Board Meeting Details

The Board of Directors meeting was held on November 12, 2026, commencing at 12:00 noon and concluding at 3:45 PM. The Board considered and approved the Unaudited Financial Results for the quarter and half year ended September 30, 2026, pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015.

Standalone Financial Results (Rs. in lakhs)

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Total Income: ₹147.85 (vs ₹25.16 in Q2 FY26)
  • Total Expenses: ₹44.14 (vs ₹44.79 in Q2 FY26)
  • Profit Before Exceptional Items and Tax: ₹103.71 (vs loss of ₹19.62 in Q2 FY26)
  • Exceptional Items (Net Credit): ₹12.64 (vs ₹5.05 in Q2 FY26)
  • Profit Before Tax: ₹116.35 (vs loss of ₹14.58 in Q2 FY26)
  • Current Tax: ₹12.25 (vs ₹0 in Q2 FY26)
  • Profit for the Period: ₹104.11 (vs loss of ₹14.58 in Q2 FY26)
  • Other Comprehensive Income (After Tax): ₹71.14 (vs loss of ₹2,906.65 in Q2 FY26)
  • Total Comprehensive Income: ₹175.25 (vs loss of ₹2,921.23 in Q2 FY26)
  • Basic EPS: ₹0.37 (vs loss of ₹0.87 in Q2 FY26)
  • Diluted EPS: ₹0.37 (vs loss of ₹0.87 in Q2 FY26)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Total Income: ₹183.46 (vs ₹174.45 in H1 FY26)
  • Total Expenses: ₹102.19 (vs ₹85.80 in H1 FY26)
  • Profit Before Exceptional Items and Tax: ₹81.28 (vs ₹88.65 in H1 FY26)
  • Exceptional Items (Net Credit): ₹48.64 (vs ₹34.06 in H1 FY26)
  • Profit Before Tax: ₹129.92 (vs ₹122.71 in H1 FY26)
  • Current Tax: ₹10.00 (vs ₹0 in H1 FY26)
  • Profit for the Period: ₹119.92 (vs ₹122.71 in H1 FY26)
  • Other Comprehensive Income (After Tax): Loss of ₹726.99 (vs loss of ₹864.77 in H1 FY26)
  • Total Comprehensive Income: Loss of ₹607.07 (vs loss of ₹742.06 in H1 FY26)
  • Basic EPS: ₹0.43 (vs ₹0.87 in H1 FY26)
  • Diluted EPS: ₹0.43 (vs ₹0.87 in H1 FY26)

Capital Structure

  • Paid-up Equity Share Capital (Face value ₹10 per share): ₹2,820.97 lakhs as of September 30, 2026 (vs ₹1,409.19 lakhs as of September 30, 2025)

Standalone Balance Sheet (as at September 30, 2026)

  • Total Assets: ₹57,902.96 lakhs (vs ₹52,055.96 lakhs as at September 30, 2025)
  • Non-Current Assets: ₹54,307.33 lakhs (primarily investments ₹53,738.28 lakhs)
  • Current Assets: ₹3,595.63 lakhs
  • Total Equity: ₹50,106.27 lakhs
  • Current Liabilities: ₹7,796.69 lakhs
  • Liabilities associated with assets held for sale: ₹3,300.00 lakhs

Standalone Cash Flow Statement (H1 FY27)

  • Net Cash from Operating Activities: Outflow of ₹1,398.27 lakhs
  • Net Cash from Investing Activities: Inflow of ₹6.31 lakhs
  • Net Cash from Financing Activities: Inflow of ₹1,409.19 lakhs (primarily from issue of shares)
  • Net Increase in Cash: ₹17.23 lakhs
  • Cash and Cash Equivalents at End: ₹25.12 lakhs

Consolidated Financial Results (Rs. in lakhs)

