Sageone has reduced it’s holding in Macfos.
| Sep 2025 | Dec 2025 | ||
|---|---|---|---|
| Macfos Ltd | 4.94% | 2.97% | changed |
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Board is meeting on 29th to take on record Q3 results. They are also discussing issuance of bonus shares.
The company has come out with robust results- Q3 topline is touching 80 crores with 5.6 crores net profit. If the momentum continues in Q4, they will close the FY 2026 with 270+ crores in topline and 22+ crores in net profit. Tremendous performance since 2023, when this thread was started. They have come out with an investor presentation, happy reading.
Macofs.pdf (2.1 MB)
There are two questions: First one- can they raise margins going forward? From the business perspective, I think yes. Their raw material cost is 80% of sale value- with higher scale they van negotiate better prices with vendors, potentially reducing raw material cost towards 75%. Further, scaling will also results in per unit cost on their distribution cost. Thus, margin improvement for a few points is possible going forward with scaling.
Second issue is what next? From the investor presentation, it appears that total SKU they have is slightly more than 1lakh. The figure is stagnating. They are not increasing SKUs at a pace they were adding earlier. Let us compare the business model of Robu and Digikey:
| Feature | Macfos (Robu.in) | DigiKey |
|---|---|---|
| Primary Market | Regional Focus: Dominant in India. | Global Focus: Serves 170+ countries from a central US hub. |
| Target Audience | Hobbyists & Prototypes: Engineering students, DIYers, and R&D startups in India. | Professional & Production: Engineers, procurement pros, and small-to-large scale production. |
| Product Breadth | 100,000 SKUs. | 17 Million+ SKUs (The “world’s largest” inventory). |
| Sourcing Model | Mix of reselling, importing (often from China), and Private Labels (e.g., Orange, SmartElex). | Authorized Distributor: Direct partnerships with 3,000+ name-brand manufacturers. |
| Value-Added Services | Customization: 3D printing, laser cutting, and custom battery pack assembly. | Digital Tools: EDA/Design tools (Scheme-it), PCB Builder, and complex supply chain API integrations. |
| Logistics | Localized Indian delivery (Pune-based) with local billing and GST. | Global air shipping; recently launched local billing/INR support in India via partners. |
Earlier management hinted at B2B supplies. I think the Indian wholesale market for electronic parts and components is unorganized, dominated by large importers who import such components from China and distribute them in India. Robu can become an organized player in the wholesale market as it has developed relationships with various manufacturers and vendors. Let’s see how they try to tap the B2B market, becoming trustworthy suppliers of electronic parts and components.
It looks like, Macfos (Robu.in) is actively and strategically transitioning from a hobbyist-focused B2C marketplace into a comprehensive B2B-focused technology solutions provider. Macfos has explicitly built a B2B sales team, their website now features a specialized “Business to Business” section and a BOM (Bill of Materials) Tool. Earlier they stated that goal is to “Increase Corporate Customer Reach.” They are pivoting to become a reliable supplier for small-to-midscale manufacturing, not just one-off hobby projects. Almost 60% of their revenue came from B2B customers as per 2024-25 AR. Enough hints are there. Let us see how they evolve.
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Just wanted to check on this.
Did someone else also faces services issue? Would love to hear honest feedback!