Statement of Deviation and Variation for the quarter ended March 31, 2026.
TRU · price
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TruCap Finance Ltd reported a massive full-year loss of Rs 11,042 lakhs for FY26, nearly double the Rs 6,661 lakh loss in FY25. Total income collapsed to Rs 8,548 lakhs from Rs 19,926 lakhs, while assets shrunk by 43% to Rs 39,742 lakhs. The company's Gross Non-Performing Assets (GNPA) surged to 25.24% from just 3.69% a year ago, indicating severe asset quality deterioration. Net worth eroded to Rs 5,328 lakhs from Rs 16,219 lakhs. The auditors flagged material uncertainty about the company's ability to continue as a going concern, citing breach of security cover for NCDs, non-compliance with loan covenants, and dependence on a restructuring plan and equity infusion. A 4-year debt restructuring proposal has been presented to lenders. The company also suffered Rs 12.96 crore forex loss on unhedged ECB loans after rupee depreciation.
This is a deeply concerning filing for shareholders. The company is in severe financial distress with mounting losses, soaring NPAs, and eroded net worth. The auditors' going concern warning signals existential risk. The stock faces extreme volatility risk as lenders could demand immediate repayment due to covenant breaches. Investors should avoid or exit positions given the high probability of further erosion in shareholder value.