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.

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.

Minolta Finance Ltd approved a rights issue of equity shares to raise up to ₹48,00,00,000 on June 30, 2026. The board approved the issuance of 40,00,00,000 fully paid-up equity shares with a face value of ₹1.20 each at a price of ₹1.20 per share. Eligible shareholders are entitled to subscribe to 4 Right Equity Shares for every 1 existing equity share held as on the record date. The rights issue aims to bolster the company's capital base and support its financial objectives.

The board meeting, conducted via video conferencing, finalized the critical parameters for the issue. The record date to determine eligibility has been set for Friday, July 17, 2026. The rights issue opens on Saturday, August 1, 2026, with the last date for market renunciation scheduled for Monday, August 10, 2026. The full issue amount is payable on application, and fractional entitlements will be ignored in accordance with SEBI regulations.

Key Details of the Rights Issue

The board also approved the draft and final Letters of Offer, the Abridged Letter of Offer, the Composite Application Form, and the Rights Entitlement Letter. Necessary agreements and regulatory filings pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 will be executed. The intimation regarding the outcome was submitted to BSE Limited and The Calcutta Stock Exchange Ltd.