Manipal Finance Corporation Ltd. has informed BSE Ltd. of a forthcoming Board of Directors meeting to review and consider its audited financial results for the financial year ended March 31, 2026. The formal notice, bearing reference number MFCL/HO/SEC/267/2026, was issued on May 14, 2026, and submitted to the Department of Corporate Services at BSE Ltd.

Board Meeting Details

The meeting has been scheduled in accordance with the company's regulatory obligations. Key details of the board meeting are outlined below:

Regulatory Context

The board meeting has been convened inter-alia to consider the audited financial results for the financial year ended March 31, 2026, as mandated under Regulation 33(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation requires listed companies to submit their audited financial results to stock exchanges within the prescribed timelines, ensuring transparency and timely disclosure to investors and stakeholders.

The notice was formally communicated to BSE Ltd. by Managing Director T Narayan M Pai on behalf of Manipal Finance Corporation Ltd., headquartered at "Manipal House", Manipal, in Udupi District, Karnataka.

Manipal Finance Corporation Ltd (MFCL) has released its unaudited financial results for the quarter ended September 30, 2025, revealing significant challenges that cast doubt on the company's future operations. The Board of Directors convened on November 13, 2025, to review and approve the financial statements, with the meeting concluding at 4:45 p.m.

Key Highlights

• MFCL's auditors have issued a qualified review report, expressing substantial concerns about the company's ability to continue as a going concern.
• The company has reported ongoing losses over the years.
• A majority of MFCL's funds are currently tied up in Non-Performing Assets (NPAs).

Auditors' Concerns

The qualified review report from the auditors highlights several critical issues:

1. Ongoing Losses: The company has been incurring losses for an extended period, indicating persistent financial difficulties.

2. Asset Quality: A significant portion of MFCL's funds are locked in Non-Performing Assets, raising questions about the company's asset management and recovery strategies.

3. Asset Realizability: The auditors expressed their inability to comment on the ultimate realizability of the company's assets, including Property, Plant, and Equipment under lease.

4. Liability Settlement: Concerns were raised about the company's ability to settle its liabilities, suggesting potential liquidity issues.

Management's Stance

Despite the auditors' concerns, MFCL's management has prepared the financial statements on a going concern basis. This decision reflects the management's perception of the company's ability to continue its operations in the foreseeable future.

Regulatory Compliance

In compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, MFCL has submitted the following to the BSE Ltd:

• Unaudited Financial Results for the quarter ended September 30, 2025
• Limited review report from the Statutory Auditors

Investor Implications

The qualified review report and the auditors' concerns about MFCL's going concern status may have significant implications for investors and stakeholders. These issues highlight the need for careful consideration of the company's financial health and future prospects.

As the situation develops, investors and market participants will likely keep a close watch on Manipal Finance Corporation's strategies to address these challenges and improve its financial position.