Unaudited Financial Results for the quarter/half -year ended 30th September 2025
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Sangam Finserv, an NBFC, reported its H1 FY26 results with total revenue from operations of Rs 1,210.99 lakhs, up about 32% from Rs 916.61 lakhs in H1 FY25, driven mainly by a large jump in fair value gains on investments (Rs 303.91 lakhs vs Rs 2.07 lakhs). Core interest income, however, dipped to Rs 834.80 lakhs from Rs 877.37 lakhs. Profit after tax for H1 rose to Rs 614.69 lakhs from Rs 468.00 lakhs, a growth of around 31%, with EPS of Rs 1.32 (restated for the 4:1 bonus issue in Feb 2025). For Q2 standalone, revenue grew modestly to Rs 476.26 lakhs but PAT slipped to Rs 188.69 lakhs from Rs 248.63 lakhs a year ago, due to higher impairment provisions and other expenses. Net cash from operations stayed healthy at Rs 1,849.91 lakhs, while borrowings edged up to Rs 2,984.29 lakhs against equity of Rs 13,917 lakhs. The statutory auditor (O.P. Dad & Co.) issued an unmodified limited review report.
Strong H1 headline growth is largely driven by mark-to-market investment gains rather than core lending income, so the quality of earnings looks weaker than the numbers suggest. The Q2 standalone PAT decline and rising impairment provisions are points worth watching, though the balance sheet remains comfortable with positive operating cash flow.