TruCap Finance Limited (TRU)
₹4.28 +3.13% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, TruCap Finance's net interest income was ₹6.8 Cr (-32.0% year on year), and net profit ₹-10.6 Cr (a bigger loss than a year earlier).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹6.8 | -32.0% | from loss |
| Operating profit | ₹-14.0 | — | — |
| Net profit | ₹-10.6 | loss widened | loss narrowed |
| EPS (₹) | -0.89 | loss widened | loss narrowed |
TRU delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 66.75% of the TRU shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.16%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 77.8% · 78.4% · 58.4% · 63.9% · 66.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Sundae Capital Advisors reported an update on the open offer for TruCap Finance Limited initiated by Marwadi Chandarana Intermediaries Brokers Private Limited. Following a hearing on October 08, 2026, the Securities Appellate Tribunal (SAT) granted the Appellant additional time to file its rejoinder. The matter is now rescheduled for its next hearing on November 3, 2026. This prolongs the timeline for the promoter transition, critical for TruCap's recapitalization plans given its FY26 net loss of ₹103 Cr.
- SAT listed the open offer appeal matter for hearing on October 08, 2026
- Tribunal granted the Appellant additional time to file its rejoinder
- Next SAT hearing scheduled for November 3, 2026
- Transaction involves acquirer Marwadi Chandarana Intermediaries Brokers Private Limited
TruCap Finance Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MCS Share Transfer Agent Limited, confirms that securities received for dematerialisation were processed, confirmed, or rejected within 15 days. It also confirms that mutilated certificates were duly cancelled and depositories were substituted as the registered owners. This filing is a purely administrative requirement with zero financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Confirmation provided by RTA MCS Share Transfer Agent Limited
- Dematerialisation requests confirmed and processed within the mandated 15 days
The manager to the open offer, Sundae Capital Advisors, submitted an update regarding the open offer by Marwadi Chandarana Intermediaries Brokers Private Limited for TruCap Finance. At a hearing on September 7, 2026, the Securities Appellate Tribunal (SAT) directed SEBI to submit its reply within two weeks. The appellant has been granted two subsequent weeks to file a rejoinder, with the next hearing scheduled for October 8, 2026. The open offer remains linked to the proposed promoter transition for the distressed NBFC.
- SAT hearing on the open offer appeal was held on September 7, 2026
- SEBI directed to submit its reply within 2 weeks
- Appellant granted 2 weeks thereafter to file its rejoinder
- Next SAT hearing date fixed for October 8, 2026
TruCap Finance Limited has scheduled its 32nd Annual General Meeting (AGM) for Tuesday, September 29, 2026, via Video Conferencing. The Register of Members and Share Transfer Books will remain closed from September 23, 2026, to September 29, 2026. The cut-off date to determine eligibility for remote e-voting is September 22, 2026. Remote e-voting commences on September 26, 2026 (9:00 AM IST) and ends on September 28, 2026 (5:00 PM IST).
- 32nd AGM scheduled on September 29, 2026, at 3:00 PM IST via Video Conferencing
- Book closure period set from September 23, 2026, to September 29, 2026 (both days inclusive)
- Voting cut-off date fixed as Tuesday, September 22, 2026
- Remote e-voting open from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
TruCap Finance Limited has issued the notice for its 32nd Annual General Meeting (AGM), scheduled for Tuesday, September 29, 2026, at 3:00 PM IST via Video Conferencing. The cut-off date to determine shareholder voting eligibility is set as September 22, 2026, with remote e-voting running from September 26 to September 28, 2026. Key business includes adoption of FY26 standalone and consolidated financial statements and the re-appointment of retiring director Mr. Atwood Porter Collins. Register of Members and Share Transfer Books will remain closed from September 23 to September 29, 2026.
- 32nd AGM scheduled on Tuesday, September 29, 2026 at 3:00 p.m. (IST) via VC/OAVM
- Cut-off date for e-voting eligibility set as Tuesday, September 22, 2026
- Remote e-voting begins on September 26, 2026 (9:00 AM) and ends on September 28, 2026 (5:00 PM)
- Book closure period runs from September 23, 2026 to September 29, 2026 (both days inclusive)
TruCap Finance's manager to the open offer reported that the acquirer, Marwadi Chandarana Intermediaries Brokers, filed a fresh appeal before the Securities Appellate Tribunal (SAT) on August 31, 2026. The appeal challenges SEBI's fresh observations issued on August 20, 2026, following the acquirer's attempt to withdraw its open offer. The matter stems from the termination of a Share Purchase Agreement for 3,68,00,220 shares and a Subscription Agreement for 11,56,80,000 equity shares and 9,37,00,000 warrants. The SAT appeal is listed for hearing on September 07, 2026, and no stay is currently granted on the open offer proceedings.
