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Mercantile Ventures Ltd (538942)

📊 BSE: 538942 🏢 Diversified Commercial Services 📢 Latest filing: 29 Aug 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Mercantile Ventures' revenue was ₹23.0 Cr (+9.3% year on year, -2.7% on the previous quarter), and net profit ₹-0.7 Cr (a smaller loss than a year earlier); the operating margin was -0.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹23.0	+9.3%	-2.7%
Operating profit	₹-0.1	loss narrowed	loss narrowed
Net profit	₹-0.7	loss narrowed	to loss
EPS (₹)	-0.06	loss narrowed	to loss
Operating margin	-0.2%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Mercantile Ventures Schedules 25th AGM on Sept 24, 2026; Seeks ₹20 Cr SPIC Related Party Approval

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Aug 2026, 05:00 PM

Mercantile Ventures Limited has issued notice for its 25th Annual General Meeting scheduled for September 24, 2026, via video conferencing. Key agenda items include adopting FY26 standalone and consolidated financial statements and reappointing director Mr. K Gopalakrishnan. Additionally, the company seeks shareholder approval for material related-party transactions with Southern Petrochemical Industries Corporation Limited (SPIC) for an amount up to ₹20 crore, representing approximately 21% of TTM revenue (₹95 crore).

25th Annual General Meeting scheduled for September 24, 2026 at 11:00 AM IST via VC/OAVM
Shareholder approval sought for material Related Party Transactions with SPIC up to ₹20 crore
Remote e-voting window open from September 21, 2026 to September 23, 2026 with cut-off date of September 17, 2026
Audited consolidated profit after tax reported at ₹204.17 lakh (₹2.04 crore) for FY26

💡 Track shareholder voting outcomes post-AGM on September 24, 2026, and monitor quarterly operational margins in upcoming Q2 FY27 results.

Mercantile Ventures Releases FY26 Annual Report; 25th AGM on Sept 24, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Aug 2026, 04:41 PM

Mercantile Ventures Ltd has submitted its Annual Report for FY 2025-26 and scheduled its 25th Annual General Meeting for September 24, 2026. The AGM agenda includes seeking shareholder approval for material Related Party Transactions with Southern Petrochemical Industries Corporation Limited (SPIC) for up to Rs 20 crore for lease rentals, facility management, and security services. This related-party transaction limit accounts for ~21% of the company's TTM revenue of Rs 95 crore. Subsidiary disclosures show i3 Security Private Limited posted turnover of Rs 50.88 crore and PAT of Rs 1.14 crore for FY26.

25th AGM scheduled for Thursday, September 24, 2026, via Video Conferencing.
Shareholder approval sought for Material Related Party Transactions with SPIC up to Rs 20 crore.
Proposed SPIC RPT limit represents ~21.1% of TTM revenue of Rs 95 crore.
Subsidiary i3 Security Private Limited achieved turnover of Rs 5,087.67 lakhs and PAT of Rs 113.99 lakhs in FY26.

💡 Track the voting outcomes on the AGM resolutions on September 24, 2026, particularly regarding approvals for related-party contracts.

Mercantile Ventures: Subsidiary Amalgamation Scheme Effective from August 22, 2026

🟡 NEUTRAL ⭐ 3/10

M&A 📅 22 Aug 2026, 01:16 PM

Mercantile Ventures announced that the Scheme of Amalgamation between its subsidiaries, Walery Security Management Limited (Transferor) and i3 Security Private Limited (Transferee, a wholly owned subsidiary), became effective on August 22, 2026. This follows the filing of Form INC-28 with the Registrar of Companies, Chennai, subsequent to the NCLT order dated July 23, 2026. The Appointed Date for the merger is January 01, 2024. Walery Security stands dissolved without winding up, and there is no change in the shareholding pattern of Mercantile Ventures Ltd.

Scheme of Amalgamation effective date confirmed as August 22, 2026, following INC-28 filing
NCLT Chennai Bench sanctioned the Scheme vide order dated July 23, 2026
Appointed Date of the merger is set as January 01, 2024
Walery Security Management Limited stands dissolved without winding up
No change in the shareholding pattern of the parent listed company

💡 Track subsequent quarterly financial statements for any operational synergies or consolidated reporting adjustments resulting from the subsidiary consolidation.

Mercantile Ventures Schedules 25th AGM for September 24, 2026; E-Voting from Sep 21

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 05:06 PM

Mercantile Ventures Ltd has scheduled its 25th Annual General Meeting (AGM) for Thursday, September 24, 2026, at 11:00 AM IST through video conferencing. The cut-off date to determine shareholder eligibility for voting is Thursday, September 17, 2026. Remote e-voting will run from September 21, 2026 (09:00 AM IST) to September 23, 2026 (05:00 PM IST). Share transfer books and the register of members will remain closed from September 18 to September 24, 2026.

