Integrated Filing — IndAS



General information about company

Scrip Code 523384
NSE Symbol MAHAPEXLTD
MSEI Symbol NOTLISTED
ISIN INE843B01013
Name of company MAHA RASHTRA APEX CORPORATION LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 26-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 18-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment other financial activities
Start date and time of board meeting 26-05-2026   12:00:00
End date and time of board meeting 26-05-2026   16:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 5.76 214.09
Other income 33.24 260.04
Total income 39.00 474.13
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 23.33 83.76
(e) Finance costs 0.00 0.03
(f) Depreciation, depletion and amortisation expense 1.32 4.82
(f) Other Expenses
1 Other Expenses 31.68 125.48
Total other expenses 31.68 125.48
Total expenses 56.33 214.09
3 Total profit before exceptional items and tax (17.33) 260.04
4 Exceptional items 10.03 64.47
5 Total profit before tax (7.30) 324.51
6 Tax expense
7 Current tax 39.60 71.60
8 Deferred tax 0.00 0.00
9 Total tax expenses 39.60 71.60
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations (46.90) 252.91
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method (448.81) (939.64)
16 Total profit (loss) for period (495.71) (686.73)
17 Other comprehensive income net of taxes 3.03 23.42
18 Total Comprehensive Income for the period (492.68) (663.31)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent (495.70) (686.72)
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 2.98 23.42
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 1,409.19 1,409.19
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 42,737.07
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -3.52 -4.87
Diluted earnings (loss) per share from continuing operations -3.52 -4.87
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -3.52 -4.87
Diluted earnings (loss) per share from continuing and discontinued operations -3.52 -4.87
24 Debt equity ratio 0 0
25 Debt service coverage ratio 0 0
26 Interest service coverage ratio 0 0
27 Disclosure of notes on financial results



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 12.56
Capital work-in-progress 0.00
Investment property 351.86
Goodwill 0.00
Other intangible assets 0.01
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 49,685.25
Non-current financial assets
Non-current investments 662.05
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Non-Current Tax Asset 357.23
2 Other financial assets 12.45
Total of other non-current financial assets 369.68
Total non-current financial assets 1,031.73
Deferred tax assets (net)
Other non-current assets
1 Other non-current assets 146.66
Total of other non-current assets 146.66
Total non-current assets 51,228.07
2 Current assets
Inventories 0.00
Current financial asset
Current investments 0.00
Trade receivables, current 1.40
Cash and cash equivalents 0.00
Bank balance other than cash and cash equivalents 299.71
Loans, current 0.00
Other current financial assets
Total of other current financial assets 2,048.86
Total current financial assets 2,349.97
Current tax assets (net) 0.00
Other current assets
Total of other current assets
Total current assets 2,349.97
3 Non-current assets classified as held for sale 34.44
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 53,612.48
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 1,411.78
Other equity 44,480.40
Total equity attributable to owners of parent 45,892.18
Non controlling interest 1.01
Total equity 45,893.19
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 6.00
Total Trade payable 6.00
Other non-current financial liabilities
1 Other financial laibilities 4,411.73
Total of other non-current financial liabilities 4,411.73
Total non-current financial liabilities 4,417.73
Provisions, non-current 0.00
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 other current liabilities 1.56
Total of other non-current liabilities 1.56
Total non-current liabilities 4,419.29
Current liabilities
Current financial liabilities
Borrowings, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other current financial liabilities
Total of other current financial liabilities
Total current financial liabilities 0.00
Other current liabilities
Total of other current liabilities
Provisions, current 0.00
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 0.00
3 Liabilities directly associated with assets in disposal group classified as held for sale 3,300.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 7,719.29
Total equity and liabilites 53,612.48
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 OCI 3.03 23.42
Total Amount of items that will not be reclassified to profit and loss 3.03 23.42
2 Income tax relating to items that will not be reclassified to profit or loss 0.00 0.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 3.03 23.42



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 324.51
Adjustments for reconcile profit (loss)
Adjustments for finance costs 0.00
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 0.00
Adjustments for decrease (increase) in trade receivables, non-current (1.40)
Adjustments for decrease (increase) in other current assets 0.00
Adjustments for decrease (increase) in other non-current assets (1.61)
Adjustments for other financial assets, non-current 0.45
Adjustments for other financial assets, current (1.30)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 0.00
Adjustments for increase (decrease) in trade payables, non-current (1.18)
Adjustments for increase (decrease) in other current liabilities 0.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 4.82
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current (5.40)
Adjustments for other financial liabilities, non-current (262.06)
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 150.56
Adjustments for interest income (5.70)
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 939.64
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.10
Other adjustments to reconcile profit (loss) (28.19)
Other adjustments for non-cash items (939.64)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (440.63)
Net cash flows from (used in) operations (116.12)
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 38.28
Other inflows (outflows) of cash (3.22)
Net cash flows from (used in) operating activities (157.62)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 5.92
Proceeds from sales of investment property 0.55
Purchase of investment property 2.31
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 150.56
Interest received 5.70
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities 148.58
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 0.00
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities 0.00
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (9.04)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (9.04)
Cash and cash equivalents cash flow statement at beginning of period 321.75
Cash and cash equivalents cash flow statement at end of period 312.71





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 H G Sarvaiya & Co Yes 31-03-2029


Financial details

Amount in (Lakhs)

Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 474.13 474.13
2 Total Expenditure 214.09 262.00
3 Net Profit/(Loss) (663.31) (711.22)
4 Earnings Per Share -4.87 -5.21
5 Total Assets 53,612.58 53,612.58
6 Total Liabilities 53,612.58 53,612.58
7 Net Worth 45,893.91 45,845.28


Audit qualification

Amount in (Lakhs)

Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Since how long continuing Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)


Text Block

Textual Information(1) Company has not provided for delayed period interest cost on deposit amounting to Rs.47.91 lakhs for the year ending 31st March 2026 and Rs. 11.95 lakhs for the quarter ending 31st March 2026, cumulative impact of interest cost not provided from October 2019 to 31.03.2026 is Rs. 381.67lakhs. To that extent profit is overstated and liability is understated



Textual Information(2) Interest is required to be provided for delays, if any, by the Company in payment of instalment. So, interest was provided up to 30th September, 2019. The Management decided not to provide interest after 1st October, 2019 as there was a Public notice issued by the Company in News Paper on 14th May, 2019 to the Bond & Deposit holders to surrender their Certificates and collect their final instalment dues. The public notice conveys that Company is ready to pay and, therefore, no further delay and, therefore, no delayed period interest need to be provided.



Textual Information(3) NA
Textual Information(4) NA
Textual Information(5) NA


Signatories detail

Name of CEO / Managing director Aspi Nariman Katgara
Name of CFO Jamsheed M Panday
Name of audit committee chairman Jyothi V B
Name of statutory auditor Hasmukhbhai G Sarvaiya
Name of other signatory, if any, with designation
Place Bengaluru
Date 26-05-2026