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MAHAPEXLTD - Maha Rashtra Apx

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

📢 Recent Corporate Announcements

Maha Rashtra Apex Corp Assigns ISIN INE843B20013 for Rights Entitlements

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 13 Mar 2026, 04:24 PM

Maha Rashtra Apex Corporation Limited has finalized the International Securities Identification Number (ISIN) for its upcoming Rights Issue. The ISIN INE843B20013 has been assigned for the credit of Rights Entitlements (RE) into the demat accounts of eligible shareholders. The company has coordinated with NSDL and CDSL to ensure the REs are credited before the issue opening date. This is a procedural step following the company's decision to raise capital through a rights offering.

ISIN for Rights Entitlements identified as INE843B20013
Arrangements completed with NSDL and CDSL for dematerialized credit
Rights Entitlements to be credited to eligible shareholders prior to the issue opening date
Compliance with SEBI Rights Issue Circulars updated as of March 9, 2026

💡 Eligible shareholders should monitor their demat accounts for the credit of Rights Entitlements and review the Rights Issue price and timeline once announced to decide on participation.

Maha Rashtra Apex Corp Sets March 20, 2026, as Record Date for Rights Issue

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 11 Mar 2026, 05:48 PM

Maha Rashtra Apex Corporation Limited has announced March 20, 2026, as the record date for its upcoming Rights Issue of equity shares. This decision was finalized during the Board Meeting held on March 11, 2026. The record date will determine which shareholders are eligible to receive Rights Entitlements (REs) to participate in the capital raise. This move follows the company's compliance with Regulation 42 of SEBI Listing Regulations.

Record date for Rights Issue eligibility is fixed for March 20, 2026
Board of Directors approved the timeline in a meeting held on March 11, 2026
The issue aims to provide Rights Entitlements to existing equity shareholders
The company is listed on both BSE (523384) and NSE (MAHAPEXLTD)

💡 Investors interested in participating in the Rights Issue must ensure they hold the company's shares before the record date. Closely monitor upcoming disclosures regarding the rights price and entitlement ratio to assess the investment's value.

Maha Rashtra Apex Corp to Raise ₹14.09 Cr via 1:1 Rights Issue at ₹10/Share

🟡 NEUTRAL ⭐ 8/10

FUNDRAISE 📅 11 Mar 2026, 05:45 PM

Maha Rashtra Apex Corporation has approved a Rights Issue of up to 1.41 crore equity shares at a price of ₹10 per share, which is at par with the face value. The issue follows a 1:1 ratio, allowing existing shareholders to subscribe to one new share for every share held as of the record date, March 20, 2026. The total fundraise is expected to be approximately ₹14.09 crore, effectively doubling the company's outstanding equity base if fully subscribed. The subscription window is scheduled from April 2 to April 30, 2026.

Rights Issue ratio fixed at 1:1 (one new share for every one share held)
Issue price set at ₹10 per share, aggregating to a total size of ₹1,409.19 Lakhs
Record date for eligibility is March 20, 2026, with the issue opening on April 2, 2026
Post-issue equity capital will double to 2,81,83,792 shares assuming full subscription
Last date for market renunciation of rights entitlements is April 29, 2026

💡 Investors should evaluate the current market price against the ₹10 issue price; if the market price is higher, they should either subscribe or sell their rights entitlements before April 29 to avoid dilution.

Maha Rashtra Apex to Finalize Rights Issue Terms on March 11; Trading Window Closed

🔵 WATCH ⭐ 7/10

FUNDRAISE 📅 07 Mar 2026, 12:14 PM

Maha Rashtra Apex Corporation Limited has announced a trading window closure starting March 7, 2026, ahead of a crucial board meeting. The Board of Directors is scheduled to meet on March 11, 2026, to finalize the terms of a proposed Rights Issue. Key decisions will include the pricing terms, the Rights entitlement ratio, and the official schedule of the issue. The trading window will remain closed for designated persons until 48 hours after the board's decisions are disclosed to the exchanges.

Trading window for designated persons closed from March 7, 2026.
Board meeting scheduled for March 11, 2026, to approve Rights Issue details.
Agenda includes determining the pricing terms and Rights entitlement ratio.
Approval and adoption of the Letter of Offer expected during the meeting.
Trading window to reopen 48 hours after the announcement of board outcomes.

💡 Investors should closely monitor the March 11 announcement for the Rights Issue price and entitlement ratio to determine the potential for dilution. Assess the company's stated purpose for the fundraise before deciding to exercise rights.

