Maha Rashtra Apex Corporation Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
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Maha Rashtra Apex Corporation reported its unaudited Q1 FY26 results along with several board decisions. On a standalone basis, the company swung from a loss of Rs. 11.08 lakhs in Q1 FY25 to a profit of Rs. 597.18 lakhs in Q1 FY26, largely driven by an exceptional item of Rs. 1,007.46 lakhs. Consolidated profit after tax stood at Rs. 238.41 lakhs, supported by a Rs. 645.32 lakhs share of profits from associates. The auditor issued a qualified conclusion, flagging that the company has not provided for delayed interest of Rs. 11.75 lakhs for the quarter (cumulative unprovided interest of Rs. 345.50 lakhs since October 2019), overstating profit and understating liabilities. Three emphasis-of-matter items were noted: old public deposits of Rs. 1,367.81 lakhs still outstanding, the RBI's 2002 cancellation of the company's NBFC registration, and a lapsed property sale agreement with Kanara Consumer Products Ltd. (formerly Kurlon) involving Rs. 1,273.37 lakhs.
The headline profit jump is flattering and not from core operations but from a one-time exceptional item; shareholders should note the auditor's qualification, which hides Rs. 345.50 lakhs of unpaid interest, and unresolved legacy issues around public deposits and the cancelled NBFC license, which remain overhangs on the stock.