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JSW Holdings Limited (JSWHL)

₹11,316.00 +0.84% last close, 16 Oct

📊 NSE: JSWHL 🏢 Finance & Investments 📢 Latest filing: 16 Sep 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 29 Oct 2026 (board meeting)

JSW Holdings Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Operating profit	₹32.1	+21.9%	—
Net profit	₹24.5	-27.4%	—
EPS (₹)	22.11	-27.4%	—

Full quarterly financials → Results calendar →

JSWHL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 54.12% of the JSWHL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.13%. That is close to its usual level. Volume was 0.1 times its average, well below normal.

54.12%Delivery, 16 Oct

54.13%Own 20-session average

0.1×Volume vs its average

₹11,316.00NSE close · +0.84%

Delivery in the last 5 sessions: 54.9% · 38.9% · 56.3% · 77.4% · 54.1%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

JSW Holdings Clarifies Volume Spurt; States No Undisclosed Material Information

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 10:28 AM

JSW Holdings Limited responded to a surveillance query from the National Stock Exchange dated September 15, 2026, regarding a significant increase in trading volume. The company confirmed on September 16, 2026, that it has no undisclosed material information or events affecting operations or performance under Regulation 30 of SEBI LODR Regulations, 2015. Management stated that the volume movement is purely market-driven with no management knowledge or control over the trading activity.

NSE issued letter ref no. NSE/CM/Surveillance/17552 on September 15, 2026
Clarification filed by JSW Holdings on September 16, 2026
Company confirmed compliance under Regulation 30 of SEBI LODR Regulations, 2015
Movement in trading volume stated as purely market-driven

💡 Investors should note that no operational or corporate developments underlie the recent trading volume surge; continue to track official exchange filings for fundamental updates.

JSW Holdings Shareholders Approve Material Related Party Loans and Share Pledges at 25th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Aug 2026, 06:03 PM

JSW Holdings Limited (JSWHL) has announced the results of its 25th Annual General Meeting held on August 6, 2026. Shareholders approved all five resolutions, including the adoption of FY26 financial statements and the re-appointment of key directors. Crucially, the meeting ratified material related party transactions (RPTs) involving the granting of loans and the pledging of shares to support other JSW Group entities. While the resolutions passed with a significant majority, approximately 4% of institutional votes were cast against the RPT authorizations.

All 5 resolutions passed with the requisite majority at the AGM held on August 6, 2026.
Approval for granting loans to related parties received 96.02% votes in favor.
Approval for pledging shares for loans availed by related parties received 96.02% votes in favor.
Institutional shareholders cast 95,826 votes against the material related party transaction resolutions.
A total of 30,054 shareholders were on record as of the July 30, 2026, record date.

💡 Investors should monitor the quarterly disclosures regarding the actual quantum of loans granted and shares pledged to related parties, as these represent the primary risk and utility of this holding company.

JSW Holdings Shareholders Approve Material Related Party Transactions and Director Re-appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Aug 2026, 04:59 PM

JSW Holdings Limited (JSWHL) has successfully passed all five resolutions at its 25th Annual General Meeting held on August 6, 2026. Key approvals include the re-appointment of Mr. Manoj Kumar Mohta as Whole-Time Director and the authorization of material related party transactions (RPTs). These RPTs specifically involve granting loans to related parties and pledging shares for loans availed by group entities, which are central to JSWHL's role as a core investment vehicle. While promoters abstained from voting on RPT resolutions, public institutional support was high at approximately 96%.

Resolution for granting loans to related parties passed with 96.02% of votes in favor.
Resolution for pledging shares for related party loans passed with 96.02% of votes in favor.
Re-appointment of Mr. Manoj Kumar Mohta as Whole-Time Director approved with 99.93% majority.
A total of 131 shareholders attended the meeting via video conferencing (12 promoters, 119 public).
Public institutional voting on RPT resolutions showed 95.95% support despite 4.05% voting against.

