Kiran Vyapar Q2 FY27 Results (NSE: KIRANVYPAR)
Signal: Loss widened
The read
The key inflection is not the standalone recovery—PAT rose 102.2% YoY to ₹263.56 lakh—but the consolidated earnings break: a ₹1221.19 lakh associate loss turned ₹766.32 lakh of pre-associate profit into a ₹455.55 lakh PAT loss, while financing revenue fell 7.8% YoY and finance costs rose 46.7%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹27.69 Cr | -17.1% | -16.2% |
| Net profit | ₹-4.56 Cr | +39.0% | |
| EPS | ₹-1.69 | +39.7% | |
| EBIT margin | 0 |
P&L walk
Consolidated revenue fell to ₹2769.29 lakh, -17.1% YoY and -16.2% QoQ; operating profit before associates was ₹766.32 lakh, but the ₹1221.19 lakh associate loss drove PBT to a ₹454.87 lakh loss and PAT to a ₹455.55 lakh loss.
Segments
Financing and Investment remained the core contributor at ₹2643.48 lakh revenue and ₹933.60 lakh result, but the consolidated result was dragged below zero by the ₹1221.19 lakh share of associate losses; Trading contributed only ₹0.07 lakh revenue.
Key positives
- Standalone PAT rose 102.2% YoY to ₹263.56 lakh, supported by a ₹16.37 lakh tax credit and ₹160.37 lakh deferred-tax benefit.
- Consolidated impairment was a ₹16.04 lakh reversal versus a ₹20.09 lakh charge YoY and ₹326.52 lakh charge QoQ.
- Financing and Investment remained profitable at ₹933.60 lakh segment result despite a 9.5% YoY decline.
Key concerns
- Consolidated PAT fell to a ₹455.55 lakh loss because associates contributed a ₹1221.19 lakh loss versus a ₹699.36 lakh loss YoY and ₹946.15 lakh profit QoQ.
- Financing and investment revenue declined 7.8% YoY to ₹2643.48 lakh while finance costs increased 46.7% to ₹1085.52 lakh.
- Consolidated operating cash flow was negative ₹4188.69 lakh in H1FY27 despite ₹1489.32 lakh H1 PAT, reflecting cash absorption primarily from a ₹4860.00 lakh increase in loans.
- Standalone PAT was partly tax-driven: PBT was ₹247.19 lakh but a ₹16.37 lakh tax credit lifted PAT to ₹263.56 lakh.
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