TruCap Finance Limited has informed the Exchange regarding Outcome of Board Meeting held on May 25, 2026.
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TruCap Finance Limited reported severely deteriorating financial performance for FY2026 with net loss of Rs 11,042.33 lakhs, nearly doubling from Rs 6,660.53 lakhs loss in FY2025. Revenue from operations declined 58% to Rs 8,241.21 lakhs from Rs 19,641.56 lakhs. Asset quality collapsed with GNPA rising to 25.24% from just 3.69% a year ago, while NNPA stood at 15.63%. Net worth eroded significantly to Rs 5,328.48 lakhs from Rs 16,219.17 lakhs. The company's auditors flagged a material uncertainty regarding going concern due to breach of security cover for non-convertible debentures, non-compliance with loan covenants, and continued financial stress. The company has presented a 4-year restructuring plan to lenders proposing 10-40% annual principal repayment with 8% interest. Additionally, the company incurred Rs 12.96 crore loss due to unhedged foreign currency exposure on ECB loans after banks removed hedging during August-December 2025 following credit rating downgrade.
This is an extremely negative development for shareholders. The company faces existential challenges with massive losses, severe asset quality deterioration, security cover breach on NCDs, and going concern uncertainty. The stock is likely to face significant selling pressure given the breach of debenture covenants and auditors' going concern flag.