TruCap Finance Limited announced that Mr. Vishal Miglani has resigned as the Interim Chief Financial Officer and Key Managerial Personnel of the company effective May 24, 2026. The resignation, submitted to devote greater focus towards business collaboration functions, was intimated to the stock exchanges under Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Miglani will continue his association with the firm in a senior management capacity.

Mr. Vishal Miglani stepped down from the position at the close of business hours on May 24, 2026. Consequently, he also ceased to be the Key Managerial Personnel of the company and its wholly owned subsidiary, DFL Technologies Private Limited. The disclosure was made in compliance with the Master Circular issued by SEBI on July 11, 2023.

Following his resignation from the finance role, Mr. Miglani has transitioned to the role of Senior Vice President - Business Loans, Cross Sell, Collaborations & Strategy. He remains part of the senior management personnel of the company, ensuring continuity in its strategic operations. The resignation letter was addressed to Mr. Rohanjeet Singh Juneja, Managing Director & CEO of TruCap Finance Limited.

Key Details of Resignation

The company confirmed that the resignation was not due to any disagreement or dispute with the management or auditors. The transition is aimed at strengthening the company's business collaboration and strategy verticals.

TruCap Finance Limited reported a widened net loss of ₹11,042.33 lakh for the financial year ended March 31, 2026, compared to a loss of ₹6,660.53 lakh in the previous year, as the company faces significant going concern uncertainties. The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, on May 25, 2026. Khandelwal Kakani & Co., the statutory auditors, issued an unmodified opinion but highlighted a material uncertainty related to the company's ability to continue as a going concern, citing breaches of security cover, continued financial stress, and deteriorating asset quality.

The standalone financial results show total revenue from operations for FY26 at ₹8,241.21 lakh, a significant decline from ₹19,641.56 lakh in FY25. Total expenses for the year stood at ₹23,778.00 lakh. The company's net worth as of March 31, 2026, stood at ₹5,328.48 lakh, a decrease from ₹16,219.17 lakh in the prior year. The net loss for the quarter ended March 31, 2026, was reported at ₹1,771.28 lakh.

Financial Performance

The following table summarizes the key standalone financial metrics for the year ended March 31, 2026:

Auditor's Observations and Going Concern

Khandelwal Kakani & Co. issued an unmodified opinion on the financial results but drew attention to the material uncertainty related to the going concern of the company. The report notes that the company has breached security cover and other loan covenants. The increased loss in the current year, coupled with these conditions, indicates factors that may cast significant doubt on the company's ability to continue as a going concern. The company's survival is dependent upon the successful implementation of a restructuring plan and potential equity infusion.

Restructuring and Defaults

The management has presented a comprehensive business plan comprising gold loans and EV lending to lenders as part of a restructuring effort. The plan proposes a four-year repayment schedule with principal repayments of 10%, 20%, 30%, and 40% over the respective years, along with interest payments at 8% per annum. Additionally, the company reported an outstanding default on loans and debt securities totaling ₹33,498.99 lakh as of March 31, 2026. The asset cover available to the holders of secured Non-Convertible Debentures was confirmed to be lower than the minimum requirement stipulated in the Debenture Trust Deed.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE615R01029/0a09e5ee8ef2402c.pdf