Mangalam industrial finance Limited has successfully concluded its board meeting held on February 13, 2026, approving the company's Q3FY26 unaudited standalone financial results for the third quarter and nine months ended December 31, 2025. The meeting, which commenced at 19:00 P.M. (IST) and concluded at 20:15 P.M. (IST), addressed the quarterly results approval under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Overview

The company reported mixed financial performance for Q3FY26, with total income significantly boosting due to other income components despite a decline in operational revenue.

The company's revenue from operations decreased to ₹80.392 lakhs compared to ₹94.257 lakhs in the corresponding quarter of the previous year. However, substantial other income of ₹464.861 lakhs drove total income to ₹545.253 lakhs. The significant other income was offset by business referral commission expenses of ₹464.490 lakhs.

Nine Months Performance Analysis

For the nine months ended December 31, 2025, the company demonstrated stronger overall performance with improved profitability metrics.

Rights Issue and Capital Structure

The company completed a significant rights issue during the quarter, allotting 45,34,86,428 fully paid-up equity shares at ₹1 per share in the ratio of 1:2 to eligible shareholders on December 1, 2025. This increased the paid-up equity share capital substantially.

Auditor's Observations

The statutory auditors, Mahesh Udhwani & Associates, issued a limited review report highlighting a specific matter regarding related party lending. The auditors noted that the company sanctioned and disbursed an additional loan of ₹11.44 crore to a related party despite past instances of delays in servicing equated monthly instalments (EMIs) on earlier facilities. However, the auditors confirmed that appropriate credit risk assessment and due diligence were conducted, and overdue EMIs relating to earlier borrowings had been regularized subsequently.

Regulatory Compliance

The financial results have been prepared in accordance with Indian Accounting Standards (Ind-AS) prescribed under Section 133 of the Companies Act, 2013, and comply with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results are available on the company's website at www.miflindia.com and BSE Limited's website.

Mangalam Industrial Finance has received shareholding disclosures from three promoters under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, dated December 16, 2025. The disclosures reveal significant decreases in promoter equity shareholdings following the company's recent rights issue allotment to other promoters and public shareholders.

Multiple Promoter Shareholding Changes

Three promoters filed separate disclosures reporting decreased shareholding percentages due to the rights issue impact:

Rights Issue Impact on Capital Structure

The rights issue significantly expanded the company's share capital, affecting all promoter shareholding percentages while their absolute share numbers remained unchanged:

Individual Promoter Disclosures

Venkata Ramana Revuru, holding the largest promoter stake, saw his shareholding percentage drop from 14.00% to 9.45% despite maintaining 13,45,30,008 shares. Sojan Vettukalel Avirachan's holding decreased from 2.60% to 1.76% with 2,50,02,731 shares, while Garuda Mart India Private Limited's stake reduced from 4.93% to 3.33% with 4,73,93,371 shares.

Regulatory Compliance and Corporate Action Details

All three promoters submitted their required disclosures to BSE Limited on December 16, 2025, fulfilling regulatory obligations under SEBI takeover regulations. The filings confirm that the shareholding changes resulted from allotment of fully paid-up equity shares to other promoters and public shareholders under the rights issue basis. The rights issue involved 46,34,86,428 equity shares issued at par value of Re. 1.00 each, successfully raising additional capital while proportionally diluting existing shareholding percentages across all stakeholders.