TCI Finance LimitedQ2 FY27 Results & Financial Update
TCI Finance Limited: Q2 FY27 standalone results and company financials – revenue ₹0.00 Cr, PAT ₹-0.51 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore TCI Finance Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
TCI Finance Limited reported zero revenue from operations for the second quarter of fiscal 2027, continuing a prolonged period of operational inactivity. Total income for the quarter also stood at nil, as the company recorded no interest, dividend, or rental income.
The net loss widened sequentially to INR 0.51 crore for Q2 FY27 compared to a net loss of INR 0.35 crore in Q1 FY27. Basic and diluted earnings per share for the quarter stood at negative INR 0.40.
Total expenses for the quarter were recorded at INR 0.35 crore (INR 34.62 lakhs), driven primarily by employee benefit expenses of INR 0.24 crore and finance costs of INR 0.15 crore, offset slightly by other expenses.
Statutory auditors issued a qualified conclusion on the standalone financial results, drawing attention to unrecognised liabilities regarding invoked corporate guarantees and the appropriateness of the going concern assumption.
Management noted that it is in the process of identifying various alternatives and new areas to venture into for reviving the company, though financial statements continue to be prepared on a going concern basis despite significant operating uncertainties.
The Reserve Bank of India previously issued a notice directing the company to surrender its Certificate of Registration due to non-maintenance of minimum Net Owned Funds, a matter subject to an ongoing writ petition and interim stay by the High Court of Telangana.
TCI Finance Limited reported zero revenue from operations and zero total income for the quarter ended September 30, 2026, consistent with the preceding quarter.
The company recorded a net loss after tax of INR 0.51 crore (INR 51.00 lakhs) for Q2 FY27, widening from a net loss of INR 0.35 crore (INR 34.62 lakhs) in Q1 FY27.
01 · Business model
What does TCI Finance do?
TCI Finance Limited operates as a non-banking financial company (NBFC) incorporated in India, historically engaged in financing and investing activities. The company maintains its registered office in Hyderabad, Telangana.
The core operations of the company have faced profound disruption due to adverse developments in entities to which it previously advanced loans, extended corporate guarantees, or made investments, leading to a standstill in active lending operations.
The company's primary income-generating lines have been inactive, leaving it with zero revenue from operations during the quarter ended September 30, 2026.
02 · Historical context
What shaped the business before this quarter
During the financial year 2019-2020, certain lenders of Amrit Jal Ventures Private Limited and its subsidiary Gati Bhasmey Limited invoked corporate guarantees amounting to INR 17,820.89 lakhs out of total guarantees of INR 25,619.80 lakhs given by the company, leading to partial provisioning and ongoing disputes.
In earlier years, lenders invoked shares pledged by guarantors (Mahendra Kumar Agarwal & Sons HUF and Manish Agarwal Benefit Trust) as additional security for company borrowings, resulting in the recognition of liabilities towards those guarantors.
The company received a notice from the Reserve Bank of India directing it to surrender its Certificate of Registration for voluntary deregistration as an NBFC on grounds of non-maintenance of minimum Net Owned Funds, prompting legal proceedings initiated in July 2025.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Total income | ₹0.00 Cr | ₹0.00 Cr |
| Interest income | ₹0.00 Cr | ₹0.00 Cr |
| Other income | ₹0.00 Cr | ₹0.00 Cr |
| Provisions | ₹0.10 Cr | — |
| Profit before tax | ₹-0.51 Cr | ₹-0.35 Cr |
| Profit after tax | ₹-0.51 Cr | ₹-0.35 Cr |
| EPS | ₹-0.40 | ₹-0.27 |
04 · Earnings & margin drivers
What drove earnings and margins
What drove net interest income and earnings
The company recorded zero revenue from operations and nil total income for Q2 FY27, reflecting the absence of active lending, interest, dividend, or rental streams.
NIM, spread, funding cost and credit cost
With zero operating income, total expenses of INR 0.35 crore—comprising employee benefits of INR 0.24 crore, finance costs of INR 0.15 crore, and other expenses of INR 0.11 crore—flowed directly into a net loss of INR 0.51 crore.
With zero income generation, overhead expenses—specifically employee benefits of INR 0.24 crore and finance costs of INR 0.15 crore—directly flow to the bottom line as losses.
05 · Portfolio mix & lending exposure
Where the loan book is concentrated
Segments and products
The company is primarily engaged in financing activities, which constitute a single business segment under statutory reporting.
06 · Strategy & portfolio evolution
How the lending mix and strategic agenda are changing
Management stated it is actively exploring various alternative business areas and opportunities to revive the company's operations amidst ongoing asset and liquidity pressures.
07 · Reported developments
What changed operationally
The interim stay granted by the High Court of Telangana protecting the company from coercive RBI action regarding its NBFC registration continues to remain in force.
