Mishtann Foods Reports Quarterly Results Amid SEBI Allegations and Multiple Audit Qualifications

Mishtann Foods Limited announced its quarterly results for the quarter ended September 30, 2025, alongside several corporate governance developments. The company reported standalone revenue of Rs 69.12 lakhs and consolidated revenue of Rs 38,608.81 lakhs for the quarter. The company faces significant regulatory challenges, including a SEBI show cause notice dated December 5, 2024, alleging fictitious sales and purchase transactions from FY2017-18 to FY2023-24 and misutilization of rights issue proceeds worth Rs 4,990 lakhs. The auditors issued qualified opinions on both standalone and consolidated results, citing multiple concerns including high trade receivables of Rs 49,585.48 lakhs (97% of total assets), lack of audit trail software implementation, no provision for expected credit losses, GST demand of Rs 20,684.38 lakhs, and unpaid income tax provisions of Rs 5,227.67 lakhs. The board also approved the appointment of J.M. Patel Bros as Tax Auditor for FY2024-25 and Rajesh Chinubhai Sutaria as Additional Independent Director. Management has denied all SEBI allegations and is pursuing legal remedies.

Mishtann Foods Reports Mixed Q2 Results with Revenue Growth but Profit Decline

Mishtann Foods reported quarterly consolidated net profit of 954.5 million rupees, down from 1.1 billion rupees in the same period last year. Revenue increased to 3.87 billion rupees from 3.42 billion rupees year-over-year. EBITDA declined to 965 million rupees from 1.08 billion rupees, while EBITDA margin compressed to 24.97% from 31.69% in the previous year.

Mishtann Foods Re-appoints Managing Director for 5-Year Term, Reconstitutes Board Committees

Mishtann Foods Ltd's Board approved the re-appointment of Hiteshkumar Gaurishankar Patel as Managing Director for a five-year term from September 24, 2025 to September 23, 2030, subject to shareholder approval. Patel holds 46,85,71,027 equity shares (43.48%) in the company and brings nearly two decades of experience in agro-commodities trading and Basmati Rice processing. The company also noted the resignation of Independent Director Bhumi Jayantkumar Gor due to personal and professional commitments. Following these changes, the Board reconstituted all major committees including Audit, Nomination and Remuneration, Stakeholders Relationship, Risk Management, and Corporate Social Responsibility committees, with Independent Directors Ashish Agarwal, Kush Jigenbhai Shah, and Rainy Ramesh Singhi taking various leadership roles across these committees.

Mishtann Foods Approves Quarterly Results and Key Appointments

Mishtann Foods Ltd approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2025. The board appointed M/s. Kamlesh M. Shah & Co. as Secretarial Auditor for a 5-year term from 2025-26 to 2029-30, subject to shareholder approval. Mrs. Jaishree Maheshwari was appointed as Nodal Officer for Investor Education and Protection Fund. M/s. H Thakkar & Co. LLP was appointed as Tax Auditor for FY 2024-25. The newly appointed secretarial auditor has 32 years of professional experience and serves 15 listed companies, while the tax auditor firm was founded in 2023.