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Total Income: ₹157.66 (vs ₹32.67 in Q2 FY26)
  • Total Expenses: ₹52.93 (vs ₹52.04 in Q2 FY26)
  • Profit Before Exceptional Items and Tax: ₹104.73 (vs loss of ₹19.37 in Q2 FY26)
  • Share of Loss of Associates: ₹239.49 (vs loss of ₹3,054.44 in Q2 FY26)
  • Exceptional Items (Net Credit): ₹15.64 (vs ₹5.05 in Q2 FY26)
  • Profit Before Tax: Loss of ₹1,021.39 (vs loss of ₹3,068.76 in Q2 FY26)
  • Current Tax: ₹12.25 (vs ₹0 in Q2 FY26)
  • Profit for the Period: Loss of ₹1,019.14 (vs loss of ₹3,068.76 in Q2 FY26)
  • Other Comprehensive Income (After Tax): ₹12.64 (vs ₹20.38 in Q2 FY26)
  • Total Comprehensive Income: Loss of ₹935.05 (vs loss of ₹3,048.38 in Q2 FY26)
  • Basic EPS: Loss of ₹6.00 (vs loss of ₹0.81 in Q2 FY26)
  • Diluted EPS: Loss of ₹6.00 (vs loss of ₹0.81 in Q2 FY26)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Total Income: ₹203.83 (vs ₹191.68 in H1 FY26)
  • Total Expenses: ₹121.86 (vs ₹100.64 in H1 FY26)
  • Profit Before Exceptional Items and Tax: ₹81.97 (vs ₹91.04 in H1 FY26)
  • Share of Loss of Associates: ₹794.18 (vs ₹807.46 in H1 FY26)
  • Exceptional Items (Net Credit): ₹50.68 (vs ₹34.06 in H1 FY26)
  • Profit Before Tax: Loss of ₹661.53 (vs loss of ₹682.35 in H1 FY26)
  • Current Tax: ₹10.00 (vs ₹0 in H1 FY26)
  • Profit for the Period: Loss of ₹671.53 (vs loss of ₹682.35 in H1 FY26)
  • Other Comprehensive Income (After Tax): ₹96.73 (vs ₹20.44 in H1 FY26)
  • Total Comprehensive Income: Loss of ₹574.80 (vs loss of ₹661.91 in H1 FY26)
  • Basic EPS: Loss of ₹4.77 (vs loss of ₹4.84 in H1 FY26)
  • Diluted EPS: Loss of ₹4.77 (vs loss of ₹4.84 in H1 FY26)

Consolidated Entities

Subsidiaries:

1. Manipal Crimson Estate & Properties Private Limited

2. Eldorado Investments Company Private Limited

3. Maharashtra Apex Asset Management Company Limited

Associates:

1. Manipal Home Finance Ltd.

2. Manipal Springs Ltd.

3. Kanara Consumer Products Ltd.

Subsidiaries contributed total assets of ₹916.89 lakhs, total revenues of ₹20.36 lakhs, and total comprehensive income of ₹31.12 lakhs for the period ended September 30, 2026.

Auditor's Limited Review Report

Auditor Firm: H G Sarvaiya and Co. (Firm's Regn. No. 115705W)

Review Date: November 12, 2026

Qualified Conclusion

The auditors issued a qualified opinion stating that except for the matters described in the Basis for Qualified Conclusion paragraph, nothing has come to their attention that causes them to believe that the financial results have not been prepared in all material aspects in accordance with applicable Indian Accounting Standards.

Basis for Qualified Conclusion

The Company has not provided for delayed period interest cost on deposits amounting to ₹12.15 lakhs for the quarter and ₹24.21 lakhs for the half year ending September 30, 2026. The cumulative impact of interest cost not provided from October 2019 to September 2026 is ₹405.88 lakhs. Consequently, profit is overstated and liability is understated.

Emphasis of Matter

The auditors drew attention to:

1. As per the scheme sanctioned by the Hon'ble High Court of Karnataka vide order dated October 8, 2004, all deposits/bonds were required to be repaid by June 15, 2009/September 15, 2009. The total principal and accrued interest payable to the public outstanding as on date amounts to ₹1,367.81 lakhs. During FY 2023-24, the Company deposited ₹1,395.75 lakhs with the Hon'ble High Court of Karnataka.

2. RBI cancelled the Certificate of Registration granted to the Company to act as Non-Banking Financial Company by order dated June 13, 2002.

3. Company entered into an agreement for Sale of property with M/s Kanara Consumer Products Ltd. (formerly Kurlon Limited). Total amount credited up to September 30, 2026, is ₹1,273.37 lakhs. The time stipulated in the agreement has lapsed.