Mangalam Global Enterprise Q2 Revenue Grows 39% to ₹983 Crore; Adjusted Profit Up 244%

Key numbers

Market Cap	₹559.59 CrSmall Cap
PE Ratio	11.85Sector PE 28.47
Promoter Holding	68.77%No Pledge
RSI	69.4Strong Momentum

Key highlights

• Revenue from operations grew to ₹983 crore in Q2-27, compared to ₹706 crore in the same quarter last year
• Net profit stood at ₹9.3 crore for the quarter, representing a 10.7 percent increase over the previous quarter
• Adjusted profit showed a significant year-on-year growth of 244.1 percent after accounting for previous high-base exceptional items
• Operating margin remained stable on a sequential basis at 1.3 percent compared to 1.2 percent in Q1-27
• Agri Products segment dominated revenue, contributing ₹979.26 crore to the total consolidated turnover in Q2-27

Agri Products Drive 39% Revenue Expansion

Mangalam Global Enterprise demonstrated strong top-line momentum in the second quarter of FY27, with revenue from operations climbing to ₹983 crore. This represents a 39.2% increase from the ₹706 crore reported in the same period last year and a 3.3% sequential rise from ₹952 crore in Q1-27. The growth was primarily driven by the core Agri Products segment, which includes both domestic and foreign operations.

Domestic agri products contributed ₹871.21 crore to the total consolidated revenue, while foreign operations added ₹108.05 crore. This growth comes amidst a sector-wide revenue increase of 5.13%, indicating that the company is currently outpacing its broader industry peers in top-line expansion.

Profitability Trends and Exceptional Item Impact

The company reported a consolidated net profit of ₹9.3 crore for Q2-27, which appears as a 47.8% decline from the ₹17.8 crore recorded in Q2-26. However, the previous year's figures were bolstered by exceptional income of ₹10.6 crore. On an adjusted basis, the company's profitability has seen a significant turnaround, with adjusted profit surging 244.1% year-on-year.

Profit Before Tax (PBT) for the quarter stood at ₹12.3 crore, up from ₹11.0 crore in the preceding quarter. The operating margin remained thin at 1.3%, reflecting the high-volume, low-margin nature of the agricultural commodity trading and processing business. Other income also moderated during the quarter to ₹0.6 crore, down from ₹5.2 crore a year ago.

Operational Highlights and Segment Performance

• Agri Products segment turnover for the half-year ended September 30, 2026, reached ₹1,667.95 crore
• The Agri Retail and FMCG segment remains a smaller contributor with a quarterly revenue of ₹3.29 crore
• Foreign operations contributed ₹113.00 lakhs to the segment results (PBT) for the quarter
• Total segment assets for the consolidated entity rose to ₹946.55 crore as of September 2026
• Finance costs for the half-year increased to ₹19.81 crore, up from ₹15.04 crore in the corresponding period last year

Employee Stock Options and Corporate Actions

In a strategic move to align employee interests with corporate performance, the Nomination and Remuneration Committee approved the grant of 9,00,000 stock options under the MGEL ESOP Scheme 2026 on September 29, 2026. This grant falls within the overall shareholder-approved limit of 33,00,000 options. On the market front, the company maintains a strong durability score of 85 and is classified as a Strong Performer.

While the stock has seen a 12.45% change over the past year, it currently trades at a P/E of 11.85, which is significantly lower than the industry average P/E of 20.16. Institutional holding in the company saw a recent uptick, increasing by 5.24% in the latest quarter.

What to watch next

• Next board meeting for Q3 FY27 results announcement, expected in January 2027
• Expansion of the Agri Retail and FMCG segment margins over the next two quarters
• Impact of the newly granted 9,00,000 stock options on employee retention and operational efficiency
• Monitoring of global agricultural commodity price trends affecting foreign operations revenue

Mangalam Global Enterprise · financial snapshot

Share price	₹16.98
Market capitalisation	₹559.59 Cr
Revenue (annual)	₹3,384.46 Cr
Net profit (annual)	₹45.22 Cr
Revenue (latest quarter)	₹952.06 Cr-10.52% vs previous quarter
Net profit (latest quarter)	₹8.43 Cr-32.49% vs previous quarter
P/E (TTM)	11.85×Sector 28.47×
Promoter holding	68.77%-3.61% QoQ
FII holding	0.16%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.