TruCap Finance Limited
Quick Take
- • Trading at n/a trailing earnings
- • Moderate ROE at -153.7%
- • Leveraged balance sheet (D/E 6.50)
- • No dividend data
- • Operating margin -1,262.6% · Net margin 0.0%
- • Profit growth — YoY · Beta 0.86
Latest quarter · Jun 2026
| ₹ Cr | Jun 2026 | QoQ | YoY |
|---|---|---|---|
| Revenue | 11 | -26.67% | -63.33% |
| Operating Profit | -7 | +56.25% | +56.25% |
| Net Profit | -11 | +42.11% | -22.22% |
| EPS (₹) | -0.89 | +62.13% | -14.10% |
Shareholding Pattern
| Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 36.86% | 37.21% | 35.76% | 30.96% | 30.96% | 30.96% | 30.96% | 30.96% |
| FIIs▼0.17 | 8.41% | 8.08% | 6.18% | 5.82% | 5.22% | 5.19% | 5.19% | 5.02% |
| DIIs | 1.07% | 1.07% | 0.94% | 0.93% | 0.99% | 0.99% | 0.99% | 0.99% |
| Government | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public▲0.16 | 53.65% | 53.64% | 57.12% | 62.29% | 62.83% | 62.87% | 62.87% | 63.03% |
| No. of Shareholders | 25,061 | 26,528 | 28,832 | 27,734 | 27,352 | 26,681 | 26,049 | 25,728 |
* 1. As on June 30, 2026, Aviator Emerging Market Fund, a Foreign Portfolio Investor (Category-1) registered with SEBI (Aviator) holds 31,14,008 equity shares i.e., 2,78,400 equity shares from open market under FPI category and balance 28,35,608 equity shares held under FDI category. Further, the entire holding of Aviator has been reported under FDI category for ensuring compliance with note no. 4 of the revised format of shareholding pattern issued by SEBI vide its circular dated June 30, 2022 (SEBI Circular). 2. The Shareholding of Mr. Rajiv Kapoor, Non-Executive Non-Independent Director (a N
About the company
From latest AR & concallBusiness overview TruCap Finance Limited (TRU) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India, primarily engaged in lending activities. The company offers gold loans, MSME business loans, and electric vehicle (EV) financing. Additionally, TruCap Finance acts as a Corporate Agent for the distribution of insurance products. Its customer base primarily comprises underserved and under-banked micro-entrepreneurs in Tier 2, Tier 3, and Tier 4 towns across India, with Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Delhi NCR, and Goa being key geographies.
Key facts (FY2025-26)
- AUM Mix: As of March 31, 2026, MSME business loans constituted 49% of the Assets Under Management (AUM), 3W EV financing accounted for 43%, and gold loans comprised 8%.
- Scale of Operations: The company served an active borrower base of approximately 26,000 customers through its network of 23 branches as of March 31, 2026.
- Promoter Shareholding: Wilson Holdings Private Limited held 25.05% of the total equity shares as of March 31, 2026.
- Subsidiary: DFL Technologies Private Limited is a wholly-owned subsidiary engaged in developing technology IP and providing advisory and consultancy services.
- Gold Loan Portfolio: Gross Non-Performing Assets (NPAs) in the gold loan book were just over 1% in the December 2024 quarter, with over 106% of principal and interest recovered from auctioned gold loans.
Recent developments (FY2025-26)
- The company initiated a comprehensive debt restructuring plan with lenders due to significant liquidity stress.
- Credit ratings from CARE, Infomerics, and CareEdge were downgraded to 'D' category in mid-2025 following reported losses and defaults on debentures.
- TruCap Finance repaid the entire outstanding principal and interest on defaulted listed ISINs by September 30, 2025, utilizing internal accruals and loans from promoters/small entities.
- A binding term sheet for the slump sale of the Gold Loan Business was terminated due to lender reservations.
- Marwadi Chandarana Intermediaries Brokers Private Limited initiated a proposed open offer to acquire control, which is currently awaiting SEBI's fresh decision.
Key risks flagged by management (FY2025-26)
- Heightened competition in gold and MSME lending from both banks and larger NBFCs.
- The outcome and timing of the impending open offer and change-in-control matter.
- Constrained access to incremental debt funding following credit rating downgrades.
- Elevated gross NPAs and potential attrition of employees and customers during the ongoing transition.
Pros
- Continued focus on strengthening governance standards and risk management practices, as outlined in the annual report.
- Strategic emphasis on the underserved MSME sector and growing green financing segment presents long-term growth opportunities.
- Proactive measures taken to rationalize costs, optimize operating expenses, and conserve capital, leading to a decline in operating expenses.
Cons
- The company reported significant liquidity stress, leading to a standstill on debt obligations and a proposed debt restructuring.
- Substantial financial decline in FY2025-26, with consolidated loss after tax widening to ₹11,265.15 lakhs from ₹5,925.00 lakhs in FY2024-25.
- Assets Under Management (AUM) decreased significantly from ₹833.8 crore as of March 31, 2025, to ₹339.5 crore as of March 31, 2026.
