TruCap Finance Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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TruCap Finance reported a massive FY26 net loss of ₹110.42 crore, nearly doubling from ₹66.61 crore in FY25, as total income halved to ₹854.81 crore. The company's loan book shrank 47% to ₹2,442 crore while Gross NPA spiked to 25.24% from just 3.69% a year ago. Auditors flagged material uncertainty about the company's ability to continue as a going concern due to security cover breaches on NCDs and other loan covenant violations. The company has presented a 4-year debt restructuring plan to lenders, proposing 10-40% annual principal repayments with 8% annual interest. Foreign exchange losses of ₹12.96 crore on unhedged ECB loans also hit profitability. Net worth collapsed from ₹1,622 crore to ₹533 crore, raising serious concerns about solvency.
This is a deeply concerning filing for shareholders. The company faces existential challenges with covenant breaches, asset cover shortfalls, and deteriorating asset quality. The stock carries extreme risk given the going concern uncertainty, and any investment in the company's NCDs or equity faces significant potential losses.