- Acquirer filed an appeal before the Hon'ble SAT on August 31, 2026, listed for hearing on September 07, 2026.
- SEBI issued its latest observations on the Draft Letter of Offer on August 20, 2026, after SAT previously set aside its earlier order on July 08, 2026.
- Dispute follows the acquirer's termination of an SPA for 3,68,00,220 shares and an SSA for 11,56,80,000 shares plus 9,37,00,000 convertible warrants.
- As of September 01, 2026, no stay has been granted on the open offer proceedings.
TruCap Finance Limited held a board meeting on August 13, 2026, to approve its Q1 FY27 financial results and announce key management changes. The company appointed Mr. Shailendra Roy as the Interim Chief Financial Officer effective August 14, 2026, and M/s Dinesh Jain & Co. as Internal Auditors for FY 2026-27. Additionally, the company confirmed there were no deviations in fund utilization, as no new funds were raised during the quarter ended June 30, 2026, and previous funds have been fully utilized.
- Appointment of Mr. Shailendra Roy as Interim Chief Financial Officer effective August 14, 2026
- Appointment of M/s Dinesh Jain & Co. as Internal Auditors for the financial year ending March 31, 2027
- Zero funds raised through public, rights, or preferential issues during the quarter ended June 30, 2026
- Approval of Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026
- Confirmation of nil deviation or variation in the use of proceeds from previous fundraises
TruCap Finance reported a Q1 FY27 net loss of ₹13.85 Cr on a total income of ₹12.18 Cr, reflecting a sequential revenue decline of 19.6%. The statutory auditor has issued a "Material Uncertainty Related to Going Concern" warning, citing breached loan covenants, deteriorating asset quality, and a default rating (CARE D). To manage this period of distress, the board appointed Shailendra Roy as Interim CFO effective August 14, 2026. The company's survival is currently dependent on a proposed restructuring plan and capital infusion from the MCG Group.
- Q1 FY27 Total Income fell to ₹12.18 Cr from ₹15.15 Cr in the preceding quarter.
- Net loss for the quarter stood at ₹13.85 Cr, which represents approximately 25.6% of the company's total Net Worth.
- Impairment on financial instruments remained high at ₹6.64 Cr, consuming over 54% of the quarter's total income.
- Finance costs for the quarter were ₹4.57 Cr despite the company's default status on certain obligations.
TruCap Finance reported a standalone net loss of approximately •10.40 crore for the quarter ended June 30, 2026, on a total income of •12.18 crore. The statutory auditor has issued a 'Material Uncertainty Related to Going Concern' warning, citing breached loan covenants, deteriorating asset quality, and persistent financial stress. To manage the crisis, the board has appointed Shailendra Roy as Interim CFO and M/s Dinesh Jain & Co. as Internal Auditors. The company's survival is currently contingent on a proposed restructuring plan and capital infusion from the MCG Group.
- Total income for Q1 FY27 declined to •12.18 crore from •15.15 crore in the preceding quarter.
- Standalone loss before tax stood at •13.85 crore for the quarter ended June 30, 2026.
- Auditors highlighted a breach of security cover and loan covenants, impacting the company's ability to continue operations.
- The company did not raise any new funds during the quarter, remaining in default (CARE D) on existing NCDs.
- Shailendra Roy, with 15 years of experience, appointed as Interim CFO effective August 14, 2026.
TruCap Finance reported a standalone net loss of Rs 10.40 Cr for Q1 FY27, with total income declining to Rs 12.18 Cr from Rs 15.15 Cr in the previous quarter. The statutory auditors have issued a 'Material Uncertainty Related to Going Concern' warning, citing breached loan covenants, NCD defaults, and deteriorating asset quality. To manage this crisis, the board has appointed Mr. Shailendra Roy as Interim CFO effective August 14, 2026. The company's survival is currently dependent on a proposed restructuring plan and a potential equity infusion from the MCG Group.
- Standalone net loss for Q1 FY27 stood at Rs 10.40 Cr (after a deferred tax credit of Rs 3.45 Cr).
- Total revenue from operations declined to Rs 11.26 Cr, down 22% from Rs 14.50 Cr in the March 2026 quarter.
- Impairment on financial instruments remained high at Rs 6.64 Cr, consuming 59% of operational revenue.
