Marvel Decor (Window Blinds Company)

Creating a thread on Marvel Decor. This is a microcap company located at Jamnagar (Gujarat)
Request all the members to contribute for better learnings.

Company Name : Marvel Decor
CMP : 27 rs
Mcap : 47 cr
P/E : 1000
D/E = 0.25
Promote holding : 79%

The company is one of the largest manufacturers in Window Covering Fashion Industry.

Some of its popular products are; Roller Blinds, Aric Blinds etc.
These are stylish window coverings controlled by electronic remote.

(a) 2 lac Sq.ft. ultramodern factory in Jamnagar
(b) Introduced new factories in Sarjah (UAE)
(c) Tieup with small manufacturers throughout India for supplying products

Distribution Network

(a) Presence in 224 cities in 24 states of India
(b) Launched a new brand " Callitus" for international market.
Currently growing market in UAE and UK

Working Model
(a) Distributor receive order from customer.
(b) Sales agent visit customer premise and take the dimension of window frame.
(c) Distributor send the design and dimension to factory.
(d) Factory manufactures the product and send it to distributor

Positive Points;
(a) 20 years experience of mgmt
(b) For past 4 years mgmt has delivered its promise. Opened new factory in UAE. Created presence in UK market.
(c) Great vision by company Stepwise they want to expand in Europe and US markets.
(d) New generations in India are looking beyond traditional curtains for their home & Office. There can be huge growth opportunity in future.
(e) I live in small town in India. Did some enquiry in local distributor and the product was present here


(a) High working capital business.
Company has to keep huge amount of inventory for running business.

(b) Very few decor company make it big in industry.
This company is trying to go big, one can only hope to make it.
c) Blind use aluminium components.
Fluctuation of aluminium price may impact the margins.

(d) Top 4 products contribute 70% of revenue. Huge concentration for the company.

(e) COmpany has to face huge competition in UAE and UK markets. The outcome of success can’t be predicted

(A) Sales of 35 crores

(b) With sales of 35 crores there is inventory of 36 crores ( a problem !!)

(c) Debt is manageable
(d) Cash flow from operation is also positive.

I value company around 34 crores ( can be wrong !!!)

I think it’s a high risk - high reward type of stock.
If the management got successful in overseas venture, potential upside is huge.