What’s new

• Revenue grew 26.7% to ₹49,275 lakhs (₹493 cr) but net profit collapsed 84.5% to ₹132 lakhs (₹1.3 cr).
• A ₹9,683 lakh (₹97 cr) freehold land revaluation lifted total assets to ₹55,599 lakhs (₹556 cr).
• Total borrowings stand at ₹24,411 lakhs (₹244 cr) against equity of ₹13,683 lakhs.

Why it matters

Machino is growing revenue but not making money. The profit collapse shows costs are rising faster than sales, while interest on a large debt burden is consuming the rest. For a nano-cap with two recent credit downgrades, this combination raises immediate questions about debt servicing.

What we’re watching

• Whether lenders react to the weak profit and high debt ratio.
• The trajectory of finance charges in coming quarters.
• Any change in credit ratings following these results.

The full read

Machino Plastics grew revenue 26.7% to ₹493 cr in FY26. Profit fell 84.5% to ₹1.3 cr. Input costs and finance charges did the damage. A ₹97 cr revaluation of freehold land lifted total assets to ₹556 cr. But assets are not cash. Total borrowings stand at ₹244 cr against equity of ₹13,683 lakhs, a ratio of nearly 1.8 times. For a nano-cap already downgraded twice by CRISIL and ICRA, this is a dangerous combination. The statutory auditor signed off clean, but clean accounts don't pay bills. The open question is whether the land on the books can help Machino talk to lenders, or whether the debt burden will force a different conversation.

Primary source: BSE · NSE