Unaudited (Standalone & Consolidated) Results along with Limited Review Report for the quarter and nine months ended December 31, 2025 are attached herewith.
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Mishtann Foods reported Q3 FY26 standalone revenue of Rs 7,129.77 lakhs, almost flat versus Rs 7,202.11 lakhs a year ago, while 9M FY26 standalone revenue fell sharply to Rs 21,197.36 lakhs from Rs 27,532.00 lakhs in 9M FY25 (around 23% drop). Standalone net profit for the quarter was Rs 73.05 lakhs (vs Rs 154.50 lakhs) and Rs 267.62 lakhs for nine months (vs Rs 486.03 lakhs). On a consolidated basis, 9M FY26 revenue rose modestly to Rs 1,10,951.70 lakhs from Rs 1,05,972.48 lakhs, with net profit at Rs 25,963.52 lakhs versus Rs 25,493.80 lakhs, aided by the UAE subsidiary Grow and Grub Nutrients FZ-LLC (which itself was not audited). The auditor issued a qualified opinion on both standalone and consolidated results, flagging six serious issues including an ongoing SEBI show-cause notice alleging fictitious sales/purchase transactions and Rs 4,990 lakhs misuse of rights issue proceeds, trade receivables of Rs 56,654.71 lakhs with no expected credit loss provision and zero collections from customers, a GST demand of Rs 20,684.38 lakhs treated as contingent, an unpaid income tax provision of Rs 5,227.67 lakhs plus a disputed Rs 11,744.00 lakhs demand, and absence of an audit trail in the accounting software.
Despite the consolidated headline showing growth, the standalone business is clearly shrinking in both revenue and profit, and the qualified audit opinion highlights deep governance, recoverability, and regulatory concerns that pose meaningful downside risk for shareholders. The Rs 56,654 lakhs in trade receivables, SEBI allegations, and large contingent tax/GST demands mean the stock carries significant event risk and limited visibility on true earnings quality.