Mahan Industries Limited posted a net profit of ₹172.22 lakh for the quarter ended June 30, 2026, marking a significant increase from ₹8.11 lakh in the corresponding period of FY25. The company’s revenue from operations climbed to ₹266.31 lakh, up from ₹65.05 lakh year-on-year.

The Board of Directors approved the unaudited financial results and the limited review report during its meeting on August 17, 2026. Statutory auditors S D P M & Co. issued an unmodified review report on the standalone financial results.

Financial Performance

Revenue from operations was driven by sales of shares and stock in trade, which reached ₹208.54 lakh compared to ₹52.71 lakh in Q1FY26. Interest income also rose to ₹57.76 lakh from ₹12.34 lakh. Total expenses stood at ₹356.57 lakh, compared to ₹57.14 lakh in the prior year quarter.

What the Numbers Show

Other income constitutes the primary driver of profitability for the quarter. With other income at ₹303.59 lakh against total operating revenue of ₹266.31 lakh, non-operating gains exceeded core business sales. This divergence highlights that the reported net profit of ₹172.22 lakh is heavily influenced by items outside regular operations, rather than margin expansion in primary business activities.

Corporate Developments

The Board took note of the resignation of Mr. Yash Kamleshkumar Shah (DIN: 10565098) from the position of Non-Executive (Independent) Director, effective August 8, 2026. The requisite disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, had been submitted to the stock exchange on August 8, 2026.

Mahan Industries Limited secured unanimous shareholder approval for its proposed capital raise, clearing a key regulatory hurdle for its ongoing acquisition plan. Members of the company approved two special resolutions at an Extra Ordinary General Meeting (EOGM) held on August 15, 2026, authorizing the preferential allotment of equity shares and fully convertible share warrants. The resolutions passed with 100% support among the votes polled.

The meeting, which began at 11:00 am and concluded at 11:35 am at the company's registered office in Ahmedabad, saw members vote via remote e-voting and polling papers. A total of 900,244 valid votes were cast across both resolutions, representing approximately 20% of the outstanding shares. Crucially, while the promoter group held 52,169 shares as on the record date of August 8, 2026, they cast zero votes on either resolution. All voting activity came from public non-institutional shareholders.

Voting Results Breakdown

The scrutinizer’s report filed on August 17, 2026, details the voting pattern for the two special resolutions. Both resolutions received identical support, with no votes cast against either proposal. The scrutinizer for the meeting was Shankumar Dhandhara of Dhandhara & Associates, appointed by the Board on July 16, 2026.

Remote e-voting contributed 234 votes, while physical ballot papers accounted for 900,010 votes. No invalid votes were recorded for either resolution. The total paid-up equity share capital as on the cut-off date was 45,00,000 shares of ₹10 each, with 8,133 members on record. Only 10 members voted in total: four via remote e-voting and six via ballot at the EOGM.

Preferential Allotment Structure

The amended disclosures specify that the target company proposes to issue an aggregate of 32,00,000 equity shares and 2,16,55,216 convertible warrants, each having a face value of ₹10. The issue price for both instruments is set at ₹12.00.

The allocation is structured as follows:

Each convertible warrant is exercisable into one equity share of the target company. The filing explicitly states that these warrants will not form part of the expanded voting share capital immediately. They are exercisable only after the expiry of four months from the completion of the open offer and before the expiry of eighteen months from their allotment date.

Regulatory and Financial Disclosures

The acquirers have confirmed they possess adequate financial resources to fulfill their obligations under the open offer. They have deposited more than 25% of the consideration payable to public shareholders into an escrow account, in compliance with Regulation 25(1) of the SEBI (SAST) Regulations, 2011.

The corrigendum also updates the statutory approval requirements. As of the date of the DLOF, no statutory approvals are required to complete the underlying transaction or the open offer, except for the prior approval of the Reserve Bank of India (RBI). The target company must also obtain in-principle approval from BSE Limited for the listing of equity shares proposed to be allotted on a preferential basis.

Management Appointments

The filing confirms recent management appointments linked to the acquirers:

• Mr. Nishil Sanjaykumar Shah has been appointed as a Professional Director (Executive Director).
• Mr. Niranjankumar Navratanmal Jain has been appointed as a Professional Director (Executive Director) and Chief Financial Officer (CFO).

Both appointments were effective from November 5, 2025. Neither individual is classified as a promoter.