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Mangalam Drugs Reports Rs 15.57 Cr Bank Loan Default Exceeding 30 Days
Mangalam Drugs and Organics disclosed continuing loan defaults exceeding 30 days on its cash credit accounts with Bank of Maharashtra and Bank of Baroda. The total overdue amount stands at Rs 15.57 Cr (Rs 1,557.27 Lacs) as of October 15, 2026. Defaults originated in October 2025 (October 17 for Bank of Maharashtra and October 20 for Bank of Baroda). This overdue amount equals approximately 31.8% of the company's Rs 49 Cr market capitalization, highlighting severe ongoing liquidity stress.
Confidence: HIGH
What changedFormal subsequent disclosure confirming ongoing default on revolving credit lines with two public sector banks lasting nearly a full year.
Why it mattersThe defaulted amount represents ~31.8% of market cap and ~14.8% of total debt (Rs 105 Cr), compounding pressure on a company already reporting TTM net losses of Rs -44 Cr.
Bank of Maharashtra Overdue: Rs 951.19 LacsBank of Baroda Overdue: Rs 606.08 LacsTotal Overdue Amount: Rs 15.57 CrTotal Overdue vs Market Cap: ~31.8%Total Overdue vs Debt (Rs 105 Cr): ~14.8%
📅 Short termNegative sentiment and elevated risk of formal recovery actions or asset freezes by Bank of Maharashtra and Bank of Baroda.
📈 Long termHeightened insolvency risk if credit lines remain frozen, which impairs raw material procurement and delays operational turnaround.
⚠ Risk flags
- Loan default / credit rating downgrade risk
- Severe liquidity crunch with TTM net loss of Rs -44 Cr
- Possible NCLT/SARFAESI recovery actions by lenders
Key Highlights
Total overdue amount of Rs 15.57 Cr across two lender cash credit facilities as of October 15, 2026
Overdue on Bank of Maharashtra Cash Credit account stands at Rs 951.19 Lacs, with default dating back to October 17, 2025
Overdue on Bank of Baroda Cash Credit account stands at Rs 606.08 Lacs, with default starting October 20, 2025
Company states it is making arrangements to pay overdue amounts as soon as possible
👀 What to Watch
Track lender actions regarding debt restructuring or potential recovery/NCLT proceedings, and monitor Q2 FY27 cash flows to assess working capital solvency.
Mangalam Drugs Reports Rs 15.57 Cr Bank Overdue Across Bank of Maharashtra & Bank of Baroda
Mangalam Drugs and Organics has disclosed continuing defaults on cash credit facilities with Bank of Maharashtra and Bank of Baroda exceeding 30 days. As of September 14, 2026, total overdue amounts stand at Rs 15.57 crore, comprising Rs 951.19 lakh to Bank of Maharashtra (defaulted since Oct 17, 2025) and Rs 606.08 lakh to Bank of Baroda (defaulted since Oct 20, 2025). The total overdue accounts for nearly 29% of the company's current market capitalization of Rs 53 crore, highlighting severe liquidity pressure following TTM losses of Rs 44 crore.
Confidence: HIGH
What changedMangalam Drugs filed a subsequent intimation disclosing continuous cash credit defaults exceeding 30 days totaling Rs 15.57 crore across two public sector banks.
Why it mattersThe company has posted four consecutive loss-making quarters (TTM net profit of Rs -44 crore) with total debt of Rs 105 crore; unresolved bank defaults jeopardize working capital access and operational solvency.
Bank of Maharashtra Overdue: Rs 951.19 LacsBank of Baroda Overdue: Rs 606.08 LacsTotal Overdue Amount: Rs 15.57 CrTotal Overdue vs Market Cap: ~29.4%Total Overdue vs Total Debt: ~14.8%
📅 Short termHeightened credit risk and potential punitive actions from lenders, including classification as NPA or issuance of loan recall notices.
📈 Long termUnless working capital is restored and operating profitability recovers, extended defaults could lead to NCLT insolvency proceedings or loss of creditor support.
