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Manglam Global Corporations Ltd

| Audited Standalone Financial Results – Q4 & FY26

NEUTRAL SENTIMENT

Report Source

⬤16th May 26

Summary : Company shows asset growth, but faces governance issues and related party loan concerns.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Total Expenses for FY26: Rs. 1,907.97 Lakhs (Materials: Rs. 1,797.93 Lakhs, Employee Benefits: Rs. 5.16 Lakhs, Finance Costs: Rs. 27.48 Lakhs, Other Expenses: Rs. 46.23 Lakhs).
  2. Total Revenue for FY26: Rs. 1,936.08 Lakhs (Operations: Rs. 1,933.76 Lakhs, Other Income: Rs. 2.32 Lakhs).
  3. Net cash used in operating activities: Rs. -889.25 Lakhs (FY26).
  4. Net cash used in investing activities: Rs. -469.77 Lakhs (FY26).
  5. Net cash from financing activities: Rs. 1,122.12 Lakhs (FY26).
  6. Closing cash and cash equivalents: Rs. 18.48 Lakhs (FY26).
  7. No pending litigations impacting financial position.
  8. No material foreseeable losses from long-term/derivative contracts.
  9. Total Assets increased to Rs. 1,555.43 Lakhs (from Rs. 289.96 Lakhs in FY25).
  10. Equity Share Capital increased to Rs. 1,000.00 Lakhs (from Rs. 315.24 Lakhs in FY25).
  11. Other Equity turned positive to Rs. 3.85 Lakhs (from negative Rs. 29.71 Lakhs in FY25).
  12. Current Liabilities (Borrowings) increased to Rs. 464.84 Lakhs (from Rs. 1.80 Lakhs in FY25).
  13. Loan to related party (non-current asset) of Rs. 472.09 Lakhs.
  14. Loan of Rs. 470,000,000 granted to a related party with outstanding Rs. 472,08,899 as of March 31, 2026.
  15. Terms of related party loan not formally approved or documented.
  16. Standalone financial statements.

Corporate Overview

  1. Registered office in Pipariya, Madhya Pradesh, India.
  2. Manufacture, processing, marketing, trading, import, export, and sale of agricultural and related products.
  3. Farmers (as suppliers of agricultural produce).
  4. Agricultural and related products sales.

Risk Factors

  1. Unclear terms for related party loan.
  2. Non-compliance with audit trail.
  3. Pending BSE name/objectives updation.
  4. Cash payments lack formal documentation.

Key Drivers

  1. Unqualified audit opinion received.
  2. Significant growth in total assets.
  3. Equity turned positive this year.
  4. Expansion into agri products.

Auditor’s Report

  1. Unqualified audit opinion on standalone financial statements.
  2. Revenue Recognition from Sale of Agri Products due to high volume and consignment sales judgment.
  3. Change in company name and main objects clause, pending BSE updation.
  4. Cash payments to farmers for agricultural produce.
  5. Loan granted to a related party with unclear interest rate and repayment schedule.

Board Commentary

  1. No director disqualified as on March 31, 2026.
  2. No dividend declared during the year ended March 31, 2026.
  3. Material uncertainty regarding going concern not identified by auditors.
  4. Internal financial controls have inherent limitations.
  5. Pending updation of company name and main objects clause on BSE.
  6. Non-maintenance of audit trail in accounting software.
  7. Loan granted to related party lacks formal interest/repayment terms.
  8. No pending litigations impacting financial position.
  9. No material foreseeable losses from long-term/derivative contracts.
  10. Compliance with related party transaction sections 177 and 188.
  11. Regular in depositing statutory dues, no outstanding arrears.
  12. No fraud by company noticed or reported.
  13. Preferential allotment made in January 2026.

Corporate Governance

  1. Company complies with ethical requirements regarding independence.
  2. No director disqualified as on March 31, 2026.
  3. Audit Committee reviewed results.
  4. Pending BSE updation of company name and objectives.
  5. Lack of formal approval/documentation for cash payments to farmers.
  6. Related party loan lacks clear interest rate and repayment schedule.
  7. Non-maintenance of audit trail in accounting software.

Management Discussion & Analysis

Risk Control Measures

  1. Management believes BSE updation is procedural, no financial impact expected.
  2. Management states cash payments are supported by records, seeking formal approval.
  3. Management believes related party loan is recoverable, seeking formal ratification.

Critical Risks

  1. Non-compliance with audit trail requirements.
  2. Pending updation of company name and objectives on BSE.
  3. Cash payments to farmers without formal approval/documentation.
  4. Related party loan with unspecified interest and repayment terms.
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