Geojit Q2 FY27: PAT -31% YoY to ₹16.3 Cr (consolidated) on tech-spend margin squeeze

Geojit's consolidated PAT fell 30.6% YoY to ₹16.28 Cr (from ₹23.47 Cr) and 17.9% QoQ (from ₹19.83 Cr), even as consolidated revenue from operations edged up 2.6% YoY and 3.4% QoQ to ₹165.82 Cr. Standalone PAT was ₹6.08 Cr, underscoring that the bulk of group profit now flows through subsidiaries and the wealth-management JV/associate line (₹0.84 Cr added this quarter). Our pre-result preview had pencilled in revenue of ₹160–165 Cr and PAT of ₹20–21 Cr; the topline landed at the top of that range but PAT missed it by roughly a fifth, and against the broader FY27 consensus of 15–20% annual PAT growth, a 31% YoY quarterly decline is a clear shortfall — no Q2-specific brokerage preview beyond our own was found in a web search. The squeeze sits squarely in costs: employee benefits expense rose 10.8% YoY to ₹83.57 Cr and depreciation & amortisation jumped 38.3% YoY to ₹12.32 Cr, both outpacing the 2.6% revenue growth and dragging NPM to 9.5% from 13.6% a year ago and 11.7% last quarter. That is consistent with — not a departure from — management's own prior-concall framing of "2 more years of investment spending in technology and people" with operating-leverage visibility delayed; the company gave no quantitative revenue or margin target, so there is no numeric guidance to beat or miss, but the qualitative signal has played out as flagged. No management press release was available to extract separately from the exchange filing. Alongside the results, the board re-appointed independent director Sebastian Morris for a second 45-month term and withdrew an earlier application to reclassify certain promoter-group members as public shareholders — both governance items unconnected to the earnings print. Jones George, who took over as MD earlier this year, signed the results; wealth-management segment revenue grew a modest 2.5% YoY to ₹161.53 Cr, suggesting broking/wealth volumes have not yet reaccelerated under the new leadership.