Weak growth masked by one-time MTM gains; Fairfax deal pending

₹631.5 Cr delivered; YoY +2.3%, QoQ −2.0%. Not flat; below prior ~20% guidance.

₹297 Cr vs ₹264 Cr in Q1 FY26. Confirmed +13%.

₹207 Cr vs ₹204 Cr in Q1 FY26. Confirmed flat.

₹125 Cr this quarter; prior year implied ~₹145 Cr for -14%. Partially explained by non-recurring factors but yield compression (87 bps) signals structural headwind.

Organic FPD collections ₹3,600 Cr this quarter. No concrete plan for acceleration articulated.

Prior ~20% CAGR guidance; Q1 FY27 realized +2.3% YoY. No acknowledgment of miss; deflected with 'catch-up' language.

Single-digit RM additions this quarter; organic FPD collections ₹3,600 Cr (below prior quarter trajectory per management's 'catch-up' comment).

₹125 Cr vs likely ~₹145 Cr prior year; −14% YoY. Yield decline to 87 bps signals not just seasonal Q4 insurance peak.

Net collections ₹3,675 Cr FPD; management says one-off, expects catch-up from next quarter

Funds not received; awaiting SEBI/NSE/BSE/IRDAI approvals in 2–3 months; will support growth across capital markets, wealth, asset management, institutional equity

Single-digit number

Institutional equities roughly ₹200 Cr (ballpark); 50–50 to 60–40 split with IB

Part of in-house manufacturing strategy; started AIF, PMS, credit fund, late-stage fund; will invest to grow while maintaining open architecture

Marginal impact so far; company not prop trader; too early to assess full long-term impact

FPD income fell due to Q4 insurance peak and non-ARR income mix shift; product-wise yield unchanged, mix effect only

Roughly ₹200 Cr combined; 50–50 to 60–40 split (imprecise range)

Q1 FY27 delivers +2.3% YoY; missed guidance by wide margin. No new guidance provided; deflected with 'catch-up' and 'one-off' language.

Finance cost pressure (+50% YoY from higher MTF book) and distribution yield compression (87 bps) signal margin headwinds if not offset by capital leverage post-Fairfax.

Conditional on regulatory approval (SEBI, NSE, BSE, IRDAI) within 2–3 months. Will fund wealth RM expansion, AIF/PMS platform scaling, capital markets, institutional equity.

Fairfax ₹2,000 Cr preferential investment at ₹350/share subject to approvals from SEBI, NSE, BSE, IRDAI. Management estimates 2–3 months; funds not yet received. Regulatory uncertainty could delay or derail capital infusion, capping growth trajectory.

Wealth management and RM expansion stated as growth priority. Yet Q1 FY27 added only single-digit RMs. AUM organic collections ₹3,675 Cr slower than prior trend; management called it 'one-off' but offered no concrete catch-up plan. Risk: capital infusion won't translate to effective RM hiring and AUM growth.

IT department conducted search under Section 132 in January 2025 and issued demand of ₹124 Cr to holding company and subsidiaries. Appeal filed but outcome uncertain. If demand upheld, material one-time P&L headwind and potential regulatory scrutiny.

Distribution income ₹125 Cr down 14% YoY. Management attributes to Q4 FY26 insurance peak and non-recurring transactional income, but implied yield compression to 87 bps and organic collection slowdown signal underlying headwind. Uncertain if near-term recovery material or if business faces structural competition/margin pressure.

RBI margin requirement guidelines effective July 1 aim to reduce leverage in F&O. Management reports marginal impact so far (company not prop trader, limited affected customers), but long-term volume impact uncertain. Turnover down 2% QoQ already; could accelerate if rules tightened further.