Key Financial Figures

Financial Performance (Standalone)

  • Revenue from Operations: ₹11,534.94 lakhs (FY25: ₹9,917.95 lakhs) - 16.30% growth
  • Total Income: ₹11,566.89 lakhs (FY25: ₹9,918.40 lakhs)
  • Profit Before Tax: ₹748.77 lakhs (FY25: ₹736.95 lakhs)
  • Net Profit: ₹552.72 lakhs (FY25: ₹537.75 lakhs)
  • Tax Expense: ₹196.05 lakhs (FY25: ₹199.20 lakhs)

Expense Breakdown

  • Cost of Material Consumed: ₹10,732.42 lakhs
  • Employee Benefit Expenses: ₹195.90 lakhs
  • Finance Cost: ₹62.11 lakhs
  • Depreciation & Amortization: ₹47.76 lakhs
  • Other Expenses: ₹132.52 lakhs

Share Capital Changes

  • Authorized Share Capital: ₹11.00 crore (1.10 crore equity shares of ₹10 each)
  • Paid-up Share Capital (April 1, 2025): ₹5.32 crore
  • Bonus Issue: 53,17,390 equity shares issued on 18th April 2025 in 10:1 ratio
  • IPO Allotment: 28,17,000 equity shares allotted on 28th November 2025 at ₹121 per share (₹10 face value + ₹111 premium)
  • Paid-up Share Capital (March 31, 2026): ₹8.67 crore (86,66,129 equity shares)

Key Financial Ratios

  • Current Ratio: 5.59 times (FY25: 1.61 times)
  • Debt-Equity Ratio: 0.04 times (FY25: 0.88 times)
  • Return on Equity: 23.60% (FY25: 154.80%)
  • Net Profit Margin: 6.49% (FY25: 7.43%)
  • Inventory Turnover Ratio: 7.67 times (FY25: 14.76 times)

Corporate Actions and Events

IPO Completion

  • Successful Initial Public Offering completed on BSE SME Platform
  • Raised ₹34.09 crore through 100% fresh issue
  • Listing date: December 2, 2025

Bonus Issue

  • Issued 53,17,390 bonus shares in 10:1 ratio on April 18, 2025
  • Capitalized ₹99.13 lakhs from Securities Premium Account and ₹432.61 lakhs from Reserve and Surplus Account

Dividend Declaration

  • No dividend recommended for FY 2025-26 to conserve resources for expansion projects
  • ₹552.77 lakhs transferred to Reserve and Surplus

Annual General Meeting Details

  • Date: Sunday, 5th July 2026
  • Time: 11:30 AM IST
  • Mode: Video Conferencing / Other Audio-Visual Means
  • Cut-off Date: Monday, 29th June 2026

Agenda Items

Ordinary Business:

1. Adoption of audited standalone financial statements for FY 2025-26

2. Re-appointment of Mr. Jai Gopal Munjal (DIN: 07454695) as Director retiring by rotation

Special Business:

3. Appointment of Ms. Vandana Munjal (DIN: 11647238) as Non-Executive Director

Corporate Governance

Board Composition

  • Mr. Ishu Munjal: Managing Director (DIN: 07454692)
  • Mr. Jai Gopal Munjal: Non-Executive Director (DIN: 07454695)
  • Mr. Anuj Saraswat: Independent Director (DIN: 08697386)
  • Ms. Priyanka Poddar: Independent Director (DIN: 10481007)
  • Mr. Altab Uddin Kazi: Independent Director (DIN: 10435916)

Key Managerial Personnel

  • Mr. Dharmendra Sharma: Chief Financial Officer
  • Mr. Rajesh Thakur: Company Secretary & Compliance Officer (appointed April 11, 2025)

Board Changes

  • Resignation: Ms. Surbhi Munjal resigned as Whole-Time Director effective March 26, 2026
  • Appointment: Ms. Vandana Munjal appointed as Additional Director (Non-Executive) effective April 6, 2026

Board Meetings

  • 18 Board meetings held during FY 2025-26
  • All directors attended all meetings

Committee Composition

Audit Committee

  • Mr. Altab Uddin Kazi (Chairperson - Independent Director)
  • Mr. Ishu Munjal (Member - Managing Director)
  • Ms. Priyanka Poddar (Member - Independent Director)

Nomination and Remuneration Committee

  • Mr. Jai Gopal Munjal (Chairperson - Non-Executive Director)
  • Mr. Altab Uddin Kazi (Member - Independent Director)
  • Mr. Anuj Saraswat (Member - Independent Director)

Stakeholders Relationship Committee

  • Mr. Jai Gopal Munjal (Chairperson - Non-Executive Director)
  • Ms. Priyanka Poddar (Member - Independent Director)
  • Ms. Vandana Munjal (Member - Additional Director)

