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1 — At a Glance
M K Proteins Ltd closed FY26 with revenue of ₹382.88 crore, up from ₹267.66 crore — a 43% jump that is the headline. The number underneath is quieter: profit after tax came in at ₹6.83 crore, down from ₹8.40 crore the year before. Sales sprinted; profit walked backwards.
The operating margin tells the same story from the other side. Operating profit was roughly ₹11 crore on ₹383 crore of sales, an OPM near 3% — the same low-single-digit band this edible-oil refiner has lived in for most of its recorded years, punctuated by a brief 2021–2024 stretch where it touched 5–7%.
The balance sheet has one dominant feature. Of ₹131.2 crore in total assets, ₹109.78 crore is inventory. That is 84% of everything the company owns, parked as stock. Cash on hand: ₹0.44 crore.
A ₹180 crore market capitalisation rests on ₹6.83 crore of annual profit. The market currently pays about 26 times earnings for that arrangement, against a peer median near 21.
The teaser, then: a company selling more oil each year while keeping less of it, financed largely by what sits in its own godown.
2 — Introduction
M K Proteins Ltd was incorporated in 2012 and operates out of Ambala City, Haryana. Its business is the refining and trading of edible oils, and it identifies as part of the Shree Ganesh Fats Group. The listed history is short: the company migrated from the BSE SME Emerge platform to the BSE mainboard on 13 June 2023.
The period immediately after that listing was eventful in the plainest sense. In July 2023, operations were disrupted by flooding and resumed on 27 July. In August 2023, the Chief Financial Officer, Nipun Garg, resigned. Then came a burst of capital-structure activity: a share subdivision in the ratio 1:10 in October 2023, an increase in authorised capital in March 2024, and a bonus issue of 25,02,48,000 equity shares in the ratio 2:1, allotted on 18 March 2024. Those two actions together took the share count from 1.25 crore shares to 37.54 crore — which is why any EPS comparison across the 2023–24 boundary is comparing two different-sized companies wearing the same name.
The most recent event is the FY26 audited standalone result, approved by the board on 29 May 2026 with an unmodified audit opinion.
3 — Business Model: WTF Do They Even Do?
They buy oil, clean it, and sell it. More precisely: the company refines crude oils into finished edible oils — rice bran oil, sunflower oil, cotton seed oil, soya bean oil, palm oil and canola oil — and also trades in both edible and non-edible oils. The manufactured versus traded split, as disclosed for FY23, ran roughly 86% manufactured to 14% traded.
This is a commodity-processing business, and the P&L wears it openly. In FY26, cost of material consumed and purchase of stock-in-trade together came to about ₹360 crore against revenue of ₹383 crore. The entire enterprise is a thin membrane stretched over the price of oil: buy at one number, sell at a slightly higher one, and hope the gap survives contact with the market.
The “protein” in the name is a period piece — the reported single business activity, per the audited results, is manufacturing of vegetable refined oil, with no separate reportable segment. One product line, one commodity, one margin to defend.
Does a 43% revenue jump mean much when the thing being sold is priced by the market and not the seller?
4 — Financials Overview
Figures are consolidated, in ₹ crore. (The company reports on a standalone basis; results are presented as filed.)
| Metric | Latest Q (Mar 2026) | YoY (vs Mar 2025) | QoQ (vs Dec 2025) |
|---|---|---|---|
| Revenue | 145.94 | +6.4% | +63.0% |
| Operating Profit | 2.50 | −46.2% | +5.5% |
| PAT | 1.14 | −59.3% | −20.3% |
| EPS (₹) | 0.03 | — | — |
The March quarter carried the year’s revenue: at ₹145.94 crore it was the biggest quarter on record, yet profit of ₹1.14 crore was the smaller number, down 59.3% against the same quarter last year. The quarterly operating margin for Mar 2026 sits at 1.71% on the data sheet — the lowest in the visible quarterly run.
The full year that this quarter closes: revenue ₹383.13 crore and PAT ₹6.83 crore, per the 29 May 2026 board outcome, with the statutory auditor issuing an unmodified opinion.
5 — Market Expectations & Historical Multiples
This section describes how the market is currently pricing the company and how that compares with its own history and peer group. It is descriptive, not predictive.
| Metric | Current | Historical Average | Peer Median |
|---|---|---|---|
| P/E | 26x | — | 21x |
| EV/EBITDA | 18.6x | — | — |
| P/B | 2.35x | — | — |
| ROE | 9.4% | 17.3% (5-yr) | — |
| ROCE | 10.1% | — | 12.3% |
The market currently pays about 26 times earnings here, against a peer median near 21 and an industry P/E of 20.7. Return on equity, at 9.4%, sits below the company’s own 5-year average of 17.3%, and return on capital employed of 10.1% is beneath the peer median of 12.3%.
