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FINANCE LIMITEDMain BoardEquity2025-04-012026-03-312025-11-132025-11-10INRLakhsQuarterlySecond quarterMulti segment2025-11-1315:30:002025-11-1317:35:00trueCash Flow IndirectDeclaration of unmodified opiniontruetrueNANAfalsetrue2025-08-14https://trucapfinance.com/wp-content/uploads/Policy-on-RPT.pdffalsetrue2025-07-012025-09-30UnauditedStandalone215042000001283800051000000227931000180680002459990000009504700020493400018398000114160000027342400095700000698919000-4529200000-4529200000-127034000-127034000-3258860000000-325886000-2143000-3280290002377240002-2.79-2.7900-2.79-2.790.030300 Notes <BR> 3 The above results for the quarter and half year ended September 30, 2025 have been reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors of the Company at their respective meeting(s) held on November 13, 2025. <BR> 4 The unaudited standalone financial results for the quarter and half year ended September 30, 2025 have been subjected to limited review by the Statutory Auditors and they have issued an unmodified opinion. <BR> 5 The Company has primarily two reportable business segments namely Fund based Activities and Advisory services for the quarter and half year ended September 30, 2025. The Company publishes unaudited standalone financial results along with the unaudited consolidated financial results and in accordance with Ind AS 108 - Operating Segments, the Company has disclosed the segment information in the unaudited consolidated financial results of the Company. <BR> 6 Fees and commission income includes advisory service fees and commission from syndication loan. <BR> 7 With respect to the preferential issue(s) made by the Company under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, ("ICDR Regulations"), there are no deviation or category wise variation in utilization of funds pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended ("Listing Regulations"). Further, during the quarter ended September 30, 2025, due to non-receipt of subscription money towards balance 75% of the total consideration for 5,42,372 convertible warrants allotted on February 01, 2024 at an issue price of Rs.73.75/- per warrant, the upfront consideration of Rs 0.99 lakhs/- (representing 25% of the total consideration received) received by the Company towards 5,42,372 warrants is forfeited, in accordance with the terms of the warrants and the provisions of Regulation 169(3) of ICDR Regulations. Further, during the quarter ended September 30, 2025, there were no few fresh infusion of capital under ICDR Regulations. <BR> 8 The outstanding Non-Convertible Debentures (""NCDs"") as on September 30, 2025 are fully secured by hypothecation of book debts/ loan receivables to the extent as stated in the disclosure documents. The Company has, at all times, for the secured NCDs, maintained sufficient asset cover as stated in the disclosure documents. Further, additional line items in compliance with Regulation 52 (4) of the Listing Regulations for the quarter ended September 30, 2025 is attached as Annexure 1 and the disclosure with respect to security cover certified by the Statutory Auditors as required under Regulation 54(3) of the Listing Regulations is enclosed as Annexure 2. Further, with respect to the said NCDs allotted, there is no material deviation(s) in the use of issue proceeds of non-convertible securities from the objects of the issue stated in the disclosure document <BR> In view of the continued financial stress and the deterioration in asset quality, driven by lower business growth arising from resource limitations and the ongoing run-down of the loan book, the Company’s security cover on secured borrowings has become inadequate during the quarter ended September 30, 2025. The management has undertaken a comprehensive review of the underlying assets and the corresponding security values. Corrective measures, including renegotiation of security terms and proactive engagement with lenders, are in progress. The Company is also focusing on maintaining operational agility to remain promising to prospective investors. The Company continues to evaluate the impact of the shortfall in asset cover on its borrowings and financial covenants, and appropriate disclosures have been made in these financial statements. <BR> 9 During the quarter ended September 30, 2025, Marwadi Chandarana Intermediaries Brokers Private Limited ("MCIBPL") terminated the share purchase agreement (SPA) and securities subscription agreement (SSA) both dated May 26, 2025. Accordingly, with the termination of the SPA and SSA, MCIBPL will no longer will be able to acquire control over the Company as per the terms of the SPA and SSA through classification as the promoter and promoter group. The aforesaid termination does not have any material impact on the Company except for the fund infusion which the Company was expecting from MCIBPL towards subscription of equity shares and convertible warrants which were proposed to be allotted by the Company. Further, upon instructions from MCIBPL, the Company has withdrawn its appliaction for change of control made to the Reserve Bank of India. <BR> 10 On July 16, 2025, the Company had defaulted on the accelerated redemption of the listed non-convertible debentures under ISIN (a) INE615R07042; (b) INE615R07117; (c) INE615R07091; (d) INE615R07083; (e) INE615R07109; and (f) INE615R07125. Further, consequent to the default in NCDs, the credit rating of the Company has been downgraded to further downgraded to ‘D’ category by CARE Ratings Limited on 18 July 2025 and to ‘C’ category by lnfomerics Valuation and Rating Private Limited on 19 July 2025. However, during the quarter ended September 30, 2025, the Company has repaid its entire obligation towards the aforesaid NCDs in multiple tranches and on September 23, 2025, the Company has re-paid the obligation towards these NCDs in full. <BR> 11 Disclosure pertaining to RBI Master Direction - RBI/DOR/2021-22/86 DOR.STR.REC.51/21.04.048/2021-22 Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 dated September 24, 2021. <BR> a. The company has not transfer any loan through assignment in respect of loans not in default during the quarter ended Sept 30, 2025 <BR> b. The company has not acquired any loans (not in default) through assignment during the quarter ended Sept 30, 2025 <BR> c. The Company has neither acquired nor transferred any stressed loans during the quarter ended Sept 30, 2025 <BR> 12 Disclosure as required under Master Direction – Reserve Bank of India (Securitisation of Standard Assets) Directions, 2021, issued by the Reserve Bank of India on September 24, 2021, during the quarter ended Sept 30, 2025, the Company not undertaken any Securitisation of loan exposures <BR> 13 The figure for the quarter ended September 30, 2025 and quarter ended September 30, 2024 are balancing figures between unaudited figures in respect of the half year ended September 30, 2025 and September 30, 2024 and the unaudited figure of quarter ended June 30, 2025 and unaudited figure of quarter ended June 30, 2024 respectively <BR> 14 The figures for the previous quarter/year have been regrouped / rearranged wherever necessary to conform to current quarter presentation. <BR> For and on behalf of the Board of TruCap Finance Limited <BR> sd/- <BR> Rohanjeet Singh Juneja <BR> 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