Aptus Value Hou. Q2 FY27 Results (NSE: APTUS)
Signal: Earnings grew
The read
The group is still growing, with consolidated total income up 14.6% and PAT up 18.0%, but the trajectory is less broad-based than the headline suggests: standalone PAT declined 0.6% as employee costs rose 60.5% and other income fell 67.6%, while subsidiary earnings supplied the incremental profit.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹634.67 Cr | +14.6% | +3.9% |
| Net profit | ₹267.38 Cr | +18.0% | |
| EPS | ₹5.34 | +17.6% | |
| EBIT margin | 0 |
P&L walk
Consolidated total income rose 14.6% YoY and NII proxy rose 23.3%, while finance costs grew only 3.9%; PAT consequently increased 18.0% to ₹26,738.30 lakh despite impairment rising 32.0%.
Segments
There is no reportable segment table, but the wholly owned subsidiary materially lifted the consolidated result: subsidiary revenue was ₹20,104.45 lakh and PAT was ₹6,666.53 lakh in Q2FY27, while standalone PAT declined 0.6% YoY to ₹20,071.91 lakh.
Key positives
- Consolidated NII proxy rose 23.3% YoY to ₹37,931.14 lakh as interest income grew 16.5% while finance costs increased only 3.9%.
- Consolidated PAT rose 18.0% YoY to ₹26,738.30 lakh and basic EPS rose 17.6% to ₹5.34, with the PAT-to-EPS cross-check clean.
- Loans increased to ₹12,50,171.94 lakh from ₹11,92,957.89 lakh at 31.03.2026, a 4.8% increase in the reported asset base.
- The Board declared an interim dividend of ₹2 per equity share for FY27.
Key concerns
- Standalone PAT declined 0.6% YoY to ₹20,071.91 lakh despite a 27.7% increase in the NII proxy, because other income fell 67.6% and employee costs rose 60.5%.
- Consolidated impairment rose 32.0% YoY to ₹2,388.00 lakh, faster than total-income growth of 14.6%.
- Operating cash flow was negative at ₹17,245.37 lakh in H1FY27 despite consolidated H1 PAT of ₹52,832.40 lakh, mainly reflecting a ₹67,159.49 lakh increase in loans and ₹32,275.27 lakh of finance costs paid.
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