Maha Rashtra Apex Receives Stock Exchange Approval for Rights Issue

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 05 Mar 2026, 05:07 PM

Maha Rashtra Apex Corporation Limited has successfully obtained in-principle approval from both the National Stock Exchange (NSE) and BSE Limited for its proposed Rights Issue of equity shares. The BSE approval was granted on March 4, 2026, while the NSE approval followed on March 5, 2026. This development follows the company's initial application submitted to the exchanges on December 20, 2025. The approval marks a critical regulatory milestone in the company's efforts to raise capital through existing shareholders.

Received in-principle approval from NSE on March 5, 2026, for the Rights Issue.
Received in-principle approval from BSE on March 4, 2026, for the equity issuance.
Follows the initial application process initiated by the company on December 20, 2025.
The fundraising is being conducted under Regulation 30 of SEBI Listing Regulations.

💡 Investors should watch for the announcement of the Rights Issue price, ratio, and record date to evaluate the potential dilution and the attractiveness of the offer.

Maha Rashtra Apex Reports Q3 Net Profit of ₹1.92 Cr; Appoints Rights Issue Monitor

🔵 WATCH ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 04:13 PM

Maha Rashtra Apex Corporation Limited reported a significant turnaround in Q3 FY26, posting a net profit of ₹192.35 lakhs compared to a loss of ₹19.63 lakhs in the same quarter last year. Total income surged to ₹232.57 lakhs, driven by a sharp increase in revenue from operations. However, auditors issued a qualified opinion, noting that the company failed to provide for ₹12.01 lakhs in interest costs this quarter, which overstates the reported profit. The board also appointed Brickwork Ratings as the monitoring agency for its upcoming Rights Issue.

Net Profit turned positive at ₹192.35 lakhs for Q3 FY26 against a loss of ₹19.63 lakhs in Q3 FY25.
Total Income grew substantially to ₹232.57 lakhs from ₹25.16 lakhs in the year-ago period.
Auditors flagged a cumulative unprovided interest liability of ₹369.71 lakhs since October 2019, overstating current profits.
The company has deposited ₹1,395.75 lakhs with the Karnataka High Court regarding outstanding public deposits and bonds.
Brickwork Ratings India Private Limited appointed as the monitoring agency for the proposed Rights Issue.

💡 Investors should exercise caution as the reported profits are overstated due to unprovided interest liabilities and the company's NBFC license remains cancelled by the RBI. Monitor the progress of the Rights Issue and the resolution of legal disputes regarding public deposits.

Maha Rashtra Apex Corp Confirms Unmodified Audit Opinion for FY23 Results

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 31 Jan 2026, 03:17 PM

Maha Rashtra Apex Corporation Limited has issued a formal clarification to the stock exchanges regarding its financial results for the year ended March 31, 2023. The company confirmed that its statutory auditors, M/s H G Sarvaiya & Co., issued an unmodified opinion on both standalone and consolidated financial statements. This declaration is a mandatory compliance requirement under Regulation 33(3)(d) of SEBI LODR. The filing serves to resolve a specific clarification sought by the Exchange regarding the previously submitted results.

Clarification submitted for the financial year ended March 31, 2023
Statutory Auditors M/s H G Sarvaiya & Co. issued an unmodified audit opinion
Declaration covers both standalone and consolidated financial results
Compliance fulfilled under Regulation 33(3)(d) of SEBI (LODR) Regulations, 2015

💡 This is a routine regulatory clarification confirming the integrity of previously reported FY23 results. No immediate action is required as the audit opinion contains no adverse remarks.

Maha Rashtra Apex Corp Submits Q3 FY26 Share Dematerialization Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 11:40 AM

Maha Rashtra Apex Corporation Limited has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The certificate, issued by Purva Sharegistry (India) Pvt. Ltd., confirms that all share dematerialization requests were handled within the legal timelines. It verifies that physical certificates were cancelled and mutilated after updating the depository names in the register of members. This filing ensures the company is maintaining proper electronic share records and adhering to listing requirements.

Quarterly compliance certificate submitted for the period ending December 31, 2025.
Confirmation that dematerialization requests were processed and physical certificates mutilated within prescribed timelines.
Detailed list of shares dematerialized from October 1 to December 31, 2025, included in the filing for various folios.
Purva Sharegistry (India) Pvt. Ltd. confirmed the substitution of depository names in the register of members.

