MAHAPEXLTD
Maha Rashtra Apex Corporation financials
- Market cap
- ₹154 Cr
- Sector
- Financial Services
What Maha Rashtra Apex Corporation Limited does
Maha Rashtra Apex Corporation Limited was a Non-Banking Financial Company but, under a Scheme of Arrangement sanctioned by the Karnataka High Court, is no longer carrying out NBFC activity. Its present operations are limited to recovering outstanding Hire Purchase/Lease and loan dues and repaying deposit/bond holders in instalments under that arrangement. It reports a single segment of "financial activities and related services" and also earns dividend income from its stake in an associate company. It holds equity stakes in three subsidiaries and three associate companies spanning asset management, investment holding, real estate and consumer products.
Segments
- Financial activities and related services
- Subsidiary companies
- 3 (asset management, investment holding, real estate)
- Associate companies
- 3 (consumer products, home finance, springs manufacturing)
- Employees
- 19 (as on 31 Mar 2025)
- Scheme of Arrangement instalments cleared
- 4 of 5, paying 5th instalment
- Reporting segments
- 1 (financial activities and related services)
Quarterly results
Q1 FY27: revenue up 20.0%, net profit down 85.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 −87% | 2 +3840% | 0 −80% | 0 +20% |
| EBITDA | -9 | -13 | -0 | -0 | -31 −252% | 1 +111% | -5 −3220% | -0 −10% |
| Net profit | -8 | -7 | 22 | 24 | -31 −285% | 5 +172% | -5 −122% | 3 −85% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −45.7% 1Y
1Y: ₹100.54 on 10 Sept 2025 → ₹54.57. High ₹134.06 (18 Mar 2026), low ₹43.53 (24 Jul 2026).
Financials, as filed
Revenue fell 50.5% a year over 2 years, FY24 to FY26. Operating margin narrowed to -1635.0%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹9 Cr | ₹1 Cr | ₹2 Cr |
| Operating profit | ₹-85 Cr | ₹-22 Cr | ₹-35 Cr |
| Operating margin | -976.4% | -1647.1% | -1635.0% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹331 Cr | ₹8 Cr | ₹-7 Cr |
| Net margin | 3801.5% | 581.6% | -321.5% |
| Cash from operations | ₹-9 Cr | ₹-4 Cr | ₹-2 Cr |
| Free cash flow | ₹-9 Cr | ₹-5 Cr | ₹-2 Cr |
| ROCE | -15.0% | 3.0% | -2.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr |
| Reserves | ₹135 Cr | ₹136 Cr | ₹99 Cr | ₹432 Cr | ₹445 Cr | ₹445 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹111 Cr | ₹110 Cr | ₹96 Cr | ₹87 Cr | ₹77 Cr | ₹77 Cr |
| Total liabilities | ₹261 Cr | ₹261 Cr | ₹209 Cr | ₹534 Cr | ₹536 Cr | ₹536 Cr |
| Fixed assets | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹4 Cr | ₹4 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹238 Cr | ₹236 Cr | ₹188 Cr | ₹504 Cr | ₹505 Cr | ₹503 Cr |
| Other assets | ₹19 Cr | ₹22 Cr | ₹18 Cr | ₹27 Cr | ₹28 Cr | ₹29 Cr |
| Total assets | ₹261 Cr | ₹261 Cr | ₹209 Cr | ₹534 Cr | ₹536 Cr | ₹536 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −9.04 pp while promoters added +9.03 pp.
- Promoters
- 71.6%
- Public
- 28.4%
Since Jun 2025
- Public −9.04 pp
- Promoters +9.03 pp
- DIIs −0.01 pp
How it drifted, 12 quarters
Over this window promoters went from 62.5% to 71.6% — +9.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Dec '23: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Mar '24: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Jun '24: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Sep '24: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Dec '24: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Mar '25: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Jun '25: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Sep '25: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Dec '25: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Mar '26: Promoters 62.5%, DIIs 0.0%, Public 37.5%.Jun '26: Promoters 71.6%, Public 28.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Manipal Holdings Private Limited +2.72 pp 20.38% held
- Metropolis Builders Pvt Ltd +2.07 pp 15.48% held
- Jaya S Pai +1.78 pp 13.33% held
- Kailashben Ashokkumar Patel newly disclosed 1.02% held
- Chitrakala Investment Trade & Business Finance Limited +0.99 pp 7.42% held
- Mangala Investments Limited +0.74 pp 5.49% held
- Tonse Sudhakar Pai +0.41 pp 3.20% held
- Manipal Home Finance Limited +0.15 pp 1.16% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Maha Rashtra Apex Corporation Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Manipal Holdings Private Limited | 20.38% | +2.72 pp |
| Metropolis Builders Pvt Ltd | 15.48% | +2.07 pp |
| Jaya S Pai | 13.33% | +1.78 pp |
| Chitrakala Investment Trade & Business Finance Limited | 7.42% | +0.99 pp |
| Mangala Investments Limited | 5.49% | +0.74 pp |
| Tonse Sudhakar Pai | 3.20% | +0.41 pp |
| Sheela Pai | 2.01% | +0.13 pp |
| Gokuldas Hegde | 1.37% | unchanged |
| Manipal Home Finance Limited | 1.16% | +0.15 pp |
| Kailashben Ashokkumar Patel | 1.02% | newly disclosed |
| General Investment And Commercial Corporationltd | 0.31% | unchanged |
| T Satish U Pai | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Maha Rashtra Apex Corporation Limited
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