Below is a structured extraction and summary of the relevant and actionable financial information from the Elcid Investments Limited results filing dated November 7, 2025.
1. Auditor’s Note
- Type: Limited Review Report by V. K. Beswal & Associates, Chartered Accountants.
- Opinion:
- No qualifications, concerns, or issues noted.
- The auditor states that nothing has come to their attention to indicate material misstatements or non-compliance with applicable Indian Accounting Standards and SEBI regulations.
- Conclusion: Standard unqualified limited review report.
2. Financial Performance
Periods Covered:
- Latest Quarter: Q2 FY26 (July-Sept 2025) — ended 30 Sept 2025
- Immediately Preceding Quarter: Q1 FY26 (Apr-June 2025) — ended 30 June 2025
- Same Quarter Previous Year: Q2 FY25 (July-Sept 2024) — ended 30 Sept 2024
- Half Year Ended Sept 30, 2025 (H1 FY26)
- Half Year Ended Sept 30, 2024 (H1 FY25)
- Full Year Ended March 31, 2025 (FY25)
2.1 Standalone Financials (Rs. Lakhs)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|
| Revenue from operations | | | | | | |
| - Dividend Income | 221.76 | 5,824.12 | 169.86 | 6,045.88 | 8,145.16 | 9,411.47 |
| - Interest Income | 23.82 | 126.28 | 7.27 | 149.10 | 22.52 | 54.63 |
| - Net gain on fair value changes | 4,703.34 | -1,901.82 | 3,391.16 | 2,801.52 | 6,780.11 | 4,376.82 |
| Total Revenue from operations | 4,947.92 | 4,048.58 | 3,568.29 | 8,996.50 | 14,947.79 | 13,842.93 |
| Other Income | 30.75 | 30.75 | 30.75 | 61.50 | 61.50 | 220.13 |
| Total Income | 4,978.67 | 4,079.33 | 3,599.04 | 9,058.00 | 15,009.29 | 14,063.06 |
| Expenses | | | | | | |
| - Employee Benefits expenses | 9.28 | 10.56 | 7.47 | 19.85 | 16.40 | 31.89 |
| - Depreciation & amortisation | 19.99 | 19.75 | 19.85 | 39.74 | 39.66 | 78.69 |
| - Other expenses | 65.56 | 42.75 | 35.81 | 111.31 | 101.65 | 385.52 |
| Total Expenses | 97.83 | 72.85 | 63.13 | 170.85 | 157.78 | 495.05 |
| Profit before tax | 4,880.85 | 4,006.48 | 3,535.91 | 8,887.32 | 14,851.51 | 13,567.01 |
| Tax Expense (Current + Deferred) | 2,202.24 | 1,485.52 | 728.85 | 2,087.68 | 3,262.92 | 3,415.93 |
| Profit after tax | 3,678.59 | 3,121.05 | 2,807.05 | 6,799.64 | 11,522.51 | 10,097.15 |
| EPS (Basic & Diluted) (Rs.) | 1,839.29 | 1,560.53 | 1,403.53 | 3,399.82 | 5,761.26 | 5,048.57 |
2.2 Consolidated Financials (Rs. Lakhs)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|
| Revenue from operations | | | | | | |
| - Dividend Income | 253.45 | 8,363.91 | 227.62 | 8,649.36 | 11,570.83 | 13,495.49 |
| - Interest Income | 40.05 | 273.27 | 7.27 | 313.32 | 39.26 | 151.19 |
| - Net gain on fair value changes | 4,072.92 | 550.82 | 5,299.78 | 4,623.74 | 11,677.06 | 7,466.29 |
| Total Revenue from operations | 4,398.42 | 9,197.01 | 5,534.66 | 13,595.45 | 23,388.05 | 21,113.97 |
| Other Income | 27.81 | 33.69 | 30.75 | 61.50 | 36.63 | 220.13 |
| Total Income | 4,426.23 | 9,230.70 | 5,665.41 | 13,656.93 | 23,425.68 | 21,334.10 |
| Expenses | | | | | | |
| - Employee Benefits expenses | 11.10 | 13.17 | 9.48 | 24.27 | 20.51 | 40.18 |
| - Depreciation & amortisation | 27.31 | 27.57 | 27.77 | 55.88 | 35.81 | 110.37 |
| - Other expenses | 138.49 | 74.42 | 79.57 | 212.91 | 176.08 | 578.58 |
| Total Expenses | 177.40 | 115.16 | 116.82 | 292.56 | 232.09 | 729.13 |
| Profit before tax | 4,248.83 | 9,115.54 | 5,548.60 | 13,364.37 | 23,204.59 | 20,604.97 |
| Tax Expense (Current + Deferred) | 1,044.88 | 2,053.18 | 1,201.17 | 2,473.34 | 5,192.05 | 5,374.84 |
| Profit after tax | 3,173.95 | 7,062.36 | 4,347.42 | 10,236.31 | 17,942.10 | 15,299.56 |
| EPS (Basic) (Rs.) | 1,506.97 | 3,331.18 | 2,173.71 | 4,838.15 | 6,947.81 | 5,929.83 |
3. Detailed Notes / Management Commentary
- The company is a Non-Banking Financial Company (NBFC) and operates solely as an investment company.
