At a Glance
M K Exim, the Jodhpur-based export house dabbling in fabrics, garments, jewellery, and now FMCG cosmetics, posted a whopping 88% YoY jump in PAT this quarter. Revenue stood at ₹26.8 Cr, OPM zoomed to 33.8%, and PAT at ₹6.8 Cr gave EPS ₹1.69. A small-cap with ROE 20% and almost no debt is making noise. But beware: GST show-cause notices and inventory cycles longer than Netflix binge sessions could spoil the party.
Introduction
When a company sells both Moroccan Oil shampoos and polyester suitings, you know it’s playing the “diversify or die” game. M K Exim (MKEL) is a niche exporter with strong connections in relief programs and exclusive FMCG distributorships in India. The story looks good on paper: asset-light, debt-light, and profit-rich. Yet, with governance hiccups and long cash cycles, investors should tread with more caution than a cat on a hot tin roof.
Business Model (WTF Do They Even Do?)
- Fabric Manufacturing: Blended fabrics (poly-viscose, cotton, wool), premium suitings, and shirtings.
- FMCG Cosmetics: Exclusive distributor for Moroccan Oil, Paul Mitchell, BCL Spa, K18 Hair Science.
- Jewellery & Garments: Government-recognized export house with relief program supplies.
Roast: They make suits and sell shampoos – synergy level: Bollywood plot twist.
Financials Overview
Q1 FY26 Snapshot
- Revenue: ₹26.8 Cr (↑14% YoY)
- OP: ₹9.05 Cr (OPM 33.8%)
- PAT: ₹6.81 Cr (↑87.6% YoY)
- EPS: ₹1.69
FY25 (TTM)
- Revenue: ₹99 Cr
- PAT: ₹21 Cr
- ROE: 20.1%
- ROCE: 27.4%
Commentary: High margins + strong ROE for a micro-cap = investor candy, but watch cash flows.
