Minolta Finance FY26 Results: Net loss widens to ₹142.81 lakh on higher costs
- Minolta Finance reported a net loss of ₹142.81 lakh for FY26, widening from a profit of ₹1.22 lakh in the prior year
- Revenue from operations jumped 10.7x to ₹1,195.84 lakh as the net loan book grew to ₹18,521.86 lakh
- Finance costs surged to ₹981.47 lakh and impairment provisions rose to ₹342.38 lakh, eroding profitability
- Auditors issued a qualified opinion citing missing loan documents and unaccrued interest expenses
- Shareholders will vote on renaming the company to Wagad Finance Limited and shifting the registered office to Maharashtra
*this image is generated using AI for illustrative purposes only.
Minolta Finance Limited posted a net loss of ₹142.81 lakh for the financial year ended March 31, 2026, reversing a modest profit of ₹1.22 lakh recorded in the previous year.
The Kolkata-based non-banking financial company (NBFC) submitted its revised annual report to stock exchanges on September 12, 2026, to rectify typographical errors in the initial filing. The revisions did not alter any financial results or substantive disclosures.
Financial Performance
Revenue from operations surged to ₹1,195.84 lakh from ₹101.88 lakh in FY25, reflecting a significant scale-up in core lending activities. Total revenue for the year stood at ₹1,196.92 lakh.
However, the aggressive growth strategy came with elevated costs. Finance costs rose sharply to ₹981.47 lakh from ₹12.71 lakh, while impairment provisions increased to ₹342.38 lakh against ₹12.94 lakh previously. Consequently, the company reported a loss before tax of ₹205.04 lakh.
| Metric | FY26 (₹ in lakh) | FY25 (₹ in lakh) |
|---|---|---|
| Revenue from Operations | 1,195.84 | 101.88 |
| Finance Cost | 981.47 | 12.71 |
| Impairment Provisions | 342.38 | 12.94 |
| Net Profit / (Loss) | (142.81) | 1.22 |
Balance Sheet and Operations
The net loan book expanded significantly to ₹18,521.86 lakh as of March 31, 2026, compared to ₹5,804.50 lakh a year earlier. This asset growth was funded primarily through borrowings, which rose to ₹17,792.69 lakh from ₹4,752.51 lakh.
What the Numbers Show
The company’s funding structure reveals high leverage relative to its equity base. With total borrowings of ₹17,792.69 lakh against an equity base of just ₹931.05 lakh, the leverage ratio stands at approximately 19.1x. This indicates that nearly all lending activity is funded through debt rather than internal capital, amplifying sensitivity to interest rate movements and credit quality.
Governance and Corporate Actions
The annual report highlighted several key corporate developments:
- Name Change Proposal: Shareholders will vote on changing the company name from Minolta Finance Limited to "Wagad Finance Limited" at the upcoming AGM.
- Registered Office Shift: The registered office is proposed to move from West Bengal to Maharashtra for administrative convenience.
- Leadership Appointment: Ms. Forum Gada is proposed for appointment as Managing Director for a five-year term.
Auditor Qualifications
Statutory auditors JCR & Co. LLP issued a qualified opinion on the standalone financial statements. Key concerns included:
- Failure to accrue interest expense on loan accounts totaling ₹3.38 crore due to missing documents.
- Understatement of finance costs by approximately ₹2.43 crore for one specific borrower.
- Lack of ownership documentation for investments valued at ₹62.96 lakh.
The management attributed these issues to administrative delays and ongoing negotiations with borrowers.
How will Minolta Finance's high leverage ratio of 19.1x impact its ability to secure future funding amidst rising interest rates?
What specific measures will management implement to address the auditor's qualified opinion regarding unaccrued interest and missing documentation?
Will the proposed name change to 'Wagad Finance Limited' and relocation to Maharashtra signal a strategic pivot in target demographics or regulatory strategy?
15
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
