Key Approvals and Updates

The Board meeting, held from 03:30 PM to 04:30 PM IST, approved the following matters:

1. Un-Audited Financial Results: Approved the standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1 FY2027).

2. Director Resignation: Noted the resignation of Ms. Rainy Ramesh Singhi as an Independent Director of the company, effective August 08, 2026, closing business hours, due to personal reasons. Consequently, she ceased to be the Chairperson of the Audit, Nomination & Remuneration, Stakeholders' Relationship, and CSR Committees, and a Member of the Risk Management Committee.

3. Committee Reconstitution: Approved the reconstitution of all Board committees effective August 08, 2026.

Detailed Financial Results (Standalone - Unaudited, ₹ Lakhs)

For the Quarter Ended June 30, 2026 (Q1 FY2027):

  • Revenue from Operations: ₹1,828.95
  • Other Income: ₹2.70
  • Total Revenue: ₹1,831.65
  • Total Expenses: ₹1,753.65
  • Cost of materials consumed: ₹1,683.68
  • Employee benefits expense: ₹5.46
  • Finance Cost: ₹32.77
  • Depreciation and amortisation: ₹9.70
  • Other expenses: ₹22.04
  • Profit Before Tax: ₹78.00
  • Tax Expense: ₹28.03 (Current Tax)
  • Net Profit for the period: ₹49.97
  • Paid-up Equity Share Capital (Face Value ₹1/- each): ₹10,776.13
  • Earnings Per Share (EPS): Not disclosed in the standalone table.

Comparative Figures (Standalone):

  • Previous Quarter (Q4 FY2026 - Audited): Net Profit of ₹4.89 lakhs (Total Revenue: ₹3,085.70 lakhs)
  • Corresponding Quarter Previous Year (Q1 FY2026 - Unaudited): Net Profit of ₹94.21 lakhs (Total Revenue: ₹7,082.35 lakhs)

Detailed Financial Results (Consolidated - Unaudited, ₹ Lakhs)

For the Quarter Ended June 30, 2026 (Q1 FY2027):

  • Revenue from Operations: ₹1,828.95
  • Other Income: ₹2.70
  • Total Revenue: ₹1,831.65
  • Total Expenses: ₹1,754.73
  • Profit Before Tax: ₹76.92
  • Tax Expense: ₹28.03 (Current Tax)
  • Net Profit for the period: ₹48.89
  • Paid-up Equity Share Capital: ₹10,798.83
  • Earnings Per Share (EPS): Basic & Diluted ₹0.00 (as reported, likely a presentation error)

Comparative Figures (Consolidated):

  • Previous Quarter (Q4 FY2026 - Audited): Net Profit of ₹3.77 lakhs
  • Corresponding Quarter Previous Year (Q1 FY2026 - Unaudited): Net Profit of ₹8,266.27 lakhs

Audit Review and Qualifications

The statutory auditor, H Thakkar & Co. LLP, issued a modified report (Qualified Opinion) for both standalone and consolidated results. The key qualifications, which are repetitive from previous periods, are:

1. SEBI Interim Order (Dec 5, 2024): Allegations of fictitious sales/purchase transactions from FY2018-FY2024 and misutilisation of rights issue proceeds (₹4,990.00 lakhs). Management denies allegations; legal remedies pursued. Impact unquantifiable.

2. Non-compliance with Audit Trail Software: Company has not implemented accounting software with an audit trail feature as mandated by Companies (Accounts) Rules, 2014. Management intends to implement from Q2 FY2027.

3. Trade Receivables and ECL: Trade receivables of ₹59,370.57 lakhs (97% of total assets as of Sept 30, 2024) are outstanding with no provision for Expected Credit Loss (ECL) made per Ind AS 109. Impact unquantifiable.

4. GST Demand: Order received for period July 2017-July 2022, raising a demand of ₹20,684.38 lakhs (incl. penalties). Company deposited ₹200.00 lakhs under protest and intends to appeal. Impact unquantifiable.

5. Income Tax Liabilities: Unpaid income tax provision of ₹5,191.83 lakhs (as of Mar 31, 2026) and current year liability of ₹166.89 lakhs (FY2025-26). Disputed income tax demand of ₹11,744.00 lakhs pending at first appellate stage.

6. Going Concern: The above matters indicate a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. Financial statements are prepared on a going concern basis based on management's assessment.

Impact of Audit Qualifications Statement

Management's statement indicates that the reported figures (Turnover, Expenditure, Net Profit, Total Assets, Liabilities, Net Worth) remain unchanged before and after adjusting for the audit qualifications, as the impact is unquantified.

Subsidiary Information

The consolidated results include Grow And Grub Nutrients FZ-LLC, a wholly-owned subsidiary in the UAE (incorporated Apr 19, 2023). Its financials for the period were certified by management but not audited, leading to an auditor qualification on their accuracy.

Committee Reconstitution Details (Effective Aug 8, 2026)

  • Audit Committee: Mr. Kush Jigenbhai Shah (Chairperson - Ind.), Mr. Ashish Agarwal (Member - Ind.), Mr. Rajesh Chinubhai Sutaria (Member - Ind.)
  • Nomination & Remuneration Committee: Mr. Kush Jigenbhai Shah (Chairperson - Ind.), Mr. Ashish Agarwal (Member - Ind.), Mr. Rajesh Chinubhai Sutaria (Member - Ind.)
  • Stakeholders Relationship Committee: Mr. Kush Jigenbhai Shah (Chairperson - Ind.), Mr. Ashish Agarwal (Member - Ind.), Mr. Rajesh Chinubhai Sutaria (Member - Ind.)
  • Risk Management Committee: Mr. Hiteshkumar Gaurishankar Patel (Chairperson - MD), Mr. Rajesh Chinubhai Sutaria (Member - Ind.), Mr. Kush Jigenbhai Shah (Member - Ind.)
  • CSR Committee: Mr. Kush Jigenbhai Shah (Chairperson - Ind.), Mr. Rajesh Chinubhai Sutaria (Member - Ind.), Mr. Ashish Agarwal (Member - Ind.)

Additional Information

The results and related documents will be uploaded on the company's website, www.mishtann.com.