PFA Unaudited Financial Results as enclosed.
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Quest Capital Markets reported a sharp jump in earnings for the quarter and nine months ended 31 December 2025. Total revenue from operations surged to ₹3,036.53 lakhs in 9M FY26 from ₹364.39 lakhs in 9M FY25, driven primarily by a massive rise in dividend income (₹2,684.63 lakhs vs ₹212.10 lakhs) and higher interest income. Profit after tax for 9M FY26 climbed to ₹2,299.95 lakhs from ₹253.45 lakhs a year earlier, while Q3 standalone PAT jumped to ₹2,070.07 lakhs from just ₹30.12 lakhs in Q3 FY25. EPS for 9M FY26 stood at ₹23.00 vs ₹2.53 last year. However, total comprehensive income was a loss of ₹15,384.72 lakhs due to steep mark-to-market declines in the fair value of investments. The statutory auditor (V Singhi & Associates) issued a clean limited review report with no qualifications.
Strong profit growth driven largely by a one-off surge in dividend income and fair value gains should be viewed positively for near-term earnings, but the large negative mark-to-market on the investment portfolio signals significant volatility in overall net worth. Shareholders may see short-term price support from the PAT beat, but should weigh the heavy unrealised investment losses flagged in other comprehensive income.