Ashima swings to ₹20.2 Cr consolidated loss in Q2 FY27 on settlement charge, investment MTM hit

Ashima Limited reported a consolidated net loss of ₹20.19 Cr for Q2 FY27 (quarter ended 30 September 2026), reversing the ₹1.93 Cr profit booked in Q1 FY27 and deepening from the ₹8.08 Cr loss a year earlier — on a reported basis PAT deteriorated roughly 150% YoY. Revenue from operations grew sharply to ₹14.98 Cr, up 273.6% YoY and 79.8% QoQ, driven almost entirely by the Real Estate segment booking ₹8.46 Cr of revenue (versus nil a year ago) as ₹17.19 Cr of land development and construction cost was recognised against project delivery; the segment itself still posted a ₹9.13 Cr pre-tax loss, so topline growth did not translate into segment profitability this quarter. Standalone PAT of -₹20.75 Cr tracks the consolidated number closely (~2.8% divergence), so the two statements tell the same story. The quarter carries two distinct non-operating hits. First, a ₹10.50 Cr exceptional charge tied to settling a long-running cheque dispute with HDFC Bank and Bank of Bahrain and Kuwait BSC — the company paid ₹18 Cr in October 2026 under consent terms filed with the DRAT, against a ₹7.5 Cr disputed liability already on the books, with a net cash outflow of ₹13.94 Cr after an offsetting ₹67 lakh of recognised interest income. Second, and separate from the exceptional line, the Investment segment booked a ₹14.97 Cr fair-valuation loss on its securities book versus zero in Q1 FY27 and ₹3.81 Cr a year ago — this is the single largest swing in the P&L and drove operating margin deeply negative (EBITDA margin roughly -70% this quarter versus +39.7% in Q1 FY27 and -54.1% a year ago). Stripping out only the formal ₹10.50 Cr exceptional item, underlying consolidated loss was ₹9.69 Cr, about 20% wider than the year-ago ₹8.08 Cr loss — so even adjusted for the one-off settlement, this was not a turnaround quarter; the investment mark-to-market swing remains a genuine (if volatile) driver of the result rather than something to add back. There is no analyst/street coverage of this quarter to benchmark against — a web search for Q2 FY27 previews or consensus estimates turned up no brokerage notes or EPS estimates for the stock, consistent with its small size. The company has issued no formal guidance or outlook on record, and no concall commentary or management press release accompanied this filing, so the print cannot be checked against prior management framing either. The quarter's other corporate development — Shefali Parikh acquiring a 29.99% stake in the promoter group via inter-se transfer in September 2026, shortly before this result — is a shareholding-structure event unrelated to the operating numbers above.