Mazda Limited, incorporated in 1990, is a diversified manufacturing company engaged in producing Engineering Goods such as Vacuum Products, Evaporators, and Pollution Control Equipment, as well as Food Products including Food Colour, Various Fruit Jams, and Fruit Mix Powders. The company was founded in 1990 and is headquartered in Ahmedabad, India. Listed on both NSE and BSE under the symbol MAZDA, it operates through two primary business segments: Engineering Products and Food Products.
Mazda Ltd. serves various process and power industries. The Engineering Products segment supplies critical equipment like vacuum systems, evaporators, and pollution control equipment. The Food Products segment manufactures consumer-ready items such as instant drink powder, flavoring essences and extracts, food colours, fruit jams, fruit squashes, rose syrups, rose water/kewra water, vinegar/soya sauce, baking powders, and mango chutneys/mixed pickles. This dual focus offers revenue diversification and reduces dependency on any single industry.
The Engineering Products segment is Mazda Limited's core manufacturing capability, specializing in sophisticated industrial equipment. This division offers a range of heat transfer products, including:
- Condensing systems
- Steam surface condensers
- Steam jet air ejector systems
- Gland vent condensers
- Dump condensers
- Feed water heaters
- Oil coolers
- Shell and tube heat exchangers
- Flash tanks
- Pressure vessels
The company has forged strategic partnerships, particularly with international collaborators, to enhance its manufacturing expertise and expand its global reach. The engineering division caters to diverse industries such as chemicals and pesticides, pharmaceuticals, petroleum refining, petrochemicals, power generation, steel manufacturing, and vegetable oil processing.
The Food Products segment encompasses a wide array of consumer-oriented products. This diversification provides Mazda with multiple revenue streams and enhances resilience against sector-specific downturns. Products include:
- Instant drink powder
- Flavoring essence and extracts
- Food colour
- Fruit jams
- Fruit squash
- Rose syrup
- Rose water/kewra water
- Vinegar/soya sauce
- Baking/vanilla/custard powder
- Mango chutney/mixed pickle
Mazda Limited holds a market capitalization of ₹585.09 Crore as of July 14, 2025. Classified as a Small Cap company by Value Research, its financial metrics indicate a mixed picture. The company reports a revenue of ₹193 Crore and a profit of ₹24.8 Crore, showcasing its operational scale and profitability.
Recent quarterly performance highlights some challenges. For the quarter ended December 2024, net profit declined by 10.17% to ₹7.42 Crore compared to ₹8.26 Crore in the same period the previous year. Sales also saw a dip of 13.32% to ₹46.78 Crore in December 2024, down from ₹53.97 Crore in December 2023. These figures suggest potential operational headwinds the company has been navigating.
The stock is currently trading with several notable valuation metrics:
- Current PE Ratio: 23.39
- Current PB Ratio: 2.53
- P/E Ratio (as of 11-Jul-2025): 24.47 times, which is approximately a 42% discount to its peers' median range of 42.35 times. This suggests the stock may be undervalued relative to its industry peers.
The company maintains a strong balance sheet with a near debt-free status, providing significant operational flexibility and reducing financial risk. Additionally, Mazda has sustained a healthy dividend payout of 23.5%, demonstrating management's commitment to returning value to shareholders.
Mazda Limited has recently undertaken significant corporate restructuring. The Board of Directors approved a sub-division (stock split) of existing equity shares:
- Split Approval: On November 13, 2024, the Board approved the sub-division of 1 equity share of face value ₹10 into 5 equity shares of face value ₹2 each, subject to shareholder approval.
- Record Date: January 28, 2025, was fixed as the record date for this sub-division.
The company has also been actively communicating with stock exchanges and stakeholders. On July 7, 2025, the exchange sought clarification from Mazda Ltd regarding a significant movement in trading volume, indicating active market interest and regulatory oversight.
MAZDA stock reached its all-time high of ₹428.90 on January 16, 2025. Its all-time low was ₹45.50, recorded on April 3, 2020. The stock's highest price in the last 52 weeks was ₹428.88.
The stock has exhibited notable volatility, with a reported volatility of 4.64% and a beta coefficient of 0.76.
- Long-term Return: Mazda Ltd has delivered a return of 39.38% over the last 3 years.
- Sales Growth: However, the company has shown a modest sales growth of 1.47% over the past five years, indicating that while stock returns have been reasonable, underlying business growth has been moderate.
Investors should consider several operational headwinds:
- Working Capital Management: Working capital days have significantly increased from 157 days to 275 days. This indicates potential efficiency challenges in managing inventory and receivables, which could impact cash flow.
- Sales Growth: The modest sales growth over the past five years points to areas for strategic focus and improvement.
Despite these challenges, the company benefits from:
- Promoter Holding: A substantial promoter holding of 48.6% signifies strong promoter commitment and alignment of interests with shareholders.
- Diversified Business Model: The dual presence in engineering products and food manufacturing offers resilience against sector-specific downturns, although it requires management attention across different verticals.
Mazda Suzuki's stock represents an investment opportunity in a company with established manufacturing capabilities and a diversified business model, though future performance will depend on its ability to navigate operational challenges and drive growth across its segments.
