BSE: 544015
Mish Designs Limited
Designs and sells women's fashion through an omnichannel model combining exclusive brand outlets, online marketplaces, and exports. The company runs three exclusive brand outlets in Pune, Raipur, and Phoenix Mall in Indore, and lists more than 2,500 styles on Myntra, Nykaa Fashion, and Ajio. It exports a line called ZOEY to the UAE. Revenue from operations stood at Rs 8.37 crore in FY26, down from Rs 1,801.10 lakhs in FY25 (a decline of approximately 54% per the results filing), and the company swung to a net loss of Rs 103.20 lakhs from a profit of Rs 88.99 lakhs. Materials account for 94.8% of revenue, employee costs 11.8%, and other operating expenses 30.9%, with capex at 0.0% of revenue. Short-term borrowings rose to Rs 690.57 lakhs from Rs 145.96 lakhs, and inventories stood at Rs 1,433.68 lakhs against trade receivables of Rs 776.86 lakhs, pointing to working-capital strain on top of the revenue contraction. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Women's fashion — exclusive brand outlets, Women's fashion — online marketplaces, Women's fashion — exports. Small, working-capital-stretched women's fashion brand with omnichannel retail and a thin export business.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 13 | 18 | 8 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 3.49 | 3.03 | 3.24 |
| ROE % · ROCE % | — · 11.9 | — · 8.2 | — · (4.3) |
| Debt / equity (x) | — | — | — |
| Cash from operations | (6) | (5) | (5) |
| Capex | — | (0) | 0 |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 4 | 9 | 6 | 12 | 6 | 2 |
| Profit before tax | 0 | 1 | 0 | 1 | 0 | (1) |
| Net profit | — | — | — | — | — | — |
| EPS (₹) | 1.26 | 2.11 | 0.87 | 2.09 | 0.06 | 3.80 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 38,604 | 51.1 | 25.69 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,061 | 31.5 | 3.15 | 13.8 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,526 | 17.8 | 3.84 | 11.0 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,638 | 45.0 | 2.15 | 12.6 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,465 | 32.5 | 1.90 | 19.3 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,161 | 78.1 | 39.42 | 71.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,573 | 17.4 | 2.30 | 9.3 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,261 | — | 1.83 | 34.1 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.7 | 16.7 | 4 of 37 | 92% |
| ROCE | (6.1) | 8.4 | 40 of 44 | 9% |
| Revenue growth | (73.8) | 7.9 | 36 of 37 | 3% |
| Market cap | 12 | 150 | 40 of 44 | 9% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · MISH expands to 31 Reliance Trends stores, adds 10 new locations | business updates | high | — | — |
| 10 Oct 2026 · Mish Designs files quarterly dematerialization compliance certificate | compliance | minimal | — | — |
| 26 Sept 2026 · Mish Designs 9th AGM: all 4 resolutions passed with 100% approval | compliance | minimal | — | — |
| 16 Sept 2026 · MISH brand launched in 21 Reliance Trends stores across 10 states via subsidiary | business updates | medium | — | — |
| 9 Sept 2026 · Allotment of 87,720 equity shares on conversion of warrants to public category | fund raising | medium | — | — |
| 9 Sept 2026 · Mish Designs converts 87,720 warrants into equity shares | fund raising | low | — | — |
| 2 Sept 2026 · Subsidiary I'Design Fashions acquires DeMoza brand from Pipin Fashions | strategic transactions | high | — | — |
| 31 Aug 2026 · Mish Designs publishes 9th AGM notice in newspapers | compliance | minimal | — | — |
| 29 Aug 2026 · Book Closure Sept 17-23, 2026 for 9th AGM on Sept 24, 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Mish Designs files FY26 annual report, 9th AGM notice for Sep 24, 2026 | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.