Avonmore Capital Q4 FY26 Results (NSE: AVONMORE)
Signal: Steady quarter
The read
Consolidated revenue grew 6.3% QoQ to ₹61.81 Cr, but net profit swung to a loss of ₹6.88 Cr from a profit of ₹15.28 Cr in Q3, driven by a mark-to-market loss of ₹13.05 Cr in Financial Services segment. Management expects recovery in Q1FY27 citing improved market sentiment. Infrastructure Advisory remains a growth engine with a ₹260 Cr order book and guided 18-20% growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹61.81 Cr | N/A | +6.3% |
| Net profit | ₹-6.88 Cr | N/A | |
| EBIT margin | N/A |
P&L walk
Consolidated revenue increased 6.3% QoQ to ₹61.81 Cr driven by Infrastructure Advisory (+60% QoQ) offsetting declines in Financial Services (-61% QoQ) and NBFC (-29% QoQ). Net profit swung to a loss of ₹6.88 Cr from profit of ₹15.28 Cr in Q3, primarily due to a mark-to-market loss of ₹13.05 Cr in Financial Services segment, partially offset by Infrastructure Advisory profit (₹1.54 Cr) and likely share of JV profit from PGIPL (approx ₹4.98 Cr at 40.99% of ₹12.15 Cr).
Segments
Infrastructure Advisory segment drove revenue growth (up 60% QoQ to ₹50.54 Cr) and contributed a profit of ₹1.54 Cr, while Financial Services swung to a large loss of ₹13.05 Cr due to mark-to-market losses on debt/equity operations, dragging the consolidated result into loss. Green Fuel JV (PGIPL) posted steady profit of ₹12.15 Cr (YoY +23.9%), and NBFC slipped to a small loss.
Key positives
- Infrastructure Advisory revenue surged 60% QoQ to ₹50.54 Cr, supported by a strong order book of ₹260 Cr, providing visibility for 18-20% growth.
- Green Fuel JV (PGIPL) profit improved 23.9% YoY to ₹12.15 Cr, aided by softening raw material prices and better DDGS recovery rate.
Key concerns
- Financial Services segment reported a loss of ₹13.05 Cr due to mark-to-market losses in debt/equity operations; management claims recovery in Q1FY27 but risk of further volatility.
- NBFC segment turned to a loss of ₹0.12 Cr (vs profit of ₹1.05 Cr YoY and ₹2.18 Cr QoQ).
- PGIPL Odisha plant fully ready but awaiting OMC procurement tender (expected June 2026) before commercial production can commence.
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