Mangalam Global Enterprise Limited (MGEL)
₹17.01 +0.83% last close, 16 Oct
Q2 FY27 results
📅 Next results: 19 Oct 2026 (board meeting)Mangalam Global Enterprise Limited's board meets on 19 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Mangalam Global's revenue was ₹952 Cr (+10.9% year on year, -10.5% on the previous quarter), and net profit ₹8.4 Cr (+31.0% year on year); the operating margin was 1.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹952 | +10.9% | -10.5% |
| Operating profit | ₹18.4 | +46.8% | -23.2% |
| Net profit | ₹8.4 | +31.0% | -29.8% |
| EPS (₹) | 0.26 | +30.0% | -31.6% |
| Operating margin | 1.9% | — | — |
MGEL delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 59.2% of the MGEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.6%. That is lower than usual for this stock. Volume was 0.5 times its average, well below normal. 5 bulk or block deals were reported in MGEL in the last 60 days: ₹7 Cr bought and ₹16 Cr sold.
Delivery in the last 5 sessions: 78.0% · 79.6% · 64.6% · 73.6% · 59.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 25 Sep | Sell | Specific Worldwide Llp | ₹3.33 Cr | ₹16.00 | 2,080,600 | Bulk |
| 24 Sep | Sell | Specific Worldwide Llp | ₹4.96 Cr | ₹15.50 | 3,200,000 | Bulk |
| 24 Sep | Buy | Regalia Stones Private Limited | ₹3.97 Cr | ₹15.50 | 2,564,000 | Bulk |
| 22 Sep | Sell | Specific Worldwide Llp | ₹7.75 Cr | ₹15.50 | 5,000,000 | Bulk |
| 22 Sep | Buy | Veloce Opportunities Fund | ₹2.98 Cr | ₹15.50 | 1,925,000 | Bulk |
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 Global Enterprise Limited has approved the issuance of Senior, Secured, Rated, Listed Non-Convertible Debentures (NCDs) aggregating up to ₹150 crore on a private placement basis. The proposed debt fundraise is significant relative to MGEL's existing debt of ₹140 crore and net worth of ₹237 crore (representing ~63% of net worth and ~27% of its ₹554 crore market capitalization). The debentures are proposed to be listed on the NSE Debt Segment in one or more tranches. Specific terms, including coupon rate, tenure, and security creation, will be decided by the committee at subsequent approvals.
- Board approved issuance of NCDs aggregating up to ₹150 Crore on a private placement basis
- Securities will be Senior, Secured, Rated, Listed, taxable, redeemable, and transferable
- Proposed for listing on the NSE Debt Segment in one or more series or tranches
- Appointed MITCON Credentia Trusteeship Services Limited as the Debenture Trustee
- Coupon rate, tenure, and asset charge details are yet to be determined by the committee
Mangalam Global Enterprise Limited has opened a new retail store in Bodakdev, Ahmedabad, Gujarat on October 13, 2026, under its wellness brand 'NEAT EVERYDAY'. The store will retail nutraceutical, wellness, beauty, and personal care products, adding to the company's existing retail footprint. While supporting its strategic shift toward higher-margin B2C wellness products, the financial impact of a single store opening remains marginal relative to the company's TTM revenue of ₹3,478 crore.
- New retail store inaugurated on October 13, 2026
- Store location: Shop No. 12, Shilp Paradise, Opp. Times Square 2, Off SBR, Bodakdev, Ahmedabad, Gujarat 380059
- Launched under company's wellness brand 'NEAT EVERYDAY'
- Product portfolio includes nutraceutical, wellness, beauty, and personal care segments
Mangalam Global Enterprise Limited announced the approval of all four postal ballot resolutions by shareholders with nearly 100% of votes cast in favour. The approvals include the appointment of two Non-Executive Independent Directors, Mr. Ramesh Kumar Agrawal and Ms. Purvi Jayendra Bhavsar. Additionally, shareholders approved remuneration payments to Ms. Tanisha Mangal and Ms. Honey Mangal for holding offices or places of profit. A total of 24,20,34,014 votes were cast out of 32,95,55,600 total shares, representing a 73.44% voter turnout.
