While the firm maintains a low debt-to-equity ratio of 7.87%, this appears to reflect limited access to credit markets rather than financial strength, especially given the high risk of impairment in its contract assets.
| Metric | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 |
|---|
| Total Current Assets | 10.26M | 8.84M | 6.92M | 5.18M | 2.06M |
| Cash & Short-Term Investments | 249.92K | 1.08M | 323.96K | 217.79K | 314.54K |
| Cash Only | 249.92K | 1.08M | 323.96K | 217.79K | 314.54K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 9.55M | 7.75M | 6.57M | 4.96M | 1.74M |
| Days Sales Outstanding | 102.97 | 102.63 | 109.67 | 125.94 | 103.18 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 3.16M | 3.05M | 1.37M | 414.13K | 363.92K |
| Property, Plant & Equipment | 1.28M | 1.44M | 355.11K | 156.19K | 215.85K |
| Fixed Asset Turnover | 26.44x | 19.16x | 61.58x | 92.09x | 28.51x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.8M | 1.61M | 1.01M | 255.11K | 148.07K |
| Total Assets | 13.42M | 11.89M | 8.28M | 5.6M | 2.42M |
| Asset Turnover | 2.52x | 2.32x | 2.64x | 2.57x | 2.54x |
| Asset Growth % | 12.91% | 43.54% | 47.93% | 131.39% | - |
| Total Current Liabilities | 9.53M | 7.74M | 6.18M | 3.96M | 1.08M |
| Accounts Payable | 3.96M | 3.17M | 1.88M | 1.83M | 431.79K |
| Days Payables Outstanding | 41.16 | 51.41 | 37.43 | 56.95 | 31.31 |
| Short-Term Debt | 4.76M | 3.82M | 3.82M | 1.62M | 281.9K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 189.83K |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.08x | 1.14x | 1.12x | 1.31x | 1.91x |
| Quick Ratio | 1.08x | 1.14x | 1.12x | 1.31x | 1.91x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 2.91M | 3.15M | 1.72M | 1.48M | 886.05K |
| Long-Term Debt | 2.87M | 3.03M | 1.5M | 1.39M | 747.73K |
| Capital Lease Obligations | 48.34K | 114.5K | 216.37K | 89.56K | 135.61K |
| Deferred Tax Liabilities | 0 | 878 | 3.17K | 4.54K | 2.71K |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 12.44M | 10.89M | 7.9M | 5.44M | 1.96M |
| Total Debt | 7.74M | 7.03M | 5.62M | 3.15M | 1.21M |
| Net Debt | 7.49M | 5.95M | 5.3M | 2.93M | 894.46K |
| Debt / Equity | 7.87x | 7.05x | 14.69x | 19.69x | 2.64x |
| Debt / EBITDA | - | 2.10x | 2.07x | 1.45x | 1.50x |
| Net Debt / EBITDA | - | 1.78x | 1.95x | 1.35x | 1.11x |
| Interest Coverage | -10.52x | 11.35x | 14.66x | 28.38x | 8.80x |
| Total Equity | 983.98K | 998.26K | 382.89K | 159.76K | 458.31K |
| Equity Growth % | -1.43% | 160.72% | 139.67% | -65.14% | - |
| Book Value per Share | 0.08 | 0.07 | 0.03 | 0.01 | 0.03 |
| Total Shareholders' Equity | 983.98K | 998.26K | 382.89K | 159.76K | 458.31K |
| Common Stock | 6.49K | 5.63K | 5.63K | 5.63K | 2.81K |
| Retained Earnings | -5.84M | 996.98K | 381.61K | 158.47K | 458.31K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Insolvency from liquidity exhaustion
As reported in financial statements, Ming Shing Group's aggressive 22.77% revenue expansion appears to be eroding the firm's capital base, as the company continues to prioritize project volume despite a structural inability to generate positive margins, signaling a deteriorating trajectory for long-term balance sheet stability.
The firm's pursuit of top-line growth in the face of negative gross margins suggests that the balance sheet is being utilized to fund loss-making operations rather than building enterprise value. Investors should monitor whether this trajectory indicates a desperate attempt to maintain cash flow through new project advances at the expense of future solvency.
Based on the company's reported figures, the cash balance of only $249,923 against $33.8 million in revenue creates a razor-thin liquidity buffer, leaving the firm highly susceptible to even minor delays in milestone payments or unexpected increases in project-related labor and material costs.
This minimal cash position suggests that the company lacks the necessary liquidity to absorb operational shocks or fund working capital requirements during project delays. The reliance on external project-based inflows to cover immediate operating expenses appears to be a significant risk factor that warrants close scrutiny by stakeholders.
According to recent financial disclosures, the firm maintains a low debt-to-equity ratio of 7.87%, which may appear conservative at first glance but likely reflects an inability to access traditional credit markets rather than a strategic choice to avoid debt in a capital-intensive construction environment.
The low leverage profile may be misleading, as the company likely relies on stretched accounts payable to suppliers to finance its operations. This hidden reliance on trade credit suggests that the firm's operational survival is tethered to the willingness of vendors to continue extending payment terms.
As indicated by the firm's reliance on percentage-of-completion accounting, the balance sheet likely contains significant, potentially impaired contract assets that may never convert to cash, representing a non-obvious risk that could lead to sudden write-downs if project disputes or collection issues arise.
The disconnect between reported revenue growth and the lack of cash generation suggests that these contract assets are of questionable quality. Investors should be wary that the headline balance sheet figures may significantly overstate the firm's actual net asset value due to the subjective nature of these valuations.
Quick answers to the most common questions about buying MSW stock.
As of 2025, Ming Shing Group Holdings Limited (MSW) had total assets of $13.4M including $10.3M in current assets.
Ming Shing Group Holdings Limited (MSW) carries total debt of $7.7M, offset by $0.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ming Shing Group Holdings Limited (MSW) has total shareholders' equity (book value) of $1.0M ($0.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ming Shing Group Holdings Limited (MSW) reported a current ratio of 1.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.