- Auditors flagged material uncertainty regarding going concern due to continued financial stress and default status (CARE D).
- Appointment of Mr. Shailendra Roy as Interim CFO and M/s Dinesh Jain & Co. as Internal Auditors for FY27.
TruCap Finance reported a consolidated net loss of Rs 10.58 Cr for Q1 FY27, as total income plummeted 71% YoY to Rs 12.22 Cr. The company is in a severe liquidity crisis with total defaults on bank loans and debt securities reaching Rs 195.88 Cr, which is nearly 4x its current market capitalization. Statutory auditors have issued a 'Material Uncertainty Related to Going Concern' warning, citing breached loan covenants and deteriorating asset quality. Survival now depends entirely on a proposed restructuring plan and potential equity infusion from the MCG Group.
- Consolidated net loss of Rs 10.58 Cr for the quarter ended June 30, 2026.
- Total defaults on bank loans and revolving facilities reached Rs 191.35 Cr.
- Total financial indebtedness stands at Rs 331.37 Cr, over 6x the company's market cap of Rs 52 Cr.
- Revenue from operations dropped 62.5% YoY to Rs 11.27 Cr from Rs 30.08 Cr in Q1 FY26.
- Auditors flagged a breach of security cover and loan covenants as a critical risk to business continuity.
TruCap Finance Limited has announced the resignation of Mr. Mahendra Kumar Servaiya as Chief Credit Officer (CCO), effective July 31, 2026. This management exit occurs while the company is in a distressed financial state, reporting a TTM net loss of ₹103 Cr and holding a CARE D (Default) rating. The company is currently attempting a turnaround through a promoter change to MCG Group and a slump sale of its gold loan business to Incred Financial Services to address liquidity issues.
- Resignation of Chief Credit Officer effective from close of business hours on July 31, 2026
- Company reported a significant TTM net loss of ₹103 Cr against a TTM revenue of ₹99 Cr
- Market capitalization has declined to ₹54 Cr, with a 12-month price return of -69.4%
- The company currently operates 117 branches, optimized from 128 in the previous fiscal year
TruCap Finance Limited has issued a notice to shareholders regarding the transfer of unclaimed dividends from the Financial Year 2018-2019 to the Investor Education and Protection Fund (IEPF). This follows the mandatory 7-year unclaimed period required under Section 124(5) of the Companies Act, 2013. Shareholders must submit valid claims to the Registrar and Transfer Agent (RTA) by October 10, 2026, to avoid the transfer. The actual transfer to the IEPF is scheduled for October 23, 2026.
- Unclaimed dividend pertains to the Financial Year 2018-2019.
- Shareholders must submit claims by the deadline of October 10, 2026.
- Funds will be transferred to the IEPF on October 23, 2026, if unclaimed.
- The process follows a statutory 7-year period for unclaimed dividends.
- Post-transfer, shareholders must claim refunds directly from the IEPF Authority.
TruCap Finance has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended June 30, 2026. The document confirms that share certificates received for dematerialization were processed, mutilated, and cancelled within the required 15-day timeframe. This is a standard administrative filing required of all listed companies to verify the integrity of electronic shareholding records. Investors should note the company's broader financial context, including a TTM loss of Rs 103 Cr and a CARE D rating due to previous defaults.
- Confirmed compliance for the quarter ended June 30, 2026
- Dematerialization requests processed and confirmed within 15 days
- Registrar and Share Transfer Agent (RTA) identified as MCS Share Transfer Agent Limited
- Company reported a TTM loss of Rs 103 Cr as per latest financial context
The Securities Appellate Tribunal (SAT) has concluded hearings regarding the Open Offer for TruCap Finance Limited by Marwadi Chandarana Intermediaries Brokers Private Limited. Following the hearing on June 18, 2026, the tribunal has reserved its final order, meaning a decision is pending. Crucially, the interim stay on the Open Offer process, originally granted on February 11, 2026, has been extended until the final order is delivered. This continues the delay in the acquisition process and keeps the ownership transition in a state of uncertainty.
- Hearing concluded on June 18, 2026, with arguments from both parties completed.
- Interim stay on the Open Offer process (originally dated Feb 11, 2026) remains in effect.
- The matter is now reserved for a final order by the Hon'ble SAT.
- The update follows a previous submission made on June 17, 2026.
Financial Performance
Revenue Growth by Segment
Total income grew 47% YoY to INR 182.2 Cr in FY24 from INR 124.0 Cr in FY23. However, Q2 FY26 income dropped to INR 22.8 Cr, a significant decline from INR 45.6 Cr in Q2 FY25, as disbursements fell 56% from INR 2,100 Cr to INR 920 Cr.
