Mirza International Limited (MIRZAINT)

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Mirza International Limited (MIRZAINT) · mywealthgrid

About

Mirza International manufactures leather and leather products for the consumer discretionary market. With a market cap of ₹434.5 Cr and quarterly revenues ranging ₹98–170 Cr, the company is a modest-scale operator in a competitive, fragmented industry.

Face value: ₹2

Market cap

₹382 Cr

P/E

—

P/B

0.7×

Dividend yield

ROE

-0.1%

ROCE

-1.8%

Debt / equity

0.03

OPM

3.4%

EPS (TTM)

₹-1.6

Book value

₹40.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Most recent quarters loss-making: Mar 2026 (–₹13.22 Cr, OPM –6.59%), Dec 2025 (–₹7.83 Cr), Jun 2026 (–₹4.51 Cr); last dividend paid 2020. Verify: path to sustainable profitability after 6+ years without distributions.
Volatile operating margins spanning –6.59% (Mar 2026) to +8.59% (Sep 2025), with thin average of 3.4%. Verify: underlying drivers (input costs, demand volatility, pricing), and whether stability can be achieved.
Negative ROE of –0.1% erodes shareholder capital. Verify: turnaround timeline and financial adequacy if further loss-making quarters occur.
Revenue resilient (₹123.57–₹128.4 Cr in Jun 2026) despite losses, with no evidence of pricing power. Verify: competitive position and exposure to cost inflation in a thin-margin business.

Generated analysis · source review pending

Growth drivers

Sep 2025 quarters turned profitable (OPM +8.59%, net profit ₹3.99 Cr) for the first time in recent history. Verify: whether profitability is repeatable or driven by one-time seasonal demand.
Mar 2026 marked the trough (loss ₹13.22 Cr, OPM –6.59%); Jun 2026 recovered to OPM +2.14%, loss narrowed to ₹4.51 Cr. Verify: recovery trajectory and whether it sustains, and what drove the improvement (demand, cost reduction, or pricing).
Revenue held at ₹123–128 Cr per quarter (Jun 2026) despite extended losses. Verify: underlying demand trends and customer retention in the business.
Low leverage (D/E 0.03) preserves financial flexibility. Verify: management's capital deployment plan—turnaround investment, debt repayment, or shareholder returns.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹27.7-1.6%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+High promoter holding of 73% with no pledge

Cons

−Low return on equity of 0.5% (3-yr avg)
−Thin operating margin of 3.4%
−Revenue shrank over the last 5 years (-12.9% a year)
−Weak interest coverage of -1.4×

Research score

Structured signal from quality, growth, valuation and momentum.

