Mohini Health & Hygiene Limited (MHHL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Mohini Health's revenue was ₹71.0 Cr (-6.6% year on year, -4.1% on the previous half-year), and net profit ₹-13.0 Cr (against a profit a year earlier); the operating margin was 0.0%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹71.0 | -6.6% | -4.1% |
| Operating profit | ₹0.0 | -100.0% | loss narrowed |
| Net profit | ₹-13.0 | to loss | loss widened |
| EPS (₹) | -6.97 | to loss | loss widened |
| Operating margin | 0.0% | — | — |
📢 Recent Corporate Announcements
Mohini Health & Hygiene Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026, confirms that securities received for dematerialisation were duly processed, listed, and mutilated within prescribed timelines. This is a standard administrative compliance filing with no operational or financial impact on the company.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018.
- Covers the operational quarter ended September 30, 2026.
- RTA confirmation issued by MUFG Intime India Private Limited on October 3, 2026.
- Confirmation that dematerialised share certificates were mutilated and cancelled within stipulated deadlines.
Mohini Health & Hygiene Limited announced that its 17th Annual General Meeting (AGM) will take place on September 30, 2026. The record date/cut-off date for e-voting and AGM attendance has been scheduled for September 23, 2026. The register of members and share transfer books will remain closed from September 24 to September 30, 2026. This is a standard corporate governance procedure without direct financial impact on the company, which reported TTM revenue of Rs 312 Cr and a TTM net loss of Rs -11 Cr.
- 17th Annual General Meeting scheduled for September 30, 2026
- Record date and cut-off date for e-voting set for September 23, 2026
- Book closure period from September 24, 2026 to September 30, 2026 (both days inclusive)
- Annual Report for FY 2025-26 made available on the company website
Mohini Health & Hygiene Limited has issued the notice for its 17th Annual General Meeting (AGM) to be held on September 30, 2026. A notable special resolution includes approving the migration of the company from the NSE SME platform to the Main Board of NSE and seeking direct listing on BSE's Main Board. Other agenda items cover standard business, statutory auditor reappointment, and approvals for related-party transactions with entities including Vedant Kotton and Mohini Hygiene Care Products. Remote e-voting is scheduled from September 26 to September 29, 2026, with a cut-off date of September 23, 2026.
- 17th Annual General Meeting scheduled for Wednesday, September 30, 2026 at 2:00 PM
- Special resolution proposed for migration from the NSE SME platform to the Main Board of NSE and direct listing on BSE Main Board
- Remote e-voting window runs from September 26, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
- Voting cut-off date set as September 23, 2026; book closure from September 24 to September 30, 2026
- Shareholder approval sought for related-party transactions with Vedant Kotton, Mohini Hygiene Care Products, and Mohini Active Life
India Ratings & Research (Ind-Ra) has downgraded Mohini Health & Hygiene Limited's bank loan facilities totaling Rs 76.05 Cr (INR 760.51 million). The long-term rating has been revised downward to 'IND BB-' from 'IND BBB-' with a Negative outlook, and the short-term rating has been cut to 'IND A4+' from 'IND A3'. The downgrade moves the company below investment grade, coinciding with trailing net losses of Rs 11 Cr and compressed operating margins.
- Long-term bank loan facilities downgraded to IND BB- from IND BBB- with a Negative outlook
- Short-term facilities downgraded to IND A4+ from IND A3
- Total rated bank facilities amount to Rs 76.05 Cr (INR 760.51 million)
- Rated facilities encompass working capital limits and term loans with ICICI Bank, SBI, Shinhan Bank, and Axis Bank
Mohini Health & Hygiene Limited's Board has approved migrating the company from the NSE SME platform to the Main Board of NSE along with direct listing on BSE, subject to regulatory and shareholder approvals. The Board also approved material related party transactions totaling ₹165 Cr across three entities, representing ~52.9% of its TTM revenue of ₹312 Cr. Additionally, Mrs. Renu Lata Rajani was appointed as an Independent Director for a 5-year term ending September 2031, and the 17th AGM was scheduled for September 30, 2026.
