Financial Performance Highlights

Quarterly Performance (Q2 FY27 vs Q1 FY27 vs Q2 FY26)

  • Revenue from Operations: Rs 114.93 lakhs (Q2 FY27) vs Rs 107.16 lakhs (Q1 FY27) vs Rs 105.52 lakhs (Q2 FY26)
  • Brokerage & Commission: Rs 110.48 lakhs vs Rs 100.28 lakhs vs Rs 100.93 lakhs
  • Income from Depository Services: Rs 3.67 lakhs vs Rs 6.09 lakhs vs Rs 3.77 lakhs
  • Financial Product Marketing Fees: Rs 0.78 lakhs vs Rs 0.79 lakhs vs Rs 0.82 lakhs
  • Other Income: Rs 89.41 lakhs vs Rs 44.27 lakhs vs Rs 79.40 lakhs
  • Interest Received: Rs 36.75 lakhs vs Rs 37.85 lakhs vs Rs 38.10 lakhs
  • Dividend Received: Rs 9.37 lakhs vs Rs 3.51 lakhs vs Rs 8.31 lakhs
  • Profit on Sale of Investments: Rs 32.53 lakhs vs Rs 0.00 lakhs vs Rs 27.91 lakhs
  • Profit on Sale of Assets (Net): Rs 8.04 lakhs vs Rs 0.16 lakhs vs Rs 0.00 lakhs
  • Other Income: Rs 2.72 lakhs vs Rs 2.75 lakhs vs Rs 5.08 lakhs
  • Total Income: Rs 204.34 lakhs vs Rs 151.43 lakhs vs Rs 184.92 lakhs
  • Expenses: Rs 87.98 lakhs vs Rs 93.21 lakhs vs Rs 76.57 lakhs
  • Employee Benefit Expenses: Rs 39.46 lakhs vs Rs 47.17 lakhs vs Rs 35.18 lakhs
  • Professional Fees & Service Charges: Rs 11.29 lakhs vs Rs 8.55 lakhs vs Rs 6.09 lakhs
  • Finance Costs: Rs 0.52 lakhs vs Rs 0.19 lakhs vs Rs 0.16 lakhs
  • Depreciation: Rs 2.49 lakhs vs Rs 3.38 lakhs vs Rs 3.28 lakhs
  • Loss on Sale of Investments: Rs 0.00 lakhs vs Rs 0.35 lakhs vs Rs 0.00 lakhs
  • Provisions and Write Offs: Rs 0.00 lakhs vs Rs 2.67 lakhs vs Rs 0.00 lakhs
  • Other Expenditure: Rs 34.22 lakhs vs Rs 30.90 lakhs vs Rs 31.86 lakhs
  • Profit before Tax: Rs 116.36 lakhs vs Rs 58.22 lakhs vs Rs 108.35 lakhs
  • Tax Expense: Rs 0.00 lakhs vs Rs 0.00 lakhs vs Rs (0.19) lakhs
  • Profit after Tax: Rs 116.36 lakhs vs Rs 58.22 lakhs vs Rs 108.54 lakhs

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: Rs 222.09 lakhs vs Rs 202.64 lakhs
  • Other Income: Rs 133.68 lakhs vs Rs 132.85 lakhs
  • Total Income: Rs 355.77 lakhs vs Rs 335.49 lakhs
  • Expenses: Rs 181.19 lakhs vs Rs 153.43 lakhs
  • Profit before Tax: Rs 174.58 lakhs vs Rs 182.06 lakhs
  • Tax Expense: Rs 0.00 lakhs vs Rs (0.19) lakhs
  • Profit after Tax: Rs 174.58 lakhs vs Rs 182.25 lakhs

Comprehensive Income

  • Other Comprehensive Loss: Rs (350.32) lakhs (Q2 FY27) due to remeasurement losses on non-current investments
  • Other Comprehensive Income: Rs 675.52 lakhs (Q1 FY27) and Rs (484.77) lakhs (Q2 FY26)
  • Total Comprehensive Income/(Loss): Rs (233.96) lakhs (Q2 FY27) vs Rs 733.74 lakhs (Q1 FY27) vs Rs (376.23) lakhs (Q2 FY26)
  • Half-Yearly Comprehensive Income: Rs 499.78 lakhs (H1 FY27) vs Rs 444.71 lakhs (H1 FY26)

Capital Structure and Metrics

  • Paid-up Equity Share Capital: Rs 1,471.81 lakhs (unchanged across all periods)
  • Reserves: Rs 3,444.11 lakhs (as at 30.09.2026) vs Rs 2,944.33 lakhs (as at 31.03.2026)
  • Earnings Per Share (Basic): 0.20 (Q2 FY27, not annualized) vs 0.37 (Q2 FY26, not annualized)
  • Earnings Per Share (Diluted): 0.20 (Q2 FY27, not annualized) vs 0.37 (Q2 FY26, not annualized)
  • Half-Yearly EPS (Basic): 0.59 (H1 FY27) vs 0.62 (H1 FY26)
  • Half-Yearly EPS (Diluted): 0.59 (H1 FY27) vs 0.62 (H1 FY26)

