42nd Annual Report
Price
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On the reaction day the stock moved 4.9 pts less than Nifty Microcap 250 and 4.9 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Manipal Finance Corporation Ltd, a small NBFC listed on BSE (Security Code: 507938), submitted its 42nd Annual Report for FY 2024-2025. The company reported a profit before tax of Rs. 72,37,1000 (vs. a loss of Rs. 13,97,000 in FY24), but this was almost entirely driven by an exceptional item of Rs. 7,47,75,000. Excluding this one-time gain, the company made a loss of Rs. 94,04,000 before exceptional items. Total income was just Rs. 22,35,000 (vs. Rs. 21,45,000 in FY24), with expenses of Rs. 46,39,000. The company's operations are restricted to recovery of dues and repayment of debts, and accumulated losses stand at a massive Rs. 45,56,01,000. No dividend was declared. The AGM is scheduled for 26 September 2025.
The headline return to profit is misleading — it is entirely due to a one-time exceptional item, while the underlying business continues to lose money on operations. The company appears to be in a runoff/liquidation mode focused only on debt recovery, with substantial accumulated losses. Shareholders should not view this as a turnaround; the stock is unlikely to see positive momentum from these results.