• This document contains the transcript of the Q2 FY27 Earnings Conference Call held on Thursday, October 29, 2026. The call was an earnings call and post-results investor interaction.
  • The management participants were Mr. R. Venkataraman (Managing Director) and Mr. Ronak Gandhi (Chief Financial Officer).
  • The transcript was made available on the company's website at the provided link and was filed with the exchanges on November 04, 2026.
  • The discussion covered Q2 FY27 and H1 FY27 financial performance, key business updates, and a question-and-answer session with analysts.

Financial Highlights Discussed:

  • Consolidated Operational Revenue: INR 722 crores in Q2 FY27, up 14% QoQ and 22% YoY.
  • Segment-wise Revenue (Q2 FY27 vs Q1 FY27): Retail equities at INR 316 crores (up 6% QoQ); Institutional and banking at INR 245 crores (up 18% QoQ); FPD (distribution) income at INR 159 crores (up 27% QoQ).
  • Expenses: Employee costs increased 8% QoQ to INR 194 crores; Finance costs increased 25% QoQ to INR 75 crores; Admin expenses grew 9% QoQ to INR 96 crores.
  • Profitability: Operational PBT (before mark-to-market) was INR 206 crores, up 40% QoQ. A mark-to-market loss of INR 32 crores was recorded on the BSE shareholding.
  • Average Daily Turnover (ADTO): INR 3,05,073 crores in Q2 FY27 (F&O: INR 3,01,785 crores; Cash: INR 3,288 crores), down ~3% QoQ but up 16% YoY.

Strategic and Corporate Updates:

  • Fairfax Investment: Fairfax Mauritius Investments has received all regulatory and shareholder approvals to acquire a 51% stake via a preferential allotment and open offer. The transaction is expected to be completed in November 2026, after which Fairfax will join the Promoter Group.
  • New NBFC Subsidiary: The company proposes to incorporate a wholly-owned NBFC subsidiary to expand lending and credit solutions for the HNI segment, subject to RBI approval.
  • Succession Planning: The Board approved the appointment of Vasudev Jagannath as Additional Director and Whole-Time Director for 3 years. He will be designated Managing Director effective January 1, 2027. Mr. Venkataraman will remain on the board.

Additional Notes Section

  • The document is an enclosure (the transcript) attached to a formal letter of intimation sent to the BSE and NSE.
  • The transcript includes detailed financial data for the quarter and half-year, as presented by management.
  • The summary of the Q&A session includes discussions on RM additions, revenue breakups, deployment of Fairfax funds, PMS AUM, FPD business drivers, employee costs, and the long-term strategy regarding the insurance distribution business.