M K Proteins Ltd Q3 FY26 – ₹89.56 Cr Sales, 126.85% QoQ Jump, But 2.65% OPM… Oil Business or Margin Business?

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1. At a Glance – The Edible Oil Rollercoaster

M K Proteins Ltd is currently trading at ₹5.08 with a market cap of ₹191 crore. In the last 3 months, the stock is down 19.2%. Over 1 year, down 25.6%. Over 3 years? A painful -40.7%.

Yet here’s the twist: Q3 FY26 revenue stands at ₹89.56 crore, up 126.85% sequentially. PAT for the quarter is ₹1.43 crore.

Stock P/E is 22.5. Price-to-book 2.59. ROCE 12.9%. ROE 12.4%. Debt to equity? A microscopic 0.03.

So what is this company?
A stable oil refiner?
A cyclical margin machine?
Or a volume-driven trader pretending to be a manufacturer?

And most importantly — if revenue doubled sequentially, why is OPM only 2.65%?

Let’s open the oil can.

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2. Introduction – From Rajkot to Retail Investors

Incorporated in 2012, M K Proteins Ltd operates in edible oil manufacturing and trading. It is promoted by the Keshariya and Mashru families and is part of the Shree Ganesh Fats Group.

In April 2022, the company acquired a groundnut oil manufacturing plant in Gujarat. In June 2023, it migrated from SME to BSE mainboard.

Translation:
They moved from “small and cute” to “now the public is watching”.

Then came capital structure gymnastics:

• Share split 1:10 in October 2023
• Bonus issue 2:1 in March 2024
• Authorized capital increased to ₹40 crore

Classic smallcap playbook:
Liquidity + optics + visibility.

But numbers don’t care about optics.

Revenue growth over 5 years? 6.64%.
Profit growth over 3 years? -7.29%.
TTM sales growth? 72%.

Are we looking at a cyclical rebound? Or inventory timing luck?

Let’s break it down.

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3. Business Model – WTF Do They Even Do?

MKPL refines crude edible oils and trades in both edible and non-edible oils.

Products include:

• Rice Bran Oil
• Sunflower Oil
• Cotton Seed Oil
• Soybean Oil
• Palm Oil
• Canola Oil

During refining, they also produce by-products like rice bran fatty acid oil, wax, gums, and spent earth — all saleable.

They also import crude oil, refine it, and sell finished products.

So are they manufacturers? Yes.
Are they traders? Also yes.

FY23 revenue split:

• Manufactured products: 86%
• Traded products: 14%

This is important.

Because refining edible oil is a margin game. And margins are thin. Razor thin. So thin, you need a microscope.

OPM historically has hovered around 3–7%. That’s not FMCG margin. That’s “bulk commodity with fixed costs” margin.

Now the question:
In a price-sensitive edible oil market dominated by giants — how much pricing power does MKPL really have?

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4. Financials Overview – Q3 FY26 Snapshot

Figures in ₹ Crores
Latest results: Quarterly Results (Dec 2025)

Quarterly Comparison Table

Metric	Latest Qtr (Dec 2025)	YoY Qtr