1. Auditor’s Note
- The auditor’s review reports for both consolidated and standalone unaudited quarterly financial results for the quarter ended 30 June 2026 are unqualified.
- No qualifications, concerns, or issues were raised.
- The auditors performed their review in accordance with applicable standards and found nothing to indicate material misstatements.
- Reliance was placed on review reports of other auditors for certain subsidiaries and trusts.
Conclusion: Auditor’s notes contain no qualifications or concerns and can be considered standard boilerplate.
2. Financial Performance
Consolidated Financial Results
(Rs. Million)
| Particulars | Q1 FY27 (30.06.2026) Unaudited | Q4 FY26 (31.03.2026) Audited | Q1 FY26 (30.06.2025) Unaudited | FY26 (31.03.2026) Audited |
|---|
| 1. Revenue from operations | | | | |
| (a) Interest income | 16.75 | 19.66 | 19.68 | 78.56 |
| (b) Rental income | - | - | - | - |
| (c) Fees and commission income | 16.78 | 13.52 | 7.89 | 39.05 |
| (d) Net gain on fair value changes (refer note 4) | 6.35 | 2.67 | 6,101.42 | 16.12 |
| (e) Sale of products/services | 18,664.88 | 16,930.42 | 17,002.76 | 75,171.41 |
| Total revenue from operations | 18,704.76 | 16,966.27 | 23,131.75 | 75,305.14 |
| 2. Other income | 8.11 | 9.30 | 35.51 | 64.72 |
| Total income (1+2) | 18,712.87 | 16,975.57 | 23,167.26 | 75,369.86 |
| 3. Expenses | | | | |
| (a) Finance costs | 187.72 | 194.71 | 170.94 | 740.99 |
| (b) Fees and commission expense* | 3,310.11 | 3,018.67 | 3,257.50 | 13,093.48 |
| (c) Net loss on fair value changes (refer note 4) | - | 1,351.23 | - | 1,723.62 |
| (d) Impairment of financial instruments | 0.49 | - | 2.04 | 1.22 |
| (e) Cost of raw materials consumed | 230.95 | 312.22 | 249.69 | 1,193.19 |
| (f) Purchase of stock-in-trade | 16,485.34 | 12,163.91 | 14,938.05 | 58,914.87 |
| (g) Changes in inventories | (2,453.93) | 421.53 | (2,038.32) | (1,741.11) |
| (h) Employee benefits expense | 401.70 | 331.46 | 381.89 | 1,542.14 |
| (i) Depreciation and amortisation expense | 31.75 | 32.55 | 33.63 | 138.69 |
| (j) Other expenses | 329.46 | 391.05 | 252.65 | 1,404.54 |
| Total expenses | 18,523.59 | 18,217.33 | 17,248.07 | 77,011.63 |
| 4. Profit / (Loss) before share of profit in associate (1+2-3) | 189.28 | (1,241.76) | 5,919.19 | (1,641.77) |
| 5. Share of profit in associate (refer note 4) | 91.71 | 15.46 | - | 15.46 |
| 6. Profit / (Loss) before tax (4+5) | 280.99 | (1,226.30) | 5,919.19 | (1,626.31) |
| 7. Tax expenses | | | | |
| (a) Current tax | 136.82 | 117.26 | 25.30 | 352.48 |
| (b) Adjustment related to earlier years | - | - | - | 10.54 |
| (c) Deferred tax (refer note 4) | (3.18) | (242.56) | 870.69 | (325.86) |
| Total tax expenses | 133.64 | (125.30) | 895.99 | 37.16 |
| 8. Profit / (Loss) for the period (6-7) | 147.35 | (1,101.00) | 5,023.20 | (1,663.47) |
| 9. Other comprehensive income (net of tax) | 2.71 | 26.11 | 1.83 | 27.93 |
| 10. Total comprehensive income / (loss) for the period (8+9) | 150.06 | (1,074.89) | 5,025.03 | (1,635.54) |
