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Mishka Exim Q2 FY27 results: net loss of ₹0.08 crore vs ₹0.47 crore profit, revenue up 24.1%
Mishka Exim Limited reported consolidated revenue of ₹10.93 crore in Q2 FY27, up 24.1% from ₹8.81 crore in Q2 FY26, but recorded a net loss of ₹0.08 crore against profit of ₹0.47 crore a year earlier. The result was also weaker than Q1 FY27, when revenue was ₹6.99 crore and profit was ₹0.16 crore.
Key points
- Consolidated Q2 FY27 revenue rose 24.1% to ₹10.93 crore from ₹8.81 crore in Q2 FY26.
- Consolidated EBITDA was a loss of ₹0.06 crore in Q2 FY27, compared with ₹0.57 crore in Q2 FY26 and ₹0.16 crore in Q1 FY27.
- The company reported a net loss of ₹0.08 crore in Q2 FY27, against a net profit of ₹0.47 crore in Q2 FY26.
- Basic EPS was negative ₹0.06 in Q2 FY27, compared with ₹0.32 in Q2 FY26 and ₹0.11 in Q1 FY27.
- For H1 FY27, revenue rose 64.4% to ₹17.92 crore, while PAT fell 87.7% to ₹0.08 crore.
How did Mishka Exim perform in Q2 FY27?
Mishka Exim’s consolidated Q2 FY27 revenue was ₹10.93 crore, up 24.1% from ₹8.81 crore in Q2 FY26 and 56.4% from ₹6.99 crore in Q1 FY27. Total income was ₹11.03 crore, against ₹8.90 crore a year earlier and ₹7.08 crore in the previous quarter. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 5 November 2026.
Consolidated EBITDA was a loss of ₹0.06 crore in Q2 FY27, compared with ₹0.57 crore in Q2 FY26 and ₹0.16 crore in Q1 FY27. The EBITDA margin was negative 0.6%, down 7.1 percentage points year on year and 2.9 percentage points from the previous quarter.
The company reported a net loss of ₹0.08 crore in Q2 FY27, against a net profit of ₹0.47 crore in Q2 FY26 and ₹0.16 crore in Q1 FY27. Basic EPS was negative ₹0.06, compared with ₹0.32 in the year-ago quarter and ₹0.11 in the previous quarter. On a standalone basis, revenue was ₹10.93 crore and PAT was a loss of ₹0.09 crore, against profit of ₹0.47 crore in Q2 FY26.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 10.93 | 6.99 | 8.81 | +24.1% | +56.4% |
| Other income | 0.10 | 0.09 | 0.09 | +11.1% | +11.1% |
| Total expenses | 11.14 | 6.87 | 8.28 | +34.5% | +62.2% |
| EBITDA | −0.06 | 0.16 | 0.57 | turned to loss | turned to loss |
| EBITDA margin | -0.6% | 2.3% | 6.5% | −7.1 pp | −2.9 pp |
| Profit before tax | −0.11 | 0.21 | 0.63 | turned to loss | turned to loss |
| Tax | −0.03 | 0.05 | 0.16 | ||
| Net profit | −0.08 | 0.16 | 0.47 | turned to loss | turned to loss |
| EPS (₹) | −0.06 | 0.11 | 0.32 | turned to loss | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Mishka Exim's costs and profit?
Total expenses rose to ₹11.14 crore in Q2 FY27 from ₹8.28 crore in Q2 FY26, an increase of ₹2.86 crore or 34.5%. Finance costs were the largest reported increase, rising by ₹0.12 crore to ₹0.13 crore from ₹0.01 crore. Other expenses fell by ₹0.21 crore to ₹0.10 crore, while employee costs fell by ₹0.01 crore to ₹0.03 crore and depreciation fell by ₹0.01 crore to ₹0.02 crore. Cost of materials was unchanged at ₹0 crore.
Other income increased by ₹0.01 crore to ₹0.10 crore from ₹0.09 crore in Q2 FY26. There was no exceptional item in either quarter. The tax line moved from ₹0.16 crore in Q2 FY26 to negative ₹0.03 crore in Q2 FY27, a difference of ₹0.19 crore. The filing did not state why finance costs increased or why the result moved to a loss.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 0.03 | 0.04 | −0.01 | −25.0% |
| Finance costs | 0.13 | 0.01 | +0.12 | +1200.0% |
| Depreciation | 0.02 | 0.03 | −0.01 | −33.3% |
| Other expenses | 0.10 | 0.31 | −0.21 | −67.7% |
| Total expenses | 11.14 | 8.28 | +2.86 | +34.5% |
| Other income | 0.10 | 0.09 | +0.01 | +11.1% |
| Tax | −0.03 | 0.16 | −0.19 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue rose to ₹17.92 crore from ₹10.90 crore in H1 FY26, an increase of ₹7.02 crore or 64.4%. Total income rose by ₹7.03 crore or 63.4% to ₹18.11 crore. The company reported PBT of ₹0.10 crore and PAT of ₹0.08 crore for the first half, compared with ₹0.87 crore and ₹0.65 crore respectively in H1 FY26.
