Outcome of Board meeting held on 31.07.2025
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Board approved unaudited Q1 FY26 results (quarter ended June 30, 2025). Standalone Net Profit after Tax jumped to ₹127.95 lakhs, up about 247% YoY from ₹36.89 lakhs, with Basic EPS at ₹2.18 vs ₹0.66. Total Income from Operations was broadly flat at ₹1,665.65 lakhs vs ₹1,578.11 lakhs, but the mix changed sharply: Investment Banking revenue surged to ₹1,449.63 lakhs (from ₹70.66 lakhs), while Capital Market Operations revenue fell to ₹216.02 lakhs (from ₹1,507.45 lakhs). The auditor (SK Agrawal & Co) issued an unmodified Limited Review opinion but flagged an Emphasis of Matter: the company has recognized an expected credit loss on a loan to a party and a fair valuation loss on its equity investment portfolio, hitting Other Comprehensive Income by -₹857.51 lakhs standalone and -₹1,018.09 lakhs consolidated. Board also approved in-principle consent for a Rights Issue of equity shares to existing shareholders and opening of a new Mumbai branch office from September 1, 2025.
Surface PAT growth is strong, but the underlying picture is mixed: revenue mix has shifted heavily toward lumpy Investment Banking fees, and the auditor's Emphasis of Matter on expected credit losses and fair valuation losses on equity investments signals real asset-quality stress that flows through reserves, not just profit. The Rights Issue will dilute existing shareholders, and the size, price, and entitlement ratio are yet to be decided.