| 11. Profit/(loss) attributable to: | | | | |
| Equity holders of the Company | 151.01 | (1,102.81) | 5,027.23 | (1,654.19) |
| Non-controlling interest | (3.66) | 1.81 | (4.03) | (9.28) |
| Total | 147.35 | (1,101.00) | 5,023.20 | (1,663.47) |
| 12. Paid-up equity share capital (Rs. 2 per share) | 2,764.54 | 2,764.54 | 2,764.54 | 2,764.54 |
| 13. Other equity | - | - | - | 4,920.16 |
| 14. Earnings per share (EPS) (Rs. 2 per share) | | | | |
| - Basic (Rs.) | 0.11* | (0.80)* | 3.64* | (1.20) |
| - Diluted (Rs.) | 0.11* | (0.80)* | 3.64* | (1.20) |
* EPS for the quarter ended are not annualised
* Fees and commission income/expense include platform selling fee
Standalone Financial Results
(Rs. Million)
| Particulars | Q1 FY27 (30.06.2026) Unaudited | Q4 FY26 (31.03.2026) Audited | Q1 FY26 (30.06.2025) Unaudited | FY26 (31.03.2026) Audited |
|---|
| 1. Revenue from operations | | | | |
| (a) Interest income | 31.98 | 15.55 | 21.77 | 76.70 |
| (b) Rental income | 0.01 | 0.01 | (0.00) | 0.02 |
| (c) Fees and commission income | 12.97 | 12.56 | 12.80 | 51.36 |
| (d) Net gain on fair value changes (refer note 3) | 0.66 | 0.53 | 6,096.75 | 1.27 |
| (e) Sale of services | 11.85 | 13.69 | 11.19 | 51.25 |
| Total revenue from operations | 57.47 | 42.34 | 6,142.51 | 180.60 |
| 2. Other income | 0.08 | 0.56 | 0.17 | 0.97 |
| Total income (1+2) | 57.55 | 42.90 | 6,142.68 | 181.57 |
| 3. Expenses | | | | |
| (a) Finance costs | 116.45 | 98.15 | 98.37 | 394.85 |
| (b) Net loss on fair value changes (refer note 3) | - | 1,351.23 | - | 1,723.62 |
| (c) Impairment of financial instruments | - | - | - | - |
| (d) Employee benefits expense | 17.94 | 23.75 | 22.54 | 90.08 |
| (e) Depreciation and amortisation expense | 4.61 | 4.54 | 4.60 | 18.47 |
| (f) Other expenses | 4.77 | 6.36 | 4.08 | 19.97 |
| Total expenses | 143.77 | 1,484.03 | 129.59 | 2,246.99 |
| 4. (Loss)/profit before tax (1+2-3) | (86.22) | (1,441.13) | 6,013.09 | (2,065.42) |
| 5. Tax expenses | | | | |
| (a) Current tax | - | - | - | - |
| (b) Deferred tax (refer note 3) | 0.03 | (193.56) | 872.60 | (245.58) |
| Total tax expenses | 0.03 | (193.56) | 872.60 | (245.58) |
| 6. (Loss)/profit for the period (4-5) | (86.25) | (1,247.57) | 5,140.49 | (1,819.84) |
| 7. Other comprehensive income (net of tax) | - | 0.96 | - | 0.54 |
| 8. Total comprehensive income/(loss) for the period (6+7) | (86.25) | (1,246.61) | 5,140.49 | (1,819.30) |
| 9. Paid-up equity share capital (Rs. 2 per share) | 2,764.54 | 2,764.54 | 2,764.54 | 2,764.54 |
| 10. Other equity | - | - | - | 6,005.79 |
| 11. Earnings per share (EPS) (Rs. 2 per share) | | | | |
| - Basic (Rs.) | (0.06)* | (0.90)* | 3.72* | (1.32) |
| - Diluted (Rs.) | (0.06)* | (0.90)* | 3.72* | (1.32) |
* EPS for the quarter ended are not annualised
3. Detailed Notes / Management Commentary
- The Group and the Company are primarily engaged in investing in technology-focused new age businesses including retail e-commerce, electric vehicles, drones, etc.
