BSE: 539220
Mishka Exim Limited
Sells jewellery (ornaments) and engages in share trading from a Delhi-registered office, listed on BSE under the Gems, Jewellery and Watches industry. The jewellery (ornaments) segment is the primary revenue driver, while the fabric segment is now inactive and reported zero revenue across recent quarters. In FY26 (year ended March 2026), the company reported revenue of Rs. 22.35 crore and net profit of Rs. 1.98 crore, with an EBITDA margin of 12.42%. Q1 FY27 standalone revenue from operations rose to Rs. 698.88 lakhs from Rs. 208.70 lakhs in the year-ago quarter, with jewellery continuing to dominate. Quarterly jewellery segment revenue was Rs. 716.31 lakhs in Q2 FY26 and Rs. 781.75 lakhs in Q3 FY26. The company is virtually debt-free, with borrowings reduced to nil from Rs. 21.36 lakhs during FY26, though trade receivables jumped to Rs. 343.86 lakhs. Cost structure per the facts shows employee costs at 0.6% of revenue, other operating expenses at 2.8%, and depreciation at 0.5%, with materials not separately disclosed. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Jewellery (Ornaments), Share Trading, Fabric. Small BSE-listed jewellery trading and share trading business with minimal fixed costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 18 | 14 | 4 | 5 | 22 |
| EBITDA (ex other income) | (0) | (1) | 0 | 0 | 2 |
| margin % | (2.4) | (4.5) | 5.5 | 4.9 | 10.8 |
| Owners' profit | 0 | (0) | 0 | 0 | 2 |
| EPS, as reported (₹) | 0.01 | (0.31) | 0.18 | 0.23 | 1.37 |
| ROE % · ROCE % | 0.0 · (1.8) | (2.1) · (2.4) | 1.2 · 1.7 | 1.5 · 2.0 | 8.1 · 10.0 |
| Debt / equity (x) | 0.01 | 0.02 | 0.00 | 0.01 | 0.00 |
| Cash from operations | (0) | 0 | 0 | (1) | (0) |
| Capex | (0) | (0) | — | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 2 | 9 | 8 | 3 | 7 |
| Profit before tax | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| EPS (₹) | 0.10 | 0.03 | 0.09 | 0.13 | 0.32 | 0.44 | 0.48 | 0.11 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| JEWELLERY (ORNAMENTS) | 6 | 24.6 |
| SHARE TRADING | 2 | 8.2 |
| JEWELLERY | 15 | 67.2 |
| Total, before eliminations | 22 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KHAZANCHI JEWELLERS LTD | 1,792 | 12.6 | 5.61 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 753 | 28.5 | 3.63 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 540 | 11.4 | 3.81 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 284 | 18.1 | 3.95 | 31.7 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 246 | 18.0 | 3.07 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 198 | 47.5 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 192 | 9.3 | 1.15 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.4 | 12.9 | 37 of 47 | 22% |
| P/B | 2.4 | 1.0 | 26 of 37 | 31% |
| ROCE | 9.9 | 4.7 | 19 of 50 | 63% |
| ROE | 8.1 | 2.3 | 13 of 37 | 67% |
| Debt / Equity | 0.0 | 0.1 | 11 of 37 | 72% |
| EBITDA margin | 3.6 | 6.8 | 21 of 35 | 41% |
| Revenue growth | 234.9 | 13.8 | 3 of 36 | 94% |
| Profit growth | (12.3) | 1.4 | 19 of 34 | 46% |
| Market cap | 59 | 25 | 16 of 54 | 72% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 4 Oct 2026 · Mishka Exim 12th AGM: all 8 resolutions passed - RPTs, auditor, director | board shareholder meetings | low | — | — |
| 4 Oct 2026 · Independent Director Rakesh Aggarwal appointed for 5-year term | management changes | medium | — | — |
| 4 Oct 2026 · Members approve reappointment of Statutory Auditors | management changes | low | — | — |
| 4 Oct 2026 · Mishka Exim 12th AGM: All 8 resolutions passed with 99.99% approval | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Mishka Exim 12th AGM held; 8 resolutions tabled, voting results awaited | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 12th AGM concludes - 8 resolutions tabled including director changes and related party deals | board shareholder meetings | low | — | — |
| 6 Sept 2026 · Newspaper advertisement for 12th AGM notice dispatch | compliance | minimal | — | — |
| 5 Sept 2026 · Mishka Exim completes dispatch of 12th AGM notice and Annual Report | compliance | minimal | — | — |
| 5 Sept 2026 · AGM on Sep 30, FY26 annual report web-link shared with shareholders | compliance | minimal | — | — |
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.