Un-audited financial results as on 31.12.2025
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Manipal Finance Corporation Ltd, a small NBFC, reported unaudited results for the quarter ended December 31, 2025. The company posted a profit after tax of Rs. 20.86 lakhs for the quarter, up from Rs. 0.25 lakhs in the year-ago quarter, but this profit is entirely driven by exceptional items — specifically Rs. 35.38 lakhs of bad debts recovered. Without these one-time recoveries, the company would have posted a pre-tax loss of Rs. 5.52 lakhs. Total revenue from operations was just Rs. 4.79 lakhs for the quarter, reflecting the company's near-dormant operations. The statutory auditor (Sriramulu Naidu & Co.) issued a qualified review report, flagging serious going concern doubts because the company has been loss-making for years and most funds remain stuck in non-performing assets. Management admits current activity is limited to recovering dues and settling legacy debts, with the going concern assumption based only on hope of recovering bad loans.
The reported profit is misleading — it comes entirely from one-time debt recoveries, not operations. The auditor's qualified opinion and going concern warning signal deep financial distress, and shareholders face significant uncertainty about the company's ability to continue as a going concern or realize value from its assets.