What the multiple appears to be pricing is the top line, not the bottom: revenue has compounded while profitability has drifted down, and the price the market assigns to each rupee of earnings has stayed above both the peer set and the industry. The one factual observation on which to end: the market is paying a premium multiple on a year in which earnings fell.
6 — What’s Cooking
The dump’s recent filings are administrative rather than dramatic. On 29 May 2026, alongside the FY26 results, the board re-appointed M/s K. K. Sinha & Associates as cost auditors and M/s Jayant Bansal & Co. as internal auditor, both for FY27. A trading-window closure was intimated on 27 June, and newspaper publication of results on 1 June.
The one number worth flagging from the borrowings filing: outstanding borrowings moved from ₹37.75 crore at 31 March 2025 to ₹36.19 crore at 31 March 2026 — incremental borrowing of −₹1.56 crore for the year. The company confirmed no outstanding default on loans and debt securities as of 31 March 2026.
No orders, no acquisitions, no launches in the record. So the record says three things, and this section reports three things.
7 — Balance Sheet
| Item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Total Assets | 96.24 | 130.57 | 131.20 |
| Net Worth | 61.08 | 69.47 | 76.30 |
| Borrowings | 20.08 | 38.72 | 37.14 |
| Other Liabilities | 15.08 | 22.38 | 17.76 |
| Total Liabilities | 96.24 | 130.57 | 131.20 |
Assets equal liabilities in every column. The interesting motion is inside the asset side, not the totals.
- Inventory stood at ₹109.78 crore — 84% of total assets. The company’s single largest holding is unsold oil.
- Cash and bank came to ₹0.44 crore. The godown is full; the till is not.
- Net worth grew every year (₹61.08 → ₹76.30 crore) with no dividend paid, so retained profit is doing the building.
With borrowings of ₹37.14 crore against ₹0.44 crore of cash, this is a net-debt balance sheet, not a net-cash one.
A wisdom line: on a commodity book, inventory isn’t a cushion — it’s an open position on a price the company doesn’t set.
8 — Cash Flow: Sab Number Game Hai
| Year | Operating | Investing | Financing |
|---|---|---|---|
| Mar 2024 | 32.42 | −5.88 | −26.51 |
| Mar 2025 | −16.13 | −1.48 | 17.55 |
| Mar 2026 | 5.43 | −1.60 | −3.43 |
Follow the money and it zig-zags. FY24 threw off ₹32.42 crore from operations — a year of inventory unwind — and most of it went straight into repaying financing (−₹26.51 crore). FY25 reversed: operating cash flow went to −₹16.13 crore as inventory rebuilt, funded by ₹17.55 crore of fresh financing. FY26 landed at a modest positive ₹5.43 crore operating.
Across the three years, the operating line is a mirror of the inventory line: cash appears when stock is sold down and vanishes when it is rebuilt. For a business this is the whole plot.
9 — Ratios: Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 9.4% |
| ROCE | 10.1% |
| P/E | 26x |
| PAT Margin | 1.8% |
| D/E | 0.49 |
ROE at 9.4% means the equity is working part-time — well under the 17.3% five-year average it once posted. ROCE of 10.1% is the lowest in the visible run, down from 29% in FY21 and 20% in FY23; the capital is turning slower each year. The PAT margin of 1.8% is the natural condition of a commodity trader — on ₹383 crore of sales, ₹6.83 crore stuck to the company. Debt to equity of 0.49 is the least stressed number in the table: leverage is moderate; it’s the returns on that capital that have thinned.
10 — P&L Breakdown: Show Me the Money
| Year | Revenue | Operating Profit | Other Income | PAT | EPS (₹) |
|---|---|---|---|---|---|
| Mar 2024 | 245.18 | 17 | 0.45 | 11.21 | 0.30 |
| Mar 2025 | 267.66 | 13 | 0.45 | 8.40 | 0.22 |
| Mar 2026 | 382.88 | 11 | 0.26 | 6.83 | 0.18 |
Here is the two-year story in one table. Revenue climbed from ₹245 crore to ₹383 crore — a 56% rise across the span — while operating profit went the other direction, ₹17 crore to ₹11 crore. More oil sold, less profit made on it.
