Mangalam Industrial Finance Ltd (537800)
Latest quarterly results (Q1 FY27)
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Operating profit | ₹1.7 | — | — |
| Net profit | ₹1.3 | +276.6% | from loss |
| EPS (₹) | 0.01 | — | from loss |
📢 Recent Corporate Announcements
Mangalam Industrial Finance Limited announced the appointment of Ms. Bhavika Dhaval Makadia as an Additional Non-Executive Woman Independent Director effective September 30, 2026. She is a qualified Company Secretary with 4 years of professional experience, including over 3 years in corporate governance and secretarial functions. Her appointment is valid up to the company's ensuing Annual General Meeting. The company confirmed she is unrelated to existing directors and not debarred by SEBI.
- Appointment of Ms. Bhavika Dhaval Makadia effective September 30, 2026
- Appointed as Non-Executive Woman Independent Director up to the ensuing AGM
- Candidate brings 4 years of professional experience, including over 3 years of corporate experience
- Board meeting commenced at 04:30 P.M. and concluded at 05:00 P.M. on September 30, 2026
Mangalam Industrial Finance Limited announced the appointment of Ms. Bhavika Dhaval Makadia as an Additional Non-Executive Woman Independent Director effective September 30, 2026. She is a qualified Company Secretary with 4 years of professional experience, including over 3 years in corporate governance and secretarial functions. Her appointment is valid up to the company's ensuing Annual General Meeting. The company confirmed she is unrelated to existing directors and not debarred by SEBI.
- Appointment of Ms. Bhavika Dhaval Makadia effective September 30, 2026
- Appointed as Non-Executive Woman Independent Director up to the ensuing AGM
- Candidate brings 4 years of professional experience, including over 3 years of corporate experience
- Board meeting commenced at 04:30 P.M. and concluded at 05:00 P.M. on September 30, 2026
Mangalam Industrial Finance Limited announced the resignation of Ms. Mansi Jayendra Bhatt (DIN: 10177722) from her position as Non-Executive Independent Director, effective close of business hours on September 4, 2026. She cited personal commitments and increased professional engagements as the reason, confirming no other material reasons exist. Prior to her resignation, Ms. Bhatt served as the Chairperson of the Audit, Nomination & Remuneration, and Stakeholder Relationship Committees at the company. The company will need to reconstitute these key board committees in compliance with SEBI LODR regulations.
- Independent Director Ms. Mansi Jayendra Bhatt resigned effective September 4, 2026
- Reason cited includes personal commitments and increased professional engagements with no other material reasons
- She chaired 3 key board committees: Audit Committee, Nomination & Remuneration Committee, and Stakeholder Relationship Committee
- Also held directorships and committee roles in 4 other listed entities including Wardwizard group entities
Mangalam Industrial Finance Limited has announced the appointment of Ms. Dipti Achchelal Singh as the Company Secretary and Compliance Officer (Key Managerial Personnel) effective August 31, 2026. The appointment was approved by the Board of Directors following the recommendation of the Nomination and Remuneration Committee. Ms. Singh is an ICSI member (Membership No. A69701) with a Master's and Bachelor's degree in Commerce from the University of Mumbai. She holds no relation to any Directors, Promoters, or Key Managerial Personnel of the company.
- Appointment of Ms. Dipti Achchelal Singh as CS and Compliance Officer effective August 31, 2026
- Appointee holds ICSI Membership No. A69701 along with M.Com and B.Com degrees from Mumbai University
- Board meeting commenced at 04:00 PM and concluded at 04:30 PM on August 31, 2026
Mangalam Industrial Finance Limited has approved the appointment of Ms. Dipti Achchelal Singh as Company Secretary and Compliance Officer (Key Managerial Personnel) with effect from August 31, 2026. The appointment was recommended by the Nomination and Remuneration Committee and approved during a 30-minute Board meeting on August 31, 2026. Ms. Singh holds membership number A69701 with the Institute of Company Secretaries of India. The appointee is not related to any directors, key managerial personnel, or promoters of the company.
