Q1 FY27 results approved; name change to Wagad Finance; office shift to Mumbai
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Board approved Q1 FY27 unaudited results. Total income rose to Rs 491.33 lakh (from Rs 206.32 lakh) and net profit of Rs 46.81 lakh versus a Rs 56 lakh loss last year. Also approved name change to Wagad Finance Limited, registered office shift from Kolkata to Mumbai, and a new tax auditor. Review auditor raised concerns: missing loan documents, Rs 62.87 lakh investments without ownership proof, ECL provision understated by Rs 2.94 crore, a July 3 ransomware attack that compromised financial data and backups, and pending RBI approval for change in management.
Strong revenue growth and return to profit; auditor flagged data security, governance, and compliance concerns that investors should watch closely.