Maha Rashtra Apex Corporation Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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Maha Rashtra Apex Corporation Limited reported FY 2025-26 standalone total income of Rs. 436.60 lakhs, down significantly from Rs. 617.25 lakhs in the previous year. The company reported a net loss of Rs. 830.66 lakhs (standalone) and Rs. 686.72 lakhs (consolidated). Auditors H G Sarvaiya & Co. issued a qualified opinion for the seventh consecutive year due to the company not providing for delayed period interest cost on deposits totaling Rs. 381.67 lakhs (cumulative from October 2019). This means profit is overstated and liabilities understated. The auditors also highlighted emphasis of matter items including Rs. 1,370.06 lakhs in outstanding public deposits/bonds, RBI cancellation of the company's NBFC registration, and a property sale agreement with lapsed timelines. Significant board changes occurred with the resignation of Managing Director Aspi Nariman Katgara and two independent directors, and appointment of Cyrus Khambara as new Managing Director.
The qualified audit opinion for the seventh year running and negative cash flows from operations signal ongoing financial stress. Shareholders should note the recurring accounting issue around interest provisioning and the company's troubled NBFC history. The substantial management turnover may bring new direction but also uncertainty.