Geographic Revenue Split
Not disclosed in available documents, though the company operates a network of 117 branches across India as of FY25.
Profitability Margins
Net profit for FY24 was INR 11.7 Cr (6.4% net margin), up from INR 5.5 Cr in FY23. Profitability turned negative in Q2 FY26 with a net loss of INR 33.1 Cr due to AUM contraction and high operating expenses.
EBITDA Margin
Operating expenses were INR 91.1 Cr against Total Income of INR 182.2 Cr in FY24, representing a core operating margin of approximately 50% before provisions and taxes.
Credit Rating & Borrowing
Downgraded to 'CARE D' (Default) in July 2025 from 'CARE BB+' following the company's inability to make interest and principal payments on NCDs due on July 16, 2025.
Operational Drivers
Raw Materials
Debt Capital (Bank Facilities, NCDs) and Equity Capital represent the primary 'raw materials' for lending operations.
Key Suppliers
Incred Financial Services (slump sale partner), MCG Group (incoming promoter), and 40+ active lenders.
Capacity Expansion
Current capacity is 117 branches (optimized from 128 in FY24). Planned expansion focuses on scaling AUM through the existing network and L-a-a-S strategies.
Raw Material Costs
Interest costs are the primary raw material expense; however, the company is in default as of July 2025. Operating expenses rose 97% YoY to INR 91.1 Cr in FY24 due to branch expansion.
Manufacturing Efficiency
Branch network optimization (117 active branches) and a proprietary underwriting model are used to drive operational efficiency.
Strategic Growth
Expected Growth Rate
2.80%
Growth Strategy
The company plans to achieve growth by transitioning to a new promoter (MCG Group) which will infuse capital to raise CAR above 50%, and by executing a slump sale of its gold loan business to Incred Financial Services to improve liquidity. Future focus is on higher-yielding MSME products and expanding the L-a-a-S (Lending-as-a-Service) model with 6 current partners.
Products & Services
Gold-backed MSME Loans, Green Energy Finance, and Collateral-free MSME Business Loans.
Brand Portfolio
TruCap, Dhanvarsha (associated with ESOP plan).
New Products/Services
Expansion into higher-yielding MSME Gold-backed loans and Green Energy Finance to maximize output from the branch network.
Market Expansion
Focus on underserved and unserved MSMEs in India through a multi-channel distribution network.
Strategic Alliances
Incred Financial Services (slump sale partner), MCG Group (new promoter), and 6 L-a-a-S partners.
External Factors
Industry Trends
The NBFC sector is seeing growth in gold loans (driven by rising gold prices) and digital innovation, though it faces tighter RBI liquidity norms and digital lending regulations.
Competitive Landscape
Faces intense pressure from established NBFCs, aggressive fintechs, and traditional banks in the MSME lending space.
Competitive Moat
Durable advantages include a proprietary underwriting model, a network of 117 branches, and established L-a-a-S partnerships with 6 entities, providing a robust multi-channel distribution framework.
Macro Economic Sensitivity
Highly sensitive to global growth (projected to drop to 2.8% in 2025) and domestic MSME credit demand.
Consumer Behavior
Shift toward digital lending and resilient demand for gold-backed credit among underserved MSMEs.
Geopolitical Risks
US tariffs reaching Great Depression levels and retaliatory trade measures create epistemic uncertainty affecting the economic outlook.
Regulatory & Governance
Industry Regulations
Complies with RBI prudential norms, digital lending norms, and SEBI listing regulations.
Environmental Compliance
ESG committee reviews performance annually; Business Responsibility Report (BRR) published as part of the Annual Report.
Taxation Policy Impact
Effective tax rate of approximately 4% in FY24 (INR 0.5 Cr tax on INR 12.2 Cr PBT).
Legal Contingencies
Default on interest and principal for NCDs due July 16, 2025; reported covenant breaches with certain lenders during FY25.
Risk Analysis
Key Uncertainties
Liquidity crisis following NCD default (CARE D rating), GNPA stress in unsecured business loans, and successful transition to the new promoter (MCG Group).
Third Party Dependencies
High dependency on 100+ distribution partners and 6 L-a-a-S partners for AUM growth.
Technology Obsolescence Risk
Accelerating pace of fintech innovation may outpace internal technology upgrade cycles.
Credit & Counterparty Risk
GNPA rising due to stress in the unsecured business loan portfolio and contraction in AUM.
