Manraj Housing Finance Ltd reported a net loss of ₹47.97 crore for the financial year ended March 31, 2026, a sharp reversal from the net profit of ₹33.64 crore recorded in the previous year. The company’s revenue from operations was nil for both the quarter and the year, while total income stood at ₹4.29 crore, driven solely by other income. Total expenses for the year increased to ₹52.26 crore from ₹20.65 crore in the prior year, resulting in a negative net worth of ₹74.96 crore.

The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 26, 2026. The audit report was submitted by M/s Ratan Chandak & Co LLP, Statutory Auditors of the company. The Board did not recommend any dividend for the period.

Auditor's Adverse Opinion

M/s Ratan Chandak & Co LLP issued an adverse conclusion on the financial statements, citing significant material misstatements and uncertainties. The auditors identified that more than 99% of the company's assets comprise advances and receivables from related parties who are currently under investigation by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA). The attachment of these assets by the ED raises serious concerns about their recoverability and valuation.

Additionally, approximately 65% of the company's liabilities consist of unsecured loans from related parties. The auditors noted that the entanglement of these transactions creates significant uncertainty regarding the completeness and accuracy of the liabilities.

Default and Going Concern Risks

The company has defaulted on repayments to Jalgaon Peoples Co-Op. Bank Ltd., with an outstanding amount of ₹687.03 lakhs as of February 2020. The debt has been transferred to ASREC (India) Ltd., an Asset Reconstruction Company. The auditors highlighted that the company has not provided for uncharged interest amounting to ₹442.75 lakhs for the period from March 1, 2020, to March 31, 2024, and an additional ₹268.67 lakhs for the period from April 1, 2024, to March 31, 2026. Consequently, the loss for the year is understated by ₹141.94 lakhs, and liabilities are understated by ₹711.42 lakhs.

The auditors stated that the company has not been in operation for more than three years, has a negative net worth, and has defaulted on bank borrowings. These factors indicate severe financial distress and raise substantial doubt about the company's ability to continue as a going concern.

Financial Summary

Manraj Housing Finance Ltd. has intimated the Bombay Stock Exchange Limited of a forthcoming Board of Directors meeting, scheduled for Monday, May 25, 2026, at 4:30 P.M. The meeting will be held at the company's registered office located at 3, Pushpa Apartment, General Vaidya Chowk, Jalgaon-425002. The intimation was issued on May 13, 2026, and signed by Ishwarlal Jain, Managing Director (DIN: 00386348), on behalf of Manraj Housing Finance Limited.

Key Agenda Items

The board meeting has been convened to address several significant matters. The agenda covers both procedural and substantive business items, as detailed below:

Audited Financial Results on the Agenda

A central item on the agenda is the consideration and approval of the audited financial results for the quarter and year ended March 31, 2026. The Chairman is expected to place these results before the Board for approval, subject to any modifications deemed necessary. This disclosure is being made in compliance with Regulation 29 of the applicable listing regulations.

Authorisation for Regulatory Filings

The Board is also set to authorise Ishwarlal S. Jain (DIN: 00386348), Chairman and Managing Director, to file necessary forms with the Ministry of Corporate Affairs and other government authorities for the current financial year, i.e., 2026-2027.

Business Operations Review

As part of the meeting's agenda, the Chairman has noted that the performance of the company for the fourth quarter ended March 31, 2026, was satisfactory. The Board will be invited to share ideas and measures to support the company's growth in both monetary and non-monetary terms.

Meeting Details at a Glance

The intimation was submitted to the Bombay Stock Exchange Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400001, for information and record purposes.