Mrugesh Trading FY26 Revenue Falls 44%, Reports Loss

Mrugesh Trading Limited reported weaker FY26 financial performance, with BSE-filed standalone data cited in the source showing revenue of ₹11.33 crore, down 44.01% from the prior year. Audited FY26 results also showed total income of ₹12.41 crore and a net loss of ₹0.24 crore, compared with a ₹0.35 crore net profit in FY25.

What did Mrugesh Trading report for FY26?

Mrugesh Trading reported a loss for the year ended March 31, 2026 after recording a profit in FY25. The annual-results data in the source show FY26 revenue of ₹12.41 crore, EBITDA of negative ₹0.24 crore and net loss of ₹0.24 crore. In comparison, FY25 revenue was ₹20.24 crore, EBITDA was ₹0.41 crore and net profit was ₹0.35 crore.

A separate reference to BSE-filed standalone financial statements puts FY26 revenue at ₹11.33 crore, a year-on-year decline of 44.01%. The source does not provide a reconciliation between this figure and the ₹12.41 crore total-income figure in the audited-results summary. The distinction is relevant because revenue and total income can be reported differently depending on the classification of non-operating income and other income.

The change from a FY25 profit to a FY26 loss followed a decline in reported income and a negative EBITDA outcome. The available annual data also show that Mrugesh Trading had reported EBITDA of ₹0.41 crore and net profit of ₹0.35 crore in FY25, making the FY26 reversal material for investors assessing operating performance.

What do the latest quarterly figures show?

Mrugesh Trading returned to profit in the quarter ended June 30, 2026, according to the integrated filing described in the source. The filing reported total income of ₹0.71 crore and profit before tax of ₹0.09 crore, compared with a loss before tax of ₹0.50 crore in the quarter ended March 31, 2026.

The quarterly-results table also shows EBITDA of ₹0.09 crore and net profit of ₹0.09 crore for June 2026. The March 2026 quarter had EBITDA and net loss of ₹0.50 crore each. Basic earnings per share for June 2026 was stated at ₹0.00, improving from negative ₹0.01 in the preceding quarter.

The source contains more than one quarterly revenue figure for June 2026. One financial table lists revenue at ₹0.43 crore, while the quarterly-results table lists ₹0.71 crore and the filing summary lists total income of ₹0.71 crore. These figures should therefore be read in the context of the reporting labels used in the underlying disclosures.

Why did the auditor issue a qualified conclusion?

Mrugesh Trading's unaudited standalone results for the quarter ended June 30, 2026 carried a qualified conclusion from DDS & Associates, according to the source. The qualifications related to unpaid tax deducted at source on professional fees and the absence of sufficient controls or evidence for inventory held at third-party locations.

The reported audit matters also included insufficient evidence for bill-to-ship-to sales transactions. In addition, the source referred to trade advances of ₹12.15 crore from the previous year for which no goods had been received and no contractual agreement was available, along with loans and advances of ₹2.39 crore from the prior year without formal documents for verification.

For FY25, the auditor's report stated that the standalone Ind AS financial statements gave a true and fair view of the company's financial position as of March 31, 2025, subject to the opinion described in that report. The later qualified conclusion on unaudited results makes the disclosed control and documentation matters important for readers of the financial statements.

How do the results affect investors and business operations?

The FY26 loss and lower reported revenue indicate that Mrugesh Trading's annual financial performance weakened from FY25. The June 2026 quarterly profit was a positive change from the March 2026 loss, but it does not remove the need to assess results over a longer period, particularly because quarterly income has varied sharply in the available data.

Balance-sheet information for March 2025 showed total assets and total liabilities of ₹18.64 crore each, with total equity of ₹18.36 crore. The same data set reported return on assets of 1.85%, return on capital of 1.88%, and total debt-to-equity of 0.01. These figures relate to FY25 and should not be treated as FY26 balance-sheet measures.

For investors, the audit qualifications are as relevant as the income figures because they concern tax compliance, inventory records, sales documentation and advances. The source does not provide a quantified financial impact of each qualification. It also does not state that these matters have been resolved.

Conclusion

Mrugesh Trading moved from a ₹0.35 crore FY25 profit to a ₹0.24 crore FY26 loss as annual income declined. Its June 2026 quarter showed ₹0.09 crore profit after a ₹0.50 crore loss in the preceding quarter, but the source presents differing labels and figures for revenue and total income that require careful reading.

The next points to watch are the company's subsequent financial disclosures and any updates on the qualified conclusion issued for the June 2026 results. Investors will also need to monitor whether Mrugesh Trading provides evidence or corrective actions relating to unpaid TDS, third-party inventory, bill-to-ship-to transactions, trade advances and loans or advances.