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MUKKA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.8 pts less than Nifty Microcap 250 and 0.3 pts less than its Animal Feed peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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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.