Mishka Exim Shares Rise 5% After Profit Jumps to 528% in Q4

Synopsis: Reporting a near-fivefold jump in standalone revenue to Rs. 22.25 crore and a sixfold surge in net profit to Rs. 1.97 crore for FY2025-26, Mishka Exim Limited has declared its audited financial results for the quarter and year ended March 31, 2026, driven almost entirely by a sharp scale-up in its jewellery trading segment.

Shares of a Delhi-based multi-segment trading company came into focus on April 28, 2026, after its board approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.

With a market capitalization of Rs. 61.85 crore, the shares of Mishka Exim were trading at Rs. 42.8 per share, up 4.90 percent from their previous close of Rs.40.8. The stock trades at a P/E of 31.47.

For the full year ended March 31, 2026, Mishka Exim reported standalone revenue from operations of Rs. 22.25 crore, against Rs. 4.67 crore in FY2025, a year-on-year increase of 376 percent. Standalone net profit for the year rose to Rs. 1.97 crore from Rs. 31.39 lakhs in the prior year, a roughly sixfold improvement. The consolidated picture is broadly in line, with consolidated revenue from operations at Rs. 22.35 crore and consolidated net profit at Rs. 1.98 crore.

The revenue surge traces almost entirely to the jewellery segment, which jumped from Rs. 4.62 crore in FY2025 to Rs. 20.57 crore in FY2026 on a consolidated basis. Share trading contributed Rs. 1.73 crore this year against Rs. 4.39 lakhs in the prior period, reflecting increased activity through its subsidiary Mishka Capital Advisors Limited and associate Cross River Securities Limited. The fabric segment, historically the secondary business line, contributed negligibly this year.

A point worth flagging: other expenses for the year include losses from futures and options transactions amounting to Rs. 36.69 lakhs on a standalone basis and Rs. 34.73 lakhs consolidated. These are recurring items that reduce reported other expenses and represent a drag on operating profitability that sits outside the core jewellery and fabric trading activity.

Despite strong headline profit growth, the cash flow picture is less flattering. Net cash generated from operating activities was marginally negative at Rs. -4.40 lakhs for the standalone entity, as inventory build-up and working capital tied to trade receivables consumed the operating surplus. This is not uncommon for a trading business scaling rapidly, but it is worth watching, a business that grows revenue fivefold without generating positive operating cash flow in the same year is funding its growth through payables and short-term financing rather than earnings-backed capital.

The fourth quarter continued the momentum seen through the year. Standalone Q4 revenue was Rs. 3.42 crore and net profit was Rs. 68.90 lakhs, making it the strongest quarter of the year in profit terms. The December 2025 quarter was slightly ahead on revenue at Rs. 7.93 crore but the current quarter showed stronger margins.

Business Overview

Mishka Exim Limited, incorporated in 2014, is a Delhi-based trading company operating across three segments: jewellery, fabric, and share trading. Its subsidiary Mishka Capital Advisors Limited handles capital markets activity, while associate Cross River Securities Limited provides additional exposure to the brokerage segment.

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