Dear Sir, Please find the attachment. Regards, For MRC Agrotech Limited
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.1 pts less than Nifty Microcap 250 and 2.0 pts less than its Trading & Distributors peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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MRC Agrotech reported FY25 revenue of ~₹32.45 Cr, more than doubling from ~₹14.66 Cr in FY24 (about 121% growth). Profit after tax was nearly flat at ~₹87.6 lakh versus ~₹89.1 lakh, and basic EPS halved to ₹0.43 from ₹0.86. The company raised funds through share issuance — share capital rose from ₹10.42 Cr to ₹20.49 Cr — and sharply expanded its fixed assets from negligible levels to ~₹4.54 Cr, indicating a major capex push. However, the auditor issued a qualified opinion on both standalone and consolidated results because the company extended ~₹12.93 Cr of unsecured loans during the year, and for ~₹7.86 Cr of those loans no agreements, interest workings, or recipient contact details were provided, leaving the auditor unable to verify existence, terms, or recoverability. Operating cash flow improved to ~₹1.96 Cr from ~₹41 lakh.
While revenue growth is strong, the auditor's qualified opinion is a clear red flag — nearly ₹8 Cr of loans lack supporting documentation, raising concerns about asset quality and disclosure standards. Flat PAT with halving EPS means shareholders haven't benefited proportionally from the revenue surge, and the newly raised equity capital has been deployed into loans and fixed assets rather than visible earnings. Investors should watch for management's explanation of the qualified items and clarity on the actual use and recovery of the ₹12.93 Cr in loans.