- Appointment of Ms. Dipti Achchelal Singh as Company Secretary & Compliance Officer effective August 31, 2026
- Appointee is a qualified CS (ICSI Membership No. A69701) with Master's and Bachelor's degrees in Commerce from the University of Mumbai
- Board meeting commenced at 04:00 P.M. and concluded at 04:30 P.M. on August 31, 2026
- Appointee has no relationship with any Directors, KMPs, or Promoters of the Company
Mangalam Industrial Finance Ltd has received approval from the Registrar of Companies (ROC), Kolkata-I, granting a 2-month extension to convene its 43rd Annual General Meeting (AGM) for FY 2025-26. The company originally sought a 3-month extension up to December 31, 2026, following a board resolution dated August 25, 2026. Under the order dated August 28, 2026, the company is now permitted to conduct the AGM on or before November 30, 2026.
- ROC Kolkata-I granted a 2-month extension under Section 96(1) of the Companies Act, 2013.
- The 43rd AGM for FY 2025-26 can now be held on or before November 30, 2026 (originally due September 30, 2026).
- The company had applied for a 3-month extension up to December 31, 2026 via application dated August 26, 2026.
- The ROC order advised the company to be careful in the future regarding statutory compliance.
Mangalam Industrial Finance has approved a proposal to file an application with the Registrar of Companies (ROC) under Section 96 of the Companies Act, 2013, seeking an extension of time to hold its 43rd Annual General Meeting (AGM) for FY 2025-26. The board meeting took place on August 25, 2026, lasting 30 minutes from 04:00 PM to 04:30 PM. The company is a micro-cap NBFC with a market cap of Rs 34 Cr, which reported FY26 revenues of Rs 26.81 Cr and a net loss of Rs 1.0 Cr.
- Approved filing application under Section 96 of Companies Act, 2013 with ROC
- Extension sought for holding the 43rd Annual General Meeting for FY 2025-26
- Board meeting commenced at 04:00 PM and concluded at 04:30 PM on August 25, 2026
Mangalam Industrial Finance (MIFL) reported a Net Profit of Rs 1.28 Cr for Q1 FY27, a significant recovery from a net loss of Rs 1.76 Cr in the preceding quarter (Q4 FY26). Total income for the quarter stood at Rs 4.02 Cr, marking a 343% YoY increase from Rs 0.91 Cr in Q1 FY26, though it fell sharply by 79% sequentially from Rs 19.39 Cr in Q4 FY26. The profitability was primarily driven by Fees & Commission Income of Rs 2.50 Cr, which offset a high Business Referral Commission expense of Rs 1.83 Cr. The company's core Interest Income contributed Rs 1.41 Cr to the top line.
- Net Profit of Rs 1.28 Cr in Q1 FY27 compared to a loss of Rs 1.76 Cr in Q4 FY26.
- Total Income grew 343% YoY to Rs 4.02 Cr from Rs 0.91 Cr in the same quarter last year.
- Fees & Commission Income of Rs 2.50 Cr accounted for 62% of the total income for the quarter.
- Business Referral Commission expense of Rs 1.83 Cr represented 80% of total operating expenses.
- Paid-up Equity Share Capital remains high at Rs 142.51 Cr relative to the company's market cap of Rs 58 Cr.
Mangalam Industrial Finance (MIFL) reported a sharp turnaround in Q1 FY27, with net profit rising to Rs 1.28 Cr from Rs 0.34 Cr in the same quarter last year. Total income grew 343% YoY to Rs 4.02 Cr, primarily driven by a new 'Fees & Commission' income stream of Rs 2.50 Cr. However, the company incurred significant 'Business Referral Commission' expenses of Rs 1.83 Cr, which consumed 45% of the total income. Despite the profit, the company continues to trade below its face value of Rs 1.00.
