MTandT Rentals Limited - Unlisted Shares
Fundamentals
- Current Price
- ₹565
- Market Cap
- ₹1,009.94 Cr
- ISIN
- INE0BC201010
- Face Value
- ₹10
- P/E Ratio
- 16.64
- EPS
- ₹33.95
- P/B Ratio
- 3.12
- Book Value
- ₹181
- Debt / Equity Ratio
- 1.04
Key Financials
Profit & Loss
| Metric | FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from Operations | 366.7 | 221.9 | 162.77 | 94.95 |
| Growth % | 65.22% | 36.35% | 71.43% | 0% |
| Operating Expenses | 236.00 | 135.54 | 110.25 | 66.55 |
| Operating Profit | 130.67 | 86.39 | 52.52 | 28.40 |
| Op. Profit Margin % | 35.64% | 38.93% | 32.27% | 29.91% |
| Other Income | 24.34 | 9.94 | 4.30 | 3.95 |
| Finance Costs | 24.78 | 16.47 | 11.88 | 6.95 |
| Depreciation | 61.15 | 39.31 | 26.95 | 16.66 |
| Profit Before Tax | 69.07 | 40.55 | 17.99 | 8.74 |
| Tax | 16.43 | 10.27 | 4.55 | 2.04 |
| Tax % | 23.79% | 25.33% | 25.29% | 23.34% |
| Profit After Tax | 52.64 | 30.28 | 13.44 | 6.70 |
| Growth % | 73.85% | 125.30% | 100.60% | 0% |
| PAT % | 14.36% | 13.64% | 8.26% | 7.06% |
| Diluted EPS | 33.95 | 22.79 | 10.62 | 5.3 |
Company Financials
| Metric | FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Equity Capital | 17.88 | 15.26 | 12.66 | 12.66 |
| Reserves | 305.25 | 138.72 | 49.00 | 35.53 |
| Total Equity | 323.13 | 153.98 | 61.65 | 48.19 |
| Financial Liabilities | 194.97 | 110.17 | 88.80 | 60.99 |
| Provisions | 4.83 | 2.17 | 2.11 | 1.79 |
| Other Non-Current Liabilities | 21.42 | 13.39 | 8.12 | 5.79 |
| Total NC Liabilities | 221.22 | 125.74 | 99.03 | 68.57 |
| Provisions | 4.76 | 6.32 | 3.42 | 1.49 |
| Other Current Liabilities | 271.42 | 160.94 | 99.38 | 64.95 |
| Total Current Liabilities | 276.18 | 167.26 | 102.80 | 66.44 |
| Equity + Liabilities | 820.53 | 446.98 | 263.48 | 183.20 |
| Fixed Assets (incl. WIP) | 449.38 | 260.55 | 174.66 | 102.64 |
| Other Non Current Assets | 66.03 | 0.00 | 0.00 | 0.00 |
| Total NC Assets | 515.42 | 260.55 | 174.66 | 102.64 |
| Trade Receivables | 188.54 | 109.33 | 51.93 | 46.08 |
| Cash & Cash Equivalents | 47.60 | 4.63 | 3.62 | 2.68 |
| Other Current Assets | 68.96 | 72.47 | 33.27 | 31.80 |
| Total Current Assets | 305.11 | 186.43 | 88.82 | 80.56 |
| Total Assets | 820.53 | 446.98 | 263.48 | 183.20 |
Shareholding Pattern
- Gopal Modi
- 15.00%%
- Parul Modi
- 10.00%%
- Rakesh Modi
- 15.00%%
- Alka Modi
- 10.00%%
- Mukesh Modi
- 13.00%%
- Sangeetha Modi
- 12.00%%
- Others
- 25.00%%
Strengths & Weaknesses
Strengths
- Category leader in access equipment rental: Part of the 50-year-old MTandT Group (founded 1974) and positioned as India’s largest aerial work platform (AWP/MEWP) rental player. Their presence spans Chennai, Delhi/Noida, Mumbai, Bangalore, Ahmedabad and Jewar, with group facilities in Sri Lanka and Qatar.
- Rapid growth with strong operating leverage: Revenue grew from ₹95 Cr in FY23 to ₹367 Cr in FY26, a ~57% CAGR. PAT grew from ₹7 Cr to ₹53 Cr in the same period.
- Broad ecosystem beyond plain rental: The group runs ~25 business units across MEWP rental, ground-protection mats, aluminium scaffolding, material handling, fall protection, under-deck access, operator training, certification and AMC. Equipr telematics/IoT adds fleet monitoring, and a manufacturing facility at Jewar supports access and safety products.
- Diverse, Strong Clientele Base: MTandT Rentals' clients include Reliance, Adani, TATA, Hyundai, Bosch, Air India, L&T, Saint-Gobain, John Deere, among others. with 50+ years of proven reliability of serving marquee clients
- Fund Raise: MTandT Rentals has raised Rs 100 crore from ValueQuest S.C.A.L.E. Fund II.
Weaknesses
- Execution, cyclicality and side-bets: Revenue is tied to infrastructure and construction capex cycles, and utilisation and rental rates are sensitive to competition from regional operators.
About MTandT Rentals Limited
MTandT Rentals Limited (MRL), incorporated in 2009 and headquartered in Chennai, is the equipment-rental arm of the MTandT Group, which dates back to 1974.It rents and sells mobile elevating work platforms (boom, scissor, spider and truck-mounted lifts), temporary road and ground-protection mats, aluminium scaffolding and material-handling equipment to infrastructure, industrial and construction customers across India.
Board of Directors
- Rakesh Modi - Chairman
- Mukesh Modi - Director
- Jenny Modi - COO
- Gopal Modi - Director
- Siddharth Modi - Executive Director
- Harsh Modi - Commercial Director
Senior Management
- Mr. Rakesh Modi - Managing Director
- Mr. Atosh R. Surana - Chief Financial Officer
- Mr. Lokesh Kumar - Company Secretary