🧀 Lake Shore Realty: From Milk Powders to Mystery Buyers

At a Glance

Lake Shore Realty Ltd (formerly Mahaan Foods) went from selling baby milk powder to becoming a BSE-listed case study in corporate reshuffling. With barely any real revenue in recent years, the company suddenly attracted an open offer at ₹57.51/share—nearly 40% below CMP. Why’s the stock at ₹97 now? Read on.

1. 🧨 Introduction with Hook

Dairy company. Zero sales. ₹0.85 Cr net profit. 4.9% ROCE. 3.6% ROE. And yet — ₹97/share.

Lake Shore Realty Ltd might just be BSE’s most confusing smallcap mystery novel. Formerly Mahaan Foods Ltd, this microcap company posted near-zero revenues for years. But then… boom 💥 — an open offer, share purchase agreement, and sudden interest from entities named AL Maha and Indigo Infracon.

What’s really going on? Let’s break this down.

2. 🥛 WTF Do They Even Do?

Well… what they used to do:

• Manufacture dairy products like:
  • Dairy whitener
  • Skimmed/whole milk powder
  • Ghee under brand “MAHAAN”
  • Baby food and nutritional powders

But since FY22?

• Zero operating revenue.
• Company only earning via other income (₹1.55 Cr TTM).
• Claimed “processing” of milk but P&L shows no activity.

So basically:

📦 Stock looks like dairy. Tastes like shell.

3. 💰 Financials – Profits, Margins, ROE, Growth

• Consistently low-margin, low-ROE, no-dividend company.
• Net profits coming only from “other income”, not operations.

🚨 No core operations = Financials built