Milgrey Finance (ZMILGFIN) Reports Zero Revenue and a Minor Loss in Q1 FY27
The NBFC corrected its revenue to zero for the June quarter, posting a small loss amid high debt and a complete promoter exit.
Milgrey Finance reported a net loss of ₹0.09 crore for Q1 FY27 after correcting its revenue figure to zero. The company faces a high debt load and has seen its promoters fully exit their stake.
For Milgrey Finance, the June quarter was defined by a correction. The NBFC initially reported revenue of ₹23.54 crore, but a subsequent announcement clarified this was a typographical error. According to Flash Finance, the correct revenue from operations for Q1 FY27 is zero.
The numbers reflect a company in transition, with no core operational income. Profit before tax was a loss of ₹0.09 crore, a slight improvement from the ₹2.67 crore loss in the prior quarter. The trailing-twelve-month picture shows a net loss of ₹2.01 crore on revenue of ₹21.79 crore.
Revenue & profit
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin %
| Metric | CurrentQ1 FY27 | PreviousQ4 FY26 | Same quarter LYQ1 FY26 |
|---|---|---|---|
| Period | Jun 2026 | Mar 2026 | Jun 2025 |
| Revenue (₹ Cr) | 23.54YoY +2516% | -2.48 | 0.90 |
| Profit (₹ Cr) | -0.09YoY -114% | -2.32 | 0.64 |
| Net Profit Margin % | -0.4YoY -101% | — | 71.0 |
The story behind the zero
The massive headline revenue jump was an error. Flash Finance reports the company issued a corrigendum stating operational revenue was nil. All income is classified as 'Other Income', primarily from investments. This confirms the business model has fully pivoted away from traditional lending, relying instead on investment gains and advisory work.
A balance sheet under strain
With no operating revenue, the company's financial structure is a key concern. The same source notes total debt stands at ₹51 crore against a net worth of ₹33 crore, resulting in a debt-to-equity ratio of 1.55. Perhaps more telling is the complete exit of promoters. Their holding fell from 19.47% in June 2025 to 0.0% by March 2026.
Looking for a new engine
Management's stated strategy, per Flash Finance, is to grow by leveraging technology and building a corporate advisory business. The board has also approved raising up to ₹60 crore via a rights issue to bolster capital. The success of this pivot, and the market's reception to the capital raise, will determine if the company can move beyond its current dormant state.
Key Points
- Milgrey Finance corrected its Q1 FY27 revenue to zero, confirming a lack of core operational business.
- The company carries a high debt load of ₹51 crore, with promoters having fully exited their stake.
- Future plans hinge on a corporate advisory pivot and a proposed ₹60 crore rights issue for fresh capital.
Hexa Perspective
This quarter underscores a company operating as a financial shell. The corrected zero revenue figure is the operational reality, while the tiny loss is almost incidental. The high debt and absent promoters create a precarious foundation. Investors are essentially betting on management's ability to execute a radical pivot and successfully deploy new capital from the rights issue. Until that new business model generates tangible, recurring income, the company's financials will remain a story of balance sheet mechanics, not earnings.
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