Viji Finance Q2 FY27 Results (NSE: VIJIFIN)
Signal: Loss reversed
The read
The operating inflection is real but concentrated in fees: Q2 total income rose 334.8% YoY to ₹285.23 lakh and PAT reached ₹151.10 lakh from a ₹9.69 lakh loss, while interest income grew 112.3% and finance cost fell 37.2%. The key thesis risk is cash conversion, with H1 operating cash flow at -₹2109.37 lakh despite ₹264.81 lakh of H1 PAT, plus substantial equity dilution from the preferential issue.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2.85 Cr | +334.8% | +37.5% |
| Net profit | ₹1.51 Cr | N/M from a loss | |
| EPS | ₹0.07 | N/M from a loss | |
| EBIT margin | 0 |
P&L walk
Total income rose to ₹285.23 lakh, +334.8% YoY and +37.5% QoQ, led by fees and commission income; finance cost fell 37.2% YoY and PAT turned positive at ₹151.10 lakh from a ₹9.69 lakh loss, but the cash conversion was weak with H1 operating cash flow of -₹2109.37 lakh.
Key positives
- Total income reached ₹285.23 lakh, +334.8% YoY and +37.5% QoQ, with interest income up 112.3% YoY to ₹121.54 lakh.
- Fees and commission income increased to ₹155.00 lakh from ₹0.33 lakh YoY, becoming the largest operating-income component.
- PAT turned positive at ₹151.10 lakh from a ₹9.69 lakh loss, while finance cost declined 37.2% YoY to ₹10.68 lakh.
- Loans stood at ₹5207.31 lakh versus ₹2943.16 lakh at 31.03.2026, indicating a materially larger lending base.
Key concerns
- H1 operating cash flow was -₹2109.37 lakh versus positive ₹90.78 lakh in the year-ago half-year, despite H1 PAT of ₹264.81 lakh.
- The income mix shifted heavily toward fees and commission income of ₹155.00 lakh, versus ₹121.54 lakh of interest income; sustainability of the fee surge is not established in the filing.
- Paid-up equity capital increased to ₹2310.00 lakh from ₹1425.00 lakh after conversion of 8.85 crore warrants, diluting per-share economics despite the PAT turnaround.
- PPE fell to ₹124.52 lakh from ₹138.39 lakh while depreciation remained broadly stable at ₹8.47 lakh in the quarter.
Research and educational content only. Not investment advice.