💡 Investors should monitor the quarterly disclosures regarding the actual quantum of loans and pledges extended to group companies to assess concentration risk.

JSW Holdings Concludes 25th AGM; Seeks Approval for Material Related Party Loans and Pledges

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 06 Aug 2026, 06:53 PM

JSW Holdings Limited conducted its 25th Annual General Meeting on August 06, 2026, with 131 members attending. The meeting covered five key resolutions, including the adoption of FY26 financial statements and the re-appointment of directors. Notably, shareholders were asked to approve material related party transactions (RPTs) for granting loans and pledging shares to support group entities. Given the company's massive net worth of Rs 31,981 Cr relative to its TTM revenue of Rs 203 Cr, these RPTs are central to its function as a JSW Group holding vehicle.

25th AGM held on August 06, 2026, concluding at 11:52 AM IST.
131 members participated in the meeting via video conferencing.
Shareholder approval sought for material related party transactions involving loans and share pledges.
Company reported TTM PAT of Rs 147 Cr against a Net Worth of Rs 31,981 Cr.

💡 Watch for the voting results (due within 48 hours) to confirm shareholder support for the material related party transactions, which are critical for the company's group-level financing role.

JSWHL Q1 FY27: Consolidated PAT at ₹24.54 Cr; OCI Surges by ₹2,195 Cr on Asset Revaluation

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 06 Aug 2026, 02:51 PM

JSW Holdings Limited (JSWHL) reported a consolidated net profit of ₹24.54 Cr for Q1 FY27, representing a 27.4% decline from ₹33.81 Cr in the same period last year. Standalone revenue from operations grew 15% YoY to ₹34.58 Cr, driven by higher interest and management advisory fees. The most significant movement was in Other Comprehensive Income (OCI), which saw a gain of ₹2,195.13 Cr due to fair value appreciation of its equity investments. As a holding company, its financial health remains intrinsically linked to the market performance of JSW Group entities, particularly JSW Steel.

Consolidated Net Profit for the quarter ended June 30, 2026, stood at ₹2,453.57 Lakhs compared to ₹3,381.02 Lakhs YoY.
Standalone Revenue from operations increased to ₹3,458.41 Lakhs from ₹3,007.48 Lakhs in the year-ago quarter.
Other Comprehensive Income (OCI) reached ₹2,19,513.03 Lakhs, reflecting massive fair value gains on equity instruments.
Share of profit from associates dropped significantly to ₹306.49 Lakhs from ₹1,413.82 Lakhs in June 2025.
Consolidated Basic EPS for the quarter was reported at ₹22.11, down from ₹30.47 YoY.

💡 Investors should focus on the Net Asset Value (NAV) of the company's portfolio rather than quarterly PAT, as JSWHL is a Core Investment Company. Monitor the quarterly performance and dividend declarations of JSW Steel, which is the primary driver of JSWHL's value.

JSW Holdings Submits Routine SEBI Compliance Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jul 2026, 02:51 PM

JSW Holdings Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFIN Technologies Limited (the Registrar and Share Transfer Agent), confirms that all share dematerialization and rematerialization requests for the quarter ended June 30, 2026, were processed and reported to the exchanges. This is a standard administrative filing required for all listed companies in India. It has no impact on the company's financial position or its substantial net worth of Rs 31,981 Cr.

Compliance certificate for the quarter ended June 30, 2026.
Issued by Registrar and Share Transfer Agent, KFIN Technologies Limited.
Confirms reporting to both NSDL and CDSL depositories.
Company maintains a market capitalization of Rs 12,413 Cr.

💡 No action is required as this is a routine procedural filing. Investors should focus on upcoming quarterly earnings to assess the performance of the company's investment portfolio.

