Outcome of Board Meeting
SHARDUL · price
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Shardul Securities, an RBI-registered Base Layer NBFC, approved its unaudited standalone and consolidated results for Q2 and H1 FY26 (ended Sept 30, 2025). Standalone Q2 results swung to a loss after tax of Rs. 3,789.28 lakhs (vs profit of Rs. 2,585.85 lakhs in Q2 FY25), driven by a negative Rs. 4,226.91 lakhs net fair value change on investments, even as dividend and interest income rose. H1 FY26 standalone profit after tax fell sharply to Rs. 2,288.07 lakhs from Rs. 11,076.08 lakhs a year ago, a ~79% decline. The board also appointed Mr. Gyanchand Pipara as Independent Director (3-year term) and reappointed Ms. Daya Bhalia as Executive Director for 3 months. Borrowings surged roughly 8x from Rs. 2,315.85 lakhs to Rs. 18,482.42 lakhs during the half-year, and operating cash flow was negative at Rs. 935.97 lakhs on a standalone basis.
Investors should note the sharp quarter-on-quarter swing into losses caused by mark-to-market fair value losses on investments, which overshadow steady dividend and interest income. The steep rise in borrowings and negative operating cash flow will be areas to watch, though overall net worth remains healthy with other equity at around Rs. 57,948 lakhs standalone.