- Approved proposed migration from NSE SME to Main Board of NSE and direct listing on BSE Main Board
- Material related party transactions approved totaling ₹165 Cr, including ₹100 Cr with Mohini Active Life Private Limited
- Additional RPTs approved with Vedant Kotton (₹35 Cr) and Mohini Hygiene Care Products (₹30 Cr)
- Appointment of Mrs. Renu Lata Rajani as Non-Executive Independent Director for a 5-year term from Sep 5, 2026 to Sep 4, 2031
- 17th Annual General Meeting fixed for September 30, 2026, with cut-off/record date on September 23, 2026
Mohini Health & Hygiene Limited's board approved the reappointment of statutory auditor M/s Mahesh C. Solanki & Co. for a second 5-year term (FY27 to FY31) and the appointment of Ms. Neelam Binjwa as secretarial auditor. The board also approved migrating from the NSE SME platform to the Main Boards of NSE and BSE. Additionally, substantial material related-party transactions totaling Rs 165 Cr were approved for shareholder voting, comprising transactions with Mohini Active Life (Rs 100 Cr), Vedant Kotton (Rs 35 Cr), and Mohini Hygiene Care Products (Rs 30 Cr).
- Reappointed statutory auditor M/s Mahesh C. Solanki & Co. for a second 5-year term from 17th to 22nd AGM
- Approved proposed migration from NSE SME platform to the Main Boards of NSE and BSE
- Approved material related-party transactions totaling Rs 165 Cr (Vedant Kotton: Rs 35 Cr, Mohini Hygiene Care: Rs 30 Cr, Mohini Active Life: Rs 100 Cr)
- Appointed Mrs. Renu Lata Rajani as Non-Executive Independent Director for a 5-year term
- 17th Annual General Meeting scheduled for September 30, 2026, with cut-off date on September 23, 2026
Mohini Health & Hygiene Limited's Board approved key resolutions including the proposed migration from the NSE SME platform to the Main Boards of NSE and BSE. The Board re-appointed statutory auditor M/s Mahesh C. Solanki & Co. for a second 5-year term (FY27–FY31) and approved material Related Party Transactions (RPTs) aggregating to Rs 165 Cr across three entities. These proposals, along with the appointment of an Independent Director, are subject to shareholder approval at the 17th AGM scheduled for September 30, 2026.
- Approved migration from NSE SME platform to NSE Main Board and direct listing on BSE Main Board.
- Approved material Related Party Transactions of Rs 165 Cr (Vedant Kotton: Rs 35 Cr, Mohini Hygiene: Rs 30 Cr, Mohini Active Life: Rs 100 Cr).
- Re-appointed Statutory Auditor M/s Mahesh C. Solanki & Co. for a second 5-year term from 17th to 22nd AGM.
- Appointed Mrs. Renu Lata Rajani as Non-Executive Independent Director for a 5-year term.
- Scheduled 17th AGM on September 30, 2026, with an e-voting cut-off date of September 23, 2026.
Mohini Health & Hygiene Limited (MHHL) approved a proposal to migrate from the NSE SME platform to the Main Board of NSE and pursue direct listing on the BSE Main Board, subject to regulatory and shareholder approvals. The Board also approved significant material related-party transactions totaling ₹165 Cr (representing ~52.9% of TTM revenue of ₹312 Cr), including ₹100 Cr with Mohini Active Life, ₹35 Cr with Vedant Kotton, and ₹30 Cr with Mohini Hygiene Care Products. Additionally, the Board appointed Mrs. Renu Lata Rajani as an Independent Director and scheduled the 17th AGM for September 30, 2026.
- Approved migration from NSE SME platform to the Main Board of NSE and direct listing on BSE Main Board.
- Approved material related-party transactions aggregating ₹165 Cr across three entities subject to shareholder approval.
