Financial Performance Summary

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

  • Revenue from Operations: ₹114.93 lakh (Q2 FY27) vs ₹105.52 lakh (Q2 FY26) vs ₹107.16 lakh (Q1 FY27)
  • Total Income: ₹204.34 lakh (Q2 FY27) vs ₹184.92 lakh (Q2 FY26) vs ₹151.43 lakh (Q1 FY27)
  • Profit Before Tax: ₹116.36 lakh (Q2 FY27) vs ₹108.35 lakh (Q2 FY26) vs ₹58.22 lakh (Q1 FY27)
  • Profit After Tax: ₹116.36 lakh (Q2 FY27) vs ₹108.54 lakh (Q2 FY26) vs ₹58.22 lakh (Q1 FY27)
  • Basic EPS: ₹0.20 (not annualized) for Q2 FY27 vs ₹0.37 for Q2 FY26

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹222.09 lakh (H1 FY27) vs ₹202.64 lakh (H1 FY26)
  • Total Income: ₹355.77 lakh (H1 FY27) vs ₹335.49 lakh (H1 FY26)
  • Profit Before Tax: ₹174.58 lakh (H1 FY27) vs ₹182.06 lakh (H1 FY26)
  • Profit After Tax: ₹174.58 lakh (H1 FY27) vs ₹182.25 lakh (H1 FY26)
  • Basic EPS: ₹0.59 (not annualized) for H1 FY27 vs ₹0.62 for H1 FY26

Revenue Breakdown (Q2 FY27)

  • Brokerage & Commission: ₹110.48 lakh
  • Income from Depository Services: ₹3.67 lakh
  • Financial Product Marketing Fees: ₹0.78 lakh
  • Interest Received: ₹36.75 lakh
  • Dividend Received: ₹9.37 lakh
  • Profit on Sale of Investments: ₹32.53 lakh
  • Profit on Sale of Assets (Net): ₹8.04 lakh
  • Other Income: ₹2.72 lakh

Expense Breakdown (Q2 FY27)

  • Employee Benefit Expenses: ₹39.46 lakh
  • Professional Fees & Service Charges: ₹11.29 lakh
  • Finance Costs: ₹0.52 lakh
  • Depreciation: ₹2.49 lakh
  • Other Expenditure: ₹34.22 lakh
  • Provisions and Write Offs: ₹2.67 lakh (for debit balances of depository clients outstanding over three years)

Other Comprehensive Income

  • Q2 FY27: Remeasurement losses on non-current investments of ₹350.32 lakh
  • Total Comprehensive Income for Q2 FY27: Negative ₹233.96 lakh

Balance Sheet Position (as at 30th September 2026, unaudited)

  • Total Assets: ₹5,974.42 lakh
  • Non-Current Assets: ₹3,570.05 lakh (including investments ₹3,058.13 lakh)
  • Current Assets: ₹2,404.37 lakh (including cash ₹567.26 lakh, bank balances ₹1,688.94 lakh)
  • Equity Share Capital: ₹1,471.81 lakh
  • Other Equity: ₹3,444.11 lakh
  • Total Equity: ₹4,915.92 lakh
  • Non-Current Liabilities: ₹877.69 lakh
  • Current Liabilities: ₹180.81 lakh

Business and Regulatory Updates

Merger Completion

  • The merger of wholly owned subsidiary Maximus Securities Limited with the company was approved by NCLT order dated 16th October 2025.
  • The merger is effective from 1st April 2024 onwards.
  • Certified True Copy of the order received on 8th December 2025.
  • Financial results include the effect of this merger from December 2025 quarter onwards.

New Regulatory Approvals

  • Obtained SEBI registration certificate dated 17th June 2026 for stock broking and allied businesses.
  • Received transfer of Trading Membership from BSE Limited on 1st September 2026.
  • Received Self Clearing Membership from BSE Clearing Limited on 29th September 2026.
  • Applications to NSE and NSE Clearing for transfer of membership, and to NSDL for Depository Participant rights are under process.

Significant Accounting Notes

Taxation

  • The company has unabsorbed depreciation and carry forward losses under Income Tax Act, 1961.
  • Deferred tax not recognized due to lack of clear visibility of future earnings.
  • Tax expense for current periods is negligible (₹-0.19 lakh for H1 FY27).

Provisions and Contingencies

  • ₹80.00 lakh provision made in FY26 for rental deposit given in 1997 that could not be recovered.
  • ₹2.67 lakh provision in H1 FY27 for unrecoverable depository client debit balances.
  • Company maintains contingency provisions for certain liabilities, with adequacy reviewed periodically.
  • ₹465.07 lakh contingency provisions reversed in previous year due to expiration of appeal limitation period and settlement of customer demand.

Historical Matter

  • Bombay High Court sanctioned Scheme of Compromise with bankers and debenture trustees in 2005 and 2010.
  • Company has completed all payments as per sanctioned scheme but awaits final discharge from bankers and trustees.

Cash Flow Statement (H1 FY27)

  • Net cash from operating activities: ₹84.44 lakh
  • Net cash from investing activities: ₹103.28 lakh
  • Net cash used in financing activities: ₹0.71 lakh
  • Net increase in cash and equivalents: ₹187.01 lakh
  • Cash and equivalents at period end: ₹567.26 lakh

Auditor Review

  • Statutory auditors S. Ramanand Aiyar & Co. conducted limited review of results.
  • Review conducted in accordance with SRE 2410 standards.
  • No material misstatements identified in the financial results.
  • Auditors highlighted Note 4 regarding the merger accounting treatment.