Announcement • May 11
Mac Charles (India) Limited, Annual General Meeting, Aug 13, 2026 Mac Charles (India) Limited, Annual General Meeting, Aug 13, 2026. New Risk • May 11
New minor risk - Negative shareholders equity The company has negative equity. Total equity: -₹105m This is considered a minor risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Earnings have declined by 61% per year over the past 5 years. Minor Risks Negative equity (-₹105m). Market cap is less than US$100m (₹9.00b market cap, or US$94.6m). Reported Earnings • May 11
Full year 2026 earnings released: ₹88.75 loss per share (vs ₹80.74 loss in FY 2025) Full year 2026 results: ₹88.75 loss per share (further deteriorated from ₹80.74 loss in FY 2025). Revenue: ₹1.24b (up ₹1.14b from FY 2025). Net loss: ₹1.16b (loss widened 9.9% from FY 2025). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings.