Board Meeting Details

The Board of Directors meeting was held on Friday, November 06, 2026, commencing at 17:00 PM and concluding at 17:30 PM. The board considered and approved the standalone unaudited financial results for the half-year ended September 30, 2026, along with the Limited Review Report thereon.

Financial Results Highlights (Half-Year Ended September 30, 2026)

Income Statement (₹ in lakhs)

  • Revenue from Operations: ₹151.79 lakh
  • Other Income: ₹1.07 lakh
  • Total Income: ₹151.89 lakh
  • Purchase of Stock-in-Trade: ₹134.84 lakh
  • Operating Expenses: ₹4.40 lakh
  • Employees Benefit Expenses: ₹31.08 lakh
  • Depreciation and Amortization: ₹12.39 lakh
  • Finance Costs: ₹0.36 lakh
  • Other Expenses: ₹2.62 lakh
  • Total Expenses: ₹141.92 lakh
  • Profit from Ordinary Activities Before Tax: ₹9.71 lakh
  • Tax Expenses: Not provided
  • Net Profit After Tax: ₹9.71 lakh

Earnings Per Share (Face Value: ₹10 per share)

  • Basic EPS (before extraordinary items): ₹0.52 (not annualized)
  • Diluted EPS (before extraordinary items): ₹0.52 (not annualized)
  • Basic EPS (after extraordinary items): ₹0.52 (not annualized)
  • Diluted EPS (after extraordinary items): ₹0.52 (not annualized)

Capital Structure

  • Paid-up Equity Share Capital: ₹1,924.00 lakh
  • Number of Equity Shares: 19.24 lakh shares

Balance Sheet Position (as of September 30, 2026)

Assets (₹ in lakhs)

  • Property, Plant and Equipment: ₹129.63 lakh
  • Inventories: ₹35.42 lakh
  • Trade Receivables: ₹898.60 lakh
  • Cash and Cash Equivalents: ₹2.61 lakh
  • Other Current Assets: ₹219.59 lakh
  • Total Assets: ₹1,439.86 lakh

Liabilities (₹ in lakhs)

  • Equity Share Capital: ₹1,924.00 lakh
  • Reserves & Surplus: Negative ₹2,558.73 lakh
  • Long-term Borrowings: ₹503.90 lakh
  • Trade Payables: ₹52.05 lakh (including ₹24.51 lakh to micro/small enterprises)
  • Total Liabilities: ₹1,439.86 lakh

Cash Flow Statement (Half-Year Ended September 30, 2026)

  • Net Cash from Operating Activities: Negative ₹75.39 lakh
  • Net Cash from Investing Activities: Negative ₹21.25 lakh
  • Net Cash from Financing Activities: ₹96.46 lakh
  • Net Change in Cash: Negative ₹0.18 lakh
  • Cash at Beginning: ₹2.79 lakh
  • Cash at End: ₹2.61 lakh

Auditor's Qualified Review Report

B. A. Bedawala & Co., Chartered Accountants, issued a qualified conclusion on the financial results citing multiple compliance issues:

Basis for Qualified Conclusion

1. Tax Deduction at Source Non-Compliance: Company has not deducted tax on certain payments and not deposited deducted taxes within prescribed time limits under Income-tax Act, 1961. Consequential interest, penalty and other levies not ascertained.

2. Balance Confirmations Missing: Confirmations for trade receivables, trade payables, loans, advances, and other balances not made available. Unable to comment on adjustments required.

3. Related Party Transactions Non-Compliance: Certain related party transactions not in compliance with Companies Act provisions.

4. Impairment Review Not Conducted: Company has not carried out impairment review of fixed assets as required by AS 28.

5. Contravention of Sections 185 & 186: Company accepted and advanced money to individuals and corporate entities without written agreements stipulating repayment terms and without accruing interest.

6. Expense Misclassification: Payments to creditors classified as advances to suppliers instead of expenses, understating expenses and overstating current assets.

7. Inventory Valuation Reliance: Closing inventory valuation of ₹35.42 lakh taken as certified by management without independent verification.

8. Travel Expenses Documentation: Lack of supporting vouchers for traveling expenses, unable to verify authenticity and business purpose.

9. GST Non-Compliance: Company has not fully complied with GST laws, including liability payable under Reverse Charge Mechanism (RCM). Consequential interest and penalty not ascertained.

Additional Notes

1. The financial results were reviewed by the Audit Committee and approved by the Board of Directors.

2. Results prepared in accordance with Accounting Standards prescribed under Section 133 of Companies Act, 2013.

3. Company has a single reportable segment as defined in AS-108.

4. Figures for half-year ended March 31, 2026 are balancing figures between audited full-year and unaudited first half-year figures.

5. Financial results will be available on company website (www.mahipindustriesitd.in) and BSE website (www.bseindia.com).