Statutory Appointments

Statutory Auditors

  • M/s Chanana & Associates, Chartered Accountants (FRN: 028379N)
  • Appointed for 5 years from FY 2024-25 to FY 2028-29
  • No qualifications or adverse remarks in audit report

Secretarial Auditors

  • M/s G. Rishabh & Company, Company Secretaries
  • Secretarial Audit Report submitted with no qualifications

Internal Auditors

  • Mr. Rajmani Thakur appointed on December 31, 2025
  • Ms. Nancy Jain, Practising Chartered Accountant appointed on February 14, 2026

Business Overview

Core Business

  • Manufacturing and trading of FMCG agro-food products
  • Product portfolio includes besan, chana dal, atta, poha, suji, maida, daliya, sattu, puffed rice, murmura
  • 45+ SKUs across five brands

Business Model

  • Three routes to market: Consumer Retail, B2B Bulk Trade, D2C Dark Factory
  • Four manufacturing facilities in Delhi
  • Integrated packaging at scale added with fourth unit in 2024

Brands

1. Manohar Agro - Consumer flagship brand

2. Super SS - Puffed grains and cereals

3. Shree Dhanlaxmi - B2B besan specialist

4. Delhi Special - Heritage bulk besan trade

5. Ultra Dhulai - Home care products

Operational Highlights

Manufacturing Capabilities

  • ISO-certified manufacturing facilities
  • Advanced machinery for batch-to-batch consistency
  • Integrated packaging capabilities
  • Skilled workforce with rigorous hygiene standards

Innovation

  • Launched India's first mini dark factory embedded inside residential society
  • Micro-manufacturing units for fresh-milled atta, spices, and pressed oil
  • Delivery within minutes of production

SEBI Compliance

  • All equity shares in dematerialized form with NSDL and CDSL
  • Quarterly shareholding pattern filings completed
  • Structured Digital Database maintained for PIT regulations
  • Material events disclosed as per Regulation 30

Companies Act Compliance

  • Annual Return (Form MGT-7) filed for FY 2024-25
  • Financial Statements (Form AOC-4 XBRL) filed
  • Charge registration and satisfaction filings completed
  • Related party transactions at arm's length basis

Other Compliance

  • Corporate policies implemented: CSR, Vigil Mechanism, HSE, Prevention of Sexual Harassment
  • No sexual harassment complaints during FY 2025-26
  • No significant material orders from regulators/courts

Related Party Transactions

Transactions with Related Parties

  • Rent expense with Mr. Ishu Munjal: ₹11.40 lakhs
  • Director remuneration: Mr. Ishu Munjal (₹22.00 lakhs), Mrs. Surbhi Munjal (₹11.40 lakhs), Mr. Jai Gopal Munjal (₹10.00 lakhs)
  • Independent director remuneration: ₹1.50 lakhs each
  • All transactions at arm's length basis with necessary approvals

Corporate Social Responsibility

CSR Obligation

  • Average net profit: ₹377.28 lakhs
  • 2% CSR obligation: ₹7.55 lakhs
  • Actual CSR spending: ₹15.04 lakhs
  • Excess amount available for set-off: ₹7.49 lakhs

CSR Focus Areas

  • Promotion of education and skill development
  • Healthcare and sanitation
  • Environmental sustainability
  • Rural development and women empowerment

Auditor Reports

Statutory Auditor Report (Chanana & Associates)

  • Unmodified opinion on financial statements
  • No key audit matters identified
  • Internal financial controls adequate and operating effectively
  • No fraud reported under Section 143(12)

Secretarial Audit Report (G. Rishabh & Company)

  • Generally compliant with applicable statutes
  • Procedural observations noted but no material non-compliances
  • SME platform exemptions properly applied
  • All regulatory filings completed

Other Information

Registrar and Share Transfer Agent

  • Bigshare Services Private Limited (SEBI Regn. No.: INR000001385)
  • RTA services engaged for shareholder services

Bankers

  • ICICI Bank Limited (overdraft facility)
  • HDFC Bank Limited (vehicle loans)
  • Various NBFCs for working capital

Legal Compliance

  • No pending litigations impacting financial position
  • No long-term contracts with material foreseeable losses
  • No amounts required to be transferred to IEPF

Forward-Looking Statements

Management Outlook

  • Positive outlook for agricultural products industry
  • Focus on strengthening manufacturing capabilities
  • Expansion of trading operations and operational efficiencies
  • Exploration of new business opportunities

Cautionary Statement

  • Statements contain forward-looking information
  • Actual results may differ due to economic conditions, government policies, market developments
  • No assurance of future viability or performance