- All 4 postal ballot resolutions approved with over 99.99% of polled votes in favour
- Total voter turnout recorded at 73.44% (24,20,34,014 votes polled on 32,95,55,600 shares)
- Approved appointment of Mr. Ramesh Kumar Agrawal and Ms. Purvi Jayendra Bhavsar as Independent Directors
- Passed ordinary resolutions approving remuneration for Ms. Tanisha Mangal and Ms. Honey Mangal holding places of profit
Mangalam Global Enterprise Limited reported proceedings of its postal ballot which concluded on October 11, 2026. Shareholders voted on 4 resolutions, including the appointment of two Non-Executive Independent Directors (Mr. Ramesh Kumar Agrawal and Ms. Purvi Jayendra Bhavsar). Additionally, approvals were sought for remuneration payments to Ms. Tanisha Mangal and Ms. Honey Mangal for holding offices or places of profit. Detailed voting results and the Scrutinizer's report are pending submission to the stock exchanges.
- E-voting concluded on October 11, 2026 at 05:00 P.M. IST after opening on September 12, 2026
- Shareholder voting conducted across 4 resolutions: 2 special resolutions and 2 ordinary resolutions
- Proposed appointment of 2 Non-Executive Independent Directors: Mr. Ramesh Kumar Agrawal and Ms. Purvi Jayendra Bhavsar
- Approval sought for remuneration payments to Ms. Tanisha Mangal and Ms. Honey Mangal for holding offices of profit
- Cut-off date for eligible voting members was September 04, 2026
Mangalam Global Enterprise Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited, covers the quarter ended September 30, 2026. It confirms that share certificates received for dematerialisation were processed, confirmed, rejected, or mutilated within prescribed timelines. This is a purely administrative filing with zero impact on operations or financials.
- Compliance certificate filed under Regulation 74(5) for the quarter ended September 30, 2026
- Confirmation provided by Registrar and Transfer Agent MUFG Intime India Private Limited dated October 03, 2026
- Filing submitted to NSE and BSE on October 07, 2026
Mangalam Global Enterprise Limited's Nomination and Remuneration Committee approved the grant of 9,00,000 stock options under the MGEL ESOP Scheme 2026 on September 29, 2026. This grant falls within the total shareholder-approved pool limit of 33,00,000 options. Each option is convertible into one equity share of face value Rs 1, subject to an exercise price formula capped at up to a 50% discount to the 1-year average market price. Allotted shares carry a lock-in period of 1 year from the date of allotment.
- Grant of 9,00,000 stock options approved on September 29, 2026
- Options granted under total shareholder-approved pool limit of 33,00,000 options
- Each option confers the right to acquire 1 equity share of face value Rs 1
- Exercise price determined at a discount not exceeding 50% of the 1-year average market price
- Mandatory 1-year lock-in period on shares post-allotment
Mangalam Global Enterprise Limited has issued a Postal Ballot notice seeking shareholder approval for four resolutions. These include the appointment of Mr. Ramesh Kumar Agrawal and Ms. Purvi Jayendra Bhavsar as Non-Executive Independent Directors. Additionally, approvals are sought for ordinary resolutions regarding remuneration to Ms. Tanisha Mangal and Ms. Honey Mangal for holding offices or places of profit. The remote e-voting window runs from September 12, 2026, through October 11, 2026, with a cut-off date of September 04, 2026.
- Postal ballot notice dated September 08, 2026, issued for 4 shareholder resolutions
- Approval sought for appointment of 2 Independent Directors: Mr. Ramesh Kumar Agrawal and Ms. Purvi Jayendra Bhavsar
- Resolutions include remuneration approval for Ms. Tanisha Mangal and Ms. Honey Mangal holding an office or place of profit
- Remote e-voting period runs from September 12, 2026 (09:00 AM IST) to October 11, 2026 (05:00 PM IST) based on cut-off date September 04, 2026
Mangalam Global Enterprise Limited has approved the appointment of Mr. Ramesh Kumar Agrawal and Ms. Purvi Jayendra Bhavsar as Non-Executive Independent Directors effective September 08, 2026. Both appointments are for a consecutive period of 5 years, subject to shareholder approval via postal ballot. The cut-off date for the postal ballot has been scheduled for September 04, 2026. These board additions bring banking and financial services expertise to support corporate governance.