25th AGM scheduled for September 24, 2026, at 11:00 AM IST via VC/OAVM
Cut-off date for e-voting eligibility fixed as September 17, 2026
Remote e-voting period from September 21, 2026 (09:00 AM) to September 23, 2026 (05:00 PM)
Book closure dates set from September 18, 2026 to September 24, 2026 (both days inclusive)

💡 Eligible shareholders holding shares on September 17, 2026, can participate in remote e-voting and monitor the subsequent voting outcomes and AGM proceedings.

3-Year Re-appointment of Mr. E N Rangaswami as Whole-time Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 14 Aug 2026, 12:03 PM

Mercantile Ventures has approved the re-appointment of Mr. E N Rangaswami as Whole-time Director for a three-year term, effective from December 5, 2026, to December 4, 2029. Mr. Rangaswami, a Chartered Accountant with 47 years of experience, has been leading the company's operations for the past 14 years. This move ensures leadership continuity for the small-cap firm (Rs 79 Cr market cap) which is currently grappling with thin operating margins of 0.7%. The appointment is subject to shareholder approval at the upcoming Annual General Meeting.

Re-appointment for a 3-year term starting December 5, 2026.
Mr. Rangaswami brings 47 years of experience in Finance and General Administration.
He has served as Whole-time Director at the company for 14 years.
Company maintains a debt-free balance sheet with a net worth of Rs 273 Cr.
TTM revenue stands at Rs 95 Cr with a low ROCE of 0.8%.

💡 Investors should monitor the upcoming AGM for shareholder approval and watch for any strategic updates regarding the company's low operating profitability (0.7% OPM).

Rs 0.72 Cr Q1 Profit; NCLT Approves India Radiators Merger; Auditor Flags Rs 22 Cr Asset

🔵 WATCH ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 11:59 AM

Mercantile Ventures reported a standalone net profit of Rs 0.72 Cr for Q1 FY27, a turnaround from a loss of Rs 0.70 Cr in the same quarter last year. Revenue from operations grew 41% YoY to Rs 11.11 Cr. A major development is the NCLT approval for the merger of India Radiators Limited, effective July 23, 2026. However, auditors have raised a significant qualification regarding a Rs 22 Cr investment in preference shares by a subsidiary, where dividends have been unpaid since FY 2019-20 and no fair value assessment has been provided.

Standalone revenue from operations increased 41% YoY to Rs 11.11 Cr from Rs 7.88 Cr.
Standalone net profit turned positive at Rs 0.72 Cr compared to a loss of Rs 0.70 Cr in Jun 2025.
NCLT approved the merger of India Radiators Limited with an appointed date of Jan 1, 2025.
Auditor qualification regarding a Rs 22 Cr investment in preference shares (approx. 28% of market cap) with no valuation report.
Re-appointment of Mr. E N Rangaswami as Whole-time Director for a 3-year term starting Dec 2026.

💡 Investors should monitor the restated financial statements following the India Radiators merger and seek management clarification on the recoverability and valuation of the Rs 22 Cr preference share investment flagged by auditors.

Mercantile Ventures Q1 PAT at ₹0.72 Cr; NCLT Approves India Radiators Merger

🔵 WATCH ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 11:56 AM

Mercantile Ventures reported a standalone net profit of ₹0.72 Cr for Q1 FY27, recovering from a loss of ₹0.05 Cr in the year-ago period, despite flat operational revenue of ₹7.86 Cr. A major structural change occurred with the NCLT-approved amalgamation of India Radiators Limited, effective July 23, 2026, with an appointed date of January 1, 2025. However, auditors issued a qualification regarding a ₹22 Cr investment in preference shares by a subsidiary where dividends have been unpaid since FY 2019-20. The manpower services segment continues to be the primary revenue driver, contributing ₹8.22 Cr to the standalone top line.

Standalone Net Profit of ₹0.72 Cr in Q1 FY27 vs a loss of ₹0.05 Cr in Q1 FY26
Revenue from operations stood at ₹7.86 Cr, nearly flat compared to ₹7.88 Cr YoY
NCLT approved amalgamation of India Radiators Ltd with an appointed date of Jan 1, 2025
Auditor qualification on ₹22 Cr preference share investment with unpaid dividends since FY 2019-20
Manpower services segment contributed ₹8.22 Cr to standalone revenue

💡 Monitor the integration of India Radiators Ltd and any further disclosures regarding the valuation or recoverability of the ₹22 Cr preference share investment flagged by auditors.