- Related-party transaction limits include ₹100 Cr (Mohini Active Life), ₹35 Cr (Vedant Kotton), and ₹30 Cr (Mohini Hygiene Care Products).
- Appointed Mrs. Renu Lata Rajani as Additional Independent Director for a 5-year term ending September 4, 2031.
- 17th Annual General Meeting fixed for September 30, 2026, with cut-off date for e-voting set to September 23, 2026.
Mohini Health & Hygiene Limited has announced the cessation of Mr. Viral Rohitbhai Patel (DIN: 09662042) from his role as Professional Executive Director, effective August 29, 2026. The departure is due to the completion of his scheduled tenure. The company has not announced an immediate successor in this filing. The transition is routine and administrative in nature.
- Mr. Viral Rohitbhai Patel ceased to hold office as Professional Executive Director.
- Cessation is effective from August 29, 2026.
- Reason for cessation is the standard completion of tenure under SEBI Regulation 30.
Mohini Health & Hygiene Limited announced the voting results and Scrutinizer's report for its Extra-ordinary General Meeting held on August 19, 2026. Shareholders approved all six special resolutions, which include increasing the company's borrowing limits, raising limits for charges/mortgages on assets, and approving loans/investments under Section 185 of the Companies Act. Additionally, shareholders approved increasing the authorised share capital and altering the Memorandum of Association. Total votes polled represented 69.05% of total outstanding shares (12,591,972 votes out of 18,235,900 shares), passing virtually unanimously.
- All 6 special resolutions passed at the EGM held on August 19, 2026
- Resolutions approved increasing borrowing limits and mortgage/charge limits on company assets
- Approval granted for increasing authorised share capital and altering the Memorandum of Association with 99.98% votes in favour
- Total voter turnout stood at 69.05% (12,591,972 votes polled out of 18,235,900 shares)
Mohini Health & Hygiene Limited (MHHL) held its Extra-ordinary General Meeting (EGM 01/2026-27) on August 19, 2026. Shareholders transacted 13 key resolutions, including raising borrowing and investment limits, increasing authorized capital, and altering the Memorandum of Association. Additionally, resolutions were tabled to approve guarantees and security for debentures and indebtedness of subsidiary Dhananya Capital Private Limited (DCPL), along with material related party transactions involving DCPL, Winsome Yarns Limited, and other related entities. Final voting results certified by the scrutinizer are awaited.
- Transacted 13 special and ordinary resolutions at the EGM held on August 19, 2026.
- Remote e-voting was conducted from August 14, 2026 to August 18, 2026.
- A total of 8 members attended the EGM at the Pithampur registered office.
- Tabled approvals for furnishing guarantees and security for debentures and debt raised by subsidiary Dhananya Capital Private Limited.
- Sought approvals for material related party transactions involving MHHL, Dhananya Capital Private Limited, and Winsome Yarns Limited.
Mohini Health & Hygiene Limited (MHHL) has approved a massive increase in borrowing and investment limits to ₹300 Cr each, which is over 4x its current market cap of ₹69 Cr. The company will provide a ₹70 Cr corporate guarantee and pledge subsidiary shares to secure NCDs for Dhananya Capital, a subsidiary involved in the resolution plan for Winsome Yarns Ltd. Additionally, the authorized share capital is being raised from ₹25 Cr to ₹65 Cr, indicating potential future equity dilution. These moves come alongside a CFO transition, with Sachin Patangiya replacing Anil Kumar Singhania effective August 1, 2026.
- Authorized borrowing and investment limits increased to ₹300 Cr each, significantly exceeding the current ₹90 Cr net worth.
- Approved a ₹70 Cr corporate guarantee for NCDs issued by subsidiary Dhananya Capital, representing ~101% of MHHL's market cap.
- Authorized share capital to be increased by 160% from ₹25 Cr to ₹65 Cr, facilitating future fundraises.
- Pledge of 51% stake in Dhananya Capital and 75% stake in Winsome Yarns Ltd to secure 42-month NCDs.
- New CFO Sachin Patangiya appointed effective August 1, 2026, following the resignation of Anil Kumar Singhania.
