Mirza International Limited (MIRZAINT)

Consumer Durables · Consumer Durables · NSE · Updated 15 July 2026

₹37.42 ↑ 13.91% (1Y)

🎯 Key Takeaways

Mirza International Limited is transitioning from a period of financial distress to recovery, marked by a return to profitability after a prior loss, driven by operational improvements and strategic restructuring. The company has stabilized its operations post-merger integration and is now focused on sustainable growth through brand expansion and global initiatives.
Revenue declined 43.2% QoQ to ₹114 in Q3FY25.
⚠️ Margin compression is a key risk, as operating margins declined sharply in Q3FY25 to 2.7% from 10.9% in the prior corresponding quarter, with no clear

Market Cap

₹428

P/E Ratio

193.5

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Mirza International Limited is transitioning from a period of financial distress to recovery, marked by a return to profitability after a prior loss, driven by operational improvements and strategic restructuring. The company has stabilized its operations post-merger integration and is now focused on sustainable growth through brand expansion and global initiatives.

📰 What's Happening

In Q3FY25, Mirza International reported revenue of ₹114 lakh with a modest operating profit of ₹4 lakh and a negative net profit of ₹6 lakh, reflecting ongoing margin pressures. However, this follows a stronger Q2FY25 performance where revenue was ₹201 lakh, operating profit ₹17 lakh, and net profit ₹6 lakh, indicating volatility in quarterly performance. The company finalized the merger of RTS Fashion Limited, effective April 1, 2025, which has been absorbed without new share issuance, enhancing scale and operational synergy. A new CFO, Anil Kumar Mahipal, was appointed effective June 1, 2026, to strengthen financial governance. Additionally, ICRA downgraded its credit ratings to BBB+(Stable) and A2, citing increased risk perception, though no corrective actions were disclosed. The company also announced its 47th AGM on August 1, 2026, to present the FY 2025-26 Annual Report, underscoring its focus on sustainability and global brand growth.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	153	128	209	142	152	144	201	114
Operating Profit	11	12	15	17	13	11	17	4
OPM %	4.3%	8.6%	5.8%	10.9%	7.9%	7.3%	8.4%	2.7%
Net Profit	2	2	4	4	1	1	6	-6
EPS	₹0.17	₹0.18	₹0.29	₹0.32	₹0.09	₹0.05	₹0.43	₹-0.41

The company’s revenue has shown fluctuating trends over the past eight quarters, peaking at ₹209 lakh in Q2FY24 before declining to ₹114 lakh in Q3FY25, suggesting seasonality or demand volatility. Operating margins have also declined from a high of 10.9% in Q3FY24 to 2.7% in Q3FY25, indicating rising cost pressures or pricing headwinds. Despite this, net profit turned positive in Q2FY25 after a loss in the prior quarter, signaling intermittent profitability. The merger with RTS Fashion may have contributed to scale but has not yet translated into consistent margin expansion. Management has not explicitly linked financial performance to specific cost-cutting or efficiency initiatives in the filings, though the appointment of a new CFO may signal an intent to improve financial discipline.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue, margins, or profitability in the recent filings. However, the company emphasized its strategic focus on brand expansion, sustainability, and global growth during the FY 2025-26 Annual Report announcement. The appointment of a new CFO and the ongoing integration of RTS Fashion suggest efforts to strengthen governance and operational efficiency. Management continues to highlight sustainability initiatives, including solar energy adoption and water stewardship, as part of long-term value creation. No specific financial targets or timelines for recovery were disclosed in the available regulatory documents.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Consumer Durables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Titan Company Limited	3.70 L Cr	77.6	34.3%	41.0%	0.88
Asian Paints Limited	2.50 L Cr	65.0	26.0%	19.8%	0.04
LG Electronics India Limited	1.07 L Cr	—	—	—	—
Havells India Limited	75,873	54.2	—	—	—
Dixon Technologies (India) Limited	66,754	75.9	—	—	—
Berger Paints (I) Limited	62,200	54.5	—	—	—
Voltas Limited	40,722	56.8	—	—	—
Kalyan Jewellers India Limited	36,461	54.6	—	—	—
Blue Star Limited	34,091	61.2	—	—	—
Amber Enterprises India Limited	29,854	164.3	8.4%	4.1%	0.62

🔗 Peer Stock Analyses

TITAN ASIANPAINT LGEINDIA HAVELLS DIXON

⚠️ Risk Factors

1. Margin compression is a key risk, as operating margins declined sharply in Q3FY25 to 2.7% from 10.9% in the prior corresponding quarter, with no clear explanation from management. 2. Foreign exchange volatility is flagged as a material risk in the Annual Report, particularly given the company’s exposure to international markets and import-dependent raw materials. 3. Integration risks from the RTS Fashion merger remain, especially regarding tax liabilities and operational alignment, despite the NCLT approval. 4. Credit rating downgrade by ICRA signals heightened scrutiny on debt servicing capacity, which could affect future borrowing costs and investor sentiment toward debt instruments.

📋 Recent Filings

🧠 Analyst's Read

Mirza International is in a transitional phase, showing signs of financial recovery after a prior loss but still grappling with margin instability and operational volatility. The company’s strategic moves, including the merger and leadership changes, suggest a focus on long-term resilience, but near-term profitability remains uncertain. Investors should monitor upcoming financial results for signs of sustained margin improvement and management’s ability to translate scale from the merger into operational efficiency. Regulatory compliance and credit rating trends are also key areas to watch.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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