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CIFL - Capital India

📊 NSE: CIFL 🏢 Non Banking Financial Company (NBFC) 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Capital India Finance Reports Q3 FY26 Standalone Net Loss of ₹41.84 Lakhs

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 04:54 PM

Capital India Finance Limited (CIFL) reported a standalone net loss of ₹41.84 Lakhs for the quarter ended December 31, 2025, a significant decline from a profit of ₹292.19 Lakhs in the same period last year. While total income grew 20.6% YoY to ₹6,351.64 Lakhs, the bottom line was pressured by rising finance costs and a 72% increase in other expenses. The company's 9-month profit of ₹3,739.30 Lakhs remains positive primarily due to a large exceptional gain of ₹9,791.83 Lakhs recorded in the previous quarter. Segmentally, the forex business continues to be a drag, reporting a loss of ₹152.19 Lakhs this quarter.

Standalone Total Income increased to ₹6,351.64 Lakhs in Q3 FY26 from ₹5,265.00 Lakhs in Q3 FY25.
Reported a standalone Net Loss of ₹41.84 Lakhs compared to a Net Profit of ₹292.19 Lakhs YoY.
Finance costs rose 18.3% YoY to ₹2,197.32 Lakhs, reflecting higher borrowing costs.
Forex business segment remains loss-making with a PBT loss of ₹152.19 Lakhs for the quarter.
9M FY26 performance is heavily reliant on a one-time exceptional gain of ₹9,791.83 Lakhs from Q2.

💡 Investors should exercise caution as the company has swung into a loss at the operational level despite revenue growth. The reliance on exceptional items for 9-month profitability and the continued losses in the forex segment are key monitorables.

Capital India Finance Reports Q3 FY26 Standalone Net Loss of ₹41.84 Lakhs

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 03:45 PM

Capital India Finance Limited (CIFL) reported a standalone net loss of ₹41.84 Lakhs for the quarter ended December 31, 2025, a significant decline from a profit of ₹292.19 Lakhs in the same quarter last year. While total revenue from operations grew 19.5% YoY to ₹6,249.88 Lakhs, the bottom line was weighed down by rising finance costs and employee benefits. The company's lending segment remained marginally profitable, but the forex business continued to drag overall performance with a segment loss of ₹152.19 Lakhs. Investors should note that the high profit in the preceding quarter (Q2 FY26) was primarily due to a one-time exceptional gain of ₹9,791.83 Lakhs.

Total revenue from operations increased to ₹6,249.88 Lakhs in Q3 FY26 from ₹5,231.18 Lakhs in Q3 FY25.
Standalone net loss of ₹41.84 Lakhs compared to a profit of ₹292.19 Lakhs in the year-ago period.
Finance costs rose 18.3% YoY to ₹2,197.32 Lakhs, impacting margins.
Forex business segment reported a loss of ₹152.19 Lakhs on revenue of ₹651.83 Lakhs.
The company allotted 13,47,500 equity shares during the quarter under its ESOP 2018 plan.

💡 Investors should exercise caution as the company has slipped into a standalone loss despite revenue growth, indicating pressure on operating margins. Monitor the recovery of the forex segment and the impact of rising interest costs on the lending business's profitability.

CIFL Q3 FY26 Results: Revenue Grows 19.5% YoY to ₹62.5 Cr; Reports Marginal Standalone Loss

🔵 WATCH ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 03:35 PM

Capital India Finance Limited (CIFL) reported a 19.5% YoY growth in standalone revenue from operations, reaching ₹62.5 crore for the quarter ended December 31, 2025. Despite the revenue growth, the company posted a marginal standalone net loss of ₹0.42 crore, compared to a profit of ₹2.92 crore in the same period last year. Operating performance showed significant recovery from the previous quarter (Q2 FY26), where the company had recorded a massive pre-exceptional loss of ₹53.8 crore. The lending segment continues to be the primary revenue driver, while the forex business remains in a loss-making phase at the segment level.