The Other Income column is the honest part: at ₹0.26 crore in FY26 against ₹11 crore of operating profit, essentially none of the profit is non-operating decoration. This is real business — a real business earning less on more.
EPS fell from ₹0.30 to ₹0.18. The share count has been stable at 37.54 crore across all three years, so this EPS drop tracks the profit drop directly — no dilution trickery here, just a smaller profit divided by the same number of shares.
11 — Peer Comparison
| Company | Revenue (Qtr) | PAT (Qtr) | P/E |
|---|---|---|---|
| Marico | 3,333 | 408 | 62.9 |
| Patanjali Foods | 11,156 | 524 | 22.1 |
| AWL Agri Business | 21,465 | 293 | 23.1 |
| Gokul Agro | 6,200 | 119 | 16.8 |
| M K Proteins | 146 | 1.14 | 26.3 |
The scale gap is the first fact: peers report quarterly revenue in the thousands of crore; M K Proteins reports ₹146 crore. On multiple, the company carries 26x against a peer median near 21 — a higher multiple than Patanjali Foods, AWL and Gokul Agro, each of which is many times its size and, by quarterly numbers, more profitable per rupee of sales.
12 — Miscellaneous: Shareholding & Promoters
| Holder | % (Mar 2026) |
|---|---|
| Promoters | 74.82 |
| Institutions (FIIs) | 0.00 |
| Public | 25.17 |
Promoter holding is rock-steady at 74.82% with zero change over the reported quarters and zero pledging. The promoter group is the Garg family and associated entities of the Shree Ganesh Fats Group, with Parmod Kumar as Managing Director (DIN 00126965). Institutional interest is nil — no FIIs, no DIIs of note — which is unremarkable for a company this size. The public float of roughly 25% is spread across some 70,742 shareholders as of March 2026, up from 344 at the start of the reported window — a shareholder base that expanded dramatically around the mainboard migration and the bonus.
13 — Corporate Governance: Angels or Devils?
The audit trail is clean on its face. The statutory auditor, Subhash Sajal & Associates, issued an unmodified opinion on the FY26 standalone results. Cost auditor (K. K. Sinha & Associates) and internal auditor (Jayant Bansal & Co.) were both re-appointed for FY27. Pledged promoter shares: 0%. Outstanding default on loans and debt securities as of 31 March 2026: none.
Two facts belong in the record without embellishment. The CFO, Nipun Garg, resigned in August 2023, and the position’s continuity is not detailed further in the filings here. And the working-capital profile deserves a governance-adjacent note: inventory days ran 114 in FY26 and 170 in FY25, with the cash conversion cycle between 110 and 142 days. A book where four-fifths of assets are inventory is a book where valuation and stock-counting matter more than usual — a structural feature, stated as a fact.
14 — Industry Roast & Macro Context
Edible-oil refining is one of the least forgiving corners of Indian FMCG. It is fragmented, low-barrier and capital-light on the manufacturing side, which means competition is permanent and pricing power is borrowed, never owned. The raw material — crude oil to be refined — is priced globally and swings with monsoon, acreage, import duty and international demand. A refiner sits between an input it cannot control and a customer who has ten alternatives on the same shelf.
That is why margins in this sector cluster in the low single digits and why a good year is usually a year the commodity moved in your favour rather than a year of brilliant strategy. The sector’s whole personality is captured in one line from this company’s own numbers: revenue up 43%, profit down. Volume is easy to buy; margin is not.
15 — EduInvesting Verdict
| Strengths | Weaknesses |
|---|---|
| Revenue compounding, +43% in FY26 | PAT and OPM both falling; margin near 3% |
| Zero pledge, stable 74.82% promoter holding | ROE 9.4% and ROCE 10.1%, both below history |
| Moderate leverage, D/E 0.49; no default | 84% of assets locked in inventory; ₹0.44 cr cash |
| Opportunities | Threats |
|---|---|
| Operating leverage if margins recover to 5–7% band | Commodity price swings the company cannot control |
| Group scale via Shree Ganesh Fats association | Fragmented, low-barrier industry; no pricing power |
M K Proteins spent FY26 proving that a company can grow its top line by 43% and keep less money than the year before. The revenue is real, the audit is clean, the leverage is manageable — and nearly every rupee of it is currently sitting in a warehouse as unsold oil.
A business selling more each year while earning less on each sale, priced by the market at a premium to peers many times its size — the growth is on the invoice, the profit is somewhere in the inventory.