Mukka Proteins Reports Strong Q2 FY26 Results; Acquires 68% Stake in United Gulf Fishery Products LLC
Mukka Proteins reported strong Q2 FY26 results with increased revenue and profit. The company also announced the acquisition of a 68% stake in United Gulf Fishery Products LLC for ₹1 crore to expand in the Middle East.
The announcement includes strong quarterly financial performance, indicating robust business operations. More importantly, the strategic acquisition of a 68% stake in an overseas entity signifies a major step towards international expansion and diversification, which can have a high long-term impact on the company's growth trajectory. The tax notices, while present, are being contested with no expected material impact.
The company reported significant growth in both standalone and consolidated revenue and profit for the quarter. The strategic acquisition of a majority stake in United Gulf Fishery Products LLC is a positive step for international expansion and synergy. Although there are tax notices, the company is contesting them and does not expect a material financial impact.
* The Board of Directors of Mukka Proteins Limited, in their meeting held on November 12, 2025, approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025. * Standalone Financial Highlights (Quarter ended September 30, 2025 vs. September 30, 2024): * Revenue from operations increased to ₹222.27 crore from ₹126.08 crore. * Profit after tax grew to ₹3.61 crore from ₹2.17 crore. * Consolidated Financial Highlights (Quarter ended September 30, 2025 vs. September 30, 2024): * Total Revenue from operations significantly rose to ₹244.58 crore from ₹149.19 crore. * Profit for the period surged to ₹6.58 crore from ₹1.47 crore. * The Board also approved an investment to acquire 34,000 shares, representing 68% of the capital, in United Gulf Fishery Products LLC, an overseas entity, for a total consideration of approximately ₹1 crore. This strategic acquisition aims to expand the company's business in the Middle East, leveraging the acquired entity's local presence and expertise, with a potential future merger for operational efficiencies. * The company received a Show Cause Notice (SCN) from the Assistant Commissioner of State Tax, Porbandar, regarding alleged GST discrepancies for FY2021-22. The initial demand of ₹141.06 crore has been substantially reduced to ₹27.2 lakh, which the company intends to contest, expecting no material financial impact. * Another SCN was received from the Directorate General of GST Intelligence (DGGI), Mangaluru, alleging wrongful Input Tax Credit (ITC) availment of ₹4.368 crore related to IPO expenses from FY2021-22 to FY2023-24. The company has disputed this demand, arguing eligibility for ITC, and it is currently pending adjudication, with no material financial impact expected.
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