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DEEP DIVE ANALYSIS • NSE: NEWGEN • FY26 RESULTS Newgen Software Technologies Ltd: From ₹1,336 TO ₹493 — Valuation Reset or the Next Enterprise AI Compounder?  What the Q4 FY26 Numbers Actually Reveal Beneath the Midcap IT Bloodbath By SUMAN MUKHOPADHYAY | SumanSpeaks Independent Research • June 02, 2026 Newgen Software Technologies Ltd (Rs. 493)   was last trading at a pproximately ₹493 — down nearly 63% from its 52-week high near ₹1,336. In most cases, such a collapse signals severe business deterioration. But Newgen’s FY26 financials tell a far more complicated story. The company remains debt-light, highly profitable, cash-generative, and structurally positioned in one of the most important enterprise themes globally: AI-enabled workflow orchestration. Yet the stock has suffered one of the sharpest valuation compressions in the Indian en...
Mandhana Retail Ventures Ltd
CMP: Rs.164.30
This is the retail division of Mandhana Industries Ltd (Rs.13.57), which currently has 60
Exclusive Brand Outlets (EBOs), 259 Shop-in-shops (SIS) and presence in 22 states and 68 cities, is planning to open 20 new stores every year.

As of 30 June, 2017, the ace investors Rakesh Jhunjhunwala and Ramesh Damani hold 12.74% and 1% shares of the company, respectively. Promoters Pledge Holding(Rs.Cr.): 92.52.



Mandhana Industries Ltd
CMP: Rs.13.57
Mandhana Industries Ltd is a vertically integrated textile and garment manufacturing company in India. The company produces fabrics for the domestic market and garments largely for exports. They are having their presence across operations ranging from yarn dyeing to garment manufacturing. Their business includes designing, yarn dyeing, weaving, processing, dyeing and garment manufacturing.

The company operates in two segments namely, Textiles and Garments. The Textiles segment produces greige and finished fabrics, such as cotton fabrics; yarn dyed fabrics; and embroidered, embellished, and blended cotton fabrics. The Garments segment produces various readymade woven garments, such as mens shirts; womens blouses, tops, dresses, and skirts; casual bottom wear; kids wear; sports wear; and jeans wear.

The companys customers include Aditya Birla Nuvo (manufacturers of brands like Louis Phillipe, Van Heusen, Peter England and Allen Solly), Pantaloon Retail, ITC (manufacturer of brand Wills LifeStyle) and Turtle. Their overseas customers include brands like Tommy Hilfiger, Charles Vogele, RIP CURL, All Saints, Simint, Colins, Pepe Jeans and LAFUMA.

The company demerged its retail business into resulting company, named Mandhana Retail Ventures Ltd, and all the current and future retail operations of Mandhana Industries will be carried out through it.

The company hit a all-time high of Rs.345 a share on 22 March, 2016 and since then, it has been falling. Mandhana Industries listed on 19 May 2010, with an offer price of Rs.130 a share.

The Financial Institutions/ Banks hold 2.09%, while LICI holds 1.99% of the shares of the company. 
Promoters Pledge Holding (Rs.Cr.): 10.73.

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