- Net Profit increased 276% YoY to Rs 1.28 Cr compared to Rs 0.34 Cr in Q1 FY26
- Total Income rose to Rs 4.02 Cr, a 343% increase from Rs 0.91 Cr in the previous year's quarter
- Fees & Commission income contributed Rs 2.50 Cr, representing 62% of total income
- Business Referral Commission expense stood at Rs 1.83 Cr, up from zero in the year-ago period
- Interest Income grew 58% YoY to Rs 1.41 Cr from Rs 0.89 Cr
Mangalam Industrial Finance Ltd has scheduled a board meeting on August 13, 2026, to consider and approve the un-audited standalone financial results for the quarter ended June 30, 2026. This follows a volatile FY26 where the company reported a TTM net loss of Rs 1 Cr despite a revenue jump to Rs 27 Cr. Investors should note the significant reduction in promoter holding, which fell from 58.94% in June 2025 to 37.37% by March 2026. The trading window for designated persons will remain closed until August 15, 2026.
- Board meeting to be held on August 13, 2026, for Q1 FY27 results approval
- Trading window closure period extended until August 15, 2026
- Company reported a net loss of Rs 1.76 Cr in the immediate preceding quarter (Mar 2026)
- Promoter holding has decreased by approximately 21.57% over the last three reported quarters
Mangalam Industrial Finance has appointed M/s Arun Ratnawat & Associates as Statutory Auditors effective August 7, 2026, to fill a casual vacancy. This follows the resignation of the previous auditor, M/s. Mahesh Udhwani & Associates, which took effect on May 14, 2026. The company currently has a market capitalization of ₹57 Cr and reported a TTM revenue of ₹27 Cr with a net loss of ₹1 Cr. Investors should note the three-month gap between the resignation and the new appointment.
- Appointment of M/s Arun Ratnawat & Associates (ICAI Firm Reg No. 010664C) effective August 7, 2026.
- Previous auditor M/s. Mahesh Udhwani & Associates resigned effective May 14, 2026.
- Company reported a significant net loss of ₹1.76 Cr in the March 2026 quarter.
- Promoter holding has declined from 58.94% in June 2025 to 37.37% in March 2026.
Mangalam Industrial Finance Ltd has appointed M/s. Arun Ratnawat & Associates as Statutory Auditors effective August 7, 2026. This appointment fills a casual vacancy created by the resignation of the previous auditor, M/s. Mahesh Udhwani & Associates, who stepped down on May 14, 2026. The company, which has a market cap of Rs 57 Cr, reported a TTM net loss of Rs 1 Cr and has seen promoter holding decline from 58.94% to 37.37% over the last three quarters. The board meeting for this appointment was notably held late at night, concluding at 11:00 PM.
- Appointment of M/s. Arun Ratnawat & Associates (FRN: 010664C) as Statutory Auditors effective August 7, 2026.
- Previous auditor, M/s. Mahesh Udhwani & Associates, resigned effective May 14, 2026, creating a nearly 3-month vacancy.
- The company reported a net loss of Rs 1.76 Cr in the most recent quarter (March 2026) on revenue of Rs 19.38 Cr.
- Promoter holding has significantly decreased from 58.94% in June 2025 to 37.37% in March 2026.
Financial Performance
Revenue Growth by Segment
Total operating revenue grew 36.23% YoY to INR 355.96 lakhs from INR 261.30 lakhs. Segment-specific revenue splits are not disclosed, but the company is diversifying into hospitality, herbal products, and aviation sectors.
Geographic Revenue Split
Not disclosed in available documents; however, the company maintains a registered office in Kolkata, West Bengal, and operational presence in Vadodara, Gujarat.
Profitability Margins
Net Profit Margin improved significantly to 34.61% in FY 2024-25 from 7.18% in FY 2023-24. Operating Profit Margin rose to 56.62% from 9.81% YoY, driven by a 38.97% reduction in employee benefit expenses and an 83.60% drop in impairment provisions.
EBITDA Margin
Operating Profit Margin stood at 56.62% for FY 2024-25, representing a substantial increase from 9.81% in the previous year due to higher revenue and lower operational costs.
