Maha Rashtra Apex reports Rs 6.7153 crore half-year loss

Maha Rashtra Apex Corporation Limited reported a consolidated loss of Rs 6.7153 crore for the six months ended 30 September 2026, as its Rs 7.9418 crore share of losses from associates outweighed the parent company’s standalone profit of Rs 1.1992 crore. The consolidated loss narrowed from Rs 6.8235 crore in the comparable 2025 half year.

Why did Maha Rashtra Apex report a consolidated half-year loss?

Maha Rashtra Apex reported a consolidated loss because its share of associates’ losses exceeded profit generated before that line item. Consolidated profit before exceptional items and tax was Rs 81.97 lakh for the six months ended 30 September 2026, while the share of loss from associates was Rs 7.9418 crore. A net exceptional credit of Rs 50.68 lakh left the company with a loss before tax of Rs 6.6153 crore.

The loss after tax was Rs 6.7153 crore, compared with Rs 6.8235 crore in the six months ended 30 September 2025. Maha Rashtra Apex recorded Rs 10 lakh of current tax in the latest half year, against no current-tax charge in the prior-year period. Other comprehensive income after tax was Rs 96.73 lakh, reducing total comprehensive loss to Rs 5.748 crore from Rs 6.6191 crore a year earlier.

How did Maha Rashtra Apex’s associate losses change year on year?

Maha Rashtra Apex’s share of associates’ losses declined by Rs 13.28 lakh year on year, to Rs 7.9418 crore from Rs 8.0746 crore. The reduction was larger than the Rs 10.82 lakh narrowing in the consolidated loss after tax. However, associate losses remained substantially higher than the Rs 81.97 lakh profit before exceptional items and tax reported before the associate-loss line.

In the quarter ended 30 September 2026, Maha Rashtra Apex recorded a Rs 10.3367 crore share of loss from associates, compared with Rs 30.5444 crore in the September 2025 quarter. The corresponding quarterly consolidated loss was Rs 10.1914 crore, against Rs 30.6876 crore. The filing therefore shows that the half-year group result was materially affected by the accounting outcome of associates.

Investments in associates stood at Rs 540.4666 crore at 30 September 2026, compared with Rs 498.1744 crore at 30 September 2025. They were the largest stated component of consolidated non-current assets, which totalled Rs 556.981 crore at the latest date. This balance-sheet exposure provides the context for the effect of associate profit or loss on the consolidated accounts.

Was Maha Rashtra Apex profitable on a standalone basis?

Maha Rashtra Apex was profitable on a standalone basis, reporting profit for the period of Rs 1.1992 crore for the six months ended 30 September 2026. That was lower than Rs 1.2271 crore in the comparable 2025 period. The latest result included a Rs 10 lakh current-tax charge, while the prior-year half-year result did not report current tax.

Standalone total income rose to Rs 1.8346 crore from Rs 1.7445 crore, led by other operating revenue of Rs 1.7146 crore against Rs 1.6338 crore a year earlier. Total expenses increased to Rs 1.0219 crore from Rs 85.80 lakh. Standalone profit before tax consequently increased to Rs 1.2992 crore from Rs 1.2271 crore before the current-period tax charge.

Maha Rashtra Apex stated that it operates in a single segment, so the filing does not provide revenue or profit by business segment. In the quarter ended 30 September 2026, standalone profit was Rs 15.82 lakh, compared with a standalone loss of Rs 14.58 lakh in the September 2025 quarter. This quarterly standalone outcome differed from the Rs 10.1914 crore consolidated quarterly loss.

What changed in Maha Rashtra Apex’s income and expenses?

Maha Rashtra Apex’s consolidated total income increased by Rs 12.15 lakh to Rs 2.0383 crore in the six months ended 30 September 2026. Revenue from operations was Rs 12 lakh, up from Rs 11.07 lakh, and other operating revenue rose to Rs 1.9183 crore from Rs 1.8061 crore. These movements were recorded before the share of profit or loss from associates.

Consolidated total expenses increased to Rs 1.2186 crore from Rs 1.0064 crore. Other expenses rose to Rs 86.56 lakh from Rs 64.74 lakh, while employee-benefit expense fell to Rs 32.26 lakh from Rs 33.53 lakh. Depreciation and amortisation was Rs 3.03 lakh against Rs 2.36 lakh, and finance costs were Rs 1,000 in both periods.

Profit before exceptional items and tax declined to Rs 81.97 lakh from Rs 91.04 lakh despite the increase in total income. The net exceptional credit increased to Rs 50.68 lakh from Rs 34.06 lakh. Even with that higher credit, the Rs 7.9418 crore associate loss produced the consolidated loss before tax.

What do Maha Rashtra Apex’s cash flow and review report show?

Maha Rashtra Apex used Rs 13.0991 crore in consolidated operating activities during the six months ended 30 September 2026, compared with Rs 1.475 crore used a year earlier. The cash-flow statement recorded a Rs 15.1022 crore movement in financial assets within working-capital changes. Cash and cash equivalents nevertheless ended at Rs 3.1755 crore, versus Rs 3.0956 crore at 30 September 2025.

The consolidated cash-flow statement reported Rs 14.0919 crore from an issue of shares. Equity share capital was Rs 28.2097 crore at 30 September 2026, compared with Rs 14.1178 crore a year earlier, while total equity including Rs 1.01 lakh of non-controlling interest was Rs 518.8289 crore. Total current liabilities were Rs 77.0468 crore, compared with Rs 76.9869 crore.

The statutory auditor issued a qualified limited-review conclusion on the standalone results. It said Maha Rashtra Apex had not provided delayed-period interest on deposits of Rs 24.21 lakh for the half year ended 30 September 2026, and put cumulative unprovided interest from October 2019 to September 2026 at Rs 4.0588 crore. The auditor said profit was overstated and liabilities understated to that extent.

Conclusion

Maha Rashtra Apex’s half-year filing distinguishes the parent’s results from the consolidated outcome. Standalone profit of Rs 1.1992 crore and consolidated income of Rs 2.0383 crore did not offset the Rs 7.9418 crore share of losses from associates, resulting in a consolidated loss of Rs 6.7153 crore. The associate-loss figure was lower than the prior-year Rs 8.0746 crore, but remained the principal driver of the group result.

The next disclosures should show whether the reduction in associate losses continues after the Rs 10.3367 crore loss reported in the September 2026 quarter. Unresolved matters include the auditor’s Rs 4.0588 crore cumulative delayed-interest observation and the property-sale agreement under which Rs 12.7337 crore had been credited by 30 September 2026 even though the stipulated period had lapsed.