⚠ Risk flags
- Prolonged debt default (>10 months since October 2025)
- Severe liquidity crunch with TTM net losses of Rs 44 crore
- Risk of legal or recovery action under SARFAESI or IBC by lenders
Key Highlights
Total bank default amount reported at Rs 15.57 crore as of September 14, 2026
Bank of Maharashtra overdue stands at Rs 951.19 lakh with default starting October 17, 2025
Bank of Baroda overdue stands at Rs 606.08 lakh with default starting October 20, 2025
Combined default represents ~29.4% of the company's total market capitalization of Rs 53 crore
👀 What to Watch
Track whether the company succeeds in regularizing these accounts or restructuring its debt, as persistent defaults risk formal recovery or insolvency (IBC) proceedings by lending banks.
₹7.55 Cr Net Loss in Q1 FY27; Mangalam Drugs Appoints New Statutory Auditors for 5-Year Term
Mangalam Drugs reported a net loss of ₹7.55 Cr for Q1 FY27, showing a narrowing of losses compared to the ₹13.73 Cr loss in Q1 FY26. Revenue from operations remained stagnant at ₹57.12 Cr, while finance costs of ₹3.68 Cr continue to weigh on the bottom line. The Board has proposed M/s S.N. Nanda & Co. as the new Statutory Auditors for a five-year term (FY27-FY31), subject to shareholder approval. The company remains in a precarious financial position with a Debt-to-Equity ratio of 1.02 and a market cap of only ₹43 Cr against ₹105 Cr in debt.
Confidence: HIGH
What changedThe company reported its first-quarter results for FY27 and initiated a transition to new statutory and secretarial auditors for the next five years.
Why it mattersThe narrowing of losses is a slight operational improvement, but the company's high debt (₹105 Cr) relative to its market cap (₹43 Cr) and continued negative EPS (-₹4.77) indicate significant financial stress.
Q1 Net Loss: ₹7.55 CrQ1 Revenue: ₹57.12 CrFinance Costs: ₹3.68 CrDebt-to-Equity Ratio: 1.02Auditor Term: 5 years
📅 Short termThe stock is likely to remain volatile and under pressure given the continued losses and high interest burden, despite the year-on-year reduction in net loss.
📈 Long termLong-term recovery is contingent on the successful integration of merged entities and a turnaround in the API market, specifically for anti-malarial and anti-retroviral products.
⚠ Risk flags
- High debt-to-equity ratio (1.02)
- Persistent net losses
- Reliance on international funding agencies for end-user demand
- Negative interest coverage
Key Highlights
Net loss narrowed to ₹7.55 Cr in Q1 FY27 from a loss of ₹13.73 Cr in the year-ago period.
Revenue from operations was flat at ₹57.12 Cr compared to ₹57.21 Cr in June 2025.
Finance costs stood at ₹3.68 Cr for the quarter, representing approximately 6.4% of total revenue.
Proposed appointment of M/s S.N. Nanda & Co. as Statutory Auditors for a 5-year term starting from the 53rd AGM.
The merger with Mangalam Laboratories and Shri JB Pharma remains pending before the NCLT.
👀 What to Watch
Investors should monitor the NCLT hearing progress for the pending mergers and watch for any improvement in operating margins, as the company is currently struggling with negative profitability and high debt levels.
Mangalam Drugs Reports ₹7.55 Cr Q1 Loss; Appoints New Statutory Auditors for 5-Year Term
Mangalam Drugs and Organics reported a net loss of ₹7.55 crore for Q1 FY27, which is a narrowing of losses compared to the ₹13.73 crore loss in Q1 FY26. Revenue from operations remained stagnant at ₹57.12 crore. The company has appointed M/s S.N. Nanda & Co. as Statutory Auditors for a five-year term (FY 2026-27 to 2030-31), subject to shareholder approval. This transition occurs as the company continues to face financial stress, with a TTM net loss of ₹44 crore and a high debt-to-equity ratio of 1.02.
Confidence: HIGH
What changedThe company has appointed new Statutory and Secretarial auditors for a five-year block and reported its Q1 FY27 financial results showing reduced losses.
Why it mattersFor a micro-cap company with a market cap of only ₹43 crore, persistent losses and high debt are critical risks; the auditor change is a significant regulatory transition during this period of financial instability.
