Meera Industries downgraded to 'Hold' by MarketsMOJO due to mixed financial and technical indicators
Meera Industries, a microcap company in the textile machinery industry, has recently been downgraded to a 'Hold' by MarketsMOJO on August 5th, 2024. This decision was based on the company's latest financial results and technical indicators.In the quarter ending March 2024, Meera Industries reported a significant growth in net sales of 105.57%, which led to outstanding results. The company has also shown positive results for the last three consecutive quarters, with the highest net sales, PBDIT, and PBT LESS OI in the latest quarter.
Technically, the stock is currently in a mildly bullish range, with both MACD and KST technical factors showing a bullish trend. Additionally, Meera Industries has a very attractive valuation with a ROCE of 6 and a 1.8 enterprise value to capital employed ratio. The stock is also trading at a discount compared to its historical valuations.
However, there are some concerns regarding the company's long-term fundamental strength. Meera Industries has shown a -193.09% CAGR growth in operating profits over the last five years, indicating weak performance. The company's ability to service its debt is also weak, with a poor EBIT to interest ratio of 1.06. Furthermore, the return on equity has been low at 5.11%, indicating low profitability per unit of shareholders' funds.
In terms of performance, Meera Industries has consistently underperformed against the benchmark over the last three years. While the stock has generated a return of -3.23% in the last year, it has also underperformed BSE 500 in each of the last three annual periods.
It is worth noting that the majority shareholders of Meera Industries are promoters, which may indicate their confidence in the company's future prospects. However, considering the current financial and technical indicators, MarketsMOJO has downgraded the stock to a 'Hold' and recommends investors to closely monitor the company's performance in the coming quarters.
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