STEL Holdings Q2 FY27 Results (NSE: STEL)
Signal: Earnings grew
The read
The quarter was a sharp earnings inflection, with consolidated PAT up 196.0% YoY to ₹1966.84 lakh as dividend income more than tripled to ₹2630.50 lakh, but the near-total dependence on investment distributions makes the trajectory lumpy rather than evidence of recurring operating expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹26.51 Cr | +186.2% | +26980.7% |
| EBIT | ₹26.32 Cr | +190.0% | |
| Net profit | ₹19.67 Cr | +196.0% | |
| EPS | ₹10.66 | +196.1% | |
| EBIT margin | 99.27% |
P&L walk
Revenue increased to ₹2651.20 lakh from ₹926.55 lakh YoY, almost entirely because dividend income rose to ₹2630.50 lakh; EBITDA-style operating margin was 99.27%, and PAT rose to ₹1966.84 lakh from ₹664.52 lakh.
Key positives
- Consolidated revenue increased 186.2% YoY to ₹2651.20 lakh, with dividend income rising 206.7% YoY to ₹2630.50 lakh.
- Consolidated PAT rose 196.0% YoY to ₹1966.84 lakh and EPS rose 196.1% to ₹10.66 without an increase in paid-up equity share capital.
- Operating cash flow reached ₹2146.33 lakh in H1FY27 versus ₹783.42 lakh in H1FY26, broadly supported by the ₹1953.78 lakh H1 PAT.
Key concerns
- Quarterly revenue and profit are highly concentrated in dividend income of ₹2630.50 lakh, making the ₹2651.20 lakh revenue base dependent on the timing and level of investment distributions.
- The ₹173366.99 lakh investment base grew only 1.4% from March 31, 2026, while quarterly revenue rose 186.2% YoY, indicating earnings volatility rather than underlying asset-base growth.
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