What’s new

• Ekam Leasing's annual loss doubled to ₹232.28 lakhs in FY25, widening from ₹112.80 lakhs the prior year.
• Auditors issued a qualified report: Net Owned Fund is below RBI's ₹5 crore minimum for NBFCs.
• A material-uncertainty paragraph on going concern was added, along with a note on a vacant company secretary role.

Why it matters

An NBFC failing the capital test is a regulatory event, not just a financial one. The qualified report means Ekam can't resume normal lending until it raises capital, which is why the merger with its subsidiaries is now the company's primary strategy for survival. The going-concern flag is a warning from the auditors that the current structure is unviable.

What we’re watching

• Execution of the amalgamation scheme to restore capital adequacy.
• Whether RBI takes enforcement action given the capital shortfall.
• Appointment of a company secretary to address governance gaps.

The full read

Ekam Leasing's annual loss more than doubled to ₹232.28 lakhs in FY25. More damaging is the qualified audit report: the company's Net Owned Fund is below the ₹5 crore minimum the RBI requires for any NBFC. This isn't just a bad year; it's a regulatory breach. The auditors also flagged a material uncertainty about the company's ability to continue operating and noted the prolonged vacancy of a company secretary. To fix the capital crisis, Ekam has filed a scheme to merge its two wholly-owned subsidiaries into the parent. For a company with a market cap of just ₹5 crores, this is the last clear option to stay in business.

Primary source: BSE · NSE