- Appointment of Mr. Ramesh Kumar Agrawal as Independent Director for a 5-year term w.e.f. September 08, 2026
- Appointment of Ms. Purvi Jayendra Bhavsar as Independent Director for a 5-year term w.e.f. September 08, 2026
- Postal ballot cut-off date fixed as Friday, September 04, 2026
- Board meeting commenced at 04:30 p.m. and concluded at 06:25 p.m. on September 08, 2026
Mangalam Global Enterprise Limited has approved the appointment of Mr. Ramesh Kumar Agrawal and Ms. Purvi Jayendra Bhavsar as Additional Independent Directors, effective September 08, 2026, for a 5-year tenure. Both appointments are subject to shareholder approval through a postal ballot, for which the cut-off date was set as September 04, 2026. The incoming directors bring extensive experience from banking (ex-SBI) and financial services/telecom sectors, respectively.
- Appointed Mr. Ramesh Kumar Agrawal as Non-Executive Independent Director for a 5-year term from September 08, 2026
- Appointed Ms. Purvi Jayendra Bhavsar as Non-Executive Independent Director for a 5-year term from September 08, 2026
- Set the postal ballot cut-off date for eligible voting members as September 04, 2026
- Appointed CS Rajesh Parekh (CP No. 2939) as Scrutinizer for conducting the e-voting postal ballot process
Mangalam Global Enterprise Limited (MGEL) has appointed Mr. Darshak Mehta as Chief Executive Officer for its consumer wellness brand, 'NEAT Everyday', effective September 01, 2026. Mr. Mehta brings over 31 years of experience across retail and operations, including leading 170 Metro M2 stores as Vice President & Business Head at Reliance Retail. The appointment supports MGEL's strategic shift to expand beyond thin-margin agro-commodity trading (TTM revenue ₹3,478 crore, OPM 1.9%) into higher-margin B2C nutraceuticals and cold-pressed oils.
- Appointed Mr. Darshak Mehta as CEO of the NEAT Everyday brand effective September 01, 2026.
- Mr. Mehta brings 31+ years of experience across retail, B2B operations, and hospitality.
- Previous experience includes managing 170 Metro M2 stores as Vice President at Reliance Retail.
- Brand focuses on nutraceuticals, plant-based self-care, and cold-pressed wellness solutions.
Mangalam Global Enterprise Limited announced the resignation of Mr. Anilkumar Shyamlal Agrawal (DIN: 00528512) from his position as Non-Executive Independent Director, effective close of business hours on August 24, 2026. Mr. Agrawal also stepped down from all board committees where he served as Chairperson or Member. The resignation is cited strictly due to health issues, with confirmation that no other material reasons exist. This is an administrative board change with no direct impact on the company's daily operations or financial performance (TTM revenue of ₹3,478 Cr).
- Mr. Anilkumar Shyamlal Agrawal resigned as Non-Executive Independent Director effective August 24, 2026
- Resignation is attributed to health issues, with explicit confirmation of no other material reasons
- Ceased to be Chairperson and Member across Board committees from close of business hours on August 24, 2026
- The director also holds an Independent Directorship in listed entity Mangalam Worldwide Limited
Mangalam Global Enterprise Limited has approved the appointment of Mr. Darshak Mehta as Chief Executive Officer (CEO) for its brand 'NEAT EVERYDAY' under the Senior Management Personnel category, effective September 01, 2026. Mr. Mehta brings over 31 years of experience in retail, multi-site operations, and cash & carry, having previously served as Vice President & Business Head at Reliance Retail leading operations for 170 Metro M2 stores. He holds nil shareholding in the company and is not related to any promoter or board member.
- Appointment of Mr. Darshak Mehta as CEO of the 'NEAT EVERYDAY' brand w.e.f. September 01, 2026
- Appointee brings over 31 years of experience across large-format retail and cash & carry operations
- Previous experience includes managing 170 Metro M2 cash & carry stores at Reliance Retail
- Appointee holds nil shares in Mangalam Global Enterprise Limited
Mangalam Global Enterprise Limited (MGEL) has appointed Mr. Darshak Mehta as Chief Executive Officer (CEO) for its brand 'NEAT EVERYDAY', designated as Senior Management Personnel, effective September 01, 2026. Mr. Mehta brings over 31 years of retail and multi-site operations experience, having previously served as Vice President & Business Head at Reliance Retail managing 170 stores. The appointment aligns with MGEL's strategic push to expand consumer-facing brand offerings alongside its core commodity trading business (TTM revenue of ₹3,478 Cr).
