Board of Directors approved Financial Result as on 31.03.2026, Board Meeting Held on 28.05.2026
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Indergiri Finance Ltd, a small NBFC, reported a net profit of ₹137.75 Lakhs for FY26 versus a net loss of ₹157.28 Lakhs in FY25, primarily due to a ₹126.18 lakh fair value gain on a promoter loan remeasurement and interest waivers. However, the company received a qualified audit opinion from Sampat & Mehta LLP. The auditors flagged that the company's Net Owned Fund (NOF) has turned negative at (₹64.19) Lakhs as of March 2026, far below the RBI-mandated minimum of ₹500 Lakhs for NBFCs. The company had committed to a ₹1,000 Lakhs rights issue to remedy this by March 2026 but failed to file the draft offer document with SEBI, and the deadline has lapsed. The auditors highlighted a material uncertainty about the company's ability to continue as a going concern. Additionally, the company defaulted on ₹25 Lakhs interest on NCDs and has an overdue ICD of ₹750 Lakhs from another company.
The qualified opinion and going concern uncertainty are serious red flags for shareholders. The company faces potential RBI cancellation of its Certificate of Registration due to NOF non-compliance. While it turned profitable this year, the regulatory breach and negative net worth (₹137.88 Lakhs) create significant existential risk for the NBFC.