Standalone and Consolidated Financial Results for the quarter and half year ended on 30th September 2025
SHARDUL · price
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Shardul Securities, a Base Layer NBFC, reported a sharp swing to loss in Q2 FY26 driven by a negative Net Gain on Fair Value Changes of Rs. 4,226.91 lakhs, versus a gain of Rs. 3,430.52 lakhs in the same quarter last year. Standalone total revenue from operations fell to a negative Rs. 3,981.18 lakhs in Q2 FY26 from Rs. 3,657.16 lakhs a year ago, and H1 FY26 revenue dropped sharply to Rs. 4,076.61 lakhs versus Rs. 15,186.24 lakhs in H1 FY25. Standalone Q2 PAT was a loss of Rs. 3,789.28 lakhs (vs profit of Rs. 2,585.85 lakhs a year ago), while H1 FY26 PAT slipped to Rs. 2,288.07 lakhs from Rs. 11,076.08 lakhs. Consolidated Q2 PAT was a loss of Rs. 3,850.40 lakhs. Borrowings jumped from Rs. 2,315.85 lakhs to Rs. 18,482.42 lakhs, and both standalone and consolidated operating cash flows were negative. The auditor issued an unqualified limited review report, and the board appointed a new Independent Director.
Shareholders should note highly volatile investment-linked earnings — a single quarter can swing from large profit to large loss based on mark-to-market fair value changes. The steep drop in half-year profits and the jump in borrowings may weigh on sentiment in the near term.