Mish Designs Ltd

Store rollout

• MISH is now live in 31 Reliance Trends stores nationwide, up from 21 last month.
• New stores added across Uttar Pradesh, Uttarakhand, Rajasthan, Chandigarh, Haryana and Maharashtra.
• Rollout supports Mish's omnichannel strategy with large-format retail alongside online marketplaces.
• New markets include Jaipur, Chandigarh, Ghaziabad, Kashipur, Rewari and Amravati.

AGM details

• Date/time: 24-09-2026, 12:00–12:20 PM; hybrid mode with video conferencing.
• Record date: 17-09-2026.
• Shareholders on record: 426.
• Video-conference attendance: 5 promoters, 3 public.
• Resolutions passed: 4.

Resolutions and outcomes

• Resolution 1: Adoption of audited financial statements and reports; passed 100% in favour.
• Resolution 2: Re-appointment of director by rotation (Sajan K Bhartia); passed.
• Resolution 3: Approval of material related party transactions; passed.
• Resolution 4: Re-appointment of Anita Bhartia as Non-Executive Director; passed.

Voting summary

• Total votes polled across all resolutions: 1,705,008; turnout 49.48%.
• All resolutions approved with 100% in favour, no against.

Material related party transactions

• Material RPTs approved; nature: related party transactions; value undisclosed.

Mish Designs Limited: Closure of Trading Window from 1 October 2026 until completion of 48 hours after the announcement of the Un-Audited Financial Results for the half year ended 30 September 2026

AGM details

• Date, time and mode: 24 Sep 2026, 12:00 noon, VC/OAVM.
• Quorum: eight members attended, including four directors and two independent directors.

Key resolutions

• Adopt Audited Financial Statements for year ended March 31, 2026 and related reports.
• Re-appoint director retiring by rotation; eligible for re-appointment.
• Approve entering into Material Related Party Transactions.
• Re-appoint Mrs. Anita Bhartia as Non-Executive Director.

Voting status

• Outcomes not disclosed; results to be announced within 2 working days.

Attendees and auditors

• Statutory auditors attended; no change in appointments.
• Secretarial auditors attended; scrutineer present.
• Remote e-voting available before and during AGM.

Launch details

• MISH launched across 21 Reliance Trends stores in 10 states.
• Through subsidiary I'Design Fashions Private Limited.
• Supports omnichannel expansion alongside DeMoza retail platform strategy.
• Plans further store additions and deeper customer engagement in coming months.
• Brand to scale footprint across online marketplaces.

Key Decisions

• Board approved conversion of 87,720 warrants into 87,720 equity shares at Rs 57 each.
• Preferential issuance to Non-Promoter/Public; 75% of issue price received.
• Post-conversion paid-up capital increased to Rs 3,53,38,800 comprising 35,33,880 shares.
• New shares rank pari-passu with existing equity shares.

Capital Actions

• Conversion of 87,720 warrants into 87,720 equity shares at Rs 57 per share.
• Balance 75% payable on conversion: Rs 37,50,030.
• Outstanding warrants for future conversion: 1,57,895.

Regulatory Approvals & Allottees

• Annexure-A lists sole allottee: Tapan Shah.
• In-principle BSE approval obtained for the preferential issue.

Acquisition details

• Subsidiary I'Design Fashions to acquire DeMoza brand from Pipin Fashions via Business Transfer Agreement.
• Acquisition plugs DeMoza's retail footprint across Reliance Trends, Lulu Malls, and company outlets into Mish's portfolio.
• Transaction includes eight DeMoza stores.

Book closure for AGM

• Book closure from Sept 17, 2026 to Sept 23, 2026 (inclusive) for 9th AGM.
• AGM date: Sept 24, 2026 at 12:00 Noon.
• Purpose: 9th AGM for the financial year ended 31 March 2026.

Financial snapshot

• Total income for FY26: ₹838.13 Lakhs, down from ₹1,810.14 Lakhs in FY25.
• Net loss after tax: ₹-103.20 Lakhs; prior year ₹88.99 Lakhs profit.
• EPS (Basic & Diluted): ₹-3.24 for FY26.
• PBT before tax: ₹-105.26 Lakhs; depreciation ₹14.83 Lakhs; tax ₹2.06 Lakhs.
• Cash flows: operations ₹-518.95 Lakhs; investing ₹-31.79 Lakhs; financing ₹-25.13 Lakhs.
• Dividend: no dividend declared for FY2025-26.
• Balance sheet snapshot: equity ₹318.30 Lakhs; reserves ₹1,356.62 Lakhs; total assets ₹2,574.95 Lakhs.

Operations & KPIs

• Revenue from operations: ₹836.52 Lakhs; local ₹783.58 Lakhs; exports ₹52.93 Lakhs.
• Inventories: ₹1,433.68 Lakhs; trade receivables: ₹776.86 Lakhs.
• Current ratio: 0.34; debt-to-equity: 0.43.
• IPO proceeds utilized: working capital ₹550.50 Lakhs; branding ₹105.19; general corporate ₹183.31.

Capital structure

• Authorized share capital increased to ₹3.90 Crore.
• Preferential issue: 2,63,160 equity shares at ₹57 each; paid-up capital now ₹3.44616 Crore.
• Promoter holdings (as of 31-03-2026): Sajan Bhartia 25.84%, Kaushal Goenka 27.73%.
• IDesign Fashions Private Limited became a subsidiary on 27 Aug 2026.

Governance & AGM

• Ninth AGM scheduled for 24 Sep 2026 via VC/OAVM.
• Kajal Chattwal appointed Independent Director on 16 Mar 2026.
• Tapan Shah redesignated to Non-Executive Non-Independent on 16 Mar 2026.
• Anita Bhartia re-appointed Non-Executive Director effective 1 May 2026.
• Board met eight times during the year.

Related party transactions & audit

• Material related party transactions with IDesign Fashions Private Limited; max value ₹50 Crore.
• RPT approvals: Audit Committee May 2025; ordinary resolution recommended for 2025-26.
• Director remuneration: Sajan Bhartia ₹12 Lakhs; Kaushal Goenka ₹12 Lakhs; Diksha Maheshwari ₹0.42 Lakhs.
• Loans between related parties: Sajan Bhartia ₹27.66 Lakhs; Kaushal Goenka ₹61.46 Lakhs outstanding.

Audit, controls & compliance

• Statutory audit: Dinesh Jain & Co; Secretarial audit: H. Maheshwari & Associates; no qualifications.
• Emphasis of matter: gratuity valuation not actuarial; provision based on estimate.
• Internal controls: adequate and functioning; no material weaknesses reported.

Industry outlook & risk

• US tariffs on Indian garments creating order deferrals and margin pressure; EU tariffs uncertain 2026-28.
• India targets USD 250B textiles export by 2030; USD 100B apparel export; MITRA, PLI launched.
• Sustainability, circular fashion, digitization and e-commerce shaping industry dynamics.