Ashika Global Q2: core PAT turns around to ₹17.1 Cr consol; standalone slips into loss
PAT +551.43% YoY · revenue +13.81% · margins expanding
₹63.43 Cr
+13.81% YoY
₹17.11 Cr
+551.43% YoY
26.61%
-34.1pp YoY
₹2.32
Ashika Global Securities (formerly Ashika Credit Capital) reported consolidated PAT of ₹17.11 Cr for Q2 FY27, up 551% from a restated ₹2.63 Cr a year ago, on revenue of ₹63.43 Cr (+13.8% YoY). Sequentially PAT fell 83% and revenue fell 62% from Q1 FY27's ₹100.97 Cr / ₹168.69 Cr — but that quarter was inflated by a one-off ₹129.3 Cr mark-to-market gain, so the QoQ drop is a base effect, not a deterioration in the underlying business. Stripping fair-value trading swings from both periods (this quarter had a ₹2.0 Cr fair-value loss; the year-ago quarter had a ₹17.8 Cr one-off fair-value gain), core consolidated pre-tax profit improved from an adjusted loss of roughly ₹15.2 Cr in the restated year-ago quarter to an adjusted profit of roughly ₹19.1 Cr this quarter — a genuine operating turnaround rather than the ~551% headline swing, which is mostly a function of which quarter happened to carry the investment-book marks. NPM (PAT/total income) expanded to 26.6% from a restated 4.5% a year ago.
Q2 FY-2027 vs prior quarters
The standalone (parent-only) entity is the mirror image: it booked a ₹13.16 Cr loss, driven almost entirely by a ₹28.33 Cr net loss on fair-value changes in its own investment portfolio (standalone investments stood at ₹744 Cr as of Sep 30, 2026) — a reminder that the group's profitability currently rides heavily on both the parent's proprietary book and reported subsidiary-level trading/fee income, and that the two can diverge sharply in the same quarter. Fees & commission income grew to ₹30.52 Cr for the quarter (standalone-adjacent consolidated line) from the subsidiaries' broking, wealth and investment-management segments, which stayed in profit through the quarter per the segment-wise disclosure.
The stock went into the print at ₹380, down 4.1% over the past month of trading.
What the summary numbers don't show
Consolidated basic EPS ₹2.32 for the quarter (not annualised), vs ₹13.69 in Q1 FY27 and a restated ₹0.74 in Q2 FY26.
Comparatives restated — FY26 mergers (Ashika Commodities & Derivatives, Ashika Global Securities Pvt Ltd, and Yaduka Financial Services) were accounted for under pooling-of-interest; auditors flag the Sep-25 comparative as 'not comparable' with figures previously reported for that quarter.
There is no management press release accompanying this filing and no prior formal guidance on record from the company, so vsGuidance is unknown rather than beat/met/missed; a web search for Q2 FY27 street estimates also turned up nothing — pre-results previews found covered Q1 FY27 only (analysts had pegged that quarter at ₹78-90 Cr revenue / ₹34-43 Cr PAT against an actual ₹168.7 Cr / ₹101.0 Cr), so vsStreet is marked unknown rather than guessed. The quarter's other developments — completion of a 26% stake buy in RIRPL (Oct 23) and incorporation of two new wholly-owned subsidiaries, Ashika Global Asset Management and Ashika Global Trustee Company (Sep 17) — point to continued diversification into asset management and trustee services, though neither new subsidiary had received capital or commenced business as of Sep 30, 2026, so they had no impact on this quarter's numbers.
W1
Whether the ₹28.33 Cr standalone fair-value loss reverses — the parent's ~₹744 Cr investment book drove this quarter's standalone loss and will keep swinging results with market moves.
W2
Capital infusion and business commencement at the two newly incorporated subsidiaries (Ashika Global Asset Management, Ashika Global Trustee Company) — nil capital contributed and no shares allotted as of Sep 30, 2026.
W3
Whether the ~₹15-19 Cr adjusted (ex fair-value) consolidated PBT range holds in coming quarters now that Q1 FY27's one-off mark-to-market gains have fully reversed.
Parent (standalone) posted a ₹13.16 Cr loss on a ₹28.33 Cr fair-value loss in its investment book, while the consolidated group was profitable — subsidiaries carry the operating broking/wealth business. FY26 mergers (ACDPL, AGSPL, Yaduka Financial Services) were accounted under pooling-of-interest, so auditors note the Sep-25 comparative in this filing is restated and 'not comparable' with what was previously reported for that quarter; our DB's stored year-ago figures (₹18.09 Cr revenue, ₹10.98 Cr PAT) predate this restatement and were not used for YoY — the filing's own restated Sep-25 column (₹55.73 Cr revenue, ₹2.63 Cr PAT) was used instead.