Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2025
ELCIDIN · price
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Elcid Investments, a non-banking investment company, reported standalone Q2 FY26 total income of ₹4,978.67 lakhs, up about 38% from ₹3,599.04 lakhs in Q2 FY25, driven mainly by higher net gains on fair value changes (₹4,703.34 lakhs vs ₹3,391.16 lakhs) and improved dividend income. Standalone Q2 PAT rose roughly 31% to ₹3,678.59 lakhs (vs ₹2,807.05 lakhs). However, on a half-year basis, standalone PAT fell to ₹6,799.64 lakhs from ₹11,522.51 lakhs in H1 FY25, as Q1 FY26 had benefited from unusually large dividend income of ₹5,824.12 lakhs. Consolidated Q2 PAT was ₹3,173.95 lakhs (vs ₹4,347.42 lakhs, down ~27% YoY) and consolidated H1 PAT was ₹10,236.31 lakhs (vs ₹17,942.10 lakhs). Operating cash flow remained healthy at ₹4,835.20 lakhs standalone and ₹7,001.29 lakhs consolidated. The limited review report from V.K. Beswal & Associates was clean, with no qualifications.
Q2 numbers show a healthy rebound in standalone profitability supported by mark-to-market gains on investments, but the H1 comparison is distorted by last year's large one-time dividend receipt. For shareholders, the key takeaway is strong unrealised valuation gains on the company's investment book (₹744+ crore standalone), with minimal debt and steady operating cash generation. Short-term stock reaction may depend on broader market movements that drive fair value changes rather than operating fundamentals.