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MUKKA · price
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Mukka Proteins reported standalone FY26 revenue of ₹11,850 million, up 37.7% from ₹8,604 million in FY25. Standalone PAT grew marginally to ₹424 million from ₹417 million, while consolidated PAT stood at ₹571 million (up 18.7% from ₹481 million). EBITDA margins compressed — standalone EBITDA margin was ~5.0% (vs ~6.1% in FY25) due to rising raw material costs (cost of materials consumed jumped to ₹12,644 million). Operating cash flows remained deeply negative at -₹1,610 million standalone and -₹1,113 million consolidated, primarily due to large inventory build-up (inventories surged to ₹7,741 million from ₹5,206 million). Borrowings increased significantly — standalone current borrowings rose to ₹6,639 million from ₹4,138 million. The Board approved raising ₹75 crore via NCDs and investments in a new JV (51%) and an overseas entity in Sri Lanka (49%, up to ₹2.5 crore). Auditors issued an unmodified opinion. EPS for standalone is ₹1.43.
Revenue growth is strong at 37.7% but PAT growth is subdued due to margin compression and higher finance costs. Persistent negative operating cash flow and rising debt levels are key concerns — shareholders should monitor liquidity risk and the impact of the NCD issuance on leverage.