23/100

Business quality: 20
Growth: 0
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Mayur Uniquoters LtdMAYURUNIQMAYURUNIQ	₹3,095 Cr	₹3,101 Cr	₹1,020 Cr	₹251 Cr	24.3%	₹207 Cr	19.8%	24.6%	18.4%	197
Kothari Industrial Corporation LimitedKOTICKOTIC	₹1,589 Cr	₹1,589 Cr	₹10 Cr	—	—	₹-20 Cr	-206.4%	—	—	220
Bhartiya International LimitedBILBIL	₹1,323 Cr	₹1,855 Cr	₹1,451 Cr	₹129 Cr	8.9%	₹26 Cr	1%	16.9%	2.9%	262
Mirza International LimitedMIRZAINTMIRZAINT	₹382 Cr	₹397 Cr	₹514 Cr	₹8 Cr	3.4%	₹-22 Cr	-0.1%	-1.8%	-0.1%	142
Superhouse LimitedSUPERHOUSESUPERHOUSE	₹170 Cr	₹351 Cr	₹677 Cr	₹45 Cr	6.1%	₹8 Cr	0.5%	5.5%	0.8%	212
Zenith Exports LimitedZENITHEXPOZENITHEXPO	₹110 Cr	₹112 Cr	₹60 Cr	₹-2 Cr	0.2%	₹0 Cr	3.5%	4.6%	2.8%	330
Anka India LtdANKINANKIN	₹94 Cr	₹94 Cr	₹0 Cr	₹0 Cr	—	₹-0 Cr	—	-17.5%	-17.8%	-16
Super Tannery LtdSUPTANERYSUPTANERY	₹87 Cr	₹156 Cr	₹285 Cr	₹20 Cr	6.9%	₹7 Cr	2.3%	12.1%	6.6%	82
Aki India LimitedAKIAKI	₹64 Cr	₹85 Cr	₹119 Cr	₹-3 Cr	-3.9%	₹3 Cr	1.8%	5.6%	2.3%	214
Aritas Vinyl LtdARITASARITAS	₹26 Cr	₹57 Cr	₹101 Cr	₹9 Cr	9%	₹5 Cr	4.7%	13.1%	8.6%	251
Amin Tannery LtdAMINTANAMINTAN	₹21 Cr	₹49 Cr	₹27 Cr	₹3 Cr	7.1%	₹0 Cr	0.6%	15.7%	1.7%	559
Welterman International LtdWELTIWELTI	₹10 Cr	₹16 Cr	₹2 Cr	₹-0 Cr	—	₹-0 Cr	—	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	972	1,152	1,261	1,049	1,679	653	630	581	527
COGS	481	659	703	589	944	378	378	343	321
Gross profit	491	492	558	460	734	275	252	238	207
	317	349	386	342	499	208	203	202	189
	174	144	172	118	235	66	49	36	18
OPM %	17.9%	12.5%	13.6%	11.3%	14%	10.2%	7.7%	6.2%	3.4%
Depreciation	32	35	63	67	60	26	28	31	31
Interest	25	34	46	41	27	10	12	11	8
	0	2	2	1	6	5	8	2	21
Profit before tax	118	76	64	12	153	36	17	-4	-0
Tax	39	27	17	4	41	10	5	-0	1
Tax %	33.5%	35.8%	26%	29.9%	26.4%	26.5%	27.5%	-0.3%	714.3%
	78	49	48	8	113	26	12	-4	-1
PAT margin %	8.1%	4.2%	3.8%	0.8%	6.7%	4.1%	1.9%	-0.6%	-0.1%
EPS (₹)	6.5	—	4	0.6	9.4	1.9	0.9	-0.3	-0
EPS adjusted (₹)	6.5	4.1	4	0.7	9.4	1.9	0.9	-0.3	-0
	13.8%	—	22.7%	0%	0%	0%	0%	—	—
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	24	24	24	24	24	28	28	28	28
Reserves	548	588	604	614	481	506	525	537	535
Minority interest	—	—	—	0	4	—	—	—	—
	270	317	270	140	49	26	35	48	15
	160	187	362	392	174	200	131	122	114
Total equity & liabilities	1,002	1,115	1,260	1,170	732	760	719	734	692
	357	409	428	0	0	393	392	386	361
CWIP	25	5	11	—	—	1	11	3	5
Investments	1	—	1	2	7	12	8	9	9
	619	701	820	1,168	725	353	308	337	317
Total assets	1,002	1,115	1,260	1,170	732	760	719	734	692

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Footwear - Domestic & Export Sale	456.93	8.1	509.11	82.6	426.51	1.9
Tannery - Domestic & Export Sale	111.4	-10.1

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	42.7%	44.2%	43.9%	43.7%	42.1%	40%	41%	39.2%
EBITDA margin %	12.5%	13.6%	11.3%	14%	10.2%	7.7%	6.2%	3.4%
EBIT margin %	9.4%	8.6%	4.9%	10.4%	6.2%	3.2%	1%	-2.5%
PAT margin %	4.2%	3.8%	0.8%	6.7%	4.1%	1.9%	-0.6%	-0.1%
Working capital
Receivable days	49	41	28	13	65	46	42	48
Inventory days	240	214	264	61	155	149	171	164
Payable days	—	—	—	—	91	73	73	69
NWC days	—	—	—	—	129	121	140	142
Leverage
Current ratio	1.56	1.53	1.9	1.84	1.87	2.35	2.3	3.81
Debt to EBITDA	2.2	1.57	1.18	0.21	0.4	0.73	1.32	0.83
Debt to equity	0.52	0.43	0.22	0.1	0.05	0.06	0.08	0.03
Interest coverage	3.2	2.4	1.3	6.7	4.7	2.4	0.7	-1.4
Asset turnover	1.03	1	0.9	2.29	0.86	0.88	0.79	0.76
Return ratios
Return on assets %	4.4%	3.8%	0.7%	15.4%	3.5%	1.7%	-0.5%	-0.1%
Return on capital employed %	17%	14.5%	6.2%	25.7%	8.2%	4.9%	1.2%	-1.8%
Return on equity %	8%	7.6%	1.3%	22.4%	5%	2.2%	-0.6%	-0.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.76%	71.77%	71.39%	71.27%	71.27%	71.27%	71.27%	71.27%	71.37%	72.99%	72.99%	72.99%
	1.38%	0.48%	0.34%	0.34%	0.3%	0.17%	0.14%	0.14%	0.14%	0.24%	0.17%	0.14%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	26.85%	27.74%	28.26%	28.38%	28.42%	28.55%	28.58%	28.58%	28.48%	26.76%	26.83%	26.86%
No. of shareholders	—	—	—	—	—	—	—	—	83,053	78,777	77,176	75,840

Promoter holding up 1.23 percentage points since Sep 2023.

