Mihika Industries Q2 FY27 results: net profit flat at ₹0.04 crore, revenue ₹5.28 crore vs ₹0.35 crore

How did Mihika Industries perform in Q2 FY27?

Mihika Industries reported standalone revenue of ₹5.28 crore for the July–September 2026 quarter, against ₹0.35 crore in Q2 FY26 and ₹0.45 crore in Q1 FY27. Total income was ₹5.39 crore, against ₹0.49 crore a year earlier and ₹0.60 crore in the previous quarter. The result is on a standalone basis.

EBITDA was ₹0.05 crore in Q2 FY27, compared with ₹0.09 crore in Q2 FY26 and ₹0.13 crore in Q1 FY27. The EBITDA margin improved to -1.0% from -25.8% a year earlier and -28.3% in the previous quarter. Profit before tax was ₹0.05 crore, against ₹0.06 crore in Q2 FY26 and ₹0.01 crore in Q1 FY27. Net profit was ₹0.04 crore, unchanged from Q2 FY26 and higher than ₹0.01 crore in Q1 FY27, with basic EPS of ₹0.04.

What changed in Mihika Industries' costs and profit?

Total expenses rose to ₹5.34 crore in Q2 FY27 from ₹0.44 crore in Q2 FY26 and ₹0.58 crore in Q1 FY27. Other expenses accounted for the increase, at ₹0.16 crore against ₹0.03 crore a year earlier, a difference of ₹0.13 crore, and ₹0.06 crore in the previous quarter. Employee cost was ₹0.02 crore, lower than ₹0.03 crore in Q2 FY26. There was no exceptional item in the quarter.

Other income was ₹0.10 crore in Q2 FY27, down ₹0.05 crore from ₹0.15 crore in Q2 FY26 and ₹0.04 crore below ₹0.14 crore in Q1 FY27. Tax was ₹0.01 crore, compared with ₹0.02 crore a year earlier and ₹0 crore in the previous quarter. The filings state that there are no reportable segments, and the company did not state a reason for the higher revenue or expenses.

How did the first half of FY27 go?

For the first half of FY27, revenue was ₹5.74 crore against ₹2.01 crore in H1 FY26, a difference of ₹3.73 crore. Total income was ₹5.98 crore against ₹2.31 crore, a difference of ₹3.67 crore. Profit before tax was ₹0.07 crore, against ₹0.08 crore, while net profit was ₹0.05 crore against ₹0.06 crore. EPS for the first half was ₹0.05, against ₹0.06.

What do the balance sheet and cash flow show?

Total assets were ₹24.22 crore on 30 September 2026, against ₹22.16 crore on 31 March 2026. Total equity was ₹22.04 crore against ₹21.97 crore, and borrowings were ₹0.16 crore at both dates. Cash and cash equivalents were ₹0.02 crore against ₹0.03 crore. Inventories rose to ₹4.68 crore from ₹2.31 crore, while trade receivables were ₹1.57 crore at both dates.

For H1 FY27, operating cash flow was -₹2.18 crore against -₹3.17 crore in H1 FY26. Investing cash flow was -₹8.95 crore against ₹0 crore a year earlier, and financing cash flow was ₹11.12 crore against ₹3.18 crore. The company reported no capital expenditure in either period.

How has Mihika Industries done over the last 8 quarters?

Revenue in the last eight quarters ranged from ₹0.22 crore in Q3 FY26 to ₹27.77 crore in Q4 FY25, before reaching ₹5.28 crore in Q2 FY27 from ₹0.45 crore in Q1 FY27. The Q4 FY25 figure was an outlier for the period shown, and the July–September 2026 quarter was the highest since then.

Net profit was ₹0.04 crore in Q2 FY27, the same as in Q2 FY26, after ₹0.01 crore in Q1 FY27. The low point in the series was a net loss of ₹0.73 crore in Q4 FY25. The EBITDA margin stood at -1.0% in Q2 FY27, against -28.3% in Q1 FY27 and -53.7% in Q3 FY26, the weakest margin in the series.

What else did the company announce?

The board approved the unaudited financial results for the quarter and half year ended 30 September 2026 on 3 November 2026, along with the limited review report. Separately, the Rights Issue Committee approved terms of a rights issue on 2 November 2026 for 9,00,00,000 partly paid-up equity shares of face value ₹10 each, aggregating to ₹90.00 crore at ₹10.00 per share, with a record date of 6 November 2026. The entitlement ratio is 9 rights equity shares for every 1 fully paid-up equity share held on the record date.

What did the auditors point out?

The statutory auditors, KAPIL KUMAR AGARWAL & ASSOCIATES, carried out a limited review and stated that a review is substantially less in scope than an audit and that they do not express an audit opinion. The report includes an emphasis of matter stating that balances of trade receivables, trade payables, loans and advances, including deposits given or received, and borrowings as at the balance sheet date are subject to confirmation and reconciliation. Direct confirmations from customers, vendors and loan counterparties had not been received, and the balances had not been reconciled with the company's books of account. The auditors also noted that sales and purchases for the period had been verified on the basis of data and information provided by management.

How did Mihika Industries shares react?

The filing appeared after market hours on 3 November 2026. The stock was up 0.3% five minutes after the filing appeared, then fell 3.9% by 15 minutes and 3.9% by 30 minutes. On the reaction day it closed 4.9% below the previous close of ₹11.79, while the median move for the Trading & Distributors industry was 1.2%, leaving the stock 6.2 percentage points behind the sector.

Earlier reaction-day moves were mixed: 0.0% on 23 July 2026, 4.3% on 27 May 2026, -3.7% on 13 February 2026 and 6.2% on 12 November 2025.

How did other Trading & Distributors companies do?

Twenty-four Trading & Distributors companies have filed for the quarter, with a median revenue growth of 31.0% as of 5 November 2026. Of these, 23 grew slower than Mihika Industries and 1 grew faster than the company. Out of 36 peers whose profit was compared, 21 reported higher profit.