Please find attached the subject results along with Limited Review Report.
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Sumedha Fiscal Services, a SEBI-registered merchant banker and NBFC, reported a sharp decline in Q2 profitability. Standalone Q2 PAT fell to Rs. 141.95 lakhs from Rs. 293.12 lakhs a year ago, roughly a 52% drop, while H1 FY26 PAT slipped to Rs. 426.62 lakhs from Rs. 485.42 lakhs (~12% lower). Total income from operations for H1 FY26 fell to Rs. 5,287.43 lakhs from Rs. 6,815.14 lakhs, mainly driven by lower trading income from sale of shares and securities (Rs. 4,567.94 lakhs vs Rs. 6,185.15 lakhs). Fee and commission income, however, rose to Rs. 508.57 lakhs from Rs. 412.06 lakhs. Standalone Q2 EPS came in at Rs. 1.78 versus Rs. 3.67 earlier. Consolidated H1 PAT was Rs. 448.33 lakhs vs Rs. 502.83 lakhs. The statutory auditor V. Singhi & Associates issued a clean (unqualified) limited review report on both standalone and consolidated results.
The sharp drop in trading-related income pressured quarterly earnings despite healthier fee-based revenue, which may concern short-term investors; however, the balance sheet remains comfortable with no debt, rising cash balances (Rs. 327 lakhs standalone vs Rs. 40 lakhs in March 2025), and a clean audit opinion, suggesting underlying franchise stability.