Capital Expenditure
Depreciation and amortization expenses increased by 33.53% to INR 4.54 lakhs, suggesting modest investments in fixed assets or IT infrastructure. The company approved a power to create charges on assets up to INR 150 Cr to secure future borrowings.
Credit Rating & Borrowing
The company maintains a Debt-Equity ratio of 0.00:1, indicating it is currently debt-free. Borrowing costs are noted to be highly sensitive to credit ratings and the RBI's risk weight adjustments on bank exposures to NBFCs.
Operational Drivers
Raw Materials
Not applicable as the company is an NBFC; capital and interest are the primary inputs.
Key Suppliers
Not applicable; however, the company utilizes Purva Sharegistry (India) Private Limited for registrar and transfer services.
Capacity Expansion
Not applicable for financial services; growth is driven by loan book expansion. The company is targeting niche segments like microfinance and specialized industry lending.
Raw Material Costs
Operating costs are dominated by Employee Benefits (INR 36.96 lakhs, 10.38% of revenue) and Impairment Provisions (INR 4.97 lakhs, 1.40% of revenue).
Strategic Growth
Expected Growth Rate
15-17%
Growth Strategy
Growth will be achieved through diversification into niche market segments like microfinance and specialized lending. The company is also expanding its investment portfolio into the hospitality, herbal/ayurvedic, frozen foods, and aviation sectors to create a multi-sectoral revenue base.
Products & Services
Loans and advances, microfinance, specialized lending solutions, and investment services in real estate and marketable securities.
Brand Portfolio
Mangalam Industrial Finance Limited.
New Products/Services
New specialized lending solutions tailored for specific industries and microfinance products for underserved populations.
Market Expansion
Targeting expansion into the MSME lending segment and increasing investments in group companies within the hospitality and aviation sectors.
External Factors
Industry Trends
The NBFC sector is projected to grow AUM at 15-17% through FY2026. Trends include increased RBI emphasis on customer protection and a shift toward digital-first lending models to reach underserved segments.
Competitive Landscape
Intense competition in the MSME lending space from commercial banks, fintech players, and emerging NBFCs.
Competitive Moat
The company's moat lies in its flexibility to serve niche segments with fewer regulatory limitations than traditional banks. Sustainability depends on continuous technology investment to counter fintech competition.
Macro Economic Sensitivity
Highly sensitive to interest rate volatility and global economic stagnation, which could weaken customer repayment capacity and increase delinquency levels.
Consumer Behavior
Rising affluence of the middle class and India's demographic dividend are driving increased demand for private consumption and financial services.
Geopolitical Risks
Geopolitical uncertainties and protectionist tariff wars are noted as risks that could dampen investor sentiment and affect loan performance.
Regulatory & Governance
Industry Regulations
Governed by RBI directions for NBFCs, including capital adequacy, transparent pricing, and operational compliance. Also subject to SEBI (LODR) and Insider Trading regulations.
Taxation Policy Impact
Not explicitly disclosed; the company complies with Indian Accounting Standards (Ind AS) and the Companies Act, 2013.
Legal Contingencies
The Secretarial Audit report for FY 2024-25 indicates compliance with the Companies Act and SEBI regulations, though specific values for pending litigation or court cases are not quantified in the provided text.
Risk Analysis
Key Uncertainties
Credit risk is a major uncertainty, with INR 7.17 Cr of loans (100% impaired) showing no recovery. Liquidity risk is highlighted by the Current Ratio falling below 1.0.
Geographic Concentration Risk
Operations are primarily concentrated in West Bengal and Gujarat.
Third Party Dependencies
Dependent on external auditors (Internal, Statutory, Secretarial, and Information Systems) and Registrar and Transfer Agents for compliance and operational integrity.
Technology Obsolescence Risk
The company is in a 'digitalization journey'; failure to keep pace with fintech innovations or suffering a major cyber breach (phishing, malware) poses a significant risk to the business model.
Credit & Counterparty Risk
Credit exposure is managed through a Board-approved Delegation of Authority Matrix, yet the portfolio remains exposed to significant legacy impairments totaling over INR 15 Cr across various provision buckets.
