M K Proteins FY26: Sales Jump 43%, Profit Slips 19% — and 84% of the Balance Sheet Sits in a Warehouse

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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.)

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,