Consolidated PAT ₹17.1 Cr on new IB segment; standalone swings to ₹13.2 Cr loss

Ashika Global Securities (formerly Ashika Credit Capital) reported consolidated revenue from operations of ₹63.43 Cr and PAT of ₹17.11 Cr for Q2 FY27 (quarter ended September 30, 2026), with consolidated PBT of ₹13.71 Cr and a tax credit of ₹3.40 Cr. Against this filing's own restated Sep-25 comparative (revenue ₹13.40 Cr, PAT ₹2.63 Cr), both lines are up several-fold YoY — but that base was recast for two FY26 amalgamation schemes (Note 5: mergers of Ashika Commodities & Derivatives and Ashika Global Securities Pvt Ltd into the parent) and the auditors explicitly flag it as not comparable to previously published numbers, so the scale of the YoY jump should be read with caution rather than as organic growth. Sequentially, revenue and PAT fell sharply from Q1 FY27 (revenue ₹168.69 Cr, PAT ₹100.97 Cr, EPS ₹13.69), unsurprising since that quarter carried a one-off ₹129.28 Cr net gain on fair-value changes that did not recur — this quarter's equivalent line was a ₹2.00 Cr net loss. The consolidated print masks a sharp divergence from the standalone entity, which posted a loss of ₹13.16 Cr (PBT -₹19.40 Cr), driven by a ₹28.33 Cr net loss on fair-value changes booked at the parent level that does not flow through at the same scale at group level (consolidated net loss on the same line was only ₹2.00 Cr) — consistent with it relating largely to the parent's investment in group entities, including Ashika Capital Ltd, taken to 100% ownership in June 2026. Segment disclosures show the Investment Banking line — effectively new, with nil revenue/PBT in the Sep-25 base — contributed ₹12.68 Cr revenue and ₹6.76 Cr PBT, about half of total consolidated PBT this quarter. Broking & distribution, the steadier organic line, grew PBT to ₹3.75 Cr from ₹2.31 Cr YoY (revenue ₹50.16 Cr vs ₹30.24 Cr, +62% YoY), while Financial Activities (treasury/investment) PBT fell to ₹4.71 Cr from ₹18.89 Cr YoY as the prior period's trading gains normalized. Consolidated NPM was 26.6% this quarter versus 58.6% in Q1 FY27's gain-inflated base and 4.5% in the restated Sep-25 quarter. Management gives no formal guidance or outlook on record for this business, and we have no prior concall read to grade this print against. We found no analyst consensus or brokerage preview specific to Q2 FY27 — Ashika is a micro-cap with only informal trailing-growth projections (e.g., a Uniresearch estimate ahead of Q1 FY27) rather than institutional coverage, and no management press release accompanied this filing beyond the standard board-outcome letter to BSE. Within the quarter, the company incorporated two wholly-owned subsidiaries (Ashika Global Asset Management and Ashika Global Trustee Company, September 17, 2026) for a proposed mutual fund business; both had zero capital contributed and had not commenced operations as of September 30, 2026, so no P&L impact yet. The board also took on record a final FY25-26 dividend payment of ₹0.50/share, with ₹3.70 Cr of dividend outflow reflected in this half-year's cash flow statement. Subsequent to the quarter, the company completed a 26% stake acquisition in RIRPL (announced October 23, 2026), which bears on the Investment Banking/stake-building narrative behind this quarter's segment contribution but has no bearing on the reported numbers. Going into Q3 FY27, the two swing factors are whether the Investment Banking segment's ₹6.76 Cr PBT repeats or was a one-off tied to specific deal completions, and whether the fair-value line (a loss at both standalone and consolidated levels this quarter, versus a large gain in Q1) stabilizes — the business has shown treasury/trading marks moving the bottom line far more than its steadier broking and distribution revenue so far this year.