Shardul Securities logs ₹32.8 Cr consolidated loss as investment MTM losses swing P&L

Shardul Securities (consolidated, primary) posted a net loss of ₹32.81 Cr for Q2 FY27, against a net profit of ₹142.67 Cr in Q1 FY27 and a smaller loss of ₹38.50 Cr in Q2 FY26 — the loss narrowed roughly 15% year-on-year even as it swung sharply from the preceding quarter's profit. Standalone mirrors this almost exactly at -₹32.34 Cr, confirming the parent's own proprietary book, not the Shriyam Broking or Shriyam Realtors subsidiaries, drove the result. There is no analyst coverage or formal street consensus on record for this stock (a web search for Q2 FY27 previews returned none), so vsStreet is unknown; management has also issued no prior formal guidance for this quarter, so the result cannot be graded against an outlook either. The loss traces entirely to a ₹35.33 Cr net loss on fair-value changes in the FVTPL investment portfolio this quarter, reversing a ₹184.16 Cr mark-to-market gain in Q1 FY27 — total income swung from +₹189.26 Cr to -₹26.29 Cr sequentially. Because total income itself is negative, conventional NPM/OPM margin ratios are not meaningful this quarter; the only offset was a ₹15.98 Cr deferred tax credit that cushioned the ₹40.59 Cr pre-tax loss down to the ₹32.81 Cr net figure. EPS came in at -₹3.75 (basic, consolidated) versus +₹16.31 in Q1 FY27 and -₹4.40 in Q2 FY26. Two balance-sheet developments stand out alongside the P&L: the company originated a new ₹110 Cr loan book this half (nil as of March 2026), funded by borrowings rising ~65% to ₹453.64 Cr from ₹274.02 Cr, marking a leverage increase to fund lending activity. Separately, the Board's ₹115.20 Cr buyback (1.92 Cr shares at ₹60/share) has its tender window running October 14-21, 2026, concurrent with this result. No management press release accompanying the filing was available to extract for additional framing.