Indo Thai Securities swings to ₹35.8 Cr consolidated loss in Q2 FY27 on MTM reversal

Indo Thai Securities reported a consolidated net loss of ₹35.83 Cr in Q2 FY27 (EPS -₹2.70), against a profit of ₹11.03 Cr in Q1 FY27 and ₹14.41 Cr in Q2 FY26. The swing was driven almost entirely by the fair-value line on the company's trading/investment book: Q1 FY27 carried a ₹13.87 Cr net gain on fair value changes (booked as revenue); this quarter it flipped to a ₹46.10 Cr net loss on fair value changes (booked as an expense) — a roughly ₹60 Cr swing that pushed total expenses to ₹50.98 Cr against total income of just ₹7.72 Cr. Revenue from operations fell 68% YoY and 63% QoQ to ₹7.56 Cr, and both NPM and OPM moved from positive (53.1%/76.8% in Q1 FY27, 60.6%/84.2% in Q2 FY26) into deep negative territory, entirely on this one line — underlying broking operations were not the source of the loss. Standalone PAT was a near-identical ₹35.58 Cr loss (EPS -₹2.68), so the two bases tell the same story. There is no analyst coverage or consensus estimate on record for this quarter (a web search for Q2 FY27 previews on the stock returned nothing), so vs-street is unknown; the company also has no formal guidance or prior concall commentary in our records, and none was found elsewhere, so the print cannot be graded against a stated outlook either. No management press release accompanying this result was available to extract, so there is no company framing of the loss beyond the notes to the results. Away from the treasury-book swing, the core broking franchise held up: interest income grew 12% YoY to ₹4.04 Cr and fee/commission income grew 24% YoY to ₹3.13 Cr, both also up sequentially. The quarter's corporate actions — ₹15.83 Cr raised via preferential share warrants in H1 FY27, board approval for up to ₹10 Cr in NCDs on 12 September 2026 with ₹2.35 Cr already allotted on 7 October 2026 — point to balance-sheet building activity running alongside the reported loss rather than being connected to it.