Mohini Health & Hygiene Limited (MHHL) has approved a massive increase in its financial limits, raising borrowing, investment, and loan caps to ₹300 Cr each, which is significantly higher than its current market cap of ₹69 Cr. The board also approved a ₹70 Cr corporate guarantee and the pledge of subsidiary shares to secure NCDs for Dhananya Capital, a subsidiary involved in the resolution plan for Winsome Yarns Ltd. To facilitate potential future fundraising, the authorized share capital is being increased from ₹25 Cr to ₹65 Cr. Additionally, the company announced the resignation of CFO Anil Kumar Singhania, replaced by Sachin Patangiya.
- Increased borrowing and investment limits to ₹300 Cr each, representing over 4x the current market cap
- Approved a ₹70 Cr corporate guarantee for NCDs issued by subsidiary Dhananya Capital
- Authorized share capital increased by 160% from ₹25 Cr to ₹65 Cr, indicating potential equity dilution
- Pledge of 51% stake in Dhananya Capital and 75% stake in Winsome Yarns to secure debt
- Appointment of Sachin Patangiya as CFO effective August 1, 2026, following the resignation of the incumbent
Mr. Chandrashekhar Bobra has resigned as a Non-Executive Independent Director of Mohini Health & Hygiene Limited (MHHL) effective July 29, 2026. He cited personal and professional commitments as the reason for his departure, confirming there are no other material reasons for the move. He also stepped down from three board committees, including his role as Chairman of the Stakeholder’s Relationship Committee. This change comes as the company navigates a challenging financial period, reporting a TTM net loss of Rs 11 Cr and a revenue decline in the most recent quarter to Rs 71 Cr.
- Resignation of Mr. Chandrashekhar Bobra effective from July 29, 2026.
- Vacated 3 board committees: Stakeholder’s Relationship (Chairman), Nomination & Remuneration, and CSR.
- Company TTM revenue stands at Rs 312 Cr against a small market cap of Rs 69 Cr.
- Director confirmed no material reasons for resignation other than personal and professional commitments.
Mohini Health & Hygiene Limited (MHHL) has scheduled an Extraordinary General Meeting (EGM) for August 19, 2026, to seek approval for a massive increase in its borrowing and mortgage limits to ₹300 Cr each. This proposed limit is approximately 4.3x the company's current market capitalization of ₹69 Cr and 3.3x its net worth of ₹90 Cr. The agenda also includes approving guarantees for its subsidiary, Dhananya Capital Private Limited (DCPL), and material related-party transactions involving Winsome Yarns Limited. These moves indicate a significant potential shift in capital structure or a major acquisition strategy, despite the company reporting a TTM loss of ₹11 Cr.
- Proposed increase in borrowing limits to ₹300 Cr, significantly higher than the current debt of ₹35 Cr.
- Proposed mortgage/charge limit on company assets set at ₹300 Cr to secure future borrowings.
- Approval sought for providing loans, guarantees, or security to subsidiary Dhananya Capital Private Limited up to ₹300 Cr.
- Material related-party transactions proposed with Winsome Yarns Limited, a proposed subsidiary of DCPL.
- EGM scheduled for August 19, 2026, to vote on these special resolutions.
Financial Performance
Revenue Growth by Segment
100% of revenue is derived from the manufacturing segment. Total revenue for FY 2024-25 was INR 167.77 Cr, representing a 15.95% decline from INR 199.61 Cr in FY 2023-24.
Geographic Revenue Split
Not disclosed in exact percentages, but the company exports bleached and surgical cotton to Europe and the USA, enabled by GOTS and GMP certifications.
Profitability Margins
Net profit margin for FY 2024-25 was 3.53% (INR 5.93 Cr), a decrease from 5.39% (INR 10.75 Cr) in FY 2023-24. The decline is attributed to lower operational revenue and higher other expenses.