Revenue from operations increased to ₹6,249.88 Lakhs in Q3 FY26 from ₹5,231.18 Lakhs in Q3 FY25.
Standalone net loss of ₹41.84 Lakhs reported for Q3 FY26 against a profit of ₹292.19 Lakhs YoY.
Impairment on financial instruments sharply declined to ₹214.83 Lakhs from ₹4,706.54 Lakhs in the preceding quarter.
Lending business segment revenue grew to ₹5,699.81 Lakhs, while the Forex segment contributed ₹651.83 Lakhs.
The company allotted 13,47,500 equity shares during the quarter following the exercise of employee stock options.

💡 Investors should monitor the company's ability to maintain the reduction in impairment costs and turn the forex segment profitable. While revenue growth is healthy, the shift to a net loss on a YoY basis suggests cautious monitoring of operating margins is required.

Capital India Finance Appoints Former SBI DMD Surender Rana as Executive Vice Chairman

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 12 Feb 2026, 07:54 PM

Capital India Finance Limited (CIFL) has received shareholder approval for the appointment of Mr. Surender Rana as a Whole-time Director and Executive Vice Chairman. Mr. Rana is a banking veteran with over 34 years of experience at State Bank of India (SBI), where he last served as Deputy Managing Director for SME & Agri Business. His appointment is for a three-year term effective from November 18, 2025. This move is expected to bring significant expertise in credit risk management and strategic growth to the company's leadership team.

Appointment of Mr. Surender Rana as Executive Vice Chairman for a 3-year term starting Nov 18, 2025
Mr. Rana brings over 34 years of distinguished banking experience from State Bank of India
Previously held the position of Deputy Managing Director – SME & Agri Business at SBI
Shareholder approval obtained via postal ballot on February 12, 2026
Expertise spans MSME financing, credit risk management, and regulatory engagement

💡 Investors should view this leadership addition positively as it brings top-tier institutional banking experience to a mid-sized NBFC. Monitor if this leads to improved credit underwriting and expansion in the SME lending segment.

CIFL Shareholders Approve Appointment of Surender Rana as Executive Vice Chairman with 100% Votes

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 12 Feb 2026, 07:36 PM

Capital India Finance Limited (CIFL) has successfully passed a special resolution via postal ballot to appoint Mr. Surender Rana as a Whole-time Director. Designated as the Executive Vice Chairman, his appointment received unanimous support with 100% of the votes cast in favor. A total of 3,52,12,798 votes were polled, representing approximately 90.79% of the total outstanding shares. This move formalizes a key leadership position within the company's executive management team.

Special resolution passed to appoint Mr. Surender Rana as Whole-time Director and Executive Vice Chairman.
The resolution received 100% approval with 3,52,12,798 votes in favor and zero votes against.
Total votes polled represented 90.79% of the company's outstanding shares as of the January 9, 2026 cut-off date.
Promoter group contributed 2,83,82,600 votes, while public non-institutions contributed 65,98,683 votes in favor.

💡 Investors should note the strong shareholder consensus for this leadership appointment. Monitor the company's strategic execution under the new Executive Vice Chairman to assess long-term growth potential.

Capital India Finance CCO Chetan Bafna Resigns Effective January 31, 2026

🔵 WATCH ⭐ 4/10

MANAGEMENT 📅 31 Jan 2026, 07:56 PM

Capital India Finance Limited (CIFL) has announced the resignation of Mr. Chetan Bafna from his position as Chief Credit Officer (CCO), a key Senior Management Personnel role. The resignation was formally tendered on November 14, 2025, and he will continue in his role until the close of business hours on January 31, 2026. The departure is attributed to personal reasons, and the company has complied with SEBI Listing Regulations regarding this disclosure. This transition gives the company approximately two and a half months to manage the leadership change in its credit department.

Mr. Chetan Bafna to step down as Chief Credit Officer effective January 31, 2026.
Resignation letter was submitted on November 14, 2025, providing a transition period of over 75 days.
The departure is categorized as a change in Senior Management Personnel under SEBI Regulation 30.
Reason for resignation is cited as personal reasons with no reported disagreements.

