Integrated Finance
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Mrugesh Trading Limited reported a strong sequential recovery in Q3 FY26 with revenue from operations of Rs. 384.45 lakhs, up roughly 146% year-on-year from Rs. 156.36 lakhs, and a profit after tax of Rs. 26.13 lakhs versus a Rs. 2.91 lakh loss in the previous quarter. However, on a nine-month basis, revenue fell sharply to Rs. 482.70 lakhs from Rs. 1,246.44 lakhs in 9M FY25, and PAT dropped to Rs. 18.27 lakhs from Rs. 65.15 lakhs. The company raised Rs. 72 crore via a preferential issue of convertible warrants in November 2025, of which Rs. 35 crore is temporarily parked in fixed deposits and Rs. 37 crore has been utilised so far for business growth and working capital. Paid-up equity share capital jumped from Rs. 24.50 lakhs to Rs. 7,224.50 lakhs reflecting warrant conversion. The statutory auditors issued an unqualified limited review report, with no debt defaults or related party transactions to disclose.
The Q3 rebound in revenue and profit is encouraging, but the steep decline in cumulative nine-month earnings highlights volatile, lumpy trading-led performance. The fresh Rs. 72 crore infusion strengthens the balance sheet for future growth, though investors should track how quickly these funds are deployed into revenue-generating activities.