- Appointed Mr. Darshak Mehta as CEO of the 'NEAT EVERYDAY' brand w.e.f. September 01, 2026.
- Brings over 31 years of experience in large-format retail, cash & carry, and operations.
- Previously served as Vice President & Business Head at Reliance Retail overseeing 170 stores.
- Board meeting approving the appointment concluded on August 20, 2026.
Acuité Ratings & Research has assigned a long-term rating of 'ACUITE BBB+' with a stable outlook and a short-term rating of 'ACUITE A2' to Mangalam Global Enterprise Limited's bank facilities. The total rated quantum of Rs 279 crore represents approximately 118% of the company's current net worth, providing a significant credit benchmark for its lenders. The facilities include Rs 219 crore in long-term and Rs 60 crore in short-term limits across major banks including SBI, PNB, and HDFC. This investment-grade rating supports the company's ongoing transition from low-margin commodity trading to higher-margin value-added manufacturing.
- Total bank loan facilities assigned a credit rating of Rs 279.00 crore
- Long-term rating of ACUITE BBB+ (Stable) assigned to Rs 219.00 crore of facilities
- Short-term rating of ACUITE A2 assigned to Rs 60.00 crore of facilities
- Largest single facility rated is a Rs 50.00 crore Cash Credit from State Bank of India
- Rating letter remains valid until June 06, 2027, or until the next rating action
Mangalam Global Enterprise Limited (MGEL) reported a strong start to FY27 with consolidated Profit After Tax (PAT) rising 31% YoY to ₹8.43 crore. Consolidated revenue grew 10.89% YoY to ₹952.07 crore, accounting for approximately 28% of the company's TTM revenue. A key strategic highlight is the expansion of its D2C wellness brand 'Neat Everyday', which now operates 11 retail outlets and 1 kiosk across Ahmedabad, Mumbai, and Indore. While the core agro-processing business remains the primary revenue driver, the company is actively pivoting toward higher-margin value-added products.
- Consolidated Profit After Tax (PAT) grew 31% YoY to ₹8.43 crore from ₹6.43 crore.
- Consolidated Revenue from Operations increased 10.89% YoY to ₹952.07 crore.
- Standalone PAT saw a 28.14% YoY increase, reaching ₹7.53 crore.
- Launched 'Neat Everyday' D2C brand with 12 total points of sale (11 stores, 1 kiosk) in three major cities.
- Q1 FY27 revenue of ₹952.07 crore represents ~28.1% of the total TTM revenue of ₹3384.66 crore.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 24.07% YoY to INR 2,281.48 Cr in FY25 from INR 1,838.80 Cr in FY24. Standalone revenue increased 25.37% to INR 2,092.53 Cr. The growth is driven by increased scale in the agro-commodity trading and manufacturing segments.
Geographic Revenue Split
Indian operations contributed INR 1,977.82 Cr (approx. 86.7% of total revenue), growing 27.2% YoY. Foreign operations contributed INR 101.87 Cr (approx. 4.5% of total revenue), growing 8.9% YoY from INR 93.51 Cr.
Profitability Margins
The business operates on a high-volume, low-margin model. Gross profit margins for agro-based manufacturing range between 2% to 5%. Net Profit Ratio slightly declined to 1.04% in FY25 from 1.13% in FY24 due to increased tax expenses and finance costs.
EBITDA Margin
Consolidated EBITDA grew 33.39% to INR 65.76 Cr in FY25. Operating margins improved to 2.58% in FY25 from 2.48% in FY24, reflecting better absorption of fixed costs through higher operational scale.
Capital Expenditure
Historical CAPEX included payments for property, plant, and equipment of INR 0.09 Cr in FY25. The company is currently executing a project for Cold-pressed pharma grade Castor oil to enter higher-margin B2B and B2C segments.
Credit Rating & Borrowing
Infomerics Ratings revised the outlook to 'Positive' from 'Stable' and reaffirmed the long-term rating at 'IVR BBB'. Short-term rating is 'IVR A3+'. Finance costs for FY25 were INR 29.71 Cr on a total debt that resulted in a gearing of 1.37x.
