TruCap Finance Limited , a non-banking financial company (NBFC), has reported continued losses for the quarter and half-year ended September 30, 2025, while making significant changes to its leadership and employee incentive structure.

Financial Performance

The company reported a consolidated net loss of ₹3,289.12 crore for the quarter ended September 30, 2025, compared to a profit of ₹100.94 crore in the same quarter last year. For the half-year, the net loss widened to ₹4,198.92 crore, against a profit of ₹220.93 crore in the corresponding period of the previous year.

Total income for Q2 FY2026 decreased to ₹2,461.71 crore from ₹5,831.49 crore year-over-year, indicating a significant decline in revenue.

Key Financial Metrics

All figures in ₹ crore, except EPS

Asset Quality

The company's asset quality showed signs of stress, with the Gross Non-Performing Asset (GNPA) ratio rising to 6.64% as of September 30, 2025, compared to 2.59% a year ago. The Net Non-Performing Asset (NNPA) ratio also increased to 4.00% from 1.87% in the same period last year.

Leadership Changes

TruCap Finance announced the appointment of Mr. Vishal Miglani as the interim Chief Financial Officer and Key Managerial Personnel, effective November 14, 2025. Mr. Miglani brings over 23 years of experience in financial services and automotive industries, with expertise in operations, sales, marketing, and financial management.

Employee Stock Options

The Board of Directors approved the grant of 19,07,498 stock options to eligible employees under the Dhanvarsha ESOP Plan 2018. These options, priced at ₹2 per share, are exercisable within eight years from the grant date.

Registered Office Relocation

The company will be shifting its registered office within Mumbai, from the 4th floor to the 3rd floor of the same building complex, effective November 14, 2025.

Debt Securities and Borrowings

As of September 30, 2025, TruCap Finance reported:

• Outstanding debt securities: ₹12,604.36 crore
• Borrowings: ₹19,955.37 crore
• Total financial indebtedness (including short-term and long-term debt): ₹329.13 crore

Conclusion

TruCap Finance Limited faces significant challenges as it navigates through a period of financial stress and deteriorating asset quality. The appointment of an interim CFO and the granting of employee stock options may be seen as steps towards stabilizing the company and retaining talent during this difficult period. Investors and stakeholders will likely be watching closely for signs of improvement in the company's financial health and operational performance in the coming quarters.

TruCap Finance Limited has reported a decrease in shareholding by Wilson Holdings Private Limited, as disclosed in a regulatory filing. The transaction, which took place on June 20, 2023, involved the sale of 5,41,591 equity shares through the open market.

Impact on Shareholding

The sale has resulted in a reduction of Wilson Holdings' stake in TruCap Finance. Here's a breakdown of the changes:

Regulatory Compliance

This transaction was conducted as part of the regulatory disclosure requirements under SEBI takeover regulations. Such disclosures are crucial for maintaining transparency in the stock market and keeping investors informed about significant changes in shareholding patterns.

Implications

While the reduction in stake is relatively small, it's worth noting for investors and market watchers. Changes in substantial shareholdings can sometimes indicate shifts in company control or investment strategies of major stakeholders.

The move by Wilson Holdings to reduce its stake might be part of its portfolio management strategy. However, it's important to note that despite the sale, Wilson Holdings, along with Mrs. Minaxi Mehta, still retain a majority stake in TruCap Finance.

Investors and stakeholders of TruCap Finance should continue to monitor any further changes in shareholding patterns, as these can potentially impact the company's governance and strategic direction.