Man Industries (India) Limited has submitted its quarterly compliance report to BSE and NSE, confirming no deviations in the utilization of funds raised through preferential issues during the quarter ended December 31, 2025. The filing, made pursuant to Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrates the company's adherence to its stated fund utilization objectives.

Fund Raising Details

The company raised funds through two separate preferential issues during 2025. The equity share issue to non-promoters was completed on July 28, 2025, while the convertible warrants issue to promoters was executed on August 2, 2025.

Fund Utilization Pattern

The preferential equity issue proceeds have been deployed across three primary objectives as originally planned. The largest allocation was directed toward business expansion activities, followed by working capital requirements and general corporate purposes.

Equity Issue Fund Deployment

Convertible Warrants Fund Usage

The entire proceeds from the convertible warrants issue amounting to Rs. 999,99,984 were allocated and utilized for general corporate purposes, with no deviations reported from the original plan.

Regulatory Compliance

The company's Chief Financial Officer Sandeep Kumar signed both annexures on February 9, 2026, while Company Secretary Rahul Rawat submitted the consolidated report to the stock exchanges on February 13, 2026. The audit committee provided no additional comments after reviewing the fund utilization, and auditors confirmed no concerns regarding the deployment of raised capital.

Monitoring and Oversight

CRISIL Ratings Limited serves as the monitoring agency specifically for the preferential equity issue, ensuring proper utilization of the substantial Rs. 254.99 crore raised from non-promoters. The convertible warrants issue does not require external monitoring agency oversight as per regulatory requirements.

The quarterly filing reinforces Man Industries' commitment to transparent fund utilization and regulatory compliance, with all raised capital being deployed according to the original objects without any modifications or shareholder approvals required for changes in fund deployment strategy.

Mahan Industries Limited has announced its unaudited standalone financial results for the quarter and nine months ended December 31, 2025. The Board of Directors approved these results during their meeting held on February 12, 2026, following review by the Audit Committee.

Financial Performance Overview

The company's Q3FY26 performance showed mixed results with strong revenue growth but increased losses. Revenue from operations reached ₹159.36 lakhs in Q3FY26, marking a substantial 68.92% increase from ₹94.34 lakhs in the corresponding quarter of the previous year.

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, Mahan Industries demonstrated strong top-line growth with revenue from operations reaching ₹349.59 lakhs, compared to ₹178.01 lakhs in the corresponding period of FY25, representing a 96.37% increase.

Expense Structure and Profitability

The company's expense structure revealed significant increases across multiple categories. Purchase of stock in trade rose to ₹176.08 lakhs in Q3FY26 from ₹54.44 lakhs in Q3FY25. Other expenses increased substantially to ₹25.94 lakhs compared to ₹4.51 lakhs in the previous year quarter. Total expenses for Q3FY26 reached ₹199.20 lakhs, significantly higher than ₹95.93 lakhs in Q3FY25.

The company benefited from positive inventory changes of ₹9.98 lakhs in Q3FY26, compared to negative changes of ₹29.45 lakhs in the corresponding quarter last year. Employee benefits expenses decreased to ₹4.68 lakhs from ₹6.54 lakhs year-over-year.

Share Capital and Earnings Per Share

Mahan Industries maintained a paid-up equity share capital of ₹450.00 lakhs with a face value of ₹10 per share. The company reported basic and diluted earnings per share of ₹0.60 loss for Q3FY26, compared to ₹0.00 loss in Q3FY25. For the nine-month period, EPS stood at ₹0.59 loss compared to ₹0.01 profit in the previous year.

Regulatory Compliance and Audit

The financial results were prepared in accordance with Indian Accounting Standards (Ind AS) and reviewed by statutory auditors M/s. SDPM & Co., Chartered Accountants, who issued an unmodified review report. The company operates as a registered Non-Banking Financial Company (NBFC) and has no separate reportable segments under Ind-AS 108 on Operating Segments.