STELLANT SECURITIES (INDIA) LTD. Q2 FY27 Results

Stellant Securities (India), a micro-cap running Securities Market Trading & Advisory and Bullion Trading segments, reported standalone revenue from operations of ₹20.60 Cr for Q2 FY27 (quarter ended 30 Sep 2026), down 49.8% YoY from ₹41.05 Cr but up 74.7% QoQ from ₹11.79 Cr. Net profit fell far harder: ₹0.40 Cr versus ₹29.24 Cr a year ago (-98.6% YoY) and ₹17.07 Cr last quarter (-97.6% QoQ). Basic EPS (not annualized) was ₹0.71 against ₹78.99 YoY and ₹30.83 QoQ. There is no formal management guidance on record and no broker/analyst coverage of this name could be located via web search, so both vsGuidance and vsStreet are unknown — the only usable benchmark is the company's own trailing quarters.

The move is almost entirely margin-driven rather than a revenue story. Net profit margin collapsed to roughly 1.9% of total income from 71.1% YoY (and an inflated >100% reading in Q1 FY27, since PAT exceeded revenue that quarter). The swing traces to the 'changes in inventories of stock-in-trade' line in the P&L, which generated large non-cash credits (₹4.25-5.27 Cr) in the comparison quarters but was far smaller relative to the cost base this quarter — total expenses of ₹20.22 Cr nearly consumed total income of ₹20.75 Cr, leaving PBT of just ₹0.53 Cr and PAT of ₹0.40 Cr after ₹0.13 Cr tax. By segment, Securities Market Trading & Advisory — which generated virtually all of last year's ₹29.24 Cr profit — shrank to a ₹0.30 Cr segment result on ₹9.06 Cr revenue (from a ₹39.01 Cr result on ₹40.54 Cr revenue YoY), while Bullion Trading, a newer and much lower-margin line, grew revenue roughly 23x YoY to ₹11.54 Cr but added only ₹0.07 Cr to segment result.

The stock went into the print at ₹640.15, down 20.3% over the past month of trading.

No exceptional items in any period — results are unaudited standalone figures reviewed by the auditor with no qualification.

The quarter's corporate actions sit against this weak print: the board approved these financials on 13 Nov 2026, and the company is mid-way through a preferential issue — BSE in-principle approval came 22 Oct 2026, and on 4 Nov 2026 the board allotted 6,78,388 equity shares at ₹602/share (₹40.84 Cr) plus 1,66,200 warrants at the same price, with 25% (₹2.50 Cr) received upfront; PPMS Real Estates LLP is named as a warrant allottee. That capital raise shows up on the balance sheet — other equity rose to ₹93.50 Cr from ₹72.45 Cr at FY26-end and paid-up capital to ₹5.86 Cr from ₹5.71 Cr — even as operating profit softened; H1 financing activities show ₹3.73 Cr gross equity proceeds netting to ₹3.10 Cr after costs. No press release or management commentary accompanied the filing beyond the standard BSE covering letter, so there is no stated management framing of the quarter to reconcile against.