Board approves Q2 and H1 FY27 results; auditors give clean review report
Board approved unaudited standalone and consolidated results for Q2 and H1 ended 30 September 2026; joint auditors gave a clean limited review report, finding nothing suggesting material misstatement.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 5,935.66 | 5,026.19 | +18.1% | 5,717.91 | +3.8% |
| Total income | 5,962.10 | 5,049.45 | +18.1% | 5,724.81 | +4.1% |
| Profit before tax | 1,223.34 | 756.73 | +61.7% | 1,242.22 | −1.5% |
| Profit after tax | 910.73 | 566.07 | +60.9% | 927.48 | −1.8% |
| Total comprehensive income | 941.37 | 603.42 | +56% | 938.10 | +0.3% |
| Basic EPS | 6.54 | 4.06 | +61.1% | 6.66 | −1.8% |
- Profit after tax YoY growth
- +60.9%
- Period
- Quarter ended September 30 2026 (Unaudited)
Auditor's review
Conclusion: Unmodified
Notes to the results
- Exceptional items for year ended March 31, 2026 of Rs.117.33 crore (net of taxes Rs.87.80 crore) relate to the impact of implementing the New Labour Codes (standalone note 12).
- Scheme of Merger by Absorption of Mahindra Rural Housing Finance Limited into the Company approved by Board on August 5, 2026; appointed date April 01, 2027, subject to RBI/NCLT approvals.
- Company carries management overlay of Rs. 852.00 crore; total ECL provision Rs.4,150.27 crore as at September 30, 2026.
The Board of Directors, at its meeting held on 21 October 2026, approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The joint statutory auditors, M M Nissim & Co LLP and M. P. Chitale & Co., issued a limited review report stating that nothing came to their attention that causes them to believe the statement contains any material misstatement or has not been prepared in line with the applicable norms. This is a clean, unmodified review conclusion.
Standalone numbers
- Total income for the quarter: Rs. 5,174.79 crore
- Profit for the period: Rs. 851.62 crore for the quarter and Rs. 1,790.17 crore for the half year
- Basic earnings per share (face value Rs. 2 each): Rs. 12.81 for the half year
Asset quality and balance sheet
- Gross Stage-3 assets were 3.42% of gross loans as at 30 September 2026
- Provision coverage ratio for Stage-3 assets was 56.64%
- Total assets stood at Rs. 1,68,187.47 crore
- Asset cover available for the listed secured debt securities was 1.06
Merger with Mahindra Rural Housing Finance
The notes record that the Board, at its meeting on 5 August 2026, considered and approved a Scheme of Merger by Absorption of Mahindra Rural Housing Finance Limited (MRHFL) with the company, subject to approvals. The appointed date is 1 April 2027 or such other date as may be directed or approved. The entire assets and liabilities of MRHFL are to be transferred to and recorded by the company at their carrying values, and the non-convertible debentures of MRHFL become debentures of the company on the same terms. Applications have been shared with the stock exchanges and the RBI for a no-objection certificate.
Other disclosures in the notes
- The results were reviewed by the Audit Committee and approved by the Board at their respective meetings held on 21 October 2026.
- The notes refer to the allotment of equity shares to the company's Employees Stock Option Trust and to shares allotted on exercise of employee stock options, and to fresh allotment of shares of face value Rs. 2 each to the Trust for implementing employee benefit schemes.
- Earlier, the company had undertaken a comprehensive review of its Expected Credit Loss model in the quarter ended 31 December 2025, and the annual review was also carried out in the quarter and year ended 31 March 2026.
How to read this
- The update is a routine quarterly results disclosure, so the main items to look at are the profit figures, the asset quality ratios and the progress of the proposed merger.
- A clean limited review report means the auditors did not flag any material misstatement in the reviewed numbers.
- The scheme of merger is subject to approvals, so the appointed date and completion are not yet a certainty.
- The figures quoted above are on a standalone basis; the update also carries consolidated results for the same period.
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More numbers
- Total income, standalone, quarter ended 30 September 20265,174.79
- Profit for the period, standalone, quarter ended 30 September 2026851.62
- Profit for the period, standalone, half year ended 30 September 20261,790.17
- Basic earnings per share, standalone, half year ended 30 September 202612.81
- Gross Stage-3 Assets % as at 30 September 20263.42%
- Provision Coverage Ratio for Stage-3 assets56.64%
- Total assets, standalone, as at 30 September 20261,68,187.47
- Asset cover for listed secured debt securities1.06
- Total income, latest quarter5,962.10 (Rs. in Crore)
- Total income, year-ago quarter5,049.45 (Rs. in Crore)
- Total income, previous quarter5,724.81 (Rs. in Crore)
- Total comprehensive income, latest quarter941.37 (Rs. in Crore)
- Total comprehensive income, year-ago quarter603.42 (Rs. in Crore)
- Total comprehensive income, previous quarter938.10 (Rs. in Crore)
- Profit after tax, latest quarter910.73 (Rs. in Crore)
- Profit after tax, year-ago quarter566.07 (Rs. in Crore)
- Profit after tax, previous quarter927.48 (Rs. in Crore)
- Revenue from operations, latest quarter5,935.66 (Rs. in Crore)
- Revenue from operations, year-ago quarter5,026.19 (Rs. in Crore)
- Revenue from operations, previous quarter5,717.91 (Rs. in Crore)
- Profit before tax, latest quarter1,223.34 (Rs. in Crore)
- Profit before tax, year-ago quarter756.73 (Rs. in Crore)
- Profit before tax, previous quarter1,242.22 (Rs. in Crore)
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