Mangalam Drugs And Organics Limited (MANGALAM)
₹31.11 -1.61% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Mangalam Drugs' revenue was ₹67.0 Cr (-8.2% year on year, +15.5% on the previous quarter), and net profit ₹-13.0 Cr; the operating margin was -7.5%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹67.0 | -8.2% | +15.5% |
| Operating profit | ₹-5.0 | to loss | loss widened |
| Net profit | ₹-13.0 | — | loss widened |
| EPS (₹) | -8.25 | to loss | loss widened |
| Operating margin | -7.5% | — | — |
MANGALAM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 77.73% of the MANGALAM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 69.63%. That is close to its usual level. Turnover was only ₹6 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 72.7% · 79.4% · 88.7% · 86.3% · 77.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
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.
- 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
Mangalam Drugs And Organics Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited for the quarter ended September 30, 2026. It confirms that all securities received for dematerialisation during the period July 01, 2026 to September 30, 2026 were duly processed, verified, and cancelled according to regulatory requirements. This is a standard quarterly administrative filing with no financial impact.
- Compliance certificate received under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026 (July 01, 2026 to September 30, 2026)
- Certificate issued by RTA MUFG Intime India Private Limited dated October 03, 2026
Mangalam Drugs and Organics Limited has issued a Postal Ballot notice seeking shareholder approval via Special Resolution for the appointment of Shri Prabhakar Raghunath Zavar as an Independent Director for a 5-year term. Under SEBI LODR Regulation 17(1A), special approval is mandated because Shri Zavar has attained 78 years of age (exceeding the 75-year threshold). The remote e-voting period runs from October 02, 2026 to October 31, 2026, with the cut-off date set as September 25, 2026.
- Special Resolution proposed for appointing Shri Prabhakar Raghunath Zavar as Non-Executive Independent Director
- Appointment is for a 5-year term effective September 15, 2026 to September 15, 2031
- Special approval required under SEBI Regulation 17(1A) as the appointee is 78 years of age
- E-voting open from October 02, 2026 (9:00 AM) to October 31, 2026 (5:00 PM), with results on or before November 02, 2026
Mangalam Drugs and Organics has approved the appointment of M/s S.N. Nanda & Co, Chartered Accountants, as its new Statutory Auditor for a term of 5 consecutive years from the 53rd AGM to the 58th AGM. This follows the completion of the term and retirement of outgoing auditor M/s V.S. Somani and Co. Additionally, M/s L.N. Joshi & Co was appointed as Secretarial Auditor for a 5-year tenure. The statutory changes were cleared by shareholders at the AGM held on September 23, 2026.
- Shareholders approved the appointment of M/s S.N. Nanda & Co as Statutory Auditor for a 5-year term from the 53rd to 58th AGM
- Retirement of incumbent Statutory Auditor M/s V.S. Somani and Co. upon completion of their term (originally appointed September 24, 2021)
- Appointment of M/s L.N. Joshi & Co as Secretarial Auditor for a 5-year period
- Shareholder approval was formalized at the 53rd AGM held on September 23, 2026
Mangalam Drugs and Organics has approved the appointment of M/s S.N. Nanda & Co, Chartered Accountants, as its new Statutory Auditor for a term of 5 consecutive years from the 53rd AGM to the 58th AGM. This follows the completion of the term and retirement of outgoing auditor M/s V.S. Somani and Co. Additionally, M/s L.N. Joshi & Co was appointed as Secretarial Auditor for a 5-year tenure. The statutory changes were cleared by shareholders at the AGM held on September 23, 2026.
- Shareholders approved the appointment of M/s S.N. Nanda & Co as Statutory Auditor for a 5-year term from the 53rd to 58th AGM
- Retirement of incumbent Statutory Auditor M/s V.S. Somani and Co. upon completion of their term (originally appointed September 24, 2021)
- Appointment of M/s L.N. Joshi & Co as Secretarial Auditor for a 5-year period
- Shareholder approval was formalized at the 53rd AGM held on September 23, 2026
Shareholders of Mangalam Drugs and Organics approved the appointment of M/s S.N. Nanda & Co., Chartered Accountants, as Statutory Auditor for a 5-year term from the 53rd AGM to the 58th AGM. This follows the retirement of M/s V.S. Somani and Co. upon completion of their term. Additionally, M/s L.N. Joshi & Co. was appointed as Secretarial Auditor for a concurrent 5-year period. The regulatory rotation comes as the loss-making company (FY26 Net Loss of Rs 44 Cr on Rs 232 Cr revenue) manages high debt of Rs 105 Cr.
- Appointment of M/s S.N. Nanda & Co. as Statutory Auditor for 5 consecutive years (53rd to 58th AGM)
- Retirement of incumbent auditor M/s V.S. Somani and Co. following completion of tenure
- Appointment of M/s L.N. Joshi & Co. as Secretarial Auditor for a 5-year term
- Approved at the 53rd Annual General Meeting held on September 23, 2026
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.
