BSE: 539594
Mishtann Foods Limited
Sells packaged food products in India through standalone operations, with a UAE-based subsidiary, Grow and Grub Nutrients FZ-LLC, that contributes almost all of the group's profit. The standalone Indian business has been contracting sharply, while the UAE subsidiary drives consolidated results. Raw materials are the largest cost line, accounting for 64% of revenue, and the group reported an EBITDA margin of 23.17% in FY26. The company is headquartered in Ahmedabad and listed on BSE. The statutory auditor has repeatedly issued qualified opinions on the financials, flagging concerns including a SEBI show-cause notice alleging fictitious sales/purchase transactions and misuse of Rs 4,990 lakhs in rights issue proceeds. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Standalone Indian packaged foods operations, UAE subsidiary - Grow and Grub Nutrients FZ-LLC. Small-cap packaged foods group whose standalone India business is contracting while a UAE subsidiary drives almost all consolidated profit
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,288 | 1,375 | 1,153 |
| EBITDA (ex other income) | 359 | 339 | 267 |
| margin % | 27.9 | 24.6 | 23.2 |
| Owners' profit | 0 | 333 | 263 |
| EPS, as reported (₹) | 3.35 | 3.09 | 2.44 |
| ROE % · ROCE % | 62.8 · 64.4 | 34.7 · 34.4 | 20.2 · 19.8 |
| Debt / equity (x) | 0.08 | 0.05 | 0.05 |
| Cash from operations | (41) | (49) | (66) |
| Capex | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 383 | 342 | 323 | 331 | 386 | 386 | 336 | 31 |
| Profit before tax | 72 | 108 | 74 | 84 | 83 | 96 | 82 | 0 |
| Net profit | 71 | 107 | 73 | 83 | 83 | 95 | 82 | 0 |
| EPS (₹) | 0.67 | 0.99 | 0.68 | 0.77 | 0.77 | 0.88 | 0.75 | 0.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,25,418 | 59.2 | 43.71 | 41.0 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,10,429 | 42.4 | 21.50 | 29.6 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 14,793 | 78.6 | 2.54 | 37.6 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 11,603 | 44.9 | 6.80 | 25.7 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR | 8,286 | 6.4 | 0.86 | 2.4 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,577 | 18.9 | 4.39 | 19.6 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,057 | 36.4 | 6.38 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,635 | 28.6 | 4.61 | 17.9 | 15.7 | 18.8 | 13.1 | 18.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.2 | 29.5 | 3 of 38 | 95% |
| P/B | 0.2 | 2.6 | 3 of 34 | 94% |
| ROCE | 19.6 | 7.4 | 6 of 40 | 87% |
| ROE | 20.2 | 7.7 | 6 of 34 | 85% |
| Debt / Equity | 0.1 | 0.1 | 13 of 33 | 63% |
| EBITDA margin | 2.0 | 9.9 | 29 of 33 | 13% |
| Revenue growth | (90.7) | 14.1 | 32 of 36 | 11% |
| Profit growth | (100.0) | 14.1 | 31 of 33 | 6% |
| Market cap | 316 | 96 | 16 of 43 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance certificate for share dematerialization for Q2 FY27 | compliance | minimal | — | — |
| 23 Sept 2026 · Trading Window Closure Ahead of Q2 Results | compliance | minimal | — | — |
| 8 Aug 2026 · Q1 FY27 results approved; independent director resigns, committees reconstituted | management changes | medium | — | — |
| 8 Aug 2026 · Independent Director resigns amid auditor qualified opinion and going concern doubt | management changes | medium | — | — |
| 8 Aug 2026 · Mishtann Foods Q1 Results: Revenue Dives 74%, Auditor Flags Going Concern Doubt | results | high | — | — |
| 8 Aug 2026 · Q1 FY27 results with qualified audit opinion and going concern doubts | results | high | — | — |
| 5 Aug 2026 · Board meeting on Aug 8, 2026 to consider Q1 FY27 results | results | low | — | — |
| 13 Jul 2026 · Routine RTA compliance certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 7 Jul 2026 · Board appoints new Company Secretary, shifts registered office in Ahmedabad | management changes | medium | — | — |
| 7 Jul 2026 · New Company Secretary appointed, registered office shifted within Ahmedabad | management changes | 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.