amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Milton Cycle Industries Limited Unlisted Shares
DRHP Status : Not Filed
190
Fundamentals About Milton Cycle Industries Limited
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Key Financials of Milton Cycle Industries Limited
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1825 | 52 | 118 | 475 |
| Cost of Material Consumed | 953 | 24 | 66 | 62 |
| Change in Inventory | 165 | 15 | 81 | -97 |
| Gross Margins | 47.78 | 53.85 | 44.07 | 86.95 |
| Employee Benefit Expenses | 674 | 464 | 163 | 20 |
| Other Expenses | 383 | 47 | 240 | 482 |
| EBITDA | -350 | -498 | -432 | 8 |
| OPM | -19.18 | -957.69 | -366.1 | 1.68 |
| Other Income | 300 | 103 | 638 | 10 |
| Finance Cost | 23 | 0.05 | 0.16 | 0 |
| D&A | 75 | 59 | 33 | 14 |
| EBIT | -425 | -557 | -465 | -6 |
| EBIT Margins | -23.29 | -1071.15 | -394.07 | -1.26 |
| PBT | -148 | -454 | 173 | 4 |
| PBT Margins | -8.11 | -873.08 | 146.61 | 0.84 |
| Tax | -46 | -83 | 10 | 3 |
| PAT | -102 | -371 | 163 | 1 |
| NPM | -5.59 | -713.46 | 138.14 | 0.21 |
| EPS | -24.29 | -88.33 | 38.81 | 0.24 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | -19.18 | -957.69 | -366.1 | 1.68 |
| Net Profit Margin | -5.59 | -713.46 | 138.14 | 0.21 |
| Earning Per Share (Diluted) | -24.29 | -88.33 | 38.81 | 0.24 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 496 | 436 | 380 | 125 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 205 | 205 | 205 | 205 |
| Trade Receivables | 1589 | 1532 | 1424 | 1073 |
| Inventory | 348 | 327 | 172 | 101 |
| Other Assets | 1353 | 1599 | 1450 | 2127 |
| Total Assets | 3991 | 4099 | 3631 | 3631 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 42 | 42 | 42 | 42 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 1312 | 934 | 1075 | 1044 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 2236 | 2233 | 2233 | 1272 |
| Other Liabilities | 401 | 890 | 281 | 1273 |
| Total Liabilities | 3991 | 4099 | 3631 | 3631 |
About Company
Milton Cycle Industries Limited (MCIL) is an established, unlisted public company based in Sonepat, Haryana, manufacturing a diverse range of bicycles (Roadsters, Mountain, Kids) and components since 1960. With a production capacity of 5,000 units/day, it caters to North India and Nepal. Unlisted shares are available (Approx. ₹140-₹195 range) with thin margins, low debt, and high competition
The following table shows a 10-point analysis of Milton Cycle Industries Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 1960 | A legacy bicycle manufacturing company with over six decades of operations. |
| Industry | Bicycle Manufacturing | Operates in the cycles and bicycle components segment. |
| Core Products | Roadsters · kids cycles · MTB · components | Wide range catering to mass and semi-urban markets. |
| Manufacturing | Sonepat, Haryana | Integrated facility with 5,000 cycles/day capacity. |
| Distribution | Multi-state presence | Strong dealer network across North & East India. |
| Revenue | ₹4.75 Cr (FY24) | Low and volatile operational scale. |
| Profitability | ₹0.01 Cr PAT (FY24) | Marginal profitability. |
| Balance Sheet | Paid-up capital ₹0.42 Cr | Small capital base with stable reserves. |
| Business Model | Manufacturing + distribution | Combines production with dealer-led sales. |
| Outlook | Cyclical recovery dependent | Dependent on demand revival and cost control. |
Company Overview
(i) Milton Cycle Industries Limited is a long-established bicycle manufacturing company, incorporated in 1960 and based in Sonepat, Haryana.
(ii) The company initially started as a component manufacturer and later evolved into a full-fledged bicycle manufacturing unit, producing various categories of bicycles.
(iii) Its product portfolio includes roadsters, mountain bikes, city bikes, ladies’ bicycles, and children’s cycles, catering primarily to mass-market consumers.
(iv) The company operates an integrated manufacturing facility with in-house capabilities such as painting, plating, and assembly, supporting cost efficiency.
(v) It has developed a regional distribution network across states like Uttar Pradesh, Bihar, Jharkhand, and nearby markets, ensuring consistent market presence.
Challenges in Milton Cycle Industries Limited’s Business
- Revenue volatility: The company has experienced sharp fluctuations in revenue over the years, reflecting inconsistent demand and operational challenges.
- Low profitability margins: High raw material costs and pricing pressure result in thin operating margins.
- Working capital and receivables pressure: High receivables and inventory cycles impact liquidity and cash flows.
- Industry competition and imports: The presence of low-cost alternatives and unorganised players affects pricing power and market share.
Financial Review of Milton Cycle Industries Limited
Here are some highlights of the financial performance of Milton Cycle Industries Limited over the past few years.
FY24 Performance
• Revenue from operations stood at ₹4.75 crore
• Total income stood at ₹4.85 crore
• Profit before tax stood at ₹0.05 crore
• Profit after tax reported at ₹0.01 crore
FY23 Performance
• Revenue from operations stood at ₹1.17 crore
• Total income stood at ₹7.56 crore (supported by other income)
• Profit before tax stood at ₹0.17 crore
• Profit after tax reported at ₹0.16 crore
FY25 Performance
• Revenue from operations stood at ₹1.24 crore (approx.)
• Total income significantly increased due to high other income
• Profit before tax reported at ₹276 crore (driven by non-operating income)
• Profit after tax reported at ₹229 crore
Quick Summary
Milton Cycle Industries Limited is a legacy bicycle manufacturer with a strong historical presence, but currently operates at a small and volatile scale. While operational revenues remain low, profitability in recent periods has been significantly influenced by non-operating income, indicating limited core business strength. The company’s future growth depends on demand revival, cost efficiency, and improved operational scale.
Promoters of Milton Cycle Industries Limited
The following are the active promoters of the company:
| Name | Designation | LinkedIn Profile |
|---|---|---|
| Vinod Buber | Director | - |
| Om Parkash Sharma | Director | - |
| Ashok Kumar Sharma | Director | - |
Shareholding Pattern of Milton Cycle Industries Limited
| Name | Holding |
|---|---|
| SoftBank | 45% |
| Ritesh Agarwal (Promoter) | 31% |
| Other Investors | 17% |
| Lightspeed | 3% |
| Sequoia | 3% |
| Airbnb | 1% |
Promoters of Milton Cycle Industries Limited
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Vinod Buber | Whole-time Director | 25+ |  |
| Om Prakash Sharma | Director | 20+ | |
| Ashok Kumar Sharma | Director | 20+ | |
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Frequently Asked Questions
Milton Cycle Industries Limited's unlisted shares are equity shares of the company that are not listed on NSE or BSE and are traded privately.
Yes, Milton Cycle Industries Limited unlisted shares can be purchased through private market platforms, subject to availability.
Yes, a demat account is required to hold Milton Cycle Industries Limited unlisted shares.
The company has a long operating history but faces low operational scale and revenue volatility, making it a moderate-risk unlisted investment.
Yes, Milton Cycle Industries Limited unlisted shares can be sold in the secondary market, depending on buyer availability.
Yes, as per SEBI regulations, pre-IPO investors are subject to a six-month lock-in period after listing.
If held for more than two years, gains are taxed at 20% with indexation; otherwise, taxed as per the income slab.
+91-9599071664
amit@unlistedkraft.in