- 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
Mangalam Drugs and Organics has approved the appointment of Mr. Prabhakar Raghunath Zavar as an Additional Director (Non-Executive Independent Director) effective September 15, 2026, for a 5-year term. Mr. Zavar brings over 38 years of experience in accounts, finance, taxation, and international trade. The appointment is subject to shareholder approval at an upcoming Extra-Ordinary General Meeting. The company currently faces operational headwinds, reporting a TTM net loss of Rs 44 crore on Rs 232 crore revenue.
- Appointment of Mr. Prabhakar Raghunath Zavar as Independent Director effective September 15, 2026
- Tenure defined for a term of 5 consecutive years, subject to EGM approval
- Appointee possesses over 38 years of experience across finance, accounts, taxation, and export trade
- Board meeting commenced at 02:30 PM and concluded at 03:25 PM on September 15, 2026
Mangalam Drugs and Organics has approved the appointment of Mr. Prabhakar Raghunath Zavar as an Additional Independent Non-Executive Director for a 5-year tenure effective September 15, 2026. The appointment is subject to shareholder approval at an upcoming Extra-Ordinary General Meeting. Mr. Zavar brings over 38 years of experience in accounts, finance, taxation, and international trade. This is a routine governance update with no direct impact on the company's financials (TTM revenue of Rs 232 Cr, net loss of Rs 44 Cr).
- Appointed Mr. Prabhakar Raghunath Zavar as Additional Independent Director effective September 15, 2026
- Appointed for a term of 5 consecutive years, subject to EGM approval
- Candidate brings over 38 years of professional experience in Accounts, Finance, and Taxation
- Board meeting concluded within 55 minutes (2:30 PM to 3:25 PM)
Mangalam Drugs And Organics Limited has published its Annual Report for FY 2025-26 and issued notice for its 53rd Annual General Meeting (AGM) scheduled for September 23, 2026. The cut-off date for remote e-voting eligibility is September 16, 2026, with voting open from September 19 to September 22, 2026. Key ordinary business includes the proposed appointment of M/s S.N. Nanda & Co. as Statutory Auditor for a 5-year term replacing M/s V.S. Somani & Co. This follows a challenging FY26 where the company reported a net loss of ₹44 Cr on revenues of ₹232 Cr.
- 53rd Annual General Meeting scheduled for Wednesday, September 23, 2026, at 03:00 P.M. via Video Conferencing.
- Cut-off date for determining shareholder e-voting eligibility set for September 16, 2026.
- Remote e-voting window active from September 19, 2026 (09:00 AM) to September 22, 2026 (05:00 PM).
- Proposal to appoint M/s S.N. Nanda & Co., Chartered Accountants, as Statutory Auditor for a 5-year term (53rd to 58th AGM).
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.
- 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.
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.
- 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.
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.
- 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.
Mangalam Drugs and Organics Limited has reported the resignation of its Secretarial Auditor, M/s. Ragini Chokshi & Co., effective August 4, 2026. The auditor cited 'pre-occupancy with professional commitments' and an inability to devote the necessary time as the primary reasons for stepping down. This administrative change occurs while the company is navigating significant financial headwinds, including a TTM net loss of ₹44 Cr and a negative OPM of -6.5%. The company must now appoint a successor to ensure continued compliance with SEBI listing regulations.
- Resignation of Secretarial Auditor M/s. Ragini Chokshi & Co. effective from August 4, 2026
- Reason cited is pre-occupancy with professional commitments and other unavoidable reasons
- Company currently reports a TTM revenue of ₹232 Cr against a net loss of ₹44 Cr
- Market capitalization stands at ₹42 Cr, which is less than the annual net loss
- Promoter holding recently decreased from 50.3% to 35.65% as of March 2026
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%.
- 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.
Financial Performance
Revenue Growth by Segment
Total revenue from operations decreased by 13.66% YoY, falling from INR 36,859.47 Lakhs in FY 2023-24 to INR 31,823.02 Lakhs in FY 2024-25. For the half-year ended September 30, 2025, the company reported a significant downturn with a net loss before tax of INR 2,546.50 Lakhs compared to a profit of INR 178.45 Lakhs in the same period of the previous year.
Geographic Revenue Split
Historical data indicates a heavy domestic focus with 83% of revenue derived from the Indian market as of FY16. Recent updates highlight a growing international presence through repeat export orders, such as a recent INR 15 Crore order for Anti-Malarial APIs from an international client.
Profitability Margins
Net Profit Margin improved to 0.02% in FY 2024-25 from a negative 0.02% in FY 2023-24. Operating Margin Ratio increased to 0.06% in FY 2024-25 from 0.01% in FY 2023-24. However, H1 FY26 shows severe margin pressure with a total comprehensive loss of INR 2,123.44 Lakhs.