Q1 Net Loss: ₹7.55 CrQ1 Revenue: ₹57.12 CrTTM Net Loss: ₹44 CrDebt-to-Equity Ratio: 1.02Market Cap: ₹43 Cr
📅 Short termThe narrowing of losses is a minor positive, but the company remains fundamentally weak with negative OPM and high finance costs, likely keeping the stock volatile.
📈 Long termThe long-term outlook depends on the successful execution of the pending merger and the company's ability to pivot its API portfolio following the loss of US-AID funding.
⚠ Risk flags
- Persistent net losses
- High debt relative to market capitalization
- Negative operating margins (-6.5% TTM)
- Client concentration and funding risks in the anti-malarial segment
Key Highlights
Net loss narrowed to ₹7.55 crore in Q1 FY27 from ₹13.73 crore in the year-ago period.
Revenue from operations stood at ₹57.12 crore, showing negligible change from ₹57.21 crore in Q1 FY26.
New Statutory Auditors (M/s S.N. Nanda & Co.) appointed for a 5-year term starting from the 53rd AGM.
Finance costs remained high at ₹3.67 crore for the quarter, impacting the bottom line.
Total expenses for the quarter were ₹63.89 crore, exceeding total income of ₹57.23 crore.
👀 What to Watch
Investors should monitor the upcoming NCLT hearing regarding the merger with Mangalam Laboratories and Shri JB Pharma, as well as the company's ability to reduce its ₹105 crore debt burden amidst ongoing losses.
Mangalam Drugs Q1 Loss Narrows to ‡7.55 Cr; Revenue Stagnant at ‡57.12 Cr
Mangalam Drugs reported a stagnant top-line for Q1 FY27, with revenue from operations at ‡57.12 Cr compared to ‡57.21 Cr in the previous year's quarter. However, the company saw a significant 45% reduction in net loss, which narrowed to ‡7.55 Cr from ‡13.73 Cr YoY. This improvement was driven by a 9% reduction in total expenses, primarily through better inventory management and lower material costs. The company remains in a precarious financial position with a market cap of only ‡42 Cr against a TTM loss of ‡44 Cr.
Confidence: HIGH
What changedThe company has significantly reduced its quarterly burn rate despite stagnant revenues, while also overhauling its statutory and secretarial auditors.
Why it mattersFor a micro-cap company with high debt (D/E 1.02) and a market cap lower than its quarterly revenue, narrowing losses is a critical first step toward avoiding further equity erosion.
Revenue (Q1 FY27): ‡57.12 CrNet Loss (Q1 FY27): ‡7.55 CrQuarterly Revenue vs Market Cap: 136%TTM Net Profit: ‡-44 CrDebt-to-Equity: 1.02
📅 Short termThe narrowing of losses may provide a temporary floor to the stock price, but the lack of revenue growth remains a concern.
📈 Long termThe long-term outlook depends entirely on the successful execution of the merger and the company's ability to pivot away from low-margin API segments affected by US-AID funding cuts.
⚠ Risk flags
- Persistent net losses
- High debt relative to market capitalization
- Stagnant revenue growth
- Concentration risk in institutional-funded API markets
Key Highlights
Net loss narrowed to ‡7.55 Cr in Q1 FY27 from ‡13.73 Cr in Q1 FY26.
Revenue from operations remained flat at ‡57.12 Cr, representing 136% of the company's total market capitalization in a single quarter.
Total expenses decreased by ‡6.39 Cr YoY to ‡63.89 Cr.
Finance costs saw a marginal decline to ‡3.68 Cr from ‡4.04 Cr YoY.
Board approved the appointment of M/s S.N. Nanda & Co as Statutory Auditors for a 5-year term.
👀 What to Watch
Investors should monitor the progress of the pending merger with Mangalam Laboratories and Shri JB Pharma, and watch for any stabilization in operating margins which remain negative.
₹15.57 Cr Default: Mangalam Drugs Reports Ongoing Loan Defaults Since October 2025
Mangalam Drugs and Organics has disclosed a persistent default on its cash credit facilities with Bank of Maharashtra and Bank of Baroda. As of July 15, 2026, the total overdue amount stands at ₹15.57 Cr, with defaults originating as far back as October 17, 2025. This prolonged default highlights severe liquidity stress, coinciding with a TTM net loss of ₹44 Cr and a negative operating margin of -6.5%.
