Haryana Financial Corporation Q1FY27 loss, delisting steps

Why HFC’s latest filing matters

Haryana Financial Corporation (HFC) has reported another quarterly loss while it progresses through a state-led winding-up process and a voluntary delisting plan from BSE Limited. The update is significant less for operating performance and more for what it signals about the company’s end-state as a listed entity. The corporation has indicated that it remains operationally inactive and is moving toward liquidation under the State Financial Corporations (SFCs) Act, 1951. In parallel, the State Government of Haryana has initiated steps to acquire the remaining public shareholding to enable delisting.

The disclosures come through regulatory filings to the stock exchange, including board meeting intimations and outcome updates under SEBI’s listing and delisting frameworks. The filings also include auditor observations around going-concern uncertainty, given the recommended winding up.

Q1FY27 performance: net loss continues

For the quarter ended June 30, 2026, HFC reported a net loss of ₹0.40 crore. The filing describes the corporation as continuing its wind-up process and advancing plans to delist from BSE. The stated context is one of operational inactivity, with the focus on closure-related actions rather than business expansion.

HFC’s quarterly result sits alongside earlier disclosures that also showed volatility and losses. For Q3 FY26, the corporation reported a net loss of ₹0.33 crore, compared with a profit of ₹0.51 crore in the same period last year. For the nine months ended December 31, 2025 (9M FY26), it reported a net loss of ₹2.43 crore, reversing from a profit of ₹0.64 crore in 9M FY25.

Board approvals and the delisting announcement

HFC said its Board of Directors approved the unaudited financial results for the quarter ended June 30, 2026 and also cleared the Initial Public Announcement (IPA) for voluntary delisting. The board approvals were dated August 12, 2026.

Separately, HFC had intimated the exchange that a board meeting was scheduled on August 12, 2026 to consider and approve the financial results for the quarter ended June 30, 2026 and to consider a proposal for voluntary delisting of equity shares from BSE Limited. The company said the communication was made under Regulation 29(1)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

How the delisting is structured

The delisting plan is being implemented with the State Government of Haryana acting through Haryana State Industrial & Infrastructure Development Corporation Limited (HSIIDC). According to the filing, HSIIDC is acquiring the remaining 0.64% public shareholding to facilitate eventual liquidation under Section 45 of the State Financial Corporations Act, 1951.

The corporation disclosed that VC Corporate Advisors Private Limited is the Manager to the Delisting Offer. It also said CS Alok Purohit was appointed as the Peer Reviewed Company Secretary to conduct due diligence in line with Regulation 10 of the SEBI (Delisting of Equity Shares) Regulations, 2021.

Shareholding details and what “exit price” means here

The delisting process aims to provide an exit to public shareholders holding 13,19,900 shares. These shares represent 0.64% of the total paid-up equity capital, which HFC disclosed as ₹207.66 crore. Promoters hold the remaining 99.36%.

HFC said the exit price will be determined in consultation with the Manager to the Delisting Offer. The company also stated that the exit price must meet floor price requirements under Regulation 19A of the Delisting Regulations.

Auditor flags going-concern uncertainty

The statutory auditors, Prem Ravinder & Co., issued a limited review report that highlighted material uncertainties about HFC’s ability to continue as a going concern. The reason cited in the filing is the corporation’s recommended winding up.

This auditor note matters because it frames the quarterly numbers as part of an orderly closure track, rather than a normal operating cycle. It also aligns with the company’s repeated disclosures that winding up under the SFCs Act, 1951 has been recommended to the State Government.

FY26 turnaround: profit, but against a wind-up backdrop

Alongside the quarterly loss disclosure, the filing notes that HFC reported a net profit of ₹7.74 crore for FY26, a turnaround from the previous year’s loss. Total income for FY26 increased to ₹10.09 crore.

However, the filings also place these numbers within a liquidation-oriented trajectory. HFC stated that it has recommended winding up to the State Government under Section 45 of the SFCs Act, 1951, and that the State Government has decided to delist the shares from BSE, with the process underway.

Other regulatory and governance disclosures in the filing

HFC disclosed that an exemption application was filed with SEBI under Regulation 42 of the SEBI (Delisting of Equity Shares) Regulations, 2021, seeking delisting-related exemptions. The text also notes that SEBI granted relaxations from the applicability of certain provisions of the delisting framework.

The company additionally disclosed that the promoter did not encumber any shares during FY2025-26. In another exchange intimation, HFC said its board would meet on May 28, 2026 at 03:00 PM to consider and approve financial results for Q4 FY26 and the full year ended March 31, 2026.

What the delisting and winding-up track implies for shareholders

If delisting proceeds, HFC’s equity shares would no longer be traded on BSE, changing how shareholders can seek liquidity. The company’s filings frame the delisting as a route to provide an exit to the small public float before liquidation actions under the SFCs Act, 1951.

HFC is identified in the text with BSE scrip code 530927 and NSE symbol HARAFIN. It also disclosed its 58th Annual General Meeting scheduled for March 25, 2026 at 3:30 PM at The Haryana State Cooperative Apex Bank Ltd. (HARCO Bank) in Chandigarh.

Key figures and process status

Conclusion

HFC’s latest quarter reflects a continuation of losses during a period described as operationally inactive, while the more consequential developments remain corporate actions around delisting and winding up. The company has disclosed that the State Government, through HSIIDC, is set to acquire the remaining public float of 0.64% to facilitate voluntary delisting and eventual liquidation under the SFCs Act, 1951.

The next milestones, based on disclosed steps, are the due diligence process under the delisting regulations, the finalisation of the exit price in consultation with the delisting manager, and further procedural updates as the delisting process moves forward on the exchange and SEBI frameworks.