Key Financial Figures (₹ in lakh)

Income Statement (Quarter ended September 30, 2026):

  • Interest earned: 7.87
  • Other Income: 410.07
  • Total Income: 417.94
  • Interest Expended: 2353.95
  • Operating Expenditure: 63.54
  • Employees cost: 16.12
  • Other operating expenses: 47.42
  • Total Expenditure: 2417.49
  • Operating Profit before provisions & contingencies: (1999.55)
  • Provisions & Contingencies: 0.00
  • Exceptional items: (19.20)
  • Provision for NPA: (19.20)
  • Profit/Loss from Ordinary Activities before Tax: (2018.75)
  • Tax expenses: 0.00
  • Net Profit/Loss: (2018.75)

Income Statement (Half year ended September 30, 2026):

  • Total Income: 824.09
  • Total Expenditure: 4788.80
  • Operating Profit before provisions & contingencies: (3964.71)
  • Exceptional items: (21.70)
  • Provision for NPA: (21.70)
  • Net Profit/Loss: (3986.41)

Comparative Figures (₹ in lakh):

  • Q2 FY26 Net Loss: (3196.00)
  • H1 FY26 Net Loss: (6298.13)
  • FY26 Audited Net Loss: (12728.91)

Balance Sheet (as at September 30, 2026):

  • Capital: 9371.88
  • Reserve and Surplus: (332180.95)
  • Borrowings: 66168.42
  • Other liabilities & Provisions: 280701.13
  • Total Liabilities: 24060.48
  • Cash on hand: 0.75
  • Balance with Banks/GSFS: 47.38
  • Investment: 23191.60
  • Loan & Advances: 0.00
  • Fixed Assets: 170.55
  • Other Assets: 650.20
  • Total Assets: 24060.48

Key Ratios and Metrics:

  • Paid-up Equity Share Capital: 8911.40 (Face value ₹10 each)
  • Percentage of Shares held by Govt. of Gujarat: 55.09%
  • Basic and diluted EPS (Not annualized) ₹: (2.27) for Q2, (4.47) for H1
  • Gross NPA: 39762.99
  • Net NPA: 39762.99
  • % of Gross NPA to Gross advances: 100%
  • % of Net NPA to Net advances: 100%
  • Return on assets: 0.00

Board Decisions and Corporate Actions

The Board of Directors meeting held on October 26, 2026 (1:30 PM to 2:45 PM):

1. Considered and approved the unaudited financial results for quarter and half year ended September 30, 2026

2. Decided to re-introduce One Time Settlement Scheme for Term Loan disbursed up to ₹15 lakh and above ₹15.00 lakh as last introduced vide Board decision under item No. 12 dated May 27, 2022, except for proven convicted criminal cases

Cash Flow Statement (Half year ended September 30, 2026)

  • Net cash used from operating activities: (8,10,10,238)
  • Net cash from investing activities: 8,14,69,994
  • Net increase in cash & cash equivalents: 4,59,756
  • Opening balance of cash & cash equivalents: 43,54,127
  • Closing balance of cash & cash equivalents: 48,13,883

Significant Notes and Disclosures

1. NPA Provisioning: During Q2 FY27, Corporation provided ₹19.20 lakh towards NPA provision as against ₹15.04 lakh wrote back in corresponding period of previous year. For H1 FY27, provision made towards NPA stood at ₹21.70 lakh as against ₹65.50 lakh wrote back in corresponding half year of previous year.

2. Government Loan Interest: Pursuant to Board decision dated October 03, 2012, Corporation requested Govt. of Gujarat to waive interest on soft loan of ₹621.37 crore. Board meeting on May 30, 2026 decided to discontinue providing interest @ 2% on default amount of said loan with effect from April 01, 2026. Had default interest been considered:

  • Q2: Interest expended, total expenditure and net loss would have been higher by ₹1,245.98 lakh
  • H1: Would have been higher by ₹2,466.77 lakh

3. Auditor Qualifications: Statutory auditors issued qualified opinion on two matters:

  • Going Concern Basis: Financial results prepared on going concern basis despite completely eroded net worth and defaulted repayment obligations due to liquidity problems
  • Government Dues: Dues payable to Government of Gujarat subject to confirmation and adjustment, effect on interest not ascertainable

4. Management's Response: Corporation is a statutory body established under State Financial Corporations Act, 1951 and continues recovery functions. Government loan accounts are submitted to administrative department quarterly and subjected to verification by other authorities.

Additional Information

  • Figures for previous periods have been reclassified or regrouped
  • No reportable segments as per AS-17 "Segment Reporting"
  • The full format of quarterly financial results is available on BSE website and Corporation's website