Balance Sheet Position (as at 30.09.2026 vs 31.03.2026)

  • Total Assets: Rs 5,974.42 lakhs vs Rs 5,432.54 lakhs
  • Non-Current Assets: Rs 3,570.05 lakhs vs Rs 3,192.62 lakhs
  • Property, Plant and Equipment: Rs 7.25 lakhs vs Rs 26.79 lakhs
  • Investment Property: Rs 130.81 lakhs vs Rs 132.09 lakhs
  • Intangible Assets: Rs 3.41 lakhs vs Rs 3.84 lakhs
  • Non-Current Investments: Rs 3,058.13 lakhs vs Rs 2,713.90 lakhs
  • Other Non-Current Assets: Rs 370.45 lakhs vs Rs 316.00 lakhs
  • Current Assets: Rs 2,404.37 lakhs vs Rs 2,239.92 lakhs
  • Trade Receivables: Rs 19.33 lakhs vs Rs 17.05 lakhs
  • Cash and Cash Equivalents: Rs 567.26 lakhs vs Rs 380.25 lakhs
  • Bank Balance other than Cash: Rs 1,688.94 lakhs vs Rs 1,741.35 lakhs
  • Other Current Financial Assets: Rs 102.62 lakhs vs Rs 81.70 lakhs
  • Other Current Assets: Rs 26.22 lakhs vs Rs 19.57 lakhs
  • Equity: Rs 4,915.92 lakhs vs Rs 4,416.14 lakhs
  • Equity Share Capital: Rs 1,471.81 lakhs (unchanged)
  • Other Equity: Rs 3,444.11 lakhs vs Rs 2,944.33 lakhs
  • Non-Current Liabilities: Rs 877.69 lakhs vs Rs 878.09 lakhs
  • Borrowings: Rs 70.00 lakhs (unchanged)
  • Provisions: Rs 763.45 lakhs vs Rs 763.50 lakhs
  • Deferred Tax Liability: Rs 12.99 lakhs (unchanged)
  • Other Non-Current Financial Liabilities: Rs 31.25 lakhs vs Rs 31.60 lakhs
  • Current Liabilities: Rs 180.81 lakhs vs Rs 138.31 lakhs
  • Trade Payables: Rs 131.76 lakhs vs Rs 63.56 lakhs
  • Other Current Financial Liabilities: Rs 48.35 lakhs vs Rs 74.05 lakhs
  • Provisions: Rs 0.70 lakhs (unchanged)

Cash Flow Statement (H1 FY27 vs H1 FY26)

  • Net Cash from Operating Activities: Rs 84.44 lakhs vs Rs 107.37 lakhs
  • Net Cash from Investing Activities: Rs 103.28 lakhs vs Rs 100.73 lakhs
  • Net Cash from Financing Activities: Rs (0.71) lakhs vs Rs (70.41) lakhs
  • Net Increase in Cash: Rs 187.01 lakhs vs Rs 137.69 lakhs

Critical Notes and Disclosures

Merger with Maximus Securities Limited

The Hon'ble National Company Law Tribunal (NCLT) approved the merger of wholly-owned subsidiary Maximus Securities Limited with the company vide order dated 16th October 2025, effective from 1st April 2024. The company received the certified true copy of the order on 8th December 2025. The accounts include the merged entity from December 2025 quarter onwards. Residual compliances related to stock exchanges and allied operations are pending.

New Business Operations

The company has obtained SEBI registration certificate dated 17th June 2026 for stock broking and allied businesses. BSE trading membership was transferred on 1st September 2026 and BSE Clearing membership on 29th September 2026. Applications to NSE, NSE Clearing, and NSDL for depository participant rights are under process.

Tax Matters

The company has unabsorbed depreciation and carry-forward losses under Income Tax Act, 1961. Deferred tax has not been recognized due to lack of clear visibility of future earnings.

Provisions and Write-offs

  • Rs 2.67 lakhs provision made in H1 FY27 for debit balances of depository clients outstanding for more than three years and not recoverable
  • Rs 80.00 lakhs provision in FY26 for rental deposit given in 1997 that landlord failed to return

Contingency Provisions

The company maintains contingency provisions for some liabilities, with adequacy reviewed periodically. During previous year, Rs 465.07 lakhs contingency provision was reversed due to limitation for filing appeal in income tax demand and settlement of customer demand.

Historical Scheme of Compromise

Bombay High Court sanctioned Scheme of Compromise under section 391 with bankers and debenture holders trustees in 2005 and 2010. Company has completed all payments but awaits final discharge for release of assets.

Auditor's Review

The financial results were reviewed by statutory auditors S. Ramanand Aiyar & Co., who issued a limited review report without qualification, drawing attention to Note 4 regarding the Maximus Securities merger accounting.