Confidence: HIGH
What changedThe company has officially quantified and reported a long-standing default on its working capital loans that has exceeded the 30-day regulatory reporting threshold.
Why it mattersPersistent defaults on working capital facilities are a critical indicator of insolvency risk. Given the company's negative ROCE of -14.0% and high debt-to-equity ratio of 1.02, these defaults threaten the company's operational viability and credit standing.
Total Overdue Amount: ₹15.57 CrOverdue vs Net Worth: ~15.1%Overdue vs TTM Revenue: ~6.7%Bank of Maharashtra Overdue: ₹951.19 LacsBank of Baroda Overdue: ₹606.08 Lacs
📅 Short termNegative. The market is likely to react poorly to the confirmation of a multi-month default, which suggests the company is struggling to meet even its basic interest and principal obligations.
📈 Long termStructural concern. Unless the company can successfully restructure its debt or significantly improve its margins (currently -6.5%), it faces a high risk of being referred to the NCLT by its lenders.
⚠ Risk flags
- Insolvency risk
- Liquidity crunch
- Potential legal action by lenders
- Deteriorating financial health (TTM PAT -₹44 Cr)
Key Highlights
Total overdue amount of ₹15.57 Cr across two major banking facilities as of July 15, 2026.
Default on Bank of Maharashtra cash credit account (₹9.51 Cr) has been ongoing since October 17, 2025.
Default on Bank of Baroda cash credit account (₹6.06 Cr) has been ongoing since October 20, 2025.
The default has persisted for approximately 9 months, indicating chronic cash flow issues.
👀 What to Watch
Investors should closely monitor for any legal actions initiated by lenders under the SARFAESI Act or insolvency proceedings. The company's ability to complete its pending merger with Mangalam Laboratories and Shri JB Pharma may be significantly compromised by these defaults.
Rs 15.57 Cr Default: Mangalam Drugs Reports Continued Non-Payment to BoM and BoB
Mangalam Drugs and Organics has disclosed a persistent default on its cash credit facilities with Bank of Maharashtra and Bank of Baroda, totaling Rs 15.57 Cr as of June 15, 2026. These defaults originated in October 2025, indicating a long-standing liquidity crisis that has now exceeded the 30-day regulatory reporting threshold. With a TTM net loss of Rs 44 Cr and a debt-to-equity ratio of 1.02, the company's financial position is under severe strain. The overdue amount represents approximately 15% of the company's total debt of Rs 105 Cr.
Confidence: HIGH
What changedThe company has formally acknowledged that its default on bank loan obligations has persisted for over 30 days, specifically since October 2025.
Why it mattersPersistent defaults on working capital facilities (Cash Credit) suggest severe cash flow issues, which could lead to banks freezing accounts or initiating recovery proceedings under the Insolvency and Bankruptcy Code (IBC).
Total Overdue: Rs 15.57 CrOverdue vs Total Debt: ~14.8%TTM Net Loss: Rs 44 CrDebt-to-Equity: 1.02Default Start Date (BoM): 17/10/2025
📅 Short termNegative; the stock is likely to face significant downward pressure as the risk of insolvency or bank-led recovery actions increases.
📈 Long termThe company's long-term viability depends on a successful turnaround of its API business and the completion of its planned merger to stabilize the balance sheet.
⚠ Risk flags
- Liquidity risk
- Insolvency risk
- Persistent operational losses
- High debt-to-equity ratio
Key Highlights
Total overdue amount of Rs 15.57 Cr across two major public sector banks as of June 15, 2026
Default on Bank of Maharashtra (Rs 9.51 Cr) has been ongoing since October 17, 2025
Default on Bank of Baroda (Rs 6.06 Cr) has been ongoing since October 20, 2025
Company reported a TTM net loss of Rs 44 Cr, significantly impacting its ability to service debt
Inventory Turnover Ratio declined from 1.87 in FY24 to 1.28 in FY25, indicating worsening manufacturing efficiency
👀 What to Watch
Investors should closely monitor any legal actions initiated by the banks and the progress of the NCLT merger hearing, which is critical for the company's survival strategy.