💡 Investors should watch for the appointment of a new Chief Credit Officer to ensure there is no disruption in the company's credit risk assessment and lending operations.

CIFL Clarifies Recent Trading Volume Spurt as Market Driven

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Jan 2026, 11:45 AM

Capital India Finance Limited (CIFL) has responded to a surveillance inquiry from the National Stock Exchange regarding a significant increase in its share trading volume. The company officially stated that it has consistently complied with SEBI (LODR) Regulations and has disclosed all price-sensitive information in a timely manner. CIFL clarified that there is no undisclosed material information that could have triggered the volume behavior. Consequently, the company attributes the volume spurt entirely to market conditions and market-driven factors.

NSE issued a surveillance letter Ref. No. NSE/CM/Surveillance/16341 on January 14, 2026, regarding volume spurt.
CIFL submitted its formal response on January 15, 2026, denying any withheld material information.
The company confirmed adherence to SEBI Listing Obligations and Disclosure Requirements (LODR) 2015.
Management stated the increase in share volume is purely market-driven and due to prevailing market conditions.

💡 As the company has clarified there is no undisclosed material news, investors should exercise caution and avoid speculative trading based solely on volume spikes. Focus on upcoming quarterly results or fundamental developments for long-term decision making.

Capital India Finance Seeks Approval for Appointment of Surender Rana as Executive Vice Chairman

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 13 Jan 2026, 03:33 PM

Capital India Finance Limited (CIFL) has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Surender Rana as a Whole-time Director and Executive Vice Chairman. Mr. Rana was initially appointed as an additional director on November 18, 2025, and the proposed term is for three years. The proposed annual compensation is set at INR 1.25 crore, plus bonuses, ESOPs, and other perquisites. Shareholders can cast their votes electronically between January 14 and February 12, 2026.

Appointment of Mr. Surender Rana as Executive Vice Chairman for a 3-year term effective Nov 18, 2025
Proposed fixed annual compensation of INR 1.25 crore plus performance-based bonuses and ESOPs
Remote e-voting period scheduled from Jan 14, 2026, to Feb 12, 2026, with results by Feb 13, 2026
The resolution allows the Board to increase remuneration by up to 25% annually during the tenure

💡 Investors should monitor the leadership transition and evaluate if the proposed compensation aligns with the company's performance. Shareholders are encouraged to participate in the e-voting process ending February 12, 2026.

Capital India Finance Receives RBI Renewal for MTSS License Valid Until January 2028

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 10 Jan 2026, 06:24 PM

Capital India Finance Limited (CIFL) has successfully renewed its Money Transfer Service Scheme (MTSS) license from the Reserve Bank of India. This renewal, valid until January 31, 2028, ensures the continued operation of the company's 'Remitx' vertical. The license allows CIFL to facilitate inward cross-border money transfers in India through its partnership with Western Union Financial Services Inc., USA. This regulatory clearance is vital for maintaining the company's service offerings in the foreign exchange and remittance segment.

RBI renewed the MTSS License (NDL-MTSS-0004-2023) for Capital India Finance Limited
The license is valid for a period ending January 31, 2028
Enables the 'Remitx' vertical to continue inward cross-border money transfer activities
Maintains the strategic partnership with Overseas Principal Western Union Financial Services Inc., USA
The renewal ensures business continuity across all licensed locations for the remittance business

💡 Investors should note this as a positive regulatory development that secures the operational future of a key business vertical. Monitor the growth and volume of the Remitx segment in future earnings reports to assess its contribution to the bottom line.

Capital India Finance Receives RBI Renewal for AD-II Licence Valid Until Jan 2028

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 09 Jan 2026, 09:28 PM

Capital India Finance Limited (CIFL) has successfully secured a renewal of its Authorised Dealer Category-II (AD-II) Licence from the Reserve Bank of India. This licence is critical for the company's 'Remitx' vertical, allowing it to continue buying and selling foreign exchange for retail and corporate travelers across India. The renewal is valid until January 31, 2028, ensuring business continuity for the next two years. As Remitx operates on a fee-based income model, this regulatory approval is expected to support and enhance the company's non-interest revenue streams.

