Shardul Sec. Q2 FY27 Results (NSE: SHARDUL)
Signal: Loss narrowed
The read
The Q1FY27 turnaround did not sustain: consolidated PAT swung from ₹14266.76 lakh profit to ₹-3281.42 lakh loss QoQ as fair-value results moved from a ₹18421.55 lakh gain to a ₹3502.94 lakh loss, while finance cost rose 152.0% YoY to ₹952.65 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹-26.29 Cr | +13.3% | -114.6% |
| Net profit | ₹-32.81 Cr | +14.8% | |
| EPS | ₹-3.75 | +14.8% | |
| EBIT margin | 0% |
P&L walk
Consolidated earnings reversed from ₹14266.76 lakh PAT in Q1FY27 to a ₹3281.42 lakh loss in Q2FY27 as fair-value income swung to a ₹3502.94 lakh loss from a ₹18421.55 lakh gain sequentially; finance cost also rose 152.0% YoY to ₹952.65 lakh.
Segments
Investment and Finance activity drove the consolidated loss with revenue of ₹-2900.30 lakh and PBT of ₹-4056.62 lakh, while Other activities remained almost breakeven at a ₹3.09 lakh loss.
Key positives
- Consolidated Q2FY27 loss of ₹3281.42 lakh was narrower than the ₹3850.40 lakh loss in the year-ago quarter, a 14.8% improvement.
- Segment assets increased 31.9% YoY to ₹123674.63 lakh, indicating a substantially larger investment and finance asset base.
- EPS tracked PAT, improving 14.8% YoY from ₹-4.40 to ₹-3.75 without evidence of equity dilution.
Key concerns
- Consolidated PAT reversed from ₹14266.76 lakh profit in Q1FY27 to ₹-3281.42 lakh loss in Q2FY27, exposing earnings to sharp fair-value volatility.
- Investment and Finance activity generated ₹-4056.62 lakh PBT on ₹-2900.30 lakh revenue, making the principal earnings engine loss-making in the quarter.
- Finance costs increased 152.0% YoY to ₹952.65 lakh, while standalone borrowings rose to ₹45363.82 lakh from ₹27401.68 lakh at March 2026.
- Operating cash flow was ₹-42099.34 lakh in H1FY27 versus ₹-935.97 lakh in H1FY26, despite H1FY27 consolidated PAT of ₹10985.34 lakh, reflecting heavy investment and lending cash usage.
Research and educational content only. Not investment advice.