Outcome of the Unaudited Financial Results of the Company for the Quarter and half year ended September 30, 2025 of Fynx Capital Limited
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Fynx Capital Limited (formerly Rajath Finance Limited), an NBFC, reported unaudited results for Q2 and H1 FY26 showing losses across the quarter and half-year periods, with profit before tax at approximately Rs. (126.53) lakhs for H1 FY26. Net cash outflow from operating activities was steep at Rs. (1,264.63) lakhs for the half-year, and other equity stood negative at Rs. (206.16) lakhs versus Rs. (82.75) lakhs a year ago, indicating accumulated losses. Total assets rose to Rs. 2,476.76 lakhs, supported by fresh borrowings of Rs. 500 lakhs. The Board also approved a 10:1 stock split (Rs. 10 to Rs. 1 face value), an ESOP Plan 2025 covering up to 5% of paid-up capital, appointment of Mr. Maheswar Sahu as Additional Director and Chairman, resignation of Independent Director Mr. Sarat Kumar Malik, and multiple related party transactions. The Rights Issue of Rs. 1,600 lakhs completed in March 2025 has Rs. 132.74 lakhs still unutilized, parked in liquid mutual funds.
Persistent losses, deeply negative operating cash flows, and an accumulated deficit in reserves point to ongoing financial stress and dilution risk, even though the auditor's review remained unqualified. The stock split, ESOP, and new leadership signal attempts to improve liquidity and attract talent, but existing shareholders should weigh the cash burn and negative net worth against these strategic actions.