RBI renewed the Authorised Dealer Category-II Licence (NDL-ADII-0044-2023) for the company.
The renewed licence is valid for a period ending January 31, 2028.
Enables the 'Remitx' vertical to service both retail and corporate foreign exchange needs across India.
The business follows a fee-based income model, contributing to the company's diversified revenue.
The approval ensures no disruption in the company's forex operations for the next 24 months.

💡 Investors should take this as a positive sign of regulatory compliance and business continuity for the company's forex vertical. Monitor the growth of fee-based income from the Remitx business in future quarterly earnings to gauge the vertical's scaling progress.

Capital India Finance Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 04:48 PM

Capital India Finance Limited has filed the compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended December 31, 2025. The certificate, provided by KFin Technologies Limited, confirms that dematerialization and rematerialization requests were processed and reported to the exchanges. This filing is a mandatory quarterly requirement to ensure the integrity of the company's share capital records. It indicates that the company is adhering to standard regulatory timelines for administrative tasks.

Quarterly compliance certificate submitted for the period ending December 31, 2025.
Confirmation provided by Registrar and Share Transfer Agent, KFin Technologies Limited.
Adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Verification of dematerialized and rematerialized securities reported to BSE and NSE.

💡 This is a routine administrative update with no impact on stock valuation; continue to monitor upcoming financial results for fundamental performance.

Capital India Finance Appoints Head of Risk and Seeks Approval for Executive Vice Chairman

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 30 Dec 2025, 06:33 PM

Capital India Finance Limited (CIFL) has strengthened its leadership team by appointing Mr. Mohit Sirpurkar as Head – Risk & Policy, effective December 30, 2025. Mr. Sirpurkar brings over 20 years of experience in risk management and credit policy, particularly in secured lending and rural finance. Furthermore, the company is seeking shareholder approval via postal ballot for the appointment of Mr. Surender Rana as Whole-time Director, designated as Executive Vice Chairman. The e-voting period for this resolution is set for January 14, 2026, to February 12, 2026.

Appointment of Mr. Mohit Sirpurkar as Head – Risk & Policy effective December 30, 2025
Mr. Sirpurkar brings over 20 years of specialized experience in risk management and rural finance
Proposed appointment of Mr. Surender Rana as Whole-time Director and Executive Vice Chairman
Postal ballot e-voting period scheduled from January 14, 2026, to February 12, 2026
Cut-off date for shareholder voting eligibility is January 09, 2026

💡 Investors should view the strengthening of the risk management vertical as a positive for the NBFC's credit quality. Monitor the results of the postal ballot regarding the new Executive Vice Chairman's appointment.

Capital India Appoints Mohit Sirpurkar as Head of Risk; Seeks Approval for Executive Vice Chairman

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 30 Dec 2025, 04:11 PM

Capital India Finance Limited (CIFL) has appointed Mr. Mohit Sirpurkar as Head - Risk & Policy effective December 30, 2025. Mr. Sirpurkar brings over 20 years of experience in risk management and credit policy, specifically in secured lending and rural finance. The company is also initiating a postal ballot to seek shareholder approval for the appointment of Mr. Surender Rana as Whole-time Director and Executive Vice Chairman. The remote e-voting period for this resolution is set for January 14, 2026, to February 12, 2026.

Appointment of Mr. Mohit Sirpurkar as Head - Risk & Policy effective December 30, 2025
Mr. Sirpurkar has over 20 years of experience in risk management and rural finance
Shareholder approval sought for Mr. Surender Rana as Executive Vice Chairman via postal ballot
Remote e-voting period scheduled from January 14, 2026, to February 12, 2026
Cut-off date for member voting eligibility is January 09, 2026

💡 Investors should view the strengthening of the risk management team as a positive step for an NBFC. Shareholders should participate in the upcoming e-voting process regarding the Executive Vice Chairman's appointment.

