Consolidated PAT falls 54% YoY to ₹19.3 Cr as treasury book swings to a loss

Abans Financial Services' consolidated PAT (primary basis) fell 53.8% YoY to ₹19.33 Cr from ₹41.85 Cr in Q2 FY26, and 70.6% QoQ from ₹65.85 Cr in Q1 FY27. Revenue from operations nearly halved YoY to ₹3,323.78 Cr (-51.3%) and slipped 10.5% QoQ from ₹3,712.76 Cr. The decline is not an across-the-board operating weakness: it is concentrated in the Principal Investment & Treasury segment, which swung to a pre-tax loss of ₹8.26 Cr this quarter versus a profit of ₹8.44 Cr a year ago and ₹68.62 Cr just last quarter — that single swing accounts for the bulk of the drop in group PBT (₹22.91 Cr vs ₹39.55 Cr YoY and ₹86.40 Cr QoQ). Because both revenue and profit in this book moved together, consolidated NPM was roughly flat YoY (0.58% vs 0.61%) even as absolute profit halved; sequentially, however, NPM compressed sharply from 1.77% to 0.58% and the PBT margin fell from 2.68% to 0.69%, reflecting how quickly the treasury book's trading income can swing quarter to quarter. The other two segments held up: Fee-based Investment Services generated segment PBT of ₹28.43 Cr, down a modest 7.8% YoY (₹30.84 Cr) but up 46% QoQ (₹19.42 Cr), while Lending & Credit Solutions grew segment PBT 79.5% YoY to ₹4.29 Cr (₹2.39 Cr). Consolidated basic EPS fell to ₹3.52 from ₹8.27 YoY and ₹12.20 QoQ, tracking the PAT decline. The standalone (holding-company-only) entity told a different story — PBT of ₹3.55 Cr versus a ₹1.34 Cr loss a year ago, aided by a ₹0.33 Cr net tax credit — but this entity is a small fraction of the group's scale and its trend should not be read as representative of the consolidated (primary) numbers. Abans Financial Services has zero analyst coverage and no consensus estimates were found, so vsStreet is unknown; similarly, the company and our records carry no formal quantitative guidance for this quarter, only general qualitative strategic commentary (FY26 framed as a 'year of acceleration' with planned product launches in structured credit and global investment) — so the print cannot be graded against a guided number either. No management press release or concall commentary was available in the context to corroborate or dispute the segment-level swing. Among this quarter's corporate developments, the October 7, 2026 acquisition of an additional 6.01% stake in subsidiary AFPL is the one financially relevant item, modestly increasing the group's ownership of that subsidiary; the trading-window closure and insider-trading-plan filings are routine governance items unrelated to the result.