Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on July, 2026
• The company is RBI registered NBFC providing financial services to its clients.
• The company posted lack-luster financial performance for the reported periods.
• Its big loss on higher income for FY26 is highly surprising.
• Based on its recent financial data, the RI appears exorbitantly priced.
• There is no harm in staying away from this pricey and dicey RI.
PREFACE:
The company is coming out with its Rights Issue for which is has fixed a record date as July 17, 2026, and the offer document is dated June 30, 2026, but the offer document with designated exchanges were uploaded only this noon i.e., on July 29, 2026. This RI is opening on July 30, 2026. Now a days, such type of things is seen quite often. Its financial performance has been lack-luster and 4 fold increase in its post-RI paid up equity will have its servicing issue.
ABOUT COMPANY:
Minolta Finance Ltd., (MFL) is a non-Deposit taking Non-Banking Financial Company (NBFC) registered with RBI to carry on the NBFI activities under Section 45IA of the Reserve Bank of India Act, 1934 bearing Registration no. 12.00041 dated February 26, 1998. It provides wide range of loan products to cater to diverse customers. The products include Personal Loans, Home Loans, Business Loans, Gold Loans, Loan against property, Microfinance Loan, Two-wheeler loans, used car loans, Education loans, MSME Loans, etc.
The company also offers Trade Finance Loans, Bill Discounting, Oan against share, Loan against gold, loan against mortgage property, vehicle funding, unsecured personal loans, etc. Minolta is headquartered in Kolkata and does not operate through different business locations. It has headquartered at Kolkata and operate through 2 business locations including corporate office, branches, Authorized Person located across India.
MFL’s branches are the retail locations where it offers its services face-to-face and automated services to customers. It is an independent profit center. The company develops branches in line with its growth strategy keeping in mind the overall market condition. Its business locations also include intermediaries or its “Business Associates”, who deliver a standard quality of service offering on the basis of a pre-determined revenue sharing ratio for the business generated through them. As of the date of this offer document, it had 5 employees on its payroll.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 400000000 equity shares of Re. 1 each at a fixed price of Rs. 1.20 per share to mobilize Rs. 48.00 cr. The RI opens for subscription on July 30, 2026, and will close on August 17, 2026. The company is offering RI in the ratio of 4 for 1 to its eligible stakeholders as of the record date of July 17, 2026. The company is asking for full application money for number of shares applied. Post allotment, RI shares will be listed on BSE and CSE. The company is spending Rs. 1.50 cr. for this RI process, from the net proceeds, it will utilize Rs. 46.50 cr. for augmenting its capital base.
The RI is solely lead managed by the company itself, and Skyline Financial Services Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 10.00 cr. will stand enhanced to Rs. 50.00 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 60.00 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last four fiscals, the company has posted total revenue / net profit/ – (loss), of Rs. 0.60 cr. / Rs. 0.05 cr. (FY23), Rs. 0.76 cr. / Rs. 0.05 cr. (FY24), Rs. 1.02 cr. / Rs 0.01 cr. (FY25), Rs. 11.97 cr. / Rs. – (1.43) cr. cr. (FY26). While is posted minuscule financial performances from FY23 to FY25, it marked boosted top lines with big loss, that is really surprising. Financial instruments impairment is attributed to this performance with big slide. Its total debt of Rs. 19.11 cr. as of March 31, 2026 raise alarm and its NAV stands at Rs. 0.93 as of the said date.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 532164 (FV Re. 1).
The scrip last closed on cum-right basis at Rs. 1.39 on July 16 2026, and opened on an ex-right basis at Rs. 1.23 on July 17, 2026. Since then, it has marked a high/low of Rs. 1.29 / Rs. 1.03. The scrip last closed at Rs. 1.18 as of July 29, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 1.54 / Rs. 0.90. The counter is currently under GSM: Stage 2.
The promoters’ holding has been constant at 3.59% for the last three quarters ended on June 30, 2026. The counter is well maintained above the par value to tempt investors, but its trading below the RI price.
Conclusion / Investment Strategy
MFL is RBI registered NBFC providing financial services to its clients. The company posted lack-luster financial performance for the reported periods. Its big loss on higher income for FY26 is highly surprising. Based on its recent financial data, the RI appears exorbitantly priced. There are few anomalies in the offer documents. Four fold jump in its post-RI paid-up capital may creat its servicing issue. There is no harm in staying away from this pricey and dicey RI.
Review By Dilip Davda on July, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