Capital India Finance Allots 13.47 Lakh Equity Shares Under ESOP 2018

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Dec 2025, 11:32 PM

Capital India Finance Limited has approved the allotment of 13,47,500 equity shares to employees following the exercise of options under the CIFL ESOP 2018 scheme. This allotment has increased the company's paid-up equity share capital from INR 77.94 crore to INR 78.21 crore. The company realized a total of INR 2.44 crore from this exercise, with exercise prices ranging between INR 14.40 and INR 18.40 per share. The new shares are identical to existing shares and will be listed on both BSE and NSE.

Allotment of 13,47,500 equity shares of face value INR 2 each to eligible employees.
Total money realized by the company through the exercise of options is INR 2,44,20,000.
Total paid-up equity share capital increased to 39,10,56,300 shares from 38,97,08,800 shares.
Exercise prices for the options were tiered at INR 14.40, INR 18.00, and INR 18.40 per share.
Diluted earnings per share (EPS) post-allotment is estimated at INR 0.96 based on Q2 FY26 data.

💡 This is a routine administrative update regarding employee compensation and results in marginal equity dilution. No immediate action is required from investors.

Capital India Finance to Close Trading Window from January 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Dec 2025, 05:36 PM

Capital India Finance Limited (CIFL) has announced the closure of its trading window starting January 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the announcement of the un-audited financial results for the quarter and nine-month period ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. The company will announce the specific date for the board meeting to approve these results at a later time.

Trading window closure effective from January 01, 2026.
Closure relates to un-audited financial results for the quarter ended December 31, 2025.
Restriction applies to Designated Persons, Connected Persons, and their immediate relatives.
Window to reopen 48 hours after the financial results become generally available information.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to assess the Q3 FY26 financial performance.

View All CIFL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income for CIFL on a standalone basis declined by 8.02% YoY to INR 113.24 Cr in FY25 from INR 123.11 Cr in FY24. Segmentally, lending operations contributed approximately 87% of total income, while forex services accounted for 13% as of 9MFY25.

Geographic Revenue Split

CIFL operates through a network of 29 lending branches across 7 states and 39 dedicated forex branches under the 'RemitX' brand. Specific percentage revenue contribution per state is not disclosed.

Profitability Margins

Net Profit Margin (NPM) stood at 6.39% for FY25. Profit After Tax (PAT) declined by 41.39% to INR 11.78 Cr in FY25 from INR 20.10 Cr in FY24, primarily due to losses in the forex business segment. Return on Average Assets (RoAA) decreased from 1.60% to 0.91% YoY.

EBITDA Margin

Net Interest Margin (NIM) remained stable at 6.38% in FY24 compared to 6.29% in FY23. Core profitability was impacted in FY25 by the forex division's performance, leading to a drop in Return on Average Net Worth (RoNW) from 3.37% to 1.92%.

Capital Expenditure

While specific CapEx for infrastructure is not detailed, the company concluded a major disinvestment by selling its 100% stake in Capital India Home Loans (CIHL) for INR 267 Cr in August 2025 to boost liquidity and capital for lending operations.

Credit Rating & Borrowing

CIFL maintains an 'Adequate' liquidity profile with a Stable outlook. The company has a strong Capital Adequacy Ratio (CRAR) of 36.08% as of March 31, 2025, significantly above the 15% regulatory requirement. Borrowing costs are reflected in an Interest Coverage Ratio of 1.38x (FY24).

⚙️ Operational Drivers

Raw Materials

As a financial institution, CIFL's primary 'raw material' is capital/debt. Interest expense on borrowings is the major cost driver, with a Debt/Equity ratio of 1.15x as of March 31, 2025.

Import Sources

Not applicable for financial services; capital is sourced from domestic banks, NCD issuances, and internal accruals.

Key Suppliers

Key financial backers and equity suppliers include Capital India Corp Private Limited (73% stake), Dharampal Satyapal Group (12%), and RJ Corp Limited (5%).

