Kalyani Invest. Q2 FY27 Results (NSE: KICL)
Signal: Earnings grew
The read
The earnings inflection is at the associate level: consolidated PAT rose 78.2% YoY to 337.24 million as the associate loss narrowed to 19.13 million from 109.44 million, while standalone PAT grew a more modest 17.2% to 363.12 million; the investment-company model remains highly dependent on dividends and fair-value movements rather than operating scale.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹47.91 Cr | +9.1% | +705.4% |
| EBIT | ₹45.33 Cr | +19.3% | |
| Net profit | ₹33.72 Cr | +78.2% | |
| EPS | ₹77.25 | +78.2% | |
| EBIT margin | 94.62% |
P&L walk
Consolidated total income was 479.10 million, +9.1% YoY, and EBIT was 453.33 million, +19.3%, but the key inflection was the associate loss narrowing to 19.13 million from 109.44 million, lifting PAT to 337.24 million, +78.2%.
Segments
No operating segment split was disclosed; the material consolidated-versus-standalone gap is the associate's ₹19.13 million loss, which reduced consolidated PAT to ₹337.24 million versus standalone PAT of ₹363.12 million.
Key positives
- Consolidated PAT rose 78.2% YoY to ₹337.24 million as the associate loss narrowed from ₹109.44 million to ₹19.13 million.
- Total investments reached ₹135402.26 million, +49.5% YoY, supporting the dividend and interest-income base.
- Operating cash flow turned positive at ₹112.98 million in H1FY27 versus negative ₹140.86 million in H1FY26.
- EPS rose 78.2% YoY to ₹77.25, tracking PAT without a dilution divergence.
Key concerns
- Consolidated total income growth was only 9.1% YoY to ₹479.10 million, and the income stream remains concentrated in dividend income of ₹425.01 million.
- Standalone PAT growth of 17.2% to ₹363.12 million was materially below consolidated PAT growth, confirming that the apparent acceleration mainly reflects a lower associate drag rather than a broad operating improvement.
- Net fair-value changes were a ₹2.31 million loss in the quarter, leaving earnings exposed to investment-market movements.
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