahibabad division. Today, MCIL offers a variety of bicycle models, including kids', fancy, and roadsters, distributed across Uttar Pradesh, Bihar, Jharkhand, Andhra Pradesh, and Nepal.

Bicycle Manufacturing – MCIL manufactures a wide range of bicycles, including Roadsters, Mountain Bikes, City Bikes, Ladies' Bikes, and Kids' Bikes.
Dealer-Distributor Network – The company has an extensive network for sales and after-sales services across multiple regions in India and Nepal.
Manufacturing Facility – Located in Sonepat, Haryana, the plant spans 7.5 acres, producing up to 5,000 bicycles daily.

Financial Highlights

Revenue Trends – Highly volatile, peaking at ₹1825 Cr (2021) but dropping to ₹52 Cr (2022), recovering to ₹118 Cr (2023).
Raw Material Costs – Consistently high, consuming nearly 75% of revenue, pressuring profit margins.
EBITDA Losses – Negative across all years, worst at ₹-498 Cr (2022), improving slightly to ₹-432 Cr (2023).
Other Income – Surged to ₹638 Cr (2023), significantly offsetting operational losses.
PAT (Net Profit) – Negative in 2021-22 but rebounded to ₹163 Cr (2023), indicating financial recovery.
Trade Receivables – High at ₹1424 Cr (2023), showing improved collection efforts.
Borrowings – Nil since 2021, reducing financial risk and ensuring stability.

Pros

Stock is trading at 1.14 times its book value
Company is expected to give good quarter
Company has been maintaining a healthy dividend payout of 26.3%

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -6.23% over past five years.
Company has a low return on equity of 3.68% over last 3 years.

Key Details

Share Name	Particulars
Milton Cycle Unlisted	185.00
Shares Price	Per Equity Share
Minimum Lot Size	Shares Worth Rs. 15000
52 Week High	₹195
52 Week LoW	₹175
Depository	NSDL
PAN Number	AABCM3269R
ISIN Number	INE03IE01018
CIN	U35923HR1960PLC002317
RTA	MAS Services Limited

Fundamentals	Value
Market Cap (in cr.)	7.77
P/E Ratio	8.08
P/B Ratio	0.24
Debt to Equity	0
ROE (%)	69%
Book Value	785.45
EPS	22.9
Face Value	10
Total Shares	420000

Financials

P&L Statement	2025	2024	2023
Revenue	124	475	118
Cost of Material Consumed	0	62	66
Gross Margins	100	86.95	44.07
Change in Inventory	100	-97	81
Employee Benefit Expenses	39	20	163
Other Expenses	81	482	240
EBITDA	2768.2	8	-432
OPM	2232.42	1.68	-366.1
Other Income	286	10	638
Finance Cost	0	0	0.16
D&A	3.2	14	33
EBIT	2765	-6	-465
EBIT Margins	2229.84	-1.26	-394.07
PBT	2765	4	173
PBT Margins	2229.84	0.84	146.61
Tax	475	3	10
PAT	2290	1	163
NPM	1846.77	0.21	138.14
EPS	22.9	11.0	38.81