Maha Rashtra Apex Corporation Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.

Qualified audit opinionEmphasis of matterRevenue declinedExceptional itemContingent liabilities increasedResults View source PDF Explain this filing

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AI summary

Maha Rashtra Apex Corporation Limited submitted its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. On a standalone basis, Q3 FY26 total income fell to Rs. 407.02 lakhs from Rs. 615.58 lakhs in Q3 FY25, while profit for the quarter came in at Rs. 303.00 lakhs (vs Rs. 571.97 lakhs last year). For 9M FY26, the company swung to a standalone profit of Rs. 1,169.15 lakhs from a loss of Rs. 676.49 lakhs a year ago, boosted by Rs. 212.29 lakhs in exceptional items. Consolidated Q3 PAT was Rs. 491.33 lakhs versus a loss of Rs. 680.05 lakhs in Q3 FY25. The auditor issued a qualified opinion because the company has not provided for Rs. 12.01 lakhs of delayed interest on deposits in Q3 (cumulative Rs. 369.71 lakhs since October 2019), overstating profit and understating liabilities. An emphasis-of-matter note also highlights old public deposits of Rs. 1,362.62 lakhs pending under a 2004 Karnataka High Court scheme, RBI cancellation of the NBFC registration in 2002, and a lapsed property sale deal with Kanara Consumer Products involving Rs. 1,271.87 lakhs. Brickwork Ratings was appointed as monitoring agency for a forthcoming rights issue.

Likely market impact

Shareholders should note the qualified audit opinion and undisclosed interest liability of Rs. 369.71 lakhs, which means reported profits are inflated. Revenue declined sharply year-on-year, but headline profit recovery was driven by exceptional items, not core operations. The rights issue with a monitoring agency in place signals a near-term capital-raising event that may dilute existing shareholders.