Muller & Phipps (India) Ltd.

BSE: MULLER · Trading & Distributors

52W Range₹188 ₹268

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Snapshot

Unlock Muller & Phipps (India) Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Muller & Phipps (India) Limited is a Mumbai-based entity specialising in the marketing and distribution of consumer goods, including personal care and over-the-counter healthcare products. The company acts as a distribution partner for established brands while managing a niche portfolio of household essentials.

Business Model

The company generates revenue by leveraging its established distribution infrastructure to facilitate the supply chain for third-party brands and its own product lines. It operates primarily within the fast-moving consumer goods sector, focusing on domestic market reach.

Management Commentary

Management focuses on maintaining existing distribution partnerships and operational stability within the Indian market. There is a strategic emphasis on sustaining the company's long-standing infrastructure rather than aggressive expansion.

Growth Outlook

Growth is expected to be driven by the continued management of its niche product portfolio and the preservation of its distribution network. The company maintains a conservative approach, prioritising operational efficiency over rapid scaling.

Key Risks

  • Market Competition. The company faces intense competition from larger, well-capitalised FMCG distributors and direct-to-consumer brand strategies.
  • Dependency on Principals. Revenue is highly sensitive to the retention of distribution contracts with established brand partners.
  • Operational Scale. Its relatively small market capitalisation and modest scale may limit its ability to invest in modern supply chain technologies.
  • Regulatory Compliance. As a distributor of healthcare and personal care items, the company is subject to evolving domestic regulations and quality standards.

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Key Metrics

REVENUE

₹6 Cr

TTM · consolidated

-4.7%YoY

NET PROFIT

₹1 Cr

TTM · consolidated

+705.6%YoY

EPS

₹23.10

TTM · consolidated

+716.3%YoY

RETURN ON EQUITY

69.7%

TTM · consolidated

+109.3 ppYoY

P/E

9.2x

Q4 FY26 · consolidated

9.2 vs 82.6x5Y avg

EV/EBITDA

8.2x

Q4 FY26 · consolidated

8.2 vs 21.9x5Y avg

EBITDA MARGIN

27.2%

TTM · consolidated

+23.1 ppYoY

NET PROFIT MARGIN

22.0%

Q4 FY26 · consolidated

-5.6 ppYoY

DEBT TO EQUITY

0.4x

Q4 FY26 · consolidated

-0.03xYoY

Peers · Trading & Distributors

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Muller & Phipps (India) Ltd.MULLER
₹13 Cr9.269.15-4.7%27.2%69.7%82.0%-17.1%
Veritas (India)VERITAS
₹445 Cr8.637.06-24.1%3.9%1.9%2.7%-55.4%
Kothari ProductsKOTHARIPRO
₹407 Cr179.58-12.12-18.3%-5.1%-0.2%-2.3%-9.8%
Rotographics (India) LimitedRGIL
₹404 Cr94.62326.544987.7%3.0%12.6%17.2%
Polo Queen Industrial and Fintech LimitedPQIF
₹333 Cr141.7164.71-5.7%7.0%1.3%2.5%-79.1%
Constronics Infra Ltd.CONSTRONIC
₹61 Cr5.5%-24.7%

As of Q4 FY26

Financials