Tirupati Fincorp Ltd is fundamentally an investment company that holds, buys and sells shares, debentures and other securities, and lends money against assets or personal guarantees - a business that once sold fabric, later became a registered Non-Banking Financial Company, and is now operating without a banking licence after the Reserve Bank of India cancelled its NBFC registration in 2019. The recurring approach is a dual-engine model of lending and securities trading, but the lending side has continued even after the regulator ordered it to stop, while the company's net worth has been almost entirely wiped out by bad loans and provisions. # Business segments Two engines that have become one in practice - a lending book that the regulator has ordered shut, and a securities-trading desk that now generates the bulk of revenue - both run from the same Mumbai office with the same capital. ## 1. Lending and financing: the original engine that lost its licence **The company lends money to individuals and businesses, but its NBFC registration was cancelled in 2019 and the RBI has since directed it to cease all lending activity - yet fresh loans were still being made as recently as 2025.** - **Loans secured by assets or guarantees** - it provides financial support to small and medium enterprises, retail customers and high-net-worth individuals, with loans backed by land, shares, securities or personal guarantees, and historically its main product was inter-corporate loans. - **Interest booked until the borrower stops paying** - interest income is recognised over the life of the loan contract, but once a loan turns into a non-performing asset, income is only recorded when cash actually comes in, following the RBI's NBFC guidelines. - **Loan documents sometimes missing** - internal controls have serious gaps: in some cases, loan documents were not available for loans the company had taken, and in a few cases, for loans it had given. ## 2. Investment and trading in securities: the revenue engine that now dominates **The company buys, sells and holds shares, bonds and other securities - an activity that contributed 84% of total revenue in the last reported year - and also trades in derivatives on Indian capital markets.** - **A portfolio run like a bank's treasury** - financial assets are classified into three buckets depending on the business model and the nature of the cash flows: some are held at cost, some are marked to market through other comprehensive income, and some are marked to market through the profit-and-loss account. - **Strategic bets sit alongside trading positions** - as of March 2025, the company held strategic investments worth Rs.1,500.01 lakhs, separate from the securities it actively trades. - **The main object clause was rewritten to permit it** - the company formally altered its constitutional documents to add share trading and investment activities alongside its original lending business, and its objects also permit dealing in derivatives and acting as brokers, underwriters and advisers to securities issues. - **Revenue is now overwhelmingly from trading** - in FY25, securities trading generated 84.3% of total revenue, with interest income contributing just 8.3% and other income the remaining 7.4%. # Group structure and partners **The company has no subsidiaries, no joint ventures, no promoter shareholding and no institutional backers - it is a fully public-owned entity with a suspended stock and a board that has recently approved a capital reduction.** - **No corporate family** - the company does not have any subsidiary, joint venture or associate company, and there is no promoter group; all shares are held by the public, with individuals owning roughly 69% and domestic companies about 31% as of early 2021. - **A suspended listing** - the company's shares are listed on the Bombay Stock Exchange, but trading has been suspended since November 2015 under a surveillance mechanism. - **A board that approved a capital reduction** - in May 2026, the board approved a proposal to reduce the company's share capital and adopt a new set of constitutional documents, and also approved an investment in an entity called Tirupati Supereco Automotive Holding Company Limited. - **Key service providers** - the statutory auditor is JCR & Co. LLP, the internal auditor is TRS & Co., the secretarial auditor is Amruta Giradkar and Associates, the share transfer agent is Skyline Financial Services, and the company banks with Punjab National Bank and Kotak Mahindra Bank.