Mahickra Chemicals (NSE:MAHICKRA) Operating Income: ₹73 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:MAHICKRA Mahickra Chemicals Ltd NSE:MAHICKRA
53 GF Score
Price ₹257.50
GF Value ₹155.21
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is Mahickra Chemicals Operating Income?

Mahickra Chemicals NSE:MAHICKRA -0.33% 53 Operating Income is ₹73 Mil as of Mar. 2026. GuruFocus rates NSE:MAHICKRA with a GF Score™ of 53/100 and a GF Value™ of ₹155.21 (Significantly Overvalued). The stock has 3 warning signs investors should review.

Mahickra Chemicals's Operating Income for the six months ended in Mar. 2026 was ₹60 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₹73 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Mahickra Chemicals's Operating Income for the six months ended in Mar. 2026 was ₹60 Mil. Mahickra Chemicals's Revenue for the six months ended in Mar. 2026 was ₹573 Mil. Therefore, Mahickra Chemicals's Operating Margin % for the quarter that ended in Mar. 2026 was 10.50%.

Good Sign:

Mahickra Chemicals Ltd operating margin is expanding. Margin expansion is usually a good sign.

Mahickra Chemicals's 5-Year average Growth Rate for Operating Margin % was 6.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Mahickra Chemicals's annualized ROC % for the quarter that ended in Mar. 2026 was 15.17%. Mahickra Chemicals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 22.55%.


Mahickra Chemicals  (NSE:MAHICKRA) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Mahickra Chemicals's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=120.284 * ( 1 - 23.6% )/( (535.503 + 675.995)/ 2 )
=91.896976/605.749
=15.17 %

where

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=969.356 - 128.756 - ( 164.605 - max(0, 295.558 - 903.207+164.605))
=675.995

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Mahickra Chemicals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=128.592/( ( (50.211 + max(445.51, 0)) + (50.093 + max(594.917, 0)) )/ 2 )
=128.592/( ( 495.721 + 645.01 )/ 2 )
=128.592/570.3655
=22.55 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(267.256 + 347.909 + 21.078) - (177.783 + 0 + 12.95)
=445.51

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(336.341 + 366.008 + 30.006) - (128.756 + 0 + 8.682)
=594.917

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Mahickra Chemicals's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=60.142/572.752
=10.50 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Mahickra Chemicals Operating Income Related Terms


Mahickra Chemicals Operating Income Historical Data

* Premium members only.

The historical data trend for Mahickra Chemicals's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Mahickra Chemicals Operating Income Chart

Mahickra Chemicals Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 40.30 41.26 50.98 41.63 73.21

Mahickra Chemicals Semi-Annual Data
Mar15 Mar16 Mar17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.08 21.52 12.48 13.07 60.14
NSE:MAHICKRA
53GF Score
Mahickra Chemicals Ltd NSE:MAHICKRA
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mahickra Chemicals Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was ₹73 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₹73 Mil mean?
Mahickra Chemicals (NSE:MAHICKRA) has a Operating Income of ₹73 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Mahickra Chemicals and its competitors.
Is Mahickra Chemicals' Operating Income too high?
Mahickra Chemicals' current Operating Income is ₹73 Mil. Overall, Mahickra Chemicals has a GF Score™ of 53/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Mahickra Chemicals' Operating Income compare to LIN and SHW?
Mahickra Chemicals' Operating Income of ₹73 Mil can be compared against companies in the Chemicals industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Chemicals company?
A good Operating Income depends on the Chemicals industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Mahickra Chemicals and its competitors. Mahickra Chemicals's current Operating Income is ₹73 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mahickra Chemicals stock overvalued right now?
Based on GuruFocus' analysis, Mahickra Chemicals (NSE:MAHICKRA) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹155.21, compared to a current price of ₹257.50 — trading 65.9% above its estimated fair value. The current Operating Income is ₹73 Mil. Mahickra Chemicals' overall GF Score™ is 53/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Mahickra Chemicals (NSE:MAHICKRA), the current Operating Income is ₹73 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Mahickra Chemicals (NSE:MAHICKRA) Overvalued in 2026?

Based on GuruFocus' analysis, Mahickra Chemicals stock appears to be overvalued. The current stock price of ₹257.50 is trading 65.9% above its estimated GF Value™ of ₹155.21. GuruFocus considers Mahickra Chemicals to be Significantly Overvalued.

Key valuation signals for NSE:MAHICKRA:

  • Operating Income: ₹73 Mil
  • GF Value™: ₹155.21 vs. price of ₹257.50 (65.9% above fair value)
  • GF Score™: 53/100 with 3 warning signs

No single metric tells the full story. See the NSE:MAHICKRA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Mahickra Chemicals Business Description

Address Phase - 3, Plot No. 1201-1202, GIDC, Vatva, Ahmedabad, GJ, IND, 382445
Mahickra Chemicals Ltd is an India-based company engaged in the business of manufacturing and trading of dyes and chemicals. Its product portfolio includes reactive dyes, acid dyes, direct dyes, pigment powder and emulsion, specialty chemicals, and synthetic food colors, among others. The company caters to both the Indian as well as international markets.
53GF Score

Get the complete analysis for NSE:MAHICKRA

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹257.50
Price
₹155.21
GF Value