Please find attached Unaudited Financial Results along with Limited Review Report for the Quarter and Half Year ended September 30, 2025 as approved by Board of Directors at its meeting held today.
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Shriram Asset Management Company reported a loss after tax of ₹440.37 lakhs in Q2 FY26, widening from ₹275.76 lakhs in Q1 FY26, taking H1 FY26 loss to ₹718.71 lakhs versus ₹602.89 lakhs in H1 FY25. Total income for the half year grew 57% YoY to ₹659.26 lakhs, driven by asset management fees (₹140 lakhs), interest income (₹130.22 lakhs), and fair value gains (₹386.83 lakhs). However, total expenses of ₹1,377.97 lakhs — dominated by employee costs of ₹880.05 lakhs — kept the company loss-making. Operating cash flow was negative at ₹(658.83) lakhs. The Board also appointed Mr. Thian Joost Fick as a Non-Executive Non-Independent Director, nominated by Sanlam Emerging Markets, which had infused ₹105 crore earlier in FY26 by picking up a 27% stake.
Despite strong revenue growth, the AMC remains in losses due to high employee and operating costs, which may keep profitability under scrutiny. However, the ₹105 crore infusion from Sanlam strengthens the balance sheet (investments rose to ₹16,002 lakhs from ₹5,786 lakhs), and a clean Limited Review report from G D Apte & Co provides some comfort. Shareholders should watch for a turnaround in costs and path to profitability.