Outcome Of The Board Meeting Held On May 25, 2026 Which Was Adjourned To May 26, 2026.
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Manraj Housing Finance Ltd held an adjourned board meeting on May 26, 2026 to approve audited financial results for the quarter and year ended March 31, 2026. The company reported a net loss of Rs 47.97 lakhs for FY 2025-26, a dramatic reversal from a profit of Rs 33.64 lakhs in the previous year. Total income collapsed to Rs 4.29 lakhs from Rs 54.29 lakhs year-on-year. The company's balance sheet shows severe distress with negative net worth of Rs 74.96 lakhs and accumulated losses of Rs 857.31 lakhs. The statutory auditors Ratan Chandak & Co LLP issued an adverse opinion citing: 99%+ of assets being advances to related parties under ED investigation under PMLA, 65% of liabilities being unsecured loans from related parties, default on bank borrowings of Rs 687.03 lakhs, and unprovided interest liability of Rs 711.42 lakhs. The auditors explicitly raised going concern doubts as the company has not been in operation for over 3 years.
This is an extremely negative development for shareholders. The adverse auditor opinion, negative net worth, ongoing ED investigations into related party transactions, and bank default create severe existential risk for the company. The stock should be treated as high-risk with potential for significant further decline or delisting.