Mackinnon Mackenzie & Company Ltd

Financial results approved

• Standalone unaudited results for quarter ended 30 June 2026 approved.
• Qualified Limited Review Report attached; results reviewed by Audit Committee.

Auditor remarks and going concern

• Auditor: Qualified opinion on standalone results.
• Basis cites multiple accounting issues and data gaps.
• Material going concern uncertainty acknowledged; revival options being evaluated.
• Lending Company provided support; going concern assessment relies on it.
• Total amount due to Lending Company per decree Rs 872.72 crores as on 30 Jun 2026.
• Auditor's opinion not modified despite going concern note.

Key quarterly standalone financials

• Quarter ended June 30, 2026: net loss Rs 18.66 lakhs.
• Revenue from operations Rs 4.25 lakhs.
• Total income Rs 4.35 lakhs.
• Total expenses Rs 23.01 lakhs.
• Profit before tax Rs -18.66 lakhs.
• EPS (basic/diluted) Rs -7.55.
• Paid-up equity share capital Rs 24.72 crore.
• One-segment operation; no separate reporting.

Regulatory, legal and debt-related matters

• Debt restructuring: one-time settlement with bankers; debts assigned to private company.
• Lease renewal arrears demand Rs 30.54 crore; contested.
• BMC property tax: differential not provided; SLP pending; Rs 1.5347 crore outstanding.
• Shares suspended from trading since 2005 for non-payment of listing fees.

Other notable disclosures

• Board meeting held on 10 August 2026; results approved.
• Results relate to standalone; no consolidated reporting.

Dematerialisation status

• No dematerialisation requests were received during the quarter ended 30 June 2026.
• The securities in the certificates have been listed on the stock exchanges.
• Physical certificates were mutilated and cancelled, with the depository named substituted as registered owner.

Financial Performance 📊

• Q3 FY26 standalone revenue from operations was Rs 4.22 lakhs, flat YoY and QoQ.
• Other income surged to Rs 52.81 lakhs in Q3 FY26 from Rs 0.19 lakhs in Q2 FY26.
• Total income for Q3 FY26 was Rs 57.03 lakhs, up from Rs 4.42 lakhs in Q2 FY26.
• Q3 FY26 net profit was Rs 38.22 lakhs versus net loss of Rs 9.16 lakhs in Q2 FY26.
• Nine months FY26 net profit was Rs 1.97 lakhs versus net loss of Rs 27.72 lakhs in nine months FY25.
• EPS for Q3 FY26 was Rs 15.46 (basic and diluted), compared to negative Rs 3.70 in Q2 FY26.

Expenses & Costs

• Total expenses for Q3 FY26 were Rs 18.81 lakhs, up from Rs 13.58 lakhs in Q2 FY26.
• Employee benefit costs for Q3 FY26 were Rs 2.96 lakhs, up from Rs 2.06 lakhs in Q2 FY26.
• Depreciation increased to Rs 2.44 lakhs in Q3 FY26; finance costs were nil.

Audit & Accounting ⚠️

• Auditor issued qualified review report citing Rs 868.10 crore debt transferred to lending company.
• Non-availability of confirmations for loans, debtors, bank balances, deposits, and creditors limited audit scope.
• Old balances in loans and advances (Rs 8.19 lakhs), trade payables (Rs 26.51 lakhs), and credit balances (Rs 148.53 lakhs) overstated assets/liabilities.
• Investments of Rs 0.09 lakhs destroyed by fire in 1998 not written off.
• Material uncertainty on going concern noted; management evaluating revival options with lending company support.

Legal & Regulatory ⚠️

• Debt recovery tribunal and Bombay High Court decreed sale of company properties to recover dues.
• Lease of company premises expired May 22, 2017; demand notice for Rs 28.85 crore arrears contested.
• Property tax dispute with BMC ongoing; Rs 1.46 crore differential not provided pending Supreme Court decision.

Corporate & Operations 🧱📍

• Company is in process of debt restructuring after one-time settlement and debt assignment to private company.
• Operates in a single segment; shares suspended from trading since 2005 due to non-payment of listing fees.