PAT for H1 FY27 fell by ₹0.57 crore or 87.7% from the year-ago period, while basic EPS fell by ₹0.39 or 86.7% to ₹0.06 from ₹0.45. The board approved the unaudited standalone and consolidated financial results and the auditors’ limited review report for the half year ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 17.92 | 10.90 | +64.4% |
| Profit before tax | 0.10 | 0.87 | −88.5% |
| Net profit | 0.08 | 0.65 | −87.7% |
| EPS (₹) | 0.06 | 0.45 | −86.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Consolidated total assets increased to ₹36.23 crore at 30 September 2026 from ₹27.49 crore at 31 March 2026. Total equity was ₹24.60 crore, compared with ₹24.46 crore, while borrowings rose to ₹8.62 crore from ₹0.08 crore and cash increased to ₹0.23 crore from ₹0.13 crore. Inventories rose to ₹13.77 crore from ₹4.62 crore, trade receivables fell to ₹2.73 crore from ₹3.54 crore, and trade payables were ₹0.16 crore compared with ₹0.13 crore.
For H1 FY27, net cash flow from operating activities was negative ₹8.47 crore, compared with negative ₹1.03 crore in H1 FY26. Investing cash flow was ₹0.18 crore against ₹0.17 crore, while financing cash flow was ₹8.39 crore against ₹1.02 crore. Capital expenditure remained at ₹0 crore in both periods.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 36.23 | 27.49 |
| Total equity | 24.60 | 24.46 |
| Borrowings | 8.62 | 0.08 |
| Cash and equivalents | 0.23 | 0.13 |
| Inventories | 13.77 | 4.62 |
| Trade receivables | 2.73 | 3.54 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −8.47 | −1.03 |
| Cash from investing | 0.18 | 0.17 |
| Cash from financing | 8.39 | 1.02 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Mishka Exim done over the last 8 quarters?
Revenue increased year on year in each of the last six quarters. Across the reported quarterly series, revenue peaked at ₹10.93 crore in Q2 FY27, compared with a low of ₹0.54 crore in Q3 FY25. After reaching ₹8.81 crore in Q2 FY26, revenue was ₹3.42 crore in Q4 FY26 and ₹6.99 crore in Q1 FY27 before rising in the latest quarter.
PAT was highest at ₹0.69 crore in Q4 FY26 and lowest at a loss of ₹0.08 crore in Q2 FY27. EBITDA margin peaked at 24.8% in Q4 FY26 and was negative 0.6% in Q2 FY27. Revenue has increased in each of the last six quarters on a year-on-year basis, while the latest quarter showed lower profit and margin.
Which businesses drove the quarter?
Jewellery (Ornaments) was the reported operating segment in Q2 FY27, with revenue of ₹10.94 crore and EBIT of ₹0.03 crore. A year-ago comparison for this segment was not provided in the reported figures, so segment revenue and EBIT growth cannot be stated. The reported EBIT margin for Jewellery (Ornaments) was 0.3%.
FABRIC reported revenue of ₹0 crore and EBIT of ₹0 crore, unchanged from the year-ago quarter, with no segment revenue growth rate provided. SHARE TRADING reported revenue of ₹0 crore and EBIT of ₹0 crore in Q2 FY27, against revenue of ₹1.68 crore and EBIT of ₹0.08 crore in Q2 FY26; no growth percentage was provided for the segment.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| FABRIC | 0 | 0 | ||
| JEWELLERY (ORNAMENTS) | 10.94 | 0.03 | 0.3% | |
| SHARE TRADING | 0 | 0 |
Source: Company's results filing (XBRL segment data).
How did other Gems, Jewellery And Watches companies do?
Sixteen other Gems, Jewellery And Watches companies that filed for the quarter were compared with Mishka Exim, with a median peer revenue growth of 16.2%. Nine peers grew slower than Mishka Exim, while seven grew faster than the company. The peer comparison is dated 6 November 2026.
Nine of the 17 peers in the profit comparison reported higher profit. Mishka Exim’s Q2 FY27 revenue growth of 24.1% was above the peer median revenue growth of 16.2%, although the company reported a net loss for the quarter.
| Mishka Exim revenue growth (YoY) | +24.1% |
|---|---|
| Median of 16 other Gems, Jewellery And Watches companies | +16.2% |
| Companies with slower revenue growth than Mishka Exim | 9 of 16 |
| Companies with faster revenue growth than Mishka Exim | 7 of 16 |
| Companies whose net profit rose | 9 of 17 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Mishka Exim's revenue in Q2 FY27?
Revenue from operations was ₹10.93 crore, up 24.1% from ₹8.81 crore in Q2 FY26 (consolidated).
Did Mishka Exim make a profit in Q2 FY27?
No. It reported a net loss of ₹0.08 crore, against a net profit of ₹0.47 crore in Q2 FY26.
What was Mishka Exim's EPS in Q2 FY27?
Basic loss per share was ₹0.06, against ₹0.32 in Q2 FY26.
When did Mishka Exim announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving The Unaudited Standalone And Consolidated Financial Results Of The Company For The Second Quarter And Half Year Ended On September 30, 2026 (BSE, 30 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Of Directors Meeting Held On 05 November, 2026 (BSE, 5 November 2026) · PDF
- Results- Financial Results For Sep 30, 2026 (Mishka Exim Limited) Outcome Of Board Of Directors Meeting Held On 05Th November, 2026 (BSE, 5 November 2026) · PDF
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