The results have been attached herewith.
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Mishtann Foods reported Q1 FY26 standalone revenue of Rs 7,078.91 lakhs, down ~42% from Rs 12,236.64 lakhs in Q1 FY25, with net profit at Rs 94.21 lakhs versus Rs 125.73 lakhs earlier. Consolidated revenue was Rs 38,605.37 lakhs (Rs 38,266.58 lakhs YoY) with net profit of Rs 8,266.27 lakhs, driven mainly by the unaudited UAE subsidiary GROW AND GRUB NUTRIENTS FZ-LLC. The auditor (H Thakkar & Co. LLP) issued a Qualified Opinion on both sets of results, flagging five serious concerns: a SEBI show-cause notice alleging fictitious sales/purchases from FY17-FY24, Rs 42,672.78 lakhs in trade receivables with no expected credit loss provision, Rs 20,684.38 lakhs GST demand under appeal, Rs 11,744 lakhs disputed income tax demand, and non-implementation of audit trail in accounting software. The Board also appointed a new Secretarial Auditor (Kamlesh M. Shah & Co.) for 5 years and a Tax Auditor.
Despite the modest consolidated profit growth, the standalone business is shrinking sharply and the auditor's qualified opinion highlights unresolved regulatory and recoverability risks — including a major SEBI probe into alleged fictitious transactions and large contingent tax liabilities — which could materially affect future earnings and shareholder value.