Mangalam Drugs Defaults on ₹15.58 Crore Loan Obligations to Bank of Maharashtra & Bank of Baroda
Mangalam Drugs and Organics Limited has officially disclosed a default on its cash credit facilities with two major lenders, Bank of Maharashtra and Bank of Baroda. As of May 15, 2026, the total overdue amount stands at ₹1,558.05 Lacs, with defaults originating as far back as October 2025. The company has exceeded the 30-day grace period for revolving facilities, necessitating this mandatory SEBI disclosure. Management has stated they are making arrangements to settle the overdue amounts as soon as possible.
Key Highlights
Total overdue amount of ₹1,558.05 Lacs (approx. ₹15.58 Crores) across two bank accounts.
Default of ₹951.97 Lacs with Bank of Maharashtra outstanding since October 17, 2025.
Default of ₹606.08 Lacs with Bank of Baroda outstanding since October 20, 2025.
Disclosure triggered under SEBI Regulation 30 due to defaults exceeding 30 days in revolving facilities.
👀 What to Watch
Investors should exercise extreme caution as persistent loan defaults indicate significant liquidity issues and potential insolvency risks. Closely monitor for any further credit rating downgrades or legal actions initiated by the lending banks.
Mangalam Drugs Reports ₹43.81 Cr Net Loss in FY26 as Revenue Drops 27% YoY
Mangalam Drugs and Organics Limited reported a weak set of numbers for the financial year ended March 31, 2026, shifting from profitability to a substantial loss. Annual revenue from operations declined by nearly 27% to ₹232.13 crore, down from ₹317.58 crore in the previous fiscal year. The company posted a net loss of ₹43.81 crore for the full year, compared to a net profit of ₹6.92 crore in FY25. This downturn was primarily driven by a sharp contraction in margins as total expenses significantly exceeded total income.
Key Highlights
Annual Revenue from Operations fell 26.9% YoY to ₹23,213.27 Lakhs.
Net Loss for FY26 stood at ₹4,381.42 Lakhs compared to a Net Profit of ₹692.43 Lakhs in FY25.
Q4 FY26 standalone loss widened to ₹1,306.04 Lakhs from a profit of ₹15.09 Lakhs in Q4 FY25.
Earnings Per Share (EPS) for the full year dropped to ₹(27.68) from ₹4.37 in the previous year.
Total Equity reduced to ₹10,332.21 Lakhs from ₹14,865.61 Lakhs year-on-year due to accumulated losses.
👀 What to Watch
Investors should exercise extreme caution as the company has moved into a significant loss-making position with declining revenues. It is advisable to wait for management's commentary on recovery strategies and cost-optimization measures before considering any new investment.
Mangalam Drugs Reports FY26 Net Loss of ₹43.8 Cr as Revenue Declines 27% YoY
Mangalam Drugs and Organics reported a significant downturn for the financial year ended March 31, 2026, swinging to a net loss of ₹43.81 crore from a profit of ₹6.92 crore in the previous year. Annual revenue from operations dropped by approximately 27% to ₹232.13 crore compared to ₹317.58 crore in FY25. The fourth quarter was particularly weak, with a net loss of ₹13.06 crore against a marginal profit in the same period last year. High operational costs relative to shrinking revenue and increased finance costs have severely impacted the bottom line.
Key Highlights
Annual revenue from operations fell 26.9% YoY to ₹23,213.27 lakhs
Net loss for FY26 stood at ₹4,381.42 lakhs compared to a profit of ₹692.43 lakhs in FY25
Q4 FY26 revenue declined to ₹6,726.71 lakhs from ₹7,277.73 lakhs in Q4 FY25
Earnings Per Share (EPS) plummeted to -₹27.68 for the full year from ₹4.37 in FY25
Total Equity eroded significantly from ₹14,865.61 lakhs to ₹10,332.21 lakhs YoY
👀 What to Watch
Investors should exercise caution as the company has transitioned into a loss-making phase with significant revenue erosion and equity depletion. It is advisable to wait for signs of operational stabilization or management guidance on margin recovery before considering new positions.