- No separate reporting segments as per Ind AS 108.
- Financial results prepared under Ind AS 34 (Interim Financial Reporting).
- No changes in accounting policies or material adjustments reported.
- Previous period figures regrouped/recomputed where necessary.
- The figures for Q2 FY26 are balancing figures between half-year and Q1 FY26.
- No exceptional items reported in either standalone or consolidated results.
- No discontinued operations.
- No mention of NPAs, slippages, or AUM as the company is an investment company.
- No segment-wise revenue or profit breakdown due to single business nature.
4. Segment Information
- No segment reporting due to single business activity (investment company).
- No geographical or product-wise segment data provided.
5. Capex, Projects, and Corporate Activity
- Capital Expenditure:
- Standalone: Rs. 112.62 lakhs spent on Property, Plant & Equipment in H1 FY26.
- Consolidated: Rs. 433.76 lakhs spent on Property, Plant & Equipment in H1 FY26.
- Investments:
- Standalone investments increased marginally from Rs. 733,525.83 lakhs (Mar 31, 2025) to Rs. 744,058.39 lakhs (Sep 30, 2025).
- Consolidated investments increased from Rs. 1,057,001.59 lakhs to Rs. 1,072,748.36 lakhs over the same period.
- No write-downs, impairments, or provisions reported.
- No acquisitions, disposals, mergers, or restructuring mentioned.
- Dividend paid Rs. 50.01 lakhs in H1 FY26 (both standalone and consolidated).
6. Standalone vs Consolidated
| Aspect | Standalone | Consolidated |
|---|
| Revenue (H1 FY26) | Rs. 9,058.00 lakhs | Rs. 13,656.93 lakhs |
| Profit After Tax (H1 FY26) | Rs. 6,799.64 lakhs | Rs. 10,236.31 lakhs |
| EPS (Basic) (H1 FY26) | Rs. 3,399.82 | Rs. 4,838.15 |
| Total Assets (Sep 30, 2025) | Rs. 747,599.76 lakhs | Rs. 1,077,039.39 lakhs |
| Investments (Sep 30, 2025) | Rs. 744,058.39 lakhs | Rs. 1,072,748.36 lakhs |
Summary for Investment Analysis Team
- Strong financial performance in Q2 FY26 with standalone PAT of Rs. 3,678.59 lakhs and consolidated PAT of Rs. 3,173.95 lakhs.
- Significant contribution from fair value gains on financial instruments (Rs. 4,703.34 lakhs standalone and Rs. 4,072.92 lakhs consolidated in Q2 FY26).
- Stable dividend income but lower in Q2 FY26 compared to Q1 FY26.
- No audit qualifications or concerns; limited review completed satisfactorily.
- No segment or geographical diversification; single business line as an investment company.
- Capital expenditure ongoing but moderate; no major corporate actions reported.
- Strong balance sheet with large investment portfolio (~Rs. 744 billion standalone, Rs. 1,073 billion consolidated).
- Tax expenses increased due to higher profits; deferred tax liabilities significant.
- No NPAs or asset quality issues reported consistent with investment company profile.
- EPS growth noted compared to previous year quarters.
Please advise if further detailed ratio analysis or trend analysis is required.
