Company Overview

Maha Rashtra Apex Corporation Limited (BSE: 523384, NSE: MAHAPEXLTD) held its 82nd Annual General Meeting on August 24, 2026, conducted via video conference. The meeting addressed the approval of FY26 financial statements and significant management changes.

Financial Performance

For FY 2025-26, the company reported starkly different standalone and consolidated results:

Standalone Performance:

  • Total Income: ₹436.60 lakhs (down from ₹661.30 lakhs in FY25)
  • Net Profit: ₹271.41 lakhs (down from ₹1,169.14 lakhs in FY25)

Consolidated Performance:

  • Total Income: ₹474.13 lakhs (down from ₹791.10 lakhs in FY25)
  • Net Loss: ₹686.72 lakhs (versus profit of ₹1,965.96 lakhs in FY25)

The significant decline was primarily driven by reduced dividend income from associate Kanara Consumer Products Limited, which fell to ₹1.51 crore from ₹5.70 crore year-on-year.

Management Changes

Effective May 26, 2026, the board underwent substantial restructuring:

  • Mr. Aspi Nariman Katagara resigned as Managing Director and Director
  • Mr. Cyrus Khambata appointed as Managing Director for 5 years with remuneration of ₹12 lakh per annum
  • Mr. Jamsheed Panday appointed as Whole Time Director for 5 years
  • Mr. Bhoja K Shetty redesignated from Non-Executive Director to Independent Director

Regulatory and Legal Matters

The company operates under a Scheme of Arrangement approved by the Karnataka High Court for deposit repayment. Outstanding dues to depositors stood at ₹1,799.02 lakhs as of March 31, 2026, with ₹1,395.75 lakhs deposited with the court.

RBI cancelled the company's NBFC registration in June 2002, though all loans made prior to cancellation are fully provisioned. The company also disclosed a misplaced title deed for Shop No. 9 valued at ₹22.30 lakh and is pursuing legal remedy.

Auditor Qualifications

Statutory Auditors M/s. H G Sarvaiya & Co. issued a qualified opinion noting the company has not provided for Delayed Period Interest Cost on deposits amounting to ₹47.91 lakhs for FY26 and cumulative impact of ₹381.67 lakhs from October 2019 to March 2026, resulting in overstated profit and understated liability.

Corporate Structure

The company maintains investments in three associates: Kanara Consumer Products Limited (40.41%), Manipal Home Finance Limited (38.11%), and Manipal Springs Limited (22.97%). Significant transactions include advance of ₹12.72 crore received from Kanara Consumer Products for property sale pending court approval.

Promoters hold 62.54% of shares, with major shareholders including Manipal Holdings (17.66%), Mrs Jaya S Pai (11.55%), and Manipal Metropolis Builders (13.41%).