MAZDOCK

Technical Outlook

Q1 FY26 Performance Snapshot: - Revenue came in at ₹2,626 crore, lower than ₹3,174 crore in Q4 FY25 and ₹3,144 crore in Q3 FY25. - EBITDA dropped significantly to ₹302 crore (Q3 FY25: ₹817 crore), with margins compressing to ~11%, down from a peak of ~26%. - Net Profit stood at ₹452 crore (EPS: ₹11.21), below the Q3 FY25 high of ₹807 crore (EPS: ₹20.01), though higher sequentially than ₹325 crore in Q4 FY25. FY25 Summary: - Revenue grew 20.7% YoY to ₹11,432 crore. - Net profit rose to ₹2,414 crore (EPS: ₹59.83). - Return ratios remained strong (ROCE: 43.2%, ROE: 34%). - The balance sheet remains debt-free with a high promoter holding of 81.2%. Valuation Considerations: - Currently trading at ~50x P/E, 13.8x P/B, and EV/EBITDA over 30x—levels that suggest limited valuation comfort based on current earnings trajectory. Technical Analysis: - The

is in a corrective phase, recently closing near ₹2,735. - It has breached the 9-day and 100-day moving averages (₹2,874 and ₹2,977), indicating short-term weakness. - RSI at 25 on the daily chart suggests oversold conditions, with a mild intraday recovery observed today. - Key support is at ₹2,650; a breakdown could extend downside to ₹2,444. - On the weekly chart, the long-term uptrend remains intact, though profit booking from the ₹3,370 peak continues. - RSI (weekly) is neutral at 46, leaving room for further movement in either direction. - A sustained close above ₹2,975 would be required to re-establish bullish momentum. Technical Setup: Entry Range: ₹2,580–₹2,630 Target: ₹3,250 (~25–28% upside) Stop Loss: ₹2,380 Time Horizon: 4–8 weeks (swing to medium-term) Disclaimer: This post is for informational purposes only and not a recommendation to buy or sell any securities. I, or my family, associates, or relatives, may have a financial interest in the securities mentioned.