Purple Finance Q2: PAT turns positive on Saksham buy, standalone swings to loss

Purple Finance's first-ever consolidated result shows PAT of ₹1.00 Cr for the quarter ended September 30, 2026, on consolidated total income of ₹22.16 Cr (revenue from operations ₹17.29 Cr + other income ₹4.87 Cr). But there is no comparable prior-period consolidated base to judge this against — the company completed its 100% acquisition of Saksham Gram Credit Pvt Ltd on September 22, 2026 and consolidated it only from September 23, and the company's own security-cover filing flags the ratios as "not comparable to previous quarter." The like-for-like number is standalone: a loss of ₹2.88 Cr, versus a ₹0.38 Cr profit in Q1 FY27 and a wider loss than the ₹1.63 Cr standalone loss a year ago (Q2 FY26) — the standalone loss deepened roughly 77% YoY even as standalone revenue from operations grew 32% YoY to ₹14.70 Cr (down 9% QoQ from ₹16.12 Cr). The divergence is explained almost entirely by Saksham: its 8-day stub alone contributed ₹7.34 Cr revenue and ₹4.04 Cr PAT to the Group accounts, which is larger than the entire consolidated quarterly PAT of ₹1.00 Cr — meaning the rest of the group (effectively the parent book) was still loss-making at the consolidated level too. Standalone total expenses of ₹18.71 Cr ran well ahead of standalone total income of ₹14.81 Cr, pushing standalone PBT to -₹3.90 Cr before a ₹1.01 Cr deferred-tax credit narrowed the reported loss to -₹2.88 Cr; standalone net margin swung to roughly -19% from +2.4% in Q1 FY27, a clear sequential compression. There is no formal management guidance on record for Purple Finance, and a web search for brokerage previews or consensus estimates for this quarter returned nothing — the stock remains uncovered by street research, so both vs-guidance and vs-street read as unknown. Asset quality also moved the wrong way: standalone Gross Stage-III (NPA) ratio rose to 2.40% from 1.89% in Q1 FY27 and just 0.87% a year ago, even as Net Stage-III improved sequentially to 1.09% from 1.43% on higher provisioning coverage. The quarter carried heavy acquisition-related corporate activity: 99.99 lakh shares were allotted at ₹72/share as Saksham deal consideration, a further ₹15 Cr of NCDs were privately placed (approved September 22), and standalone net worth jumped to ₹250.76 Cr from ₹149.51 Cr in Q1 FY27, cutting the debt-equity ratio to 0.62x standalone / 0.63x consolidated from 0.82x — equity dilution funding the inorganic push rather than organic profitability improving. On results day the board separately approved two new MSME lending products ("Purple Saral", "Saksham LAP") plus a new institutional NBFC-lending line, extending the same inorganic/product-expansion strategy that produced this quarter's split between a positive consolidated headline and a loss-making standalone core. The next quarter, with a full-quarter Saksham contribution instead of an 8-day stub, will be the first real test of whether the subsidiary's economics can outweigh standalone cost pressure and the rising NPA ratio.