Monarch Networth Q2 FY27: consolidated PAT up 26% YoY to ₹56.6 Cr on record core growth

Monarch Networth Capital's consolidated revenue came in at ₹123.14 Cr (+48.2% YoY, +35.5% QoQ) and consolidated PAT at ₹56.56 Cr (+25.8% YoY, +25.2% QoQ) — both quarterly records for the broking-led group — with basic EPS at ₹7.13 against ₹5.67 a year ago. Standalone (parent-only) PAT was ₹52.48 Cr (+24.5% YoY), with the six subsidiaries (NBFC lending, insurance broking, asset management and GIFT-City IFSC units) contributing the balance ~₹4.1 Cr; consolidated and standalone growth rates track closely even though consolidated PAT is ~7.8% larger in absolute terms. Headline margins look weaker: NPM fell to 45.9% from 54.1% a year ago (49.7% in Q1 FY27), and segment operating margin (segment PBT before interest/tax ÷ revenue) slipped to ~61.8% from 76.7% YoY. Almost the entire move traces to one swing line — the year-ago quarter booked a ₹20.96 Cr net GAIN on fair-value changes inside revenue, while this quarter books a ₹15.18 Cr net LOSS on fair-value changes inside expenses, a roughly ₹36 Cr turnaround on a ~₹123 Cr revenue base. Stripping that out, core fee-and-interest revenue actually grew to ₹123.14 Cr this quarter from an ex-FV base of ~₹62.16 Cr a year ago, and adjusted PBT (add back this year's FV loss, remove last year's FV gain) rises from an adjusted ~₹39.8 Cr to ~₹87.3 Cr — adjusted PAT growth of roughly +130%, far ahead of the +25.8% reported figure (adjusted PAT is a tax-rate-proxy estimate, not an exact figure). The reported margin compression is therefore mostly a mark-to-market/base-effect optical drag, not deterioration in the core broking and fee business. No street/analyst consensus estimates for this quarter turned up in a search — Monarch Networth Capital is a small-cap with limited brokerage coverage — so vsStreet is unknown rather than guessed; the company also carries no formal prior guidance or concall commentary on record, so vsGuidance is likewise not assessable. No management press release beyond the exchange filing was available in the context. By segment, Broking and Related Services remains overwhelmingly the core of the business (₹71.19 Cr of ₹76.08 Cr total segment PBT before interest/tax this quarter, ~93%), NBFC lending added ₹6.32 Cr, and Asset Management posted a small ₹0.80 Cr segment loss. Same-day, the Board also approved a 1:5 stock split (face value ₹10 to ₹2), subject to shareholder postal ballot, and the quarter's equity reflects appropriation of a ₹7.93 Cr (₹1/share) final FY26 dividend approved at the September 25, 2026 AGM. Going into Q3 FY27, whether the fair-value line normalizes (back toward flat or a gain) is the key swing factor for reported margins even absent any change in the core broking business, alongside the stock-split postal ballot outcome and record date.