- The Holding Company qualifies as an Unregistered Core Investment Company (CIC) under RBI guidelines and prepares results accordingly.
- Accounting policy change for RattanIndia Power Limited (RPL):
- Until 24 March 2026, RPL was accounted as a financial asset at fair value through profit or loss (FVTPL).
- Effective 25 March 2026, RPL is classified as an associate and accounted for using the equity method (Ind AS 28).
- Hence, unrealised fair value gains/losses on RPL are no longer recognized in profit or loss; only share of profit/loss is recognized.
- For Q1 FY27, share of profit from RPL was Rs. 91.71 million.
- FY26 included unrealised fair value loss of Rs. 1,723.62 million (including Rs. 1,351.23 million in Q4 FY26) and Q1 FY26 included unrealised fair value gain of Rs. 6,096.49 million related to RPL.
- Internal reorganization:
- Transfer of Cocoblu Retail Limited shares within group companies effective 9 April 2026, no impact on consolidated financials.
- Legal matters:
- Minority shareholders of Throttle Aerospace Systems Private Limited (TAS) have filed petitions; arbitration proceedings are pending. Management believes no impact on financials.
- Canara Bank filed and lost an insolvency petition against the Holding Company; appeal filed but management believes no material impact.
- Regulatory updates:
- New Environment Protection (End-of-Life Vehicles) Rules, 2025 and Battery Waste Management Rules, 2022 impose Extended Producer Responsibility (EPR) obligations.
- Implementation framework and financial impact are currently uncertain; Group unable to reliably estimate financial implications at this time.
- All amounts rounded to nearest million.
4. Segment Information
(i) Segment Income (Rs. Million)
| Segment | Q1 FY27 | Q4 FY26 | Q1 FY26 | FY26 |
|---|
| Retail - E-commerce business | 18,401.92 | 16,499.86 | 16,673.28 | 73,684.02 |
| EV (E-Motorcycles) | 269.14 | 333.09 | 333.98 | 1,359.77 |
| Investment (refer note 4) | - | - | 6,096.49 | - |
| Others | 99.20 | 184.24 | 71.06 | 442.14 |
| Sub-Total | 18,770.26 | 17,017.19 | 23,174.81 | 75,485.93 |
| Less: Inter segment revenue | 65.50 | 50.92 | 43.06 | 180.79 |
| Total Revenue from Operations | 18,704.76 | 16,966.27 | 23,131.75 | 75,305.14 |
(ii) Segment Results (Profit / (Loss) before tax, Rs. Million)
| Segment | Q1 FY27 | Q4 FY26 | Q1 FY26 | FY26 |
|---|
| Retail - E-commerce business | 528.16 | 409.74 | 97.59 | 1,327.50 |
| EV (E-Motorcycles) | (86.56) | (62.32) | (64.42) | (292.59) |
| Investment (refer note 4) | 91.71 | (1,335.76) | 6,096.49 | (1,708.15) |
| Others | (40.48) | (19.37) | (40.70) | (136.04) |
| Sub-Total | 492.83 | (1,007.71) | 6,088.96 | (809.28) |
| Less: Inter segment eliminations | 0.48 | 0.63 | 0.71 | 2.07 |
| Less: Finance cost | 187.72 | 194.71 | 170.94 | 740.99 |
| Less: Depreciation expense | 31.75 | 32.55 | 33.63 | 138.69 |
| Add: Other income | 8.11 | 9.30 | 35.51 | 64.72 |
| Profit (Loss) before tax | 280.99 | (1,226.30) | 5,919.19 | (1,626.31) |
(iii) Segment Assets (Rs. Million)
| Segment | Q1 FY27 | Q4 FY26 | Q1 FY26 | FY26 |
|---|
| Retail - E-commerce business | 17,982.43 | 17,845.54 | 14,145.04 | 17,845.54 |
| EV (E-Motorcycles) | 2,930.02 | 2,828.83 | 2,794.69 | 2,828.83 |
| Investment | 8,883.08 | 8,791.37 | 16,512.66 | 8,791.37 |
