Un-audited (Standalone & Consolidated) financial results along with Limited Review Report for the quarter and half-year ended September 30, 2025
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Mishtann Foods reported a sharp drop in standalone numbers: Q2 revenue fell to ₹6,911.65 lakhs (from ₹8,093.25 lakhs a year ago, -14.6%) and net profit dropped to ₹100.38 lakhs (from ₹206 lakhs, -51%). For H1 FY26, standalone revenue declined ~31% to ₹13,990.56 lakhs and net profit fell ~41% to ₹194.59 lakhs. Consolidated revenue was healthier at ₹38,646.82 lakhs for Q2 (+13% YoY) and ₹77,252.19 lakhs for H1 (+6.6%), largely because of the UAE subsidiary; consolidated net profit was ₹9,544.62 lakhs for Q2 (-10% YoY) and ₹17,810.90 lakhs for H1 (nearly flat). The auditor issued a qualified opinion flagging five serious issues: a SEBI show-cause notice from Dec 2024 alleging fictitious sales/purchases during FY18–FY24 and misutilisation of ₹4,990 lakhs from a rights issue, absence of audit-trail in accounting software, no Expected Credit Loss provision on trade receivables of ₹49,585 lakhs (~97% of total standalone assets), a GST demand of ₹20,684 lakhs, and disputed income tax demands totalling ₹11,744 lakhs with ₹5,227 lakhs unpaid. The board also approved J. M. Patel & Bros as the new tax auditor after H. Thakkar & Co. LLP resigned that role, and appointed Rajesh Chinubhai Sutaria as an additional independent director.
Despite consolidated topline growth driven by the UAE subsidiary, the standalone business is shrinking sharply and the auditor's qualified opinion highlights serious governance, recoverability and litigation risks — a SEBI probe for alleged fake sales, GST and tax exposures of over ₹37,000 lakhs, and nearly the entire balance sheet tied up in unprovided trade receivables. Shareholders should view this filing as a red flag on asset quality and regulatory standing, even though current-period cash flow has turned marginally positive.