44 deals · 8 Nov 2021 – 23 Jan 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	7,35,730	₹59.49	₹4.38 Cr
23 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	7,35,730	₹59.42	₹4.37 Cr
19 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	18,85,345	₹61.72	₹11.64 Cr
19 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	18,85,345	₹61.68	₹11.63 Cr
19 Jan 2024	SKI CAPITAL SERVICES LTD	Bulk	NSE	Sell	11,24,023	₹61.43	₹6.90 Cr
19 Jan 2024	SKI CAPITAL SERVICES LTD	Bulk	NSE	Buy	10,28,023	₹61.34	₹6.31 Cr
19 Jan 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	10,26,323	₹61.65	₹6.33 Cr
19 Jan 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	9,77,050	₹61.52	₹6.01 Cr
17 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	7,63,750	₹60.22	₹4.60 Cr
17 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	7,63,750	₹60.18	₹4.60 Cr

1–10 of 44

1 / 5

Mr. Tauseef Ahmad MirzaExecutive Director-Chairperson-MD
Mr. Shahid Ahmad MirzaExecutive Director
Mr. Tasneef Ahmad MirzaExecutive Director
Mr. Faraz MirzaExecutive Director
Mr. Sanjiv GuptaNon-Executive - Independent Director
Ms. Saumya SrivastavaNon-Executive - Independent Director
Mr. Sanjay BhallaNon-Executive - Independent Director
Mr. Sabir Amin Ul RahmanNon-Executive - Independent Director
Mr. Subhash Chander SapraNon-Executive - Independent Director
Mr. Aqeel Ahmad khanExecutive Director
Mr. Anil Kumar MahipalChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Mirza International Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

56 announcementsExport CSV

11 Jul 2026, 2:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	42.7%	44.2%	43.9%	43.7%	42.1%	40%	41%	39.2%
EBITDA margin %	12.5%	13.6%	11.3%	14%	10.2%	7.7%	6.2%	3.4%
EBIT margin %	9.4%	8.6%	4.9%	10.4%	6.2%	3.2%	1%	-2.5%
PAT margin %	4.2%	3.8%	0.8%	6.7%	4.1%	1.9%	-0.6%	-0.1%
Working capital
Receivable days	49	41	28	13	65	46	42	48
Inventory days	240	214	264	61	155	149	171	164
Payable days	—	—	—	—	91	73	73	69
NWC days	—	—	—	—	129	121	140	142
Leverage
Current ratio	1.56	1.53	1.9	1.84	1.87	2.35	2.3	3.81
Debt to EBITDA	2.2	1.57	1.18	0.21	0.4	0.73	1.32	0.83
Debt to equity	0.52	0.43	0.22	0.1	0.05	0.06	0.08	0.03
Interest coverage	3.2	2.4	1.3	6.7	4.7	2.4	0.7	-1.4
Asset turnover	1.03	1	0.9	2.29	0.86	0.88	0.79	0.76
Return ratios
Return on assets %	4.4%	3.8%	0.7%	15.4%	3.5%	1.7%	-0.5%	-0.1%
Return on capital employed %	17%	14.5%	6.2%	25.7%	8.2%	4.9%	1.2%	-1.8%
Return on equity %	8%	7.6%	1.3%	22.4%	5%	2.2%	-0.6%	-0.1%

Date	Category	Subject	Filing
11 Jul 2026, 2:14 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Jul 2026, 11:23 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Jul 2026, 2:12 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
3 Jul 2026, 2:04 pm	AGM/EGM AGM	Shareholders Meeting - AGM On August 1, 2026	PDF
3 Jul 2026, 12:49 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
27 Jun 2026, 4:19 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
30 May 2026, 3:14 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
29 May 2026, 7:35 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-24	35	228	238	193	47	50	28	44
	-59	-67	-63	-41	-81	-53	-29	-29	10
	89	26	-157	-201	-102	-32	-17	1	-41
Net cash flow	6	-6	8	-4	10	-39	3	1	13
Free cash flow	-85	-36	158	189	108	-3	16	-18	27
CFO / Operating profit %	-13.7%	24.7%	132.7%	201.1%	82%	70.8%	102%	78.2%	245.2%

Mirza International Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

14

1

Segment results

Compounded sales growth

Return on equity

Domestic & Other Sale under own brand · revenue

Mirza International Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends14

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Domestic & Other Sale under own brand · revenue

14

1