Manraj Housing Finance Ltd announced its unaudited financial results for the quarter and nine months ended December 31, 2025, following a Board of Directors meeting held on January 30, 2026. The results reveal continued financial challenges for the housing finance company, with auditors raising serious concerns about the company's operations and financial position.

Financial Performance Overview

The company's financial performance for Q3 FY26 showed deteriorating conditions across key metrics. Total income remained minimal at ₹1.02 lakhs, unchanged from the previous quarter but representing a significant increase from ₹0.52 lakhs in Q3 FY25.

Expense Analysis and Operational Challenges

The company's expense structure reveals significant operational inefficiencies. Employee benefit expenses remained relatively stable at ₹1.17 lakhs for Q3 FY26 compared to ₹1.23 lakhs in the corresponding quarter of the previous year. However, other expenses increased substantially to ₹4.89 lakhs from ₹3.30 lakhs year-over-year. For the nine-month period, other expenses surged dramatically to ₹43.01 lakhs from ₹10.58 lakhs in the previous year, indicating significant operational challenges.

Balance Sheet Position

The company's balance sheet as of December 31, 2025, shows a negative equity position of ₹70.57 lakhs, deteriorating from ₹26.99 lakhs as of March 31, 2025. Total assets stood at ₹1,953.12 lakhs, with non-current assets comprising ₹1,859.99 lakhs and current assets at ₹93.13 lakhs.

Auditor's Adverse Opinion

The independent auditors, Ratan Chandak & Co LLP, issued an adverse opinion on the financial results, highlighting several critical concerns:

• Related Party Advances: Approximately 99% of the company's assets consist of advances and deposits to related parties for property purchases, with these parties currently under investigation by the Enforcement Directorate under the Prevention of Money Laundering Act
• Bank Loan Default: The company has defaulted on loan repayment to Jalgaon Peoples Co-Op Bank Ltd., with an outstanding balance of ₹687.03 lakhs since February 2020
• Unprovided Interest: Uncharged interest and penal interest totaling ₹674.92 lakhs has not been provided for in the books
• Going Concern Issues: The company has not been operational for more than four years, raising questions about its ability to continue as a going concern

Cash Flow and Liquidity

The cash flow statement reveals significant operational challenges, with net cash flow from operating activities showing an outflow of ₹51.30 lakhs for the nine-month period. The company's cash and cash equivalents decreased to ₹0.75 lakhs as of December 31, 2025, from ₹3.11 lakhs as of March 31, 2025, indicating severe liquidity constraints.

Regulatory Compliance

The financial results were prepared in accordance with Indian Accounting Standards (Ind AS) and approved by the Board of Directors. The company maintains its registered office at 3, Pushpa Apartments, General Vaidya Chowk, Jalgaon, and trades on BSE with scrip code 530537.

Manraj Housing Finance Ltd has announced that its Board of Directors will convene on January 30, 2026, to deliberate on the company's third quarter financial performance and other key business matters. The meeting, scheduled for 4:30 PM, will be held at the company's registered office located at 3, Pushpa Apartment, General Vaidya Chowk, Jalgaon-425002.

Meeting Details and Regulatory Compliance

The board meeting notice has been issued in accordance with Regulation 29 read with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015. The announcement was signed by Ishwarlal Jain, Managing Director (DIN: 00386348), and dated January 20, 2026.

Key Agenda Items

The board meeting will address seven primary agenda items, with the most significant being the consideration and approval of unaudited financial results for the quarter ended December 31, 2025. The comprehensive agenda includes:

• Financial Results Review: Consideration and approval of Q3FY26 unaudited financial results
• Governance Matters: Confirmation of previous board meeting minutes and committee meeting notes
• Business Operations: Review of company performance and strategic discussions
• Administrative Items: Chairman appointment, quorum confirmation, and leave of absence matters

Business Performance Outlook

According to the meeting notes, the Chairman has indicated that the company's performance for the third quarter ended December 31, 2025, has been "quite satisfactory." The board will discuss innovative ideas and suggestive measures to boost the company's growth in both monetary and non-monetary terms during the business operations review.

Corporate Information

The meeting will conclude with consideration of any other matters with the Chairman's permission, excluding those requiring proper notice. This board meeting represents a routine quarterly review process as part of the company's regulatory compliance and corporate governance framework.