BSE: 512065
MRUGESH TRADING LTD.
Engages in agricultural commodity trading, executing bill-to-ship-to sales and holding inventory at third-party locations rather than owned warehouses. Revenue from operations was Rs 1,133.37 lakhs in FY26, down from Rs 2,024.29 lakhs in FY25, with total income of Rs 1,241.40 lakhs for the year. The company posted a net loss of Rs 23.51 lakhs in FY26 against a profit of Rs 34.60 lakhs in FY25, and operating cash flow was deeply negative at Rs -5,638.24 lakhs. Beyond trading, the balance sheet carries Rs 1,215 lakhs of trade advances where no goods were received and Rs 238.96 lakhs of unsecured loans without formal agreements, alongside Rs 35 crore parked in fixed deposits. In May 2024 it raised Rs 72 crore through a preferential issue of convertible warrants, and equity share capital subsequently jumped from Rs 24.50 lakhs to Rs 7,224.50 lakhs on warrant conversions. The statutory auditor issued a qualified opinion flagging unpaid TDS, weak custody controls over third-party agricultural inventory, and missing documentation across bill-to-ship-to transactions, loans and trade advances. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Agricultural commodity trading. Small, thinly-traded NBFC classified entity whose reported activity is agricultural commodity trading through intermediaries, with weak documentation controls.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 20 | 11 |
| EBITDA (ex other income) | (0) | (0) | (0) | 0 | (1) |
| margin % | — | — | — | 2.0 | (11.6) |
| Owners' profit | (0) | (0) | (0) | 0 | (0) |
| EPS, as reported (₹) | (1.17) | (0.34) | (10.22) | 1.41 | 0.00 |
| ROE % · ROCE % | (94.1) · (94.1) | (38.5) · (6.7) | (403.4) · (1.0) | 1.9 · 2.2 | (0.3) · (0.3) |
| Debt / equity (x) | 0.00 | 4.72 | 1.68 | 0.00 | 0.03 |
| Cash from operations | 0 | 0 | 0 | (18) | (56) |
| Capex | 0 | 0 | 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 | 0 | 11 | 2 | 8 | 0 | 1 | 4 | 7 |
| Profit before tax | (0) | 1 | 0 | (0) | (0) | (0) | 0 | (1) |
| Net profit | (0) | 1 | 0 | (0) | (0) | (0) | 0 | (1) |
| EPS (₹) | (2.14) | 28.43 | 0.30 | (1.25) | (0.20) | (0.12) | 0.00 | (0.01) |
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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 72.5 | 1.1 | 253 of 253 | 0% |
| ROCE | (0.3) | 2.0 | 50 of 59 | 16% |
| ROE | (0.3) | 3.1 | 205 of 257 | 20% |
| Debt / Equity | 0.0 | 0.0 | 33 of 53 | 39% |
| EBITDA margin | (7.7) | 48.6 | 195 of 249 | 22% |
| Revenue growth | (16.4) | 12.6 | 163 of 231 | 30% |
| Profit growth | (65.3) | 7.8 | 169 of 251 | 33% |
| Market cap | 5225 | 34 | 21 of 268 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 9 Oct 2026 · Routine SEBI Reg 74(5) compliance certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Mrugesh Trading submits 42nd AGM voting results to BSE | compliance | minimal | — | — |
| 5 Oct 2026 · Scrutinizer report for 42nd AGM - all 5 resolutions passed unanimously | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed ahead of Q2 results announcement | compliance | minimal | — | — |
| 30 Sept 2026 · 42nd AGM held; 4 ordinary and 1 special resolution tabled for e-voting | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Board approves auditor appointments and office shift to Ahmedabad | management changes | low | — | — |
| 8 Sept 2026 · Board approves office shift to Ahmedabad, new auditors, 42nd AGM on Sept 30 | general | low | — | — |
| 8 Sept 2026 · Board appoints Statutory and Secretarial Auditors; shifts registered office | management changes | medium | — | — |
| 8 Sept 2026 · Board approves auditor appointments, registered office shift to Ahmedabad, AGM on Sep 30 | board shareholder meetings | low | — | — |
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.