Mercantile Ventures Q1 FY27: Net Profit at ₹1.14 Cr; Auditor Flags ₹22 Cr Investment Risk

🔵 WATCH ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 11:51 AM

Mercantile Ventures reported a standalone net profit of ₹1.14 Cr for Q1 FY27, a significant turnaround from a loss of ₹0.05 Cr in the same quarter last year. Total income grew 44% YoY to ₹11.87 Cr, partially reflecting the restated figures following the NCLT-approved merger of India Radiators Limited. However, auditors issued a qualified opinion regarding a ₹22 Cr investment in preference shares held by a subsidiary, where dividends have been unpaid since FY 2019-20 and no fair valuation has been conducted. This flagged investment represents approximately 28% of the company's current market capitalization of ₹79 Cr.

Standalone Total Income increased to ₹11.87 Cr in Q1 FY27 from ₹8.22 Cr in Q1 FY26.
Net Profit turned positive at ₹1.14 Cr compared to a loss of ₹0.05 Cr in the year-ago period.
Auditor flagged ₹22 Cr investment in redeemable cumulative preference shares with unpaid dividends since FY 2019-20.
Manpower Services segment remained the largest revenue contributor at ₹8.22 Cr for the quarter.
NCLT approved the merger of India Radiators Limited with an effective date of July 23, 2026.

💡 Monitor the resolution of the auditor's qualification regarding the ₹22 Cr investment and the impact of the India Radiators merger on future cash flows.

Mercantile Ventures Board Meeting on August 14, 2026, to Approve Q1 Results

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 10 Aug 2026, 10:54 AM

Mercantile Ventures Ltd has scheduled a board meeting for August 14, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company currently operates with a small market capitalization of Rs 80 Cr and a TTM revenue of Rs 93 Cr. Investors will be monitoring the results for a turnaround in operating performance, as the company reported an operating loss of Rs 0.23 Cr in the preceding quarter (March 2026). The current TTM operating margin is extremely thin at 0.5%.

Board meeting scheduled for August 14, 2026, to review Q1 FY27 performance.
Results to cover the three-month period ended June 30, 2026.
Company reported TTM revenue of Rs 93.34 Cr as of the latest financial year.
TTM Net Profit stands at a modest Rs 1.99 Cr with a P/E of 39.9.
Promoter holding remains stable at 72.76% as of March 2026.

💡 Watch for the financial results on August 14 to see if the company can improve its operating margins from the current 0.5% and sustain the profitability seen in FY26.

1.53 Lakh Shares Allotted Pursuant to Amalgamation with India Radiators Ltd

🟡 NEUTRAL ⭐ 4/10

M&A 📅 04 Aug 2026, 05:50 PM

Mercantile Ventures has approved the allotment of 1,53,161 equity shares to the shareholders of India Radiators Limited as part of a merger scheme. The allotment follows a share exchange ratio of 10 shares of Mercantile Ventures for every 36 shares held in India Radiators. This issuance results in a marginal equity dilution of approximately 0.14%, with the total paid-up capital increasing to 11.21 crore shares. The company is now seeking listing and trading approvals for these new shares from the BSE.

Allotment of 1,53,161 equity shares of face value Rs 10 each to eligible shareholders.
Share exchange ratio fixed at 10 fully paid-up shares for every 36 shares held in India Radiators Limited.
Total paid-up equity share capital increased from 11,19,18,195 to 11,20,71,356 shares.
Record date for the purpose of determining eligibility was July 24, 2026.

💡 Investors should monitor the listing date of the new shares and look for the consolidated financial performance of the merged entity in the upcoming quarterly results to assess the merger's value-add.

Mercantile Ventures Completes Merger of India Radiators; Authorized Capital Hits Rs 151.09 Cr

🟢 POSITIVE ⭐ 9/10

M&A 📅 23 Jul 2026, 05:16 PM

Mercantile Ventures Ltd has announced that its Scheme of Amalgamation with India Radiators Limited is now effective as of July 23, 2026. This follows the NCLT Chennai order dated July 08, 2026, and the subsequent filing of Form INC-28. As a result, India Radiators Limited stands dissolved, and Mercantile Ventures has significantly increased its authorized share capital to accommodate the merger requirements. The company's authorized capital has risen from Rs 130.09 crore to Rs 151.09 crore.

Scheme of Amalgamation became effective on July 23, 2026, following NCLT approval
Authorized Share Capital increased by Rs 21 crore to a total of Rs 151.09 crore
Preference share capital component expanded from 1.5 crore shares to 3.5 crore shares of Rs 10 each
Equity share capital component increased to 11.61 crore shares of Rs 10 each
India Radiators Limited stands dissolved without winding up as per the court order

💡 Investors should monitor the upcoming notification regarding the record date and share exchange ratio for the allotment of new shares to India Radiators' shareholders, which will determine the extent of equity dilution.

