Tirupati Fincorp Limited held its 44th Annual General Meeting on September 19, 2026, approving key governance changes including the appointment of a new Chief Executive Officer and the shifting of its registered office to Maharashtra.

The meeting was chaired by Mr. Arvind Jethalal Gala, Non-Executive Chairman. It commenced at 11:00 am via video conferencing and concluded at 11:50 am. The company adopted its audited standalone financial statements for the fiscal year ended March 31, 2026.

Governance and Structural Changes

Shareholders passed several special resolutions to update the company's leadership and legal structure:

• Appointment of Mr. Rajesh Shantilal Vakharia as Executive Director and Chief Executive Officer.
• Appointment of Mrs. Kinjal Darshit Parkhiya as an Independent Director.
• Adoption of new Memorandum of Association and Articles of Association aligned with the Companies Act, 2013.
• Shifting the registered office from Rajasthan to Maharashtra.

Ordinary Business

The meeting addressed routine statutory matters through ordinary resolutions:

• Reappointment of Mrs. Sheetal Mitesh Shah as a director retiring by rotation.
• Confirmation of M/s CGCA & Associates LLP as the statutory auditor for the upcoming term.

Attendance and Voting

A total of 20 members representing 4,15,510 shares attended the meeting, satisfying the quorum requirement. Remote e-voting was available from September 14 to September 18, 2026. Ms. Amruta Giradkar served as the scrutinizer for the voting process. No questions were raised by members during the session.

Tirupati Fincorp Limited reported a net loss of ₹575.96 lakh for the financial year ended March 31, 2026, a significant widening from the net loss of ₹82.37 lakh recorded in FY25.

The company's total revenue contracted sharply by 77.31% to ₹2,512.54 lakh, driven by a near-total cessation of its core lending activities following a Reserve Bank of India (RBI) directive to discontinue its Non-Banking Financial Company (NBFC) operations.

Financial Performance

The decline in revenue was primarily due to a collapse in securities trading income and the absence of one-off other income that had contributed ₹816.99 lakh in the previous year. While interest income rose 50.49% to ₹1,381.64 lakh as the loan book wound down, it was insufficient to offset the broader revenue contraction.

Finance costs surged 125.66% to ₹1,329.59 lakh, largely due to accrued interest payables rising to ₹1,276.02 lakh. Additionally, impairment charges on financial instruments jumped 411.72% to ₹413.07 lakh, reflecting realistic asset valuations under Ind AS standards during the transition.

What the Numbers Show

The balance sheet reveals a critical erosion of capital. Total equity plummeted 97.87% to just ₹12.50 lakh, driven by the current year's losses adding to accumulated deficits. This has pushed the debt-to-equity ratio to over 800 times, highlighting the severe leverage pressure as the company exits its regulated NBFC business model without yet having established significant revenue streams in its new operational focus.

Strategic Pivot and Governance

Following the RBI's rejection of its fresh certificate of registration application in June 2025, Tirupati Fincorp has altered its Memorandum of Association to enter the automobile and electric vehicle manufacturing sector. The company incorporated a subsidiary, TFL Supereco Automotive Private Limited, in June 2026 to facilitate this pivot.

Governance changes included the appointment of Mr. Rajesh Shantilal Vakharia as Executive Director and CEO, effective August 6, 2026. The Board also approved shifting the registered office from Rajasthan to Maharashtra to align with its operational base in Mumbai.

Auditor Disclaimer

Statutory auditors JCR & Co. LLP issued a disclaimer of opinion on the financial statements. The auditors cited unresolved matters regarding the write-off of loan liabilities and inability to verify interest amounts due to missing documentation. They also noted the company continued some financing activities despite the RBI order to stop immediately.