Outcome of the meeting of Board of Directors held on November 12, 2025.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Mishtann Foods' board approved unaudited standalone and consolidated financial results for Q2 and H1 FY26 (ended September 30, 2025), but the statutory auditor issued a qualified opinion on both. On a standalone basis, revenue fell sharply to Rs 6,911.65 lakhs in Q2 (down ~15% YoY) and net profit nearly halved to Rs 100.38 lakhs. Consolidated numbers, boosted by the UAE subsidiary, showed revenue of Rs 38,646.82 lakhs in Q2 with net profit of Rs 9,544.62 lakhs. The auditor flagged serious unresolved issues: a SEBI show-cause notice alleging fictitious sales/purchases from FY18 to FY24, trade receivables of ~Rs 49,585 lakhs with no expected credit loss provision, a GST demand of ~Rs 20,684 lakhs treated as contingent liability, and unpaid/disputed income tax exposures of ~Rs 16,971 lakhs. The board also appointed M/s. J.M. Patel & Bros. as the new tax auditor (replacing the resigning H Thakkar & Co. LLP) and added Mr. Rajesh Chinubhai Sutaria as a non-executive independent director.
Negative: The qualified opinion and SEBI allegations are serious red flags that could weigh on the stock. Standalone revenue and profit have deteriorated sharply, and the company carries very large contingent tax and trade-receivable risks. Investors should expect heightened regulatory scrutiny and are advised to review the full auditor annexure before taking fresh positions.