08 · Pressure points & risks
What is not going smoothly
Statutory auditors qualified their review report regarding the non-recognition of INR 17,820.89 lakhs in invoked corporate guarantees as liabilities and the material uncertainties casting doubt on the company's going concern status.
The company remains in ongoing legal proceedings in the High Court of Telangana following an RBI directive to surrender its NBFC Certificate of Registration for failing to maintain minimum Net Owned Funds, though an interim stay remains active.
Statutory auditors qualified their review report over unrecognised liabilities of INR 178.20 crore pertaining to invoked corporate guarantees of AJVPL and Gati Infrastructure Bhasmey Power.
Adverse developments in entities to which the company advanced loans and guarantees have severely impacted future income, casting substantial doubt on the company's going concern status.
09 · Items worth noticing
The line items that can distort a quick read
During prior periods, the company wrote back interest payable of INR 0.50 crore and sundry creditors/advances totaling INR 0.03 crore that were no longer payable or receivable.
INR 0.50 crore of previously accrued interest payable and small sundry balances were written back during the half year.
10 · Funding & balance sheet
How funding, liquidity and capital support the loan book
Cash and cash equivalents stood at INR 0.05 crore (INR 4.62 lakhs) as of September 30, 2026, down slightly from INR 0.05 crore at the beginning of the half-year period.
Net cash used in operating activities for the half year ended September 30, 2026, stood at INR 0.79 crore (INR 78.56 lakhs), driven by operating losses and working capital adjustments.
Net cash from financing activities for the half year ended September 30, 2026, was INR 0.80 crore (INR 79.71 lakhs) reflecting net movements in borrowings.
Capital allocation & funding
The company reported loans of INR 3.35 crore (INR 335.36 lakhs) and other financial liabilities of INR 80.35 crore as of September 30, 2026. Certain lenders have invoked shares pledged by guarantors, resulting in recognised liabilities toward guarantors amounting to INR 1.58 crore outstanding.
Total loans under financial liabilities stood at INR 335.36 lakhs as of September 30, 2026, alongside other financial liabilities of INR 80.35 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Investment Stock Split
The company's investment in Allcargo Gati Limited underwent a stock split in an earlier year, increasing shares held from 284,838 to 1,794,479 without altering total carrying value or investment cost.
Reported update
Interest Liability Write-Back
During the half year, previously recognized interest payable amounting to INR 0.50 crore (INR 49.96 lakhs) along with minor sundry balances was written back and removed from the financial statements.
12 · Previous-quarter changes
What changed since the previous quarter
Net loss widened from INR 0.35 crore in Q1 FY27 to INR 0.51 crore in Q2 FY27 due to rising employee benefit expenses and operating overheads against zero income.
Net loss widened from INR 0.35 crore in Q1 FY27 to INR 0.51 crore in Q2 FY27, accompanied by an increase in total expenses from INR 0.35 crore to INR 0.51 crore.
13 · Key Q&A
The quarter, answered directly
What does TCI Finance do?
TCI Finance Limited operates as a non-banking financial company (NBFC) incorporated in India, historically engaged in financing and investing activities. The company maintains its registered office in Hyderabad, Telangana.
What is the clearest takeaway from Q2 FY27?
TCI Finance Limited reported zero revenue from operations for the second quarter of fiscal 2027, continuing a prolonged period of operational inactivity. Total income for the quarter also stood at nil, as the company recorded no interest, dividend, or rental income.
What drove earnings or loan-book movement?
The company recorded zero revenue from operations and nil total income for Q2 FY27, reflecting the absence of active lending, interest, dividend, or rental streams.
What mattered most for margins, funding or credit cost?
With zero operating income, total expenses of INR 0.35 crore—comprising employee benefits of INR 0.24 crore, finance costs of INR 0.15 crore, and other expenses of INR 0.11 crore—flowed directly into a net loss of INR 0.51 crore.
What changed operationally beyond the headline numbers?
Management stated it is actively exploring various alternative business areas and opportunities to revive the company's operations amidst ongoing asset and liquidity pressures.
What are the main pressure points disclosed for the quarter?
Statutory auditors qualified their review report regarding the non-recognition of INR 17,820.89 lakhs in invoked corporate guarantees as liabilities and the material uncertainties casting doubt on the company's going concern status.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Regulatory and Legal Proceedings: Future developments in the writ petition before the High Court of Telangana regarding the RBI's CoR surrender directive and interim stay status.
- 02
Business Revival Plans: Progress by management in identifying and executing alternative business avenues to address going concern uncertainties.
- 03
Court Proceedings on NBFC Registration: Track future hearings and final orders in the writ petition before the High Court of Telangana concerning the RBI notice for surrender of the Certificate of Registration.
- 04
Corporate Guarantee Resolution: Monitor developments regarding disputed claims and legal proceedings related to invoked corporate guarantees extended to Amrit Jal Ventures and its subsidiaries.
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