| Others | 2,714.86 | 2,791.41 | 1,700.61 | 2,791.41 |
| Unallocated | 183.27 | 175.53 | 105.30 | 175.53 |
| Sub-Total | 32,693.66 | 32,432.68 | 35,258.30 | 32,432.68 |
| Less: Inter segment eliminations | 2,152.97 | 4,723.80 | 1,287.97 | 4,723.80 |
| Total Assets | 30,540.69 | 27,708.88 | 33,970.33 | 27,708.88 |
(iv) Segment Liabilities (Rs. Million)
| Segment | Q1 FY27 | Q4 FY26 | Q1 FY26 | FY26 |
|---|
| Retail - E-commerce business | 11,524.90 | 11,746.60 | 8,850.49 | 11,746.60 |
| EV (E-Motorcycles) | 4,432.13 | 4,170.56 | 3,691.28 | 4,170.56 |
| Investment | 151.58 | 138.43 | 1,254.40 | 138.43 |
| Others | 1,978.59 | 1,932.18 | 324.28 | 1,932.18 |
| Unallocated | 6,745.53 | 6,748.38 | 6,858.53 | 6,748.38 |
| Sub-Total | 24,832.73 | 24,736.15 | 20,978.98 | 24,736.15 |
| Less: Inter segment eliminations | 2,152.97 | 4,723.80 | 1,287.97 | 4,723.80 |
| Total Liabilities | 22,679.76 | 20,012.35 | 19,691.01 | 20,012.35 |
5. Capex, Projects, and Corporate Activity
- No explicit capital expenditure (capex) or project expenditure details disclosed in the filing.
- Internal reorganization: Transfer of Cocoblu Retail Limited shares within group companies effective 9 April 2026; no impact on consolidated financials.
- No writedowns, writebacks, impairments, or provisions other than minor impairment of financial instruments (Rs. 0.49 million in Q1 FY27 consolidated).
- No acquisitions, disposals, divestitures, or mergers reported except internal share transfer within group.
- Legal disputes ongoing with minority shareholders of TAS; arbitration pending, no expected financial impact.
- Regulatory changes (ELV and Battery Waste Management Rules) may have future financial impact but currently unquantifiable.
6. Standalone vs Consolidated
- Both Standalone and Consolidated financial results are provided.
- Consolidated results include subsidiaries and associate (RattanIndia Power Limited).
- Standalone results reflect the Holding Company only.
- Key differences:
- Consolidated revenue and expenses are significantly higher due to subsidiaries.
- Standalone shows large unrealised fair value gains/losses on RPL until March 2026; post that, RPL accounted as associate in consolidated.
- Standalone shows loss before tax in Q1 FY27 of Rs. (86.22) million vs consolidated profit before tax of Rs. 280.99 million.
- EPS differs: Consolidated Q1 FY27 basic EPS Rs. 0.11; Standalone Q1 FY27 basic EPS Rs. (0.06).
Summary
- Auditor’s review reports are unqualified with no concerns.
- Consolidated revenue from operations for Q1 FY27 is Rs. 18,704.76 million, down from Rs. 23,131.75 million in Q1 FY26, mainly due to lower unrealised fair value gains on investments.
- Profit before tax consolidated Q1 FY27 is Rs. 280.99 million vs Rs. 5,919.19 million in Q1 FY26.
- Standalone results show loss before tax of Rs. (86.22) million in Q1 FY27.
- Significant accounting policy change for RattanIndia Power Limited from FVTPL to equity method from 25 March 2026.
- Segment-wise, Retail E-commerce is the largest revenue and profit contributor; EV segment remains loss-making.
- No material capex or corporate transactions disclosed except internal share transfer.
- Legal and regulatory matters disclosed with no expected material financial impact currently.
