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Mirza International Ltd
| Quarterly Financial Results Q3 FY 2025-26
Summary : Mirza International Limited reported unaudited Q3 and 9M FY26 results, showing a quarterly loss but improved nine-month profit, and approved a scheme of amalgamation.
Quarterly Report Analysis & Insights
Financial Disclosures
- Standalone Total Expenses Q3 FY26: Rs. 11821.05 Lakhs.
- Consolidated Total Expenses Q3 FY26: Rs. 12906.77 Lakhs.
- Cost of material consumed Standalone Q3 FY26: Rs. 5084.10 Lakhs.
- Employee Benefit Expenses Standalone Q3 FY26: Rs. 1743.59 Lakhs.
- Finance Costs Standalone Q3 FY26: Rs. 148.73 Lakhs.
- Depreciation and amortization expenses Standalone Q3 FY26: Rs. 762.36 Lakhs.
- Standalone Revenue from Operations Q3 FY26: Rs. 10727.02 Lakhs.
- Consolidated Revenue from Operations Q3 FY26: Rs. 11820.65 Lakhs.
- Standalone Footwear- Domestic & Export Sale Q3 FY26: Rs. 8733.89 Lakhs.
- Consolidated Footwear- Domestic & Export Sale Q3 FY26: Rs. 9827.51 Lakhs.
- Standalone Tannery- Domestic & Export Sale Q3 FY26: Rs. 2359.55 Lakhs.
- Consolidated Tannery- Domestic & Export Sale Q3 FY26: Rs. 2359.55 Lakhs.
- Consolidated cash inflows from Genesis Brands (9M FY26): Rs. 43.90 Lakhs.
- Consolidated cash outflows from RTS Fashion Ltd (Dubai) & Mirza (UK) Limited (9M FY26): Rs. 635.49 Lakhs.
- Standalone Total Assets as of 31.12.2025: Rs. 58576.41 Lakhs.
- Consolidated Total Assets as of 31.12.2025: Rs. 72984.66 Lakhs.
- Standalone Total Liabilities as of 31.12.2025: Rs. 10920.57 Lakhs.
- Consolidated Total Liabilities as of 31.12.2025: Rs. 15407.17 Lakhs.
- Standalone Profit/(loss) before tax Q3 FY26: (Rs. 1046.42 Lakhs) vs Consolidated: (Rs. 993.16 Lakhs).
- Standalone Profit for the period Q3 FY26: (Rs. 783.42 Lakhs) vs Consolidated: (Rs. 730.88 Lakhs).
- Consolidated results include RTS Fashion Ltd (Dubai) & Mirza (UK) Limited, Genesis Brands Private Limited, and Genesis Brands Inc.
Corporate Overview
- India (Registered & Head Office: Noida, Uttar Pradesh)
- UAE (RTS Fashion Limited, Dubai)
- UK (Mirza (UK) Limited)
- USA (Genesis Brands Inc)
- Footwear manufacturing and tannery operations.
- Factual and compliant, reporting board meeting outcomes and financial results.
- Footwear- Domestic & Export Sale
- Tannery- Domestic & Export Sale
Risk Factors
- Quarterly net loss reported.
- Unreviewed subsidiary financial results.
- Increased finance and depreciation costs.
- Regulatory approvals for amalgamation scheme.
Key Drivers
- Amalgamation of RTS Fashion Limited.
- Improved nine-month profit before tax.
- Positive impact from Ind AS 116.
- Growth in footwear and tannery segments.
Auditor’s Report
- Unaudited standalone financial results received an unmodified review report.
- Consolidated financial results received a review conclusion, not an audit opinion.
- Consolidated results include unreviewed interim financial statements of two subsidiaries: Genesis Brands Private Limited and Genesis Brands Inc.
- Consolidated results include audited/reviewed interim financial statements of RTS Fashion Ltd (Dubai) & Mirza (UK) Limited by their auditors.
Board Commentary
- Compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Scheme of Amalgamation is subject to necessary approvals from regulatory bodies.
- Scheme of Amalgamation of RTS Fashion Limited with Mirza International Limited.
Corporate Governance
- Audit Committee reviewed the unaudited financial results.
Management Discussion & Analysis
Future Strategy
- Approved Scheme of Amalgamation of RTS Fashion Limited (Transferor Company) with Mirza International Limited (Transferee Company), subject to necessary approvals.
Performance Drivers
- Adoption of Ind AS 116 reduced rent expenses but increased depreciation and finance costs, impacting profit before tax positively by Rs. 26.58 Lacs for nine months and Rs. 8.86 Lacs for the quarter ended December 31, 2025.