What drove the profit decline despite strong revenue growth?

Cost pressures squeezed margins. Revenue grew 22% to ₹179.09 crore, but net profit dropped 40% to ₹7.27 crore.

Is this a one-off or a trend?

It's a trend. The same pattern occurred in Q4 FY26 (revenue up 22%, profit down 41%). This Q1 result confirms persistent margin compression.

Does the auditor change affect the company's financials?

No. The appointment of JMT & Associates to replace NGST & Associates is a routine governance change with no direct impact on business fundamentals.

When is the AGM and what are the key dates?

The 44th AGM is scheduled for September 24, 2026. Book closure and e-voting dates are part of standard compliance but not detailed in this filing.

Earnings · Chemicals · Micro cap

Mangalam Organics revenue up 22%, profit down 40% in Q1

Consolidated net profit at ₹7.27 crore vs ₹12.23 crore a year ago. Second straight quarter of margin compression.

— 3 earlier stories on Mangalam Organics Ltd. →

MANORG By Tipsheet Editorial 28 Jul 2026 · 5:32 PM IST Verify on BSE · NSE

Mkt cap₹473 cr

P/E18.36×

ROE4.26%

Debt / eq.0.91

40% Year-on-year decline in Q1 net profit

What's new

Consolidated revenue rose 22% to ₹179.09 crore in Q1.
Net profit fell 40% to ₹7.27 crore, repeating Q4's pattern.
Board appointed JMT & Associates as auditor for five-year term.

Why this matters

This is the second consecutive quarter where double-digit revenue growth has been overshadowed by a sharp profit drop. Margin pressure is looking structural, not seasonal, for this ₹473 crore market-cap chemical maker.

What we're watching

Whether margin erosion continues in Q2 or shows signs of easing.
Any management commentary on cost-control measures.
Impact of new CFO Manoj Mhapadi, appointed in June.

The full read

For the second straight quarter, Mangalam Organics has posted double-digit revenue growth alongside a steep profit decline — an exact repeat of the Q4 pattern. Consolidated revenue hit ₹179.09 crore, up 22% from ₹146.55 crore a year earlier, but net profit fell to ₹7.27 crore from ₹12.23 crore, a drop of 40%. The margin squeeze, attributed to cost pressures, now looks structural rather than seasonal. With a market cap of ₹473 crore and a trailing P/E of 18.4, earnings trajectory is the key variable. Separately, the board appointed JMT & Associates as auditors for five years, a procedural change. The AGM is set for September 24. The next test is whether management can arrest the margin erosion.

Questions answered

What drove the profit decline despite strong revenue growth?: Cost pressures squeezed margins. Revenue grew 22% to ₹179.09 crore, but net profit dropped 40% to ₹7.27 crore.
Is this a one-off or a trend?: It's a trend. The same pattern occurred in Q4 FY26 (revenue up 22%, profit down 41%). This Q1 result confirms persistent margin compression.
Does the auditor change affect the company's financials?: No. The appointment of JMT & Associates to replace NGST & Associates is a routine governance change with no direct impact on business fundamentals.
When is the AGM and what are the key dates?: The 44th AGM is scheduled for September 24, 2026. Book closure and e-voting dates are part of standard compliance but not detailed in this filing.

Mentioned: JMT & Associates · ₹179.09 cr · Q1 FY27

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

Mangalam Organics Ltd.

Chemicals

₹458 cr

P/E 17.78×

Latest quarter · Mar 2026

Sales₹154 cr

Net profit₹6 cr

Op. margin+30.4%

EPS₹6.99

Strength & growth

Debt / equity0.91×

Current ratio1.09×

Sales CAGR+13.6%

EPS CAGR−15.9%

Story so far

All notes on MANORG →

28 Jul 2026 · 5:32 PM IST Mangalam Organics revenue up 22%, profit down 40% in Q1
today Mangalam Organics revenue up 22% but profit drops 41% on cost pressure
27d ago Mangalam Organics gets stable outlook after CRISIL lifts rating watch
35d ago Mangalam Organics names Manoj Mhapadi as new CFO as Rajule retires after 20+ years