Shri Niwas Leasing and Finance Q2 FY27 Results: Standalone Net Profit ₹153.16 Crore on Total Income of ₹153.25 Crore
Earnings
Finance
Blacklitt Research3 min read
Steve Buissinne, via Pixabay and Wikimedia Commons (CC0 1.0). Illustrative image.
Shri Niwas Leasing and Finance reported standalone total income of ₹153.25 crore and net profit of ₹153.16 crore for the quarter ended 30 Sep 2026.
Key highlights
Standalone
The company on its own, without its subsidiaries
Total income: ₹153.25 crore, against ₹0.34 crore in Q2 FY26 and ₹0.25 crore in Q1 FY27
Net profit: ₹153.16 crore, against ₹0.37 crore in Q2 FY26 and ₹0.16 crore in Q1 FY27
EPS: ₹62.00, against ₹0.15 in Q2 FY26
Interest income: ₹153.22 crore, nearly all of total income
Summary
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
153.25
0.34
n/a
0.25
n/a
Interest income
153.22
0.34
n/a
0.25
n/a
153.16
0.37
n/a
0.16
n/a
Total expenses
0.09
-0.03
n/a
0.09
-5.6%
Net profit margin
99.94%
107.78%
-7.83 pp
64.06%
+35.88 pp
EPS, basic (₹)
62.00
0.15
n/a
0.30
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The quarter is interest income and nothing else. ₹153.22 crore of interest income met ₹0.09 crore of expenses, with no finance cost, tax or provisioning, so 99.9% of income reached profit. The step-up is the story, not the margin: the same line was ₹0.25 crore in Q1 FY27 and ₹0.34 crore in Q2 FY26, and the whole of FY26 produced ₹1.49 crore of income.
What earned it is not explained. In one quarter the interest equals about 13% of the ₹1,194 crore investment book, roughly 51% annualised (derived), while the book was already ₹1,056 crore at 31 Mar 2026. The filing does not say what the book consists of, who the counterparties are, or whether the quarter includes interest relating to earlier periods.
Balance sheet ₹ crore
Particulars
30 Sep 2026
31 Mar 2026
Change
Investments
1,194.00
1,055.83
+13.1%
Total assets
1,340.78
1,188.82
+12.8%
Total liabilities
105.61
1,270.68
-91.7%
Total equity
1,235.17
-81.85
n/a
Figures are in ₹ crore; the change is against 31 Mar 2026.
The balance sheet was rebuilt in the same half. ₹1,162.98 crore of preference share capital came in and ₹1,164.98 crore of deposits went out, one for one to within ₹2 crore, so liabilities fall to ₹105.61 crore, almost all non-financial, and net worth moves from negative ₹81.85 crore to ₹1,235.17 crore. Of that ₹1,317 crore swing, ₹1,163 crore is the new capital and ₹153 crore is the half's profit.
Profit turned into cash only in part. Operating cash flow for H1 was ₹137.91 crore against a profit of ₹153.33 crore; the ₹15.34 crore difference sits in other assets, which rose to ₹17.68 crore from ₹2.11 crore, and the filing does not say what they are. The cash that did come in was lent or invested again: ₹138.17 crore of loans and advances, exactly the rise in the investment book, leaving cash at ₹0.05 crore.
Earlier periods are not comparable. H1 FY26's ₹1,049.90 crore profit came from a ₹1,049.12 crore impairment credit on ₹1.05 crore of income, and FY26's ₹1,059.65 crore from a ₹1,059.43 crore credit on ₹1.49 crore, so those profits were provisions released, not income earned. Per-share figures need the same care: paid-up equity capital is ₹24.70 crore for the quarter but ₹5.44 crore in the previous-quarter and H1 columns, and the H1 EPS of ₹281.83 works out to about 54 lakh shares against about 2.47 crore behind the quarter's ₹62.00 (derived). The filing does not reconcile the two counts.
The auditor's limited review report carries one exception: interest on a loan given is not provided. With interest income now the whole of the P&L, the size of that unprovided interest and the loan it relates to are the figures that would matter, and the report gives neither.
Inference
The reported profit rests on one income line the filing does not explain, a balance sheet restructured within the half, and an auditor exception on interest. Whether ₹153 crore a quarter is a run-rate or includes one-off or catch-up interest cannot be determined from this filing.
Equity of ₹1,235 crore now sits against a negative net worth at March, and almost all of it is preference capital issued this half, so comparisons with earlier quarters say little about the earning power of the business.
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SHRINIWASShri Niwas Leasing And Finance Ltd
