MSL
Mangalam Seeds financials
- Market cap
- ₹163 Cr
- Sector
- Fast Moving Consumer Goods
Quarterly results
Q1 FY27: revenue up 25.8%, net profit up 1.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22 | 27 | 22 | 49 | 18 −17% | 96 +252% | 16 −27% | 62 +26% |
| EBITDA | 4 | 3 | 6 | 6 | 4 +12% | 13 +376% | 3 −48% | 6 −4% |
| Net profit | 2 | 1 | 3 | 4 | 2 +9% | 7 +416% | 1 −63% | 4 +2% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −17.0% 1Y
1Y: ₹170.65 on 10 Sept 2025 → ₹141.56. High ₹170.65 (10 Sept 2025), low ₹110.6 (30 Mar 2026).
Financials, as filed
Revenue grew 26.4% a year over 2 years, FY24 to FY26. Operating margin narrowed to 14.7%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹112 Cr | ₹103 Cr | ₹180 Cr |
| Operating profit | ₹21 Cr | ₹18 Cr | ₹26 Cr |
| Operating margin | 18.3% | 17.4% | 14.7% |
| Interest | ₹3 Cr | ₹4 Cr | ₹6 Cr |
| Depreciation | ₹2 Cr | ₹2 Cr | ₹3 Cr |
| Net profit | ₹13 Cr | ₹10 Cr | ₹14 Cr |
| Net margin | 11.7% | 10.0% | 7.8% |
| Cash from operations | ₹-1 Cr | ₹0 Cr | ₹14 Cr |
| Free cash flow | ₹-32 Cr | ₹-9 Cr | ₹20 Cr |
| ROCE | 19.0% | 12.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹29 Cr | ₹34 Cr | ₹46 Cr | ₹59 Cr | ₹75 Cr | ₹78 Cr |
| Borrowings | ₹10 Cr | ₹18 Cr | ₹18 Cr | ₹57 Cr | ₹58 Cr | ₹49 Cr |
| Other liabilities | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹8 Cr | ₹24 Cr | ₹26 Cr |
| Total liabilities | ₹54 Cr | ₹67 Cr | ₹78 Cr | ₹135 Cr | ₹167 Cr | ₹164 Cr |
| Fixed assets | ₹23 Cr | ₹25 Cr | ₹27 Cr | ₹54 Cr | ₹49 Cr | ₹51 Cr |
| Capital work in progress | ₹5 Cr | ₹8 Cr | ₹7 Cr | ₹9 Cr | ₹11 Cr | ₹11 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹26 Cr | ₹34 Cr | ₹44 Cr | ₹71 Cr | ₹107 Cr | ₹101 Cr |
| Total assets | ₹54 Cr | ₹67 Cr | ₹78 Cr | ₹135 Cr | ₹167 Cr | ₹164 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −1.12 pp while the public added +1.12 pp. The shareholder count shrank 12% to 4,226.
- Promoters
- 73.2%
- Public
- 26.8%
Since Jun 2025
- Promoters −1.12 pp
- Public +1.12 pp
How it drifted, 12 quarters
Over this window the public went from 25.1% to 26.8% — +1.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.8%, Public 25.1%.Dec '23: Promoters 74.8%, Public 25.1%.Mar '24: Promoters 74.8%, Public 25.1%.Jun '24: Promoters 74.8%, Public 25.1%.Sep '24: Promoters 74.8%, Public 25.2%.Dec '24: Promoters 74.3%, Public 25.6%.Mar '25: Promoters 74.4%, Public 25.6%.Jun '25: Promoters 74.4%, Public 25.6%.Sep '25: Promoters 74.4%, Public 25.6%.Dec '25: Promoters 74.4%, Public 25.6%.Mar '26: Promoters 74.4%, Public 25.6%.Jun '26: Promoters 73.2%, Public 26.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Pravinbhai Mafatbhai Patel newly disclosed 10.87% held
- Kalpeshkumar Nathalal Patel - 3 newly disclosed 8.93% held
- Narsinhbhai Jethalal Patel newly disclosed 1.46% held
- Revabhai Jethabhai Patel (Huf) newly disclosed 1.39% held
- Nathalal Jethalal Patel - 2 +0.72 pp 1.53% held
The same filing shows 6 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Mangalam Seeds Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Pravinbhai Mafatbhai Patel | 10.87% | newly disclosed |
| Kalpeshkumar Nathalal Patel - 3 | 8.93% | newly disclosed |
| Patel Narsinhbhai Jethabhai | 8.01% | unchanged |
| Revabhai Jethabhai Patel | 7.91% | unchanged |
| Dhanajibhai Shivrambhai Patel | 7.38% | unchanged |
| Pradipkumar Nathalal Patel | 6.99% | unchanged |
| Mafatlal Jethalal Patel | 6.80% | −0.54 pp |
| Piyush Shah | 3.68% | unchanged |
| Pravinbhai Mafatlal Patel | 1.88% | −8.99 pp |
| Patel Rajeshbhai Hirabhai | 1.74% | unchanged |
| Suresh Hirabhai Patel (HUF) | 1.60% | unchanged |
| Nirajkumar Shambhubhai Prajapati | 1.60% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
FairTo justify its price of ₹142, this stock must grow earnings at 1% every year for 7 years. Our analysis caps realistic growth at ~3%. At that growth it is worth ₹152 — upside of 7%.
- Growth the price implies
- 1.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 2.8% a year
- net profit, FY24–FY26 · EPS 2.5%
- The gap
- -0.0 pp
- 7% downside if it only repeats history
Learn to analyse Mangalam Seeds Limited
Guides on how to read this kind of business and the numbers that matter.