BSE: 530927
HARYANA FINANCIAL CORPORATION
Operates as a state-level financial institution under the State Financial Corporations Act, 1951, originally set up to lend to small and medium industrial units in Haryana. Fresh loan sanctions have been stopped since May 2010, so the corporation now functions in a run-off mode. FY26 revenue of Rs 10.1 crore comes largely from interest on the legacy loan book, recovery of old dues, and prior-period income. The largest cost is employee expenses at 32% of revenue, with other operating expenses at 6.2% and capex at 0.3%. The corporation has recommended winding up and liquidation to the Haryana State Government under Section 45 of the SFCs Act, and the State Government has decided to delist the shares from BSE. Total assets stand at Rs 198.15 crore, gross NPAs are at 12.19%, and accumulated losses of Rs 52.16 crore remain on the books. The statutory auditor has flagged a material uncertainty about the corporation's ability to continue as a going concern. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest on legacy loan book, Recovery of old loans, Prior period and other income. Run-off state financial institution under the SFCs Act, 1951, recommended for winding up
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1 | 0 | 10 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 0.00 | 0.00 | 0.37 |
| ROE % · ROCE % | — · 16.5 | — · 0.0 | — · 4.9 |
| Debt / equity (x) | — | — | — |
| Cash from operations | (3) | (5) | (0) |
| Capex | — | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 10 | 0 | 0 |
| Profit before tax | (1) | (1) | (0) | (0) | (0) | 9 | (0) | (0) |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.00 | 0.00 | 0.01 | 0.01 | 0.02 | 0.00 | 0.01 | 0.02 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. | 1,04,151 | 4.0 | 0.60 | — | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L | 97,439 | 13.6 | 1.72 | — | 12.4 | — | — | 101.1 |
| REC LIMITED | 75,442 | 4.7 | 0.89 | — | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD | 28,687 | 6.7 | 1.31 | — | 18.4 | — | 12.7 | 97.6 |
| INDIAN RENEWABLE ENERGY | 28,008 | 14.2 | 2.03 | — | 13.6 | — | — | 78.5 |
| IFCI LTD | 15,923 | 92.3 | 1.03 | — | 2.8 | — | 0.0 | 67.2 |
| TOURISM FINANCE CORP. OF | 7,181 | 16.4 | 7.38 | — | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION ◆ | 1,189 | 1145.0 | — | — | — | 4.9 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1145.0 | 13.9 | 8 of 8 | 0% |
| ROCE | 4.9 | 4.9 | 1 of 1 | 0% |
| Market cap | 1189 | 28008 | 8 of 9 | 13% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Quarterly compliance filing under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Shareholders approve voluntary delisting of HFC equity shares from BSE | capital market events | high | — | — |
| 29 Sept 2026 · Shareholders approve voluntary delisting from BSE via postal ballot | capital market events | high | — | — |
| 11 Sept 2026 · Corrigendum to HFC delisting announcement - new MD named | capital market events | high | — | — |
| 10 Sept 2026 · State Govt appoints Shri Vinay Pratap Singh IAS as Managing Director | management changes | high | — | — |
| 28 Aug 2026 · Postal Ballot Notice Published for Voluntary Delisting from BSE | compliance | minimal | — | — |
| 27 Aug 2026 · Haryana Financial Corporation seeks shareholder approval for voluntary delisting from BSE | capital market events | high | — | — |
| 19 Aug 2026 · Board recommends BSE delisting; FY2026 share valuation is Rs 9.55 | capital market events | high | — | — |
| 12 Aug 2026 · HFC appoints Shri Hitesh Kumar Meena, IAS as Independent Director | management changes | medium | — | — |
| 12 Aug 2026 · Haryana Financial Corp Q1 loss widens, State Govt announces voluntary delisting | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.