Mangalam Drugs Reports FY26 Net Loss of ₹43.81 Cr as Revenue Declines 27% YoY
Mangalam Drugs and Organics reported a sharp decline in financial performance for FY26, swinging to a net loss of ₹43.81 crore from a profit of ₹6.92 crore in FY25. Annual revenue from operations dropped by 26.9% to ₹232.13 crore, reflecting a challenging operating environment. The fourth quarter also remained under pressure with a net loss of ₹13.06 crore compared to a small profit in the year-ago period. Consequently, the company's total equity eroded by nearly 30% during the fiscal year.
Key Highlights
Revenue from operations decreased to ₹232.13 crore in FY26 from ₹317.58 crore in FY25
Reported a net loss of ₹43.81 crore for the full year compared to a net profit of ₹6.92 crore in the previous year
Earnings Per Share (EPS) plummeted to -₹27.68 from ₹4.37 year-on-year
Total expenses for the year reached ₹280.88 crore, significantly outstripping total income of ₹232.90 crore
Total equity base eroded to ₹103.32 crore from ₹148.66 crore as of March 31, 2026
👀 What to Watch
Investors should exercise caution given the substantial losses and significant revenue contraction. It is advisable to wait for signs of an operational turnaround or management guidance on returning to profitability before considering new positions.
Mangalam Drugs Defaults on Rs 15.58 Crore Loan Obligations to BoM and BoB
Mangalam Drugs and Organics Limited has officially disclosed a default on its loan obligations to Bank of Maharashtra and Bank of Baroda. The total overdue amount across two cash credit accounts is approximately Rs. 15.58 Crores. These defaults originated in October 2025 and have remained unresolved for over 30 days, triggering mandatory disclosure under SEBI regulations. While management claims to be arranging funds for repayment, the persistent nature of the default signals significant liquidity pressure.
Key Highlights
Total default amount of approximately Rs. 15.58 Crores across two nationalized banks.
Overdue amount of Rs. 951.97 Lacs with Bank of Maharashtra since October 17, 2025.
Overdue amount of Rs. 606.08 Lacs with Bank of Baroda since October 20, 2025.
Defaults on revolving cash credit facilities have persisted for over six months as of the April 2026 filing.
👀 What to Watch
Investors should exercise extreme caution as persistent loan defaults indicate severe liquidity issues and potential insolvency risks. It is advisable to monitor for credit rating downgrades and avoid fresh positions until debt resolution is confirmed.
Mangalam Drugs Defaults on ₹15.85 Crore Bank Loans to Bank of Baroda and Bank of Maharashtra
Mangalam Drugs and Organics Limited has officially disclosed a default on its loan obligations to Bank of Baroda and Bank of Maharashtra. The total overdue amount as of March 15, 2026, is ₹1,585.29 Lacs (approximately ₹15.85 Crores). These defaults have persisted since mid-October 2025, exceeding the 30-day threshold for mandatory SEBI disclosure. The company has stated it is making arrangements to settle the overdue amounts as soon as possible.
Key Highlights
Default on Bank of Maharashtra cash credit account for ₹979.21 Lacs since October 17, 2025
Default on Bank of Baroda account for ₹606.08 Lacs since October 20, 2025
Total combined overdue amount stands at ₹1,585.29 Lacs as of March 15, 2026
Disclosure triggered under SEBI Regulation 30 for defaults exceeding 30 days
👀 What to Watch
Investors should exercise extreme caution as persistent loan defaults indicate severe liquidity issues and risk of credit rating downgrades. Monitor for any updates on debt repayment or potential insolvency proceedings.
Mangalam Drugs Defaults on Rs 15.85 Crore Bank Loan Payments
Mangalam Drugs and Organics Limited has reported a continued default on its cash credit facilities with Bank of Maharashtra and Bank of Baroda. As of February 15, 2026, the total overdue amount stands at Rs 15.85 Crores, with defaults originating in October 2025. This disclosure follows the 30-day threshold for revolving facilities where outstanding balances exceed sanctioned limits. While the company claims to be arranging funds for repayment, the persistent nature of these defaults signals significant liquidity stress.
