Board Meeting Details
The Board of Directors meeting was held on November 14, 2026, commencing at 10:30 AM IST and concluding at 11:18 AM IST. The Audit Committee had reviewed the results on November 13, 2026.
Key Financial Figures - Consolidated (₹ Crores)
Quarterly Performance (Q2 FY27)
- Total Income: ₹1,850.85
- Total Expenses: ₹1,426.28
- Profit Before Tax: ₹424.57
- Total Tax Expense: ₹112.23
- Net Profit: ₹312.34
- Other Comprehensive Income: ₹(40.69)
- Total Comprehensive Income: ₹271.65
- Basic EPS: ₹2.72
- Diluted EPS: ₹2.64
Half-Yearly Performance (H1 FY27)
- Total Income: ₹3,533.66
- Total Expenses: ₹2,783.08
- Profit Before Tax: ₹750.58
- Total Tax Expense: ₹194.94
- Net Profit: ₹555.64
- Other Comprehensive Income: ₹(142.07)
- Total Comprehensive Income: ₹413.57
- Basic EPS: ₹4.85
- Diluted EPS: ₹4.69
Key Financial Figures - Standalone (₹ Crores)
Quarterly Performance (Q2 FY27)
- Total Income: ₹1,777.58
- Total Expenses: ₹1,319.58
- Profit Before Tax: ₹458.00
- Total Tax Expense: ₹116.04
- Net Profit: ₹341.96
- Other Comprehensive Income: ₹(13.20)
- Total Comprehensive Income: ₹328.76
- Basic EPS: ₹2.94
- Diluted EPS: ₹2.86
Half-Yearly Performance (H1 FY27)
- Total Income: ₹3,283.63
- Total Expenses: ₹2,530.40
- Profit Before Tax: ₹753.23
- Total Tax Expense: ₹185.67
- Net Profit: ₹567.56
- Other Comprehensive Income: ₹(113.27)
- Total Comprehensive Income: ₹454.29
- Basic EPS: ₹4.89
- Diluted EPS: ₹4.73
Capital Structure Impact
Equity Share Capital Changes
- As of September 30, 2026: Paid-up equity share capital of ₹229.34 crores (consolidated) and ₹232.51 crores (standalone)
- Subsequent event: On October 30, 2026, promoter Avenir Investment RSC Ltd converted Tranche I warrants for 8,68,92,966 equity shares
- Post-conversion: Paid-up equity capital increased to ₹249.69 crores divided into 1,248,436,597 equity shares of face value ₹2 each
Preferential Issue Details (Completed March 31, 2026)
The company allotted:
- 33,00,00,111 Equity Shares at ₹139 per share (aggregating ₹4,587.00 crores)
- 8,68,92,966 warrants (Tranche I) at ₹139 per warrant (aggregating ₹1,207.81 crores)
- 21,97,97,569 warrants (Tranche II) at ₹139 per warrant (aggregating ₹3,055.19 crores)
- Received 25% subscription money for warrants: ₹301.95 crores for Tranche I and ₹763.80 crores for Tranche II
Credit Rating Upgrades
During the current and previous quarters, all major rating agencies upgraded the company's ratings:
- Brickwork Ratings: Upgraded to 'BWR AAA/Stable'
- S&P Global Ratings: Upgraded to 'BB-' with Stable Outlook
- CRISIL: Upgraded to 'CRISIL AA+/Stable'
- CARE Ratings: Upgraded to 'CARE AA+; Stable' for long-term, 'CARE A1+' for commercial paper, and 'CARE AA/Stable' for perpetual debt instruments
- ICRA: Upgraded to 'ICRA AA+/Stable'
Business Model Changes and Exceptional Items
Strategic Portfolio Assessment (March 2026)
- Identified non-core exposures aggregating ₹14,953 crores for active resolution
- Changed business model classification from "Hold to Collect" to "Hold to Sell"
- Reclassified loan assets to Fair Value Through Profit and Loss (FVTPL)
- Recognized net loss of ₹7,151.95 crores in FY26, including ₹6,499.17 crores as Exceptional Item
- Additional ₹652.78 crores reported as net fair value loss in Other Comprehensive Income
Management Overlay Provision
- Recognized ECL Management Overlay of ₹1,850 crores over model-driven ECL provisions in March 2026
- Represents prudent application of Ind AS 109 in uncertain macro-economic environment
Subsidiaries and Trust Details
The consolidated results include 9 subsidiaries and 1 trust:
- Total assets: ₹5,364.61 crores as at September 30, 2026
- Total revenues: ₹102.94 crores (Q2) and ₹281.80 crores (H1)
- Total net loss: ₹29.62 crores (Q2) and ₹11.92 crores (H1)
- Total comprehensive loss: ₹57.11 crores (Q2) and ₹40.73 crores (H1)
- Cash outflow: ₹180.80 crores for H1
Corporate Restructuring Activities
Scheme of Amalgamation
- SCL and six wholly owned subsidiaries proposed amalgamation with SCL
- NCLT, New Delhi reserved its order on September 2, 2026
- Copy of order still awaited
Demerger Scheme with Sammaan Finserve Limited
- Scheme for demerger of SFL's NBFC business into SCL approved by both boards in December 2025
- NCLT, Delhi admitted Second Motion Petition on September 21, 2026
- Next hearing date: November 16, 2026
- Appointed date to be the effective date subject to regulatory approvals
Debt Management Activities
Bond Buybacks (H1 FY27)
- Bought back US$63,000,000 of outstanding bonds:
- US$18,000,000 of US$350,000,000 9.70% Senior Secured Social Bonds due 2027 (Q2)
- US$45,000,000 of US$450,000,000 7.5% Senior Secured Social Bonds due 2030 (Q1)
NCD Issuances (Current Quarter)
- Allotted ₹1,525 crores of Secured, Rated, Listed NCDs (face value ₹1 lakh each)
- Allotted ₹1,400 crores of Secured, Rated, Listed NCDs (face value ₹10 lakh each)
Regulatory Compliance Statements
Statement of Deviation/Variation
- Confirmed no deviation or variation in utilization of equity shares and non-convertible debentures proceeds
- Monitoring agency: CRISIL Ratings Limited
Security Cover Certificate
- Asset cover ratio: 1.59x (market value) for listed debt securities
- Complied with all financial and non-financial covenants in debenture trust deeds
- Total value of assets offered as security: ₹67,201.00 crores
Key Financial Ratios (Standalone)
As of September 30, 2026
- Debt Equity Ratio: 2.30
- Total debts to total assets: 0.66
- Net Profit Margin: 19.24% (Q2), 17.28% (H1)
- Gross NPA: 0.16%
- Net NPA: 0.12%
- Liquidity Coverage Ratio: 211%
- Capital to risk-weighted assets ratio: 20.02%
Management Changes
Board Appointments
- Mr. Alwyn Crasta appointed as Additional Non-Executive Non-Independent Director (approved August 10, 2026)
- Her Excellency Dalia Khorshid appointed as Additional Non-Executive Non-Independent Director (approved September 30, 2026)
Joint Statutory Auditors
- Nangia & Co LLP (FRN: 002391C/N500069)
- M Verma & Associates (FRN: 501433C)
- Issued unmodified review conclusions on both standalone and consolidated financial results