MAHAPEXLTD - Maha Rashtra Apx

📊 NSE: MAHAPEXLTD 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 9:26

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment of financial activities. Total revenue for FY 2024-25 was INR 6.61 Cr. For Q2 FY26, standalone total income was INR 1.45 Cr, representing a marginal YoY growth of 0.64% compared to INR 1.44 Cr in Q2 FY25.

Geographic Revenue Split

100% of revenue is generated within India, with operations primarily managed from Bengaluru, Karnataka and Mumbai, Maharashtra.

Profitability Margins

Standalone Profit Before Tax (PBT) margin for the half-year ended September 30, 2025, was 8.78% (INR 12.72 lakhs on INR 144.87 lakhs income). However, on a consolidated basis, the company reported a significant loss of INR 6.82 Cr for the same period, primarily due to a share of loss from associates amounting to INR 8.07 Cr.

EBITDA Margin

Standalone operating profit before working capital changes was INR 4.11 lakhs for the half-year ended September 30, 2025, resulting in an operating margin of 2.84%, a decrease from 5.41% (INR 7.79 lakhs) in the previous year.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company is engaged in financial recovery and repayment activities.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

Not applicable; the company is currently under a Scheme of Arrangement and is not carrying out active NBFC operations.

Raw Material Costs

Not applicable.

Manufacturing Efficiency

Not applicable.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company's primary strategy is the recovery of its assets and the repayment of liabilities under a court-approved Scheme of Arrangement. Future prospects are linked to the stability of the finance market and the successful conversion of promoter physical shares into dematerialized form.

Products & Services

Asset recovery services and repayment of liabilities under the Scheme of Arrangement.

Brand Portfolio

Maha Rashtra Apex Corporation Limited.

New Products/Services

None; the company is focused on legacy asset recovery.

Market Expansion

None; the company is operating under a restrictive legal scheme.

Market Share & Ranking

Not applicable as the company is in a recovery phase.

Strategic Alliances

The company has three subsidiaries (Manipal Crimson Estate, Eldorado Investments, Maharashtra Apex Asset Management) and three associates (Manipal Home Finance Ltd, Manipal Springs Ltd, Kanara Consumer Products Ltd).

🌍 External Factors

Industry Trends

The finance market is currently influenced by the stability of the central government and global economic shifts, with the company positioned as a recovery vehicle rather than an active competitor.

Competitive Landscape

Not applicable due to the company's status under the Scheme of Arrangement.

Competitive Moat

The company does not possess a traditional competitive moat as it is currently engaged only in asset recovery and liability settlement under legal supervision.

Macro Economic Sensitivity

The company is sensitive to stock market volatility and global economic events which influence the finance market outlook.

Consumer Behavior

Not applicable.

Geopolitical Risks

Global events are cited as factors that create uncertainty in the near-term outlook for the finance market.

⚖️ Regulatory & Governance

Industry Regulations

The company is governed by the Scheme of Arrangement approved by the Hon'ble High Court of Karnataka under Section 391 of the Companies Act 1956. It is currently not carrying out NBFC activities.

Environmental Compliance

Not applicable.

Taxation Policy Impact

Ind-AS compliant accounting with income tax expenses recognized net of reversals.

Legal Contingencies

The company has deposited INR 13.96 Cr with the High Court of Karnataka to cover principal and interest dues. There is a cumulative unprovided interest cost of INR 3.58 Cr from October 2019 to September 2025. A fine of INR 6.61 lakhs was paid for non-compliance with Regulation 33 regarding timely financial result submission.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the successful recovery of assets to meet outstanding liabilities. Associate company losses (INR 8.07 Cr) significantly impact consolidated performance.