Operational Drivers
Raw Materials
Castor seeds are the primary raw material, accounting for the bulk of the cost of goods sold (COGS). The availability and pricing of these seeds are the most significant determinants of the company's cost structure.
Import Sources
Primarily sourced from domestic markets in India, specifically Gujarat, which is a major castor seed producing hub.
Key Suppliers
Not disclosed in available documents; however, the company engages with both organized and unorganized market players for procurement.
Capacity Expansion
Current capacity not explicitly stated in MT; however, the company is expanding into 'Cold-pressed pharma grade Castor oil' production to diversify its product mix and improve margin retention.
Raw Material Costs
Raw material costs are highly volatile due to agro-climatic risks. The company faces thin margins (2.99-3.10% for specific agro-products) because it cannot always pass on sudden seed price spikes to customers in a competitive market.
Manufacturing Efficiency
Return on Capital Employed (ROCE) improved to 15.58% in FY25 from 14.17% in FY24, indicating better efficiency in utilizing capital for generating operating profits.
Strategic Growth
Expected Growth Rate
21%
Growth Strategy
Growth is targeted through a shift from pure commodity trading to value-added manufacturing, specifically 'Cold-pressed pharma grade Castor oil' for B2B and B2C segments. The company recently incorporated three wholly-owned subsidiaries, including Mangalam Oleo Speciality Products Private Limited in November 2025, to focus on specialized product lines.
Products & Services
Castor oil (various grades), Cold-pressed pharma grade Castor oil, and other agro-based commodities.
Brand Portfolio
MGEL (Trusted Services Since 1942).
New Products/Services
Cold-pressed pharma grade Castor oil for B2C and B2B markets; expected to provide higher margins than standard industrial castor oil.
Market Expansion
Expansion into Singapore via Mangalam Global (Singapore) Pte. Ltd. and the incorporation of new domestic subsidiaries to handle specialized oleo products.
External Factors
Industry Trends
The industry is shifting toward specialized, pharma-grade agro-derivatives. MGEL is positioning itself by moving into the B2C segment and cold-pressed oils to escape the 'high-volume low-margin' trap of industrial commodities.
Competitive Landscape
Faces intense competition from both organized and unorganized players, which constrains margin retention and necessitates large-scale operations for financial viability.
Competitive Moat
Moat is based on the 'Mangalam Group' brand (since 1942) and experienced management. However, the moat is narrow due to intense competition and the commodity nature of the primary products.
Macro Economic Sensitivity
Highly sensitive to agricultural output and monsoon cycles. Global economic growth (projected at 2.8% for 2025) and US tariff measures impact export demand for castor-based derivatives.
Consumer Behavior
Increasing demand for pharma-grade and natural oils in the B2C segment is driving the company's shift toward cold-pressed products.
Geopolitical Risks
Trade barriers and new tariff measures by the United States and its trading partners are identified as risks that could negatively impact global economic activity and MGEL's export volumes.
Regulatory & Governance
Industry Regulations
Subject to agro-industry regulations and export-import policies. Compliance with growing regulatory norms is a continuing requirement that can impact the timeline for obtaining necessary approvals for new projects.
Environmental Compliance
The company emphasizes maintaining high safety standards across factories and implementing best practices for energy conservation.
Taxation Policy Impact
Effective tax expense for FY25 was INR 8.34 Cr (Consolidated). The company realized a GST refund as an exceptional item in FY25.
Legal Contingencies
Not disclosed in available documents; however, the company maintains internal control systems to ensure transactions are recorded in conformity with established accounting principles.
Risk Analysis
Key Uncertainties
Agro-climatic risk (monsoon) and raw material price volatility are the primary uncertainties, with the potential to swing gross margins by 1-2%, which is significant given the 2.58% operating margin.
Geographic Concentration Risk
86.7% of revenue is concentrated in Indian operations, making the company highly dependent on the domestic agricultural economy.
Third Party Dependencies
High dependency on the castor seed farming community and local aggregators for raw material supply.
Technology Obsolescence Risk
Low risk of obsolescence for core products, but the company must upgrade manufacturing processes to meet 'pharma-grade' standards for its new product lines.
Credit & Counterparty Risk
Liquidity is adequate with 29% unutilized working capital limits (INR 170 Cr limit), and the company generates net cash accruals of INR 34.11 Cr to support debt obligations.
