Company Overview
Intec Capital Limited, an NBFC, disclosed its audited financial results for FY 2025-26 along with a corrigendum to its annual report addressing an oversight regarding director Shilpy Chopra's tenure expiration on May 11, 2026.
Financial Performance
The company reported a significant turnaround with standalone net profit of ₹7.45 crore in FY26, up from ₹0.29 crore in FY25, driven primarily by interest income of ₹10.89 crore and recoveries of ₹0.80 crore. Consolidated net profit stood at ₹6.90 crore (₹689.92 lakhs). Total revenue increased to ₹12.09 crore from ₹4.37 crore in the previous year.
One-Time Settlement Completion
Intec successfully completed a one-time settlement with all lender banks during FY26, paying ₹24.09 crore (₹2,408.96 lakhs) and receiving no-dues certificates. Banks waived ₹3.59 crore (₹358.67 lakhs) of outstanding debt, resulting in a net loss on extinguishment of ₹1.24 crore (₹124.38 lakhs) treated as an exceptional item.
Asset Quality and Capital Adequacy
The company reported gross NPAs of ₹101.87 crore (₹10,187.26 lakhs) with 100% of its exposure in industry and services sectors classified as non-performing. The capital adequacy ratio remained negative at -4.99% (consolidated) and -1.44% (standalone), indicating non-compliance with RBI capital adequacy norms.
Auditor Remarks and Going Concern
Auditors issued an unqualified opinion but emphasized material uncertainty regarding going concern due to accumulated losses of ₹109.28 crore and negative net worth. They noted the company's non-compliance with RBI Master Directions on Net Owned Fund and Leverage Ratio requirements. The audit also highlighted title deed issues for one property and limitations in the audit trail system.
Regulatory Compliance Issues
Secretarial auditors observed delays in filing various statutory returns with RBI, PF, ESI, GST, and TDS authorities. There were also issues with hand-written dates in minutes books and non-recording of director dissent in circular resolutions. The company faced a 1-day delay in filing March 2025 financial results in XBRL format.
Corporate Governance Changes
Director changes during FY26 included the appointment of Mr. Saurabh Sharma as Additional Director and the resignation of Mr. Kanwar Nitin Singh. Ms. Shilpy Chopra completed her tenure on May 11, 2026. Key managerial changes included Ms. Niharika Gupta's appointment as Company Secretary & Compliance Officer.
Related Party Transactions
Mr. Sanjeev Goel waived his remuneration for the period April 1, 2025 to June 30, 2026, and converted his interest-bearing unsecured loan into an interest-free loan. The company authorized its subsidiary Amulet Technologies to avail loans from Mr. Goel.
Subsidiary Performance
Amulet Technologies Limited, the wholly-owned subsidiary, reported revenue of ₹0.23 crore and a net loss of ₹0.15 crore, with negative net worth of ₹20.83 crore.
Future Outlook
Despite the material uncertainty highlighted by auditors, management believes support from promoters provides continuity. The company completed its OTS with lenders, significantly reducing its debt burden, though it continues to face challenges with regulatory compliance and asset quality issues.