MTU Results Bearish
MANTENGU LIMITED - CANCELLATION OF S523197 Short Form Announcement: Audited Results for the Year Ended 28 February 2026
Mantengu Limited
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What this filing means
Mantengu posted a R315 million loss for FY2026 against a R303 million profit the year before, with gross profit collapsing 78% to R23.6 million and NAV per share cut by 60% to 71 cents. The audited results carry a qualified 'except for' opinion, a going-concern warning, and a public fight with the auditor over a R570 million liability and inventory write-downs. This is not a routine loss — the auditor also flagged reportable irregularities to IRBA on tax non-compliance, and the share is already…
Bull case
- Revenue grew to R393.2m from R317.5m, a ~24% year-on-year increase, showing top-line resilience despite the headline loss.
- Completion of the Sublime Section 189 process in August 2026 is expected to cut its monthly costs by ~80%, removing a key loss driver.
Bear case
- Auditor flagged material going concern uncertainty: current liabilities exceed current assets by R283m, group lost R315m and hold-co lost R6m in FY26.
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