EBITDA Margin
EBITDA margin for FY 2024-25 stood at 9.81% (INR 16.46 Cr), down from 11.00% (INR 21.95 Cr) in FY 2023-24, reflecting a 25.03% YoY decline in core operating profitability.
Capital Expenditure
The company invested INR 6.79 Cr in the purchase of fixed assets including Capital Work-in-Progress (CWIP) during the half-year ended September 30, 2025.
Credit Rating & Borrowing
CARE Ratings reviewed the company based on best available information due to non-cooperation. Overall gearing improved to 0.22x in FY 2023-24 from 0.31x in FY 2022-23.
Operational Drivers
Raw Materials
Cotton (raw cotton and cotton fibers) is the primary raw material, used for processing into surgical and bleached cotton products.
Import Sources
Raw materials are primarily sourced domestically from Gujarat (Gondal) and Madhya Pradesh (Pithampur), where the company operates processing units.
Capacity Expansion
Current annual output capacity is 10,800 tonnes of bleached cotton and 2,400 tonnes of surgical cotton products.
Raw Material Costs
Raw material costs are managed through a strategic stocking policy and continuous monitoring of cotton prices to mitigate inflation risks.
Manufacturing Efficiency
The company utilizes integrated units in Gondal and Pithampur to process cotton from raw form to final surgical products, enhancing value-chain efficiency.
Logistics & Distribution
Export selling expenses for FY 2024-25 were INR 15.66 Cr, representing approximately 9.33% of total revenue.
Strategic Growth
Growth Strategy
Growth is targeted through increasing capacity utilization of the 10,800-tonne bleached cotton facility and expanding export reach in Europe and the USA by maintaining GOTS and GMP certifications.
Products & Services
Surgical cotton, bleached cotton, absorbent cotton, and various surgical cotton products.
Brand Portfolio
Mohini.
Market Expansion
Focusing on high-margin export markets in Europe and the USA through regulatory compliance and quality certifications.
External Factors
Industry Trends
The industry is shifting toward certified organic and medical-grade hygiene products; MHHL is positioned with GOTS and GMP certifications to capture this growth.
Competitive Landscape
Faces competition from low-cost international imports and domestic cotton processors.
Competitive Moat
Moat is built on stringent certifications (GOTS, GMP) and integrated manufacturing, which are difficult for new entrants to replicate quickly for export markets.
Macro Economic Sensitivity
Sensitive to global cotton price cycles and international trade policies affecting textile exports.
Consumer Behavior
Increased global focus on hygiene and safe medical textiles is driving demand for certified absorbent cotton.
Geopolitical Risks
Trade barriers or regulatory changes in Europe and the USA could impact the 100% manufacturing-based export revenue.
Regulatory & Governance
Industry Regulations
Operations are governed by Good Manufacturing Practice (GMP) standards and European/USA regulatory bodies for surgical cotton exports.
Environmental Compliance
Compliant with Global Organic Textile Standard (GOTS) for organic fiber processing.
Taxation Policy Impact
Current tax expense for FY 2024-25 was INR 3.06 Cr, with an effective tax rate of approximately 34% on PBT of INR 8.56 Cr.
Legal Contingencies
The company is managing claims and recovery processes related to a major fire incident that occurred on May 24, 2021, at its Pithampur facility.
Risk Analysis
Key Uncertainties
Forex volatility is a major uncertainty, evidenced by the INR 10.99 Cr notional loss on forward contracts. Raw material price fluctuations also impact margins by up to 10-15%.
Geographic Concentration Risk
Manufacturing is concentrated in Madhya Pradesh and Gujarat, making it vulnerable to regional industrial policies or localized disruptions.
Third Party Dependencies
Dependent on cotton farmers and traders in the Gujarat and MP belts for raw material procurement.
Technology Obsolescence Risk
Risk is mitigated by constant innovation in surgical cotton processing and maintaining high-tech bleached cotton lines.
Credit & Counterparty Risk
Trade receivables stood at INR 36.44 Cr as of September 30, 2025, with management focusing on strengthening relationships to ensure timely collections.
