Tirupati Fincorp FY26 Report: Pivot to EV After RBI Exit

Revenue fell to Rs 25.13 crore from Rs 110.70 crore; net loss widened to Rs 5.76 crore.

Reader Takeaway: Company shifts to EV manufacturing following NBFC license rejection, facing severe auditor warnings and net worth erosion.

What just happened

In its latest annual report, Tirupati Fincorp announced a complete operational shift. Following an RBI order on June 19, 2025, rejecting its application for a fresh NBFC license, the company has ceased all lending activities. It is now reorienting its business model toward the design, manufacture, and trading of electric and hybrid vehicles.

Why this matters

The company faces extreme financial distress. Its net worth has eroded sharply to Rs 0.13 crore from Rs 5.86 crore in the previous fiscal year. Simultaneously, the statutory auditor has issued a "disclaimer of opinion," citing an inability to verify interest amounts and noting internal control failures regarding loan disbursements.

Risks to watch

Investors face multiple layers of risk: the shares are currently suspended from trading on the BSE, and the auditor has flagged concerns over the write-off of loan liabilities and missing documentation. The transition to the EV sector poses significant execution risk for a firm without prior industry experience.

Corporate Developments

The company has appointed Rajesh Shantilal Vakharia as CEO and Executive Director effective August 6, 2026. Additionally, the board is proposing to shift the registered office from Rajasthan to Mumbai to improve operational connectivity.

What to track next

Shareholders should track the resolution of the auditor's qualifications, the status of the BSE trading suspension, and any concrete evidence of progress in the new EV business vertical.