💡 This is a standard administrative filing with no impact on company fundamentals. No action is required from investors.

Maha Rashtra Apex Corp to Close Trading Window from Jan 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Dec 2025, 12:07 PM

Maha Rashtra Apex Corporation Limited has announced the closure of its trading window for designated persons starting January 1, 2026. This routine regulatory action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's Q3 financial results. The window will remain closed until 48 hours after the un-audited financial results for the quarter ending December 31, 2025, are publicly disclosed. The board meeting date for the results approval will be notified separately.

Trading window closure effective from January 1, 2026, for all designated persons.
Closure pertains to the upcoming un-audited financial results for the quarter ending December 31, 2025.
The trading restriction will be lifted 48 hours after the announcement of the financial results.
The specific date for the Board Meeting to approve results is yet to be announced.

💡 This is a standard regulatory procedure with no direct impact on the company's valuation; investors should monitor for the upcoming Q3 earnings date.

Maha Rashtra Apex Corp Files Draft Letter of Offer for Proposed Rights Issue

🔵 WATCH ⭐ 7/10

FUNDRAISE 📅 20 Dec 2025, 09:26 AM

Maha Rashtra Apex Corporation Limited has officially filed the Draft Letter of Offer (DLOF) with BSE and NSE for its proposed Rights Issue. This follows the Board's approval for fundraising granted on December 18, 2025. The company is currently seeking in-principle listing approval and regulatory comments on the draft document. While the specific issue size and pricing details are yet to be finalized in the public domain, this filing marks a formal step in the capital-raising process.

Filed Draft Letter of Offer (DLOF) dated December 19, 2025, with BSE and NSE.
Seeking in-principle listing approval for the proposed Rights Issue of equity shares.
The filing follows the Board of Directors' fundraising approval from December 18, 2025.
The Right Issue Committee has formally approved the DLOF for submission to regulators.

💡 Investors should monitor upcoming announcements for the rights entitlement ratio, issue price, and record date to assess potential dilution. Review the final Letter of Offer to understand how the company intends to utilize the raised capital.

Maha Rashtra Apex Board Approves ₹15 Crore Rights Issue at ₹10 Per Share

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 18 Dec 2025, 03:27 PM

Maha Rashtra Apex Corporation Limited has approved a fundraise of up to ₹15 crore through the issuance of equity shares on a rights basis. The board has fixed the issue price at ₹10 per share, which is the face value of the stock. The rights entitlement ratio is set at 15,000,000 equity shares for every 14,090,896 shares held by eligible shareholders. A Rights Issue Committee has been constituted to finalize the record date and other specific terms of the issue.

Fundraise of up to ₹15 crore through equity shares on a rights basis
Issue price fixed at ₹10 per share, matching the face value
Rights ratio of 15,000,000 shares for every 14,090,896 shares held
Constitution of a Rights Issue Committee to manage the process and finalize the record date
Board meeting concluded on December 18, 2025, with immediate approval

💡 Investors should monitor for the announcement of the record date to determine eligibility for the rights. Compare the ₹10 issue price with the current market price to evaluate the potential for arbitrage or dilution impact.

Maha Rashtra Apex Corp to Raise Rs 15 Crore via Rights Issue at Rs 10 Per Share

🔵 WATCH ⭐ 7/10

FUNDRAISE 📅 18 Dec 2025, 03:16 PM

Maha Rashtra Apex Corporation Limited has approved a rights issue to raise up to Rs 15 crore through the issuance of new equity shares. The Board has set the issue price at Rs 10 per share, which matches the face value. The entitlement ratio is approximately 1.06 shares for every 1 share held (15,000,000:14,091,896). A dedicated Rights Issue Committee has been formed to finalize the record date and other specific terms of the offering.

Total fundraise amount capped at Rs 15,00,00,000 (Rs 15 Crore).
Issue price fixed at Rs 10 per equity share.
Entitlement ratio set at 15,000,000 equity shares for every 14,091,896 shares held.
Board has authorized the constitution of a Rights Issue Committee to manage the process.
Record date and further terms to be notified subsequently by the committee.

💡 Investors should monitor the current market price relative to the Rs 10 issue price to assess the discount and decide on participation. Existing shareholders should watch for the record date announcement to ensure eligibility for the rights entitlement.

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💰 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.

Capacity Expansion

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

📈 Strategic Growth

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.

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.

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.

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.