EBITDA Margin
Historical EBITDA margins reached 12.8% in FY16. In FY 2024-25, the operating margin stood at 6%, but the company faced a sharp decline in H1 FY26, reporting an operating loss before working capital changes of INR 766.03 Lakhs.
Capital Expenditure
Not explicitly disclosed in absolute INR Cr for the current period; however, the company has a history of upgrading facilities, such as the Facility 1 upgrade in 2011 to support Anti-Retroviral API production.
Credit Rating & Borrowing
The Debt-Equity Ratio improved to 0.65 in FY 2024-25 from 0.75 in FY 2023-24. Interest Coverage Ratio stood at 1.33 in FY 2024-25, a recovery from 0.21 in the previous year, though finance costs rose to INR 907.28 Lakhs in H1 FY26 from INR 741.39 Lakhs in H1 FY25.
Operational Drivers
Raw Materials
Key inputs include chemical intermediates for Anti-Malarial, Anti-Retroviral, and Anti-TB APIs. Specific chemical names are not listed, but raw material consumption is the primary cost driver for the API manufacturing process.
Capacity Expansion
Current operations are centered at the Vapi (Gujarat) facility. While specific MTPA figures are not provided, the company has historically expanded from Nimesulide into Anti-Malarial and Anti-Retroviral API production lines.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but total expenses for H1 FY26 were INR 12,331.32 Lakhs, reflecting the high cost of chemical procurement for API synthesis.
Manufacturing Efficiency
Manufacturing efficiency is impacted by lower turnover; Inventory Turnover Ratio declined from 1.87 in FY24 to 1.28 in FY25, indicating slower movement of stock.
Strategic Growth
Growth Strategy
Growth is targeted through the absorption of Mangalam Laboratories and Shri JB Pharma (merger hearing Dec 16, 2025), securing repeat international export orders (INR 15 Crore), and leveraging WHO/EDQM approvals to enter regulated global markets.
Products & Services
Active Pharmaceutical Ingredients (APIs) including Anti-Malarials (Artemether, Lumefantrine), Anti-Retrovirals, Anti-TB drugs, and Nimesulide.
Brand Portfolio
Mangalam Drugs & Organics Limited.
New Products/Services
The company has diversified from basic APIs into specialized Anti-Retroviral and Anti-Malarial products, with recent focus on repeat export orders contributing to revenue visibility.
Market Expansion
Expansion is focused on international markets, evidenced by the recent INR 15 Crore export order to be executed within a 2-4 month span.
Strategic Alliances
The company is undergoing a merger by absorption with Mangalam Laboratories Private Limited and Shri JB Pharma Private Limited to achieve operational synergies.
External Factors
Industry Trends
The API industry is characterized by high entry barriers (2-3 years for new entrants) and stringent quality standards. There is a shift toward consolidated supply chains and a requirement for WHO/EDQM certifications.
Competitive Landscape
Competes with well-established large API players in the domestic and international markets, particularly in the Anti-Malarial and Anti-Retroviral segments.
Competitive Moat
The moat is built on regulatory approvals (WHO, EDQM) and the 2-3 year lead time required for competitors to establish manufacturing facilities and obtain necessary certifications.
Macro Economic Sensitivity
Highly sensitive to international healthcare funding policies and government regulations regarding pharmaceutical pricing and patent laws.
Consumer Behavior
Demand is driven by global health initiatives and the prevalence of infectious diseases like Malaria, HIV, and TB.
Geopolitical Risks
Changes in U.S. government fiscal policies, specifically the discontinuation of US-AID funding, pose a direct threat to the demand for the company's core API products.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI Listing Regulations, and international pharmaceutical standards set by WHO and EDQM.
Taxation Policy Impact
The company has recognized Deferred Tax Assets (DTA) on tax losses for H1 FY26 based on management's projections of future taxable profits.
Legal Contingencies
The company is awaiting a final hearing from the National Company Law Tribunal (NCLT) on December 16, 2025, regarding the merger with Mangalam Laboratories and Shri JB Pharma.
Risk Analysis
Key Uncertainties
The primary uncertainty is the financial impact of the loss of US-AID funding, which could lead to a sustained reduction in demand for the company's primary API products.
Geographic Concentration Risk
Historically 83% domestic, but shifting toward international clients for Anti-Malarial APIs.
Third Party Dependencies
High dependency on international funding agencies (US-AID) to support the formulators who are the company's primary customers.
Technology Obsolescence Risk
The company manages technology risk by maintaining ISO certifications and upgrading facilities to meet WHO and EDQM standards.
Credit & Counterparty Risk
Debtors Turnover Ratio slowed from 13.15 to 8.13 in FY25, suggesting an increase in the time taken to collect receivables and potential credit risk.
