Standalone profit gets a lift from Rs 82.22 cr of other income
Management cited long-term FPAUM growth of 20–30% CAGR, while capability investments can add variability to the cost-to-income ratio.
Filed 11 Nov 2026, 13:37 IST · EDELALTS (EDELALTS)
Key takeaways
- Standalone net profit was Rs 127.82 cr in Q2FY27, with EPS of Rs 19.85.
- Other income of Rs 82.22 cr was a significant contributor to profit before tax of Rs 150.37 cr.
- Management said it is targeting long-term FPAUM growth of approximately 20–30% CAGR while continuing to invest in Sekura.
Operating profit was well below pre-tax profit
The standalone business generated operating profit of Rs 80.87 cr on revenue of Rs 169.81 cr, while profit before tax reached Rs 150.37 cr after Rs 82.22 cr of other income. This makes the composition of earnings important: net profit of Rs 127.82 cr was not driven by operating profit alone. The reported tax rate was 15.00%.
Other income is central to this quarter’s earnings quality
Other income accounted for a substantial part of the gap between operating profit and profit before tax, so the quarter’s earnings should not be read only through the operating margin of 47.62%. Interest expense was Rs 9.17 cr and depreciation was Rs 3.55 cr, adding to the bridge from operating profit to pre-tax earnings.
Management links variability to fundraising and capability spending
Management said quarter-on-quarter variability in fundraising is an expected feature of the business model. It also said investments in capabilities ahead of strategy launches can cause variability in the cost-to-income ratio. The company said it will continue investing in its in-house Sekura asset-management platform and described centralised control-room, drone, infrared, spectral-imagery and real-time-monitoring initiatives for energy assets.
Long-term FPAUM ambition and current VAR disclosure
Management said it measures FPAUM growth over a three-year period and aims for approximately 20–30% CAGR over the long term. Net VAR accrued as of 30 September 2026 was Rs 159 cr across seven funds, providing a specific indicator to track alongside operating earnings.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹170 cr |
| Other income | ₹82 cr |
| Expenses | ₹89 cr |
| Operating profit | ₹81 cr |
| Operating margin (%) | 47.62% |
| Interest | ₹9 cr |
| Depreciation | ₹4 cr |
| Profit before tax | ₹150 cr |
| Tax | ₹23 cr |
| Net profit | ₹128 cr |
| EPS (₹) | ₹19.85 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Net VAR accrued as of 30 September 2026 was ₹159 crore across seven funds.
Guidance & outlook
- The company aims to grow FPAUM by approximately 20–30% CAGR over the long term.
New initiatives
- The company will continue investing in its in-house Sekura operating asset-management platform.
- Energy-asset management initiatives include a centralised control room, drone surveys, remote monitoring and real-time monitoring.
- The company is using drones, infrared and spectral imagery, and real-time monitoring for energy-asset management.
Problems & risks
- Quarter-on-quarter variability in fund raising is an expected feature of the company’s business model.
- Investments in capabilities ahead of strategy launches can create quarter-on-quarter variability in the cost-to-income ratio.
What to watch
- Whether operating margin holds above 47.62% in the next reported quarter.
- Whether other income remains a significant contributor alongside operating profit of Rs 80.87 cr.
- Whether net VAR accrued moves from Rs 159 cr across seven funds.