Key Highlights
Total overdue amount of Rs 15.85 Crores across two major bank accounts as of Feb 15, 2026
Default of Rs 979.21 Lacs to Bank of Maharashtra starting from October 17, 2025
Default of Rs 606.08 Lacs to Bank of Baroda starting from October 20, 2025
Defaults involve revolving cash credit facilities that have remained over-limit for more than 30 days
👀 What to Watch
Investors should exercise extreme caution as persistent debt defaults are a major red flag for financial health and potential insolvency. It is advisable to monitor for any further credit rating downgrades or recovery actions by the lenders.
Mangalam Drugs Appoints Jeevan M. Dalvi as CFO; Re-appoints Independent Director
Mangalam Drugs and Organics Limited has announced key leadership changes, including the appointment of Mr. Jeevan M. Dalvi as the new Chief Financial Officer effective February 6, 2026. Mr. Dalvi brings over 20 years of experience in finance and accounts, specializing in cost-saving measures. Additionally, the board approved the re-appointment of Dr. Praveen Saxena as an Independent Director for a second five-year term starting March 2026. These updates follow the resignation of Independent Director Shri Rukmesh P. Dhandhania, who retired from professional responsibilities in January 2026.
Key Highlights
Appointment of Mr. Jeevan M. Dalvi as CFO effective February 6, 2026, with 20+ years of experience.
Re-appointment of Dr. Praveen Saxena as Independent Director for a 5-year term until March 2031.
Resignation of Shri Rukmesh P. Dhandhania as Independent Director effective January 16, 2026.
New CFO expertise focuses on financial advisory, cost-saving, and process improvement.
👀 What to Watch
Investors should monitor the new CFO's impact on the company's financial processes and cost management. The re-appointment of an experienced director provides stability to the board's strategic oversight.
Mangalam Drugs Appoints Jeevan M. Dalvi as CFO; Re-appoints Independent Director
Mangalam Drugs and Organics Limited has announced the appointment of Mr. Jeevan M. Dalvi as the Chief Financial Officer (CFO) effective February 6, 2026. Mr. Dalvi brings over 20 years of experience in accounts and finance, with expertise in cost-saving measures and financial process improvement. Additionally, the board approved the re-appointment of Dr. Praveen Saxena as an Independent Director for a second five-year term starting March 21, 2026. These changes follow the resignation of Independent Director Shri Rukmesh P. Dhandhania, who stepped down in January 2026 to retire from professional responsibilities.
Key Highlights
Mr. Jeevan M. Dalvi appointed as Chief Financial Officer and Key Managerial Personnel effective February 6, 2026.
Mr. Dalvi has over 2 decades of experience in accounts, finance, and financial advisory.
Dr. Praveen Saxena re-appointed as Independent Director for a second term of 5 years (2026-2031).
Resignation of Independent Director Shri Rukmesh P. Dhandhania accepted effective January 16, 2026.
The board meeting concluded at 2:25 P.M. on February 6, 2026.
👀 What to Watch
Investors should monitor the transition in the finance department to see if the new CFO's expertise in cost-saving measures impacts the company's margins in upcoming quarters.
CRISIL Downgrades Mangalam Drugs to 'D' (Default) Rating on Rs 115 Cr Bank Facilities
CRISIL has downgraded Mangalam Drugs and Organics Limited's credit rating to 'CRISIL D' for its Rs 115 crore bank facilities, indicating the company is in default. The downgrade stems from the company overdrawing cash credit facilities for more than 30 days and defaulting on Covid loan payments. Additionally, the company has been tagged as 'Issuer Not Cooperating' due to its failure to provide necessary financial information and alleged misrepresentation of its debt-servicing ability in October 2025. Financial health has severely weakened, with the company reporting a net loss of Rs 13.73 crore for the quarter ending June 2025.
Key Highlights
Ratings for Rs 115 crore bank facilities downgraded to 'CRISIL D' from 'CRISIL BB+/Stable'.
Company defaulted on Covid loans and overextended cash credit facilities for over 30 days.
Classified as 'Issuer Not Cooperating' after failing to respond to multiple CRISIL communications since October 2025.
Reported a significant net loss of Rs 13.73 crore and negative operating margins of -7.85% in June 2025.
