The financial results have been attached herewith.
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Mishtann Foods reported FY25 standalone revenue of Rs 34,841.57 lakhs, up about 8% from Rs 32,241.83 lakhs a year ago, but standalone net profit fell sharply by roughly 58% to Rs 599.37 lakhs (from Rs 1,416.62 lakhs). Q4 standalone revenue slipped about 10.6% year-on-year to Rs 7,309.57 lakhs and net profit nearly halved to Rs 113.34 lakhs. Consolidated FY25 profit was Rs 33,332.57 lakhs versus Rs 34,602.93 lakhs, a mild decline. The auditor (H Thakkar & Co. LLP) issued a Qualified Opinion on both sets of results because of an ongoing SEBI show-cause notice alleging fictitious sales and purchase transactions between FY18 and FY24, alleged misuse of rights issue proceeds of Rs 4,990 lakhs, and trade receivables of Rs 36,106 lakhs for which no expected credit loss provision was made. A GST demand of Rs 20,684 lakhs (including penalties) and a disputed income tax demand of Rs 11,744 lakhs were flagged as contingent liabilities, while operating cash flow remained deeply negative at around minus Rs 4,831 lakhs (standalone) and minus Rs 4,865 lakhs (consolidated).
Shareholders face significant uncertainty: a qualified audit opinion, an active SEBI investigation into the authenticity of past sales, large unpaid tax-related contingent liabilities and a steep earnings decline are serious red flags that could weigh on the stock and hurt investor confidence. Weak operating cash flow despite reported profit suggests earnings quality and liquidity may be under pressure.