Capacity Expansion

Current operational capacity includes 29 lending branches and 39 forex branches. AUM grew to INR 1,004.52 Cr as of March 31, 2025, up from INR 913.04 Cr in FY24, representing a 10.02% increase.

Raw Material Costs

Interest costs are the primary expense. The company maintains a low gearing of 1.15x (FY25) to manage cost of funds. Procurement strategy involves shifting from wholesale to granular MSME lending to improve yields.

Manufacturing Efficiency

Efficiency is measured by collection efficiency and asset quality. Gross NPA stood at 1.83% and Net NPA at 0.98% as of March 31, 2025, with a Provision Coverage Ratio (PCR) of approximately 47%.

Logistics & Distribution

Distribution is handled via 616 professionals across 68 total branches (lending and forex) to ensure credit delivery efficiency.

📈 Strategic Growth

Expected Growth Rate

32%

Growth Strategy

CIFL is pivoting from wholesale lending (which dropped from 93% of AUM in FY20 to 9% in 9MFY25) to MSME lending. The strategy involves deploying the INR 267 Cr proceeds from the CIHL stake sale into granular MSME portfolios, leveraging its AD-II license for forex expansion, and utilizing its 52.5% stake in RapiPay Fintech for digital reach.

Products & Services

MSME Business Loans, Loan Against Property (LAP), Money Changing, Foreign Exchange Services, and Remittances.

Brand Portfolio

RemitX (Forex), RapiPay (Fintech/Neo-banking), Capital India.

New Products/Services

Expansion into digital financial services through RapiPay and potential commencement of operations for NYE Insurance Broking Private Limited.

Market Expansion

Focusing on increasing penetration in the 7 states where lending branches currently exist, targeting a 32% CAGR seen in the broader NBFC MSME lending segment.

Market Share & Ranking

CIFL is classified as a 'Middle Layer' non-deposit taking NBFC by the RBI. Specific market share percentage is not disclosed.

Strategic Alliances

Strategic partnership with RapiPay Fintech Private Limited (52.5% subsidiary) to integrate fintech capabilities with traditional NBFC lending.

🌍 External Factors

Industry Trends

NBFCs are seeing a surge in MSME credit, with the segment's share in overall loan portfolios rising from 5.9% in FY21 to 9.1% in H1 FY25. The industry is evolving toward digital-first delivery and granular credit.

Competitive Landscape

Faces severe competition from traditional banks and specialized NBFCs in the MSME and LAP segments.

Competitive Moat

Moat is built on a diversified revenue stream (Lending + Forex) and a strong capital base (CRAR 36.08%). The shift to granular MSME lending (81% of portfolio) provides a defensive cushion against large-ticket wholesale defaults.

Macro Economic Sensitivity

Highly sensitive to MSME sector health; the segment is vulnerable to downward economic cycles and macro-economic shifts which impact borrower cash flows.

Consumer Behavior

Increasing demand for inclusive credit and digital-led neo-banking services among MSME borrowers.

Geopolitical Risks

Trade barriers or global travel restrictions would directly impact the 'RemitX' forex business, which contributed to the subdued performance in FY25.

⚖️ Regulatory & Governance

Industry Regulations

Regulated as a Middle Layer NBFC by the RBI; holds an AD-II license for forex. Compliance includes mandatory KYC, RBI-aligned modules, and CRAR maintenance above 15%.

Environmental Compliance

The company issues a Business Responsibility & Sustainability Report (BRSR) in accordance with Regulation 34(2)(f) of Listing Regulations.

Taxation Policy Impact

Standard corporate tax rates apply. Provision for tax for subsidiaries like RapiPay was INR 23.20 Cr in the reporting period.

Legal Contingencies

The Secretarial Audit Report for FY25 confirms compliance with the Companies Act and SEBI regulations. Specific values for pending litigations are not disclosed in the available documents.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the ability to deploy the INR 267 Cr cash surplus profitably while maintaining asset quality. Forex business volatility remains a risk to consolidated PAT.