CRISIL highlighted misrepresentation in the company's No Default Statement (NDS) regarding its ability to honor October 2025 obligations.
👀 What to Watch
Investors should exercise extreme caution as a 'D' rating signifies a default on debt obligations and high credit risk. The allegations of misrepresentation and lack of management cooperation are serious corporate governance red flags.
Mangalam Drugs Defaults on ₹15.56 Crore Bank Loan Payments to BoM and BoB
Mangalam Drugs and Organics Limited has reported a default on its loan obligations to Bank of Maharashtra and Bank of Baroda. The total overdue amount as of January 15, 2026, stands at ₹15.56 Crores across two cash credit accounts. The defaults began in mid-October 2025 and have persisted for over 30 days, triggering mandatory SEBI disclosure requirements. The company has stated it is making arrangements to settle the overdue amounts as soon as possible.
Key Highlights
Total overdue amount of ₹1555.63 Lacs (₹15.56 Crores) across two major banks
Default of ₹1040.71 Lacs to Bank of Maharashtra starting from October 17, 2025
Default of ₹514.92 Lacs to Bank of Baroda starting from October 20, 2025
The defaults involve Cash Credit facilities where balances exceeded limits for over 30 days
👀 What to Watch
Investors should exercise extreme caution as persistent defaults indicate severe liquidity issues and potential credit rating downgrades. Monitor the company's ability to raise funds or restructure debt to clear these dues.
Mangalam Drugs CFO Ajay Samant and CS Anuradha Pandey Resign; Q3 Results Approved
Mangalam Drugs and Organics Limited has announced the resignation of its Chief Financial Officer, Mr. Ajay Avinash Samant, effective January 31, 2026, citing health reasons. Simultaneously, the Company Secretary and Compliance Officer, Ms. Anuradha Pandey, has also tendered her resignation. These leadership changes were approved during a board meeting on January 15, 2026, where the company also cleared its unaudited financial results for the quarter. Notably, the statutory auditors have issued an unmodified opinion on the financial statements, suggesting no immediate accounting concerns despite the management churn.
Key Highlights
CFO Ajay Samant to step down effective January 31, 2026, following his resignation letter dated November 5, 2025.
Company Secretary Anuradha Pandey resigned on January 2, 2026, creating a dual vacancy in Key Managerial Personnel (KMP).
The Board approved unaudited standalone and consolidated financial results for the quarter ended January 15, 2026.
Statutory auditors expressed an unmodified opinion on the financial results, indicating no major audit qualifications.
The Board meeting concluded at 2:30 P.M. on January 15, 2026, after transacting these key management and financial items.
👀 What to Watch
Investors should monitor the company's upcoming appointments for the CFO and CS roles to ensure continuity in financial oversight and compliance. While the clean audit report is a positive sign, the simultaneous exit of two key officers warrants a cautious approach toward corporate governance.
Mangalam Drugs Reports Q3 Net Loss of ₹4.41 Cr; CFO and Company Secretary Resign
Mangalam Drugs and Organics reported a poor financial performance for Q3 FY26, posting a consolidated net loss of ₹4.41 crore compared to a profit of ₹3.51 crore in the same period last year. Revenue from operations saw a sharp decline of 34% YoY, falling to ₹58.49 crore from ₹88.71 crore. Adding to the financial stress, the company announced the resignations of its Chief Financial Officer, Ajay Samant, and Company Secretary, Anuradha Pandey. For the nine-month period ending December 2025, the company has accumulated a total net loss of ₹16.73 crore.
Key Highlights
Consolidated revenue from operations fell 34% YoY to ₹58.49 crore in Q3 FY26.
Reported a net loss of ₹4.41 crore for the quarter versus a profit of ₹3.51 crore in Q3 FY25.
Total expenses of ₹64.38 crore exceeded total income for the quarter, leading to operational losses.
CFO Ajay Samant resigned effective January 31, 2026, citing health reasons.
Company Secretary Anuradha Pandey resigned effective March 29, 2026, to pursue other opportunities.
👀 What to Watch
Investors should exercise caution as the company is facing both financial losses and a vacuum in key managerial positions. The significant YoY revenue drop and transition to a net loss suggest fundamental operational challenges.
