Audited financial results as on 31.03.2026
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Manipal Finance Corporation Ltd has reported audited financial results for FY2026 with a Qualified Opinion from its auditor Sriramulu Naidu & Co. The auditor has raised serious doubts about the company's ability to continue as a going concern due to cumulative losses and majority funds blocked in Non-Performing Assets (NPAs). The company stopped repaying matured debentures and subordinated debts from July 2002—over 24 years ago—and has been settling these debts based on liquidity availability only. The company reported a profit this year due to exceptional income (Rs 36.63 lakhs), but would have incurred a loss without it. Cash flow from operations turned positive at Rs 20.29 lakhs compared to negative Rs 43.42 lakhs in the previous year. Notably, this qualified opinion has been repetitive since 1999-2000.
The persistent qualified opinion for over 27 years and the going concern doubt signal extreme financial distress. Shareholders should be cautious as the company has a history of being unable to meet its debt obligations and the auditor cannot confirm the realizable value of assets or the company's ability to settle liabilities.