NCLT Approves Merger of Subsidiaries; i3 Security (Rs 50.88 Cr Turnover) to Absorb Walery

🟡 NEUTRAL ⭐ 4/10

M&A 📅 22 Jul 2026, 05:57 PM

Mercantile Ventures has received NCLT approval to merge its subsidiary, Walery Security Management, into its wholly-owned subsidiary, i3 Security Private Limited. While Walery reported nil turnover in FY26, i3 Security recorded a turnover of Rs 50.88 Cr, which is significant relative to the parent's TTM revenue of Rs 93 Cr. The merger is an internal reorganization aimed at consolidating the security and facility management business into a single entity. There is no change in the shareholding pattern of the listed parent company.

NCLT Chennai sanctioned the Scheme of Amalgamation on July 13, 2026
Transferee company i3 Security reported a turnover of Rs 50.88 Cr for FY 2025-26
Transferor company Walery Security reported Nil turnover for FY 2025-26
Share exchange ratio fixed at 5 equity shares of i3 Security for every 2 shares of Walery Security
The Appointed Date for the merger is retrospective, set at January 01, 2024

💡 Investors should monitor the effective date of the merger (filing with ROC) and check for any improvement in operating margins (currently 0.5%) due to administrative cost savings in future quarterly results.

Mercantile Ventures Sets July 24 Record Date for India Radiators Merger; 10:36 Swap Ratio

🟡 NEUTRAL ⭐ 6/10

M&A 📅 13 Jul 2026, 04:49 PM

Mercantile Ventures Limited has fixed July 24, 2026, as the record date for the amalgamation of India Radiators Limited (Transferor) into itself (Transferee). Eligible shareholders of India Radiators will receive 10 equity shares of Mercantile Ventures for every 36 equity shares held. Both companies' shares carry a face value of ₹10 each. This announcement marks a key procedural step in the finalization of the merger process.

Record date for the Scheme of Amalgamation is fixed for Friday, 24th July 2026
Share exchange ratio set at 10 equity shares of Mercantile Ventures for every 36 shares of India Radiators
Face value of all equity shares involved is ₹10 each, fully paid up
The purpose is to determine eligible shareholders of the Transferor Company (India Radiators) for share allotment

💡 Investors in India Radiators should ensure their holdings are in their demat accounts by the record date to be eligible for the swap. Mercantile Ventures shareholders should monitor the total equity dilution once the new shares are allotted.

10:36 Swap Ratio: Mercantile Ventures Receives NCLT Approval for India Radiators Merger

🟢 POSITIVE ⭐ 9/10

M&A 📅 13 Jul 2026, 04:37 PM

Mercantile Ventures has received the certified NCLT order dated July 8, 2026, sanctioning the Scheme of Amalgamation with India Radiators Limited. The Board has fixed July 24, 2026, as the Record Date to determine which India Radiators shareholders are entitled to receive new shares. The share exchange ratio is set at 10 equity shares of Mercantile Ventures for every 36 shares held in India Radiators. The merger is retrospective with an appointed date of January 1, 2025.

Share exchange ratio of 10 shares of Mercantile Ventures for every 36 shares of India Radiators
Record date for share entitlement fixed as July 24, 2026
NCLT Chennai sanctioned the scheme via an order dated July 8, 2026
Appointed date for the amalgamation is January 1, 2025
Face value of shares for both companies is INR 10/- each

💡 Investors should monitor the announcement of the 'Effective Date' which occurs once the NCLT order is filed with the Registrar of Companies (ROC).

NCLT Approves Merger of India Radiators Ltd with Mercantile Ventures Ltd

🟢 POSITIVE ⭐ 9/10

M&A 📅 07 Jul 2026, 11:05 AM

Mercantile Ventures Ltd has received final approval from the NCLT Chennai for the Scheme of Amalgamation with India Radiators Limited. The merger, effective from the appointed date of January 1, 2025, will see India Radiators dissolved without winding up. All assets, liabilities, and employees of the transferor company will be vested in Mercantile Ventures. The company expects this consolidation to reduce administrative costs and enhance operational efficiency through combined resources.

NCLT Chennai sanctioned the Scheme of Amalgamation on July 2, 2026
The Appointed Date for the merger is fixed as January 1, 2025
India Radiators Limited will be dissolved without the process of winding up
Certified copy of the order must be filed with the Registrar of Companies within 30 days
All employees of India Radiators will transfer to Mercantile Ventures without break in service

💡 Monitor the announcement of the 'Effective Date' once the NCLT order is filed with the Registrar of Companies and watch for the subsequent allotment of shares to India Radiators' shareholders.

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