25th AGM of JSW Holdings Scheduled for August 06, 2026; Annual Report Dispatched

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 11:25 PM

JSW Holdings Limited has issued a formal communication to shareholders regarding its 25th Annual General Meeting (AGM) and the availability of the Annual Report for FY 2025-26. The AGM is scheduled to be held virtually on August 06, 2026. Shareholders can participate in remote e-voting from August 03 to August 05, 2026, provided they hold shares as of the July 30, 2026 cut-off date. This is a standard regulatory procedure to ensure all shareholders have access to statutory documents and voting rights.

25th Annual General Meeting scheduled for August 06, 2026, at 11:00 a.m. IST via Video Conferencing.
Remote e-voting period begins on August 03, 2026 (9:00 a.m.) and concludes on August 05, 2026 (5:00 p.m.).
Cut-off date for determining e-voting eligibility is July 30, 2026.
Company reports a substantial Net Worth of ₹31,981 Cr, significantly higher than its current Market Cap of ₹12,378 Cr.

💡 Investors should review the Annual Report for FY 2025-26 to assess the performance of JSW Steel, as JSWHL's dividend income and valuation are highly concentrated in this group entity.

JSWHL to Seek Approval for ₹2,000 Cr Loans and Pledge of 10 Cr JSW Steel Shares at AGM

🔵 WATCH ⭐ 7/10

BOARD_MEETING 📅 15 Jul 2026, 07:58 PM

JSW Holdings Limited has scheduled its 25th Annual General Meeting (AGM) for August 06, 2026. Key resolutions include seeking shareholder approval for material related party transactions (RPTs), specifically granting loans up to ₹2,000 Crore to JSW Group entities. The company also proposes to pledge up to 10 Crore equity shares of JSW Steel Limited to secure loans for group companies, charging a 0.5% p.a. pledge fee. Additionally, the board seeks to re-appoint Mr. Manoj Kumar Mohta as Whole-time Director, CEO, and CFO for a five-year term.

Proposed limit for loans to related party group companies set at ₹2,000 Crore
Authorization sought to pledge up to 10,00,00,000 (10 Crore) equity shares of JSW Steel Limited as security for group loans
Pledge fees to be charged at 0.5% p.a. on the value of the shares being pledged
Re-appointment of Mr. Manoj Kumar Mohta as CEO & CFO for a 5-year term effective June 1, 2026
AGM scheduled for August 06, 2026, via Video Conferencing

💡 Investors should monitor the voting results of the AGM, particularly for the material RPT resolutions (Items 4 and 5), to gauge shareholder sentiment regarding group-level financial exposure. Watch for any changes in the credit ratings of the borrower entities like JSW Projects or South-West Mining.

JSW Holdings Board Meeting on August 6, 2026, to Consider Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 10 Jul 2026, 08:03 PM

JSW Holdings Limited has scheduled a board meeting for August 6, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The trading window for designated persons has been closed since July 1, 2026, and will reopen 48 hours after the results are announced. As a core investment company for the JSW Group, the upcoming results will be critical to assess dividend income, which previously saw a 61.18% YoY decline in H1 FY26. The company currently trades at a significant discount to its net worth of Rs 31,981 Cr.

Board meeting scheduled for August 6, 2026, to review Q1 FY27 results
Trading window for insiders closed effective July 1, 2026
Results will cover the three-month period ended June 30, 2026
Company holds a massive net worth of Rs 31,981 Cr relative to its Rs 12,738 Cr market cap

💡 Investors should monitor the August 6 results specifically for dividend income and management advisory fees, which are the primary revenue drivers for this holding company.

JSW Holdings to hold 25th AGM on August 6, 2026; Book closure starts July 27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jul 2026, 06:46 PM

JSW Holdings Limited has scheduled its 25th Annual General Meeting (AGM) for August 6, 2026, at 11:00 AM IST. In preparation for the meeting, the company will close its Register of Members and Share Transfer Books from July 27, 2026, to July 29, 2026. This is a standard procedural filing required under SEBI regulations. The company, which acts as a core investment vehicle for the JSW Group, reported a TTM PAT of Rs 147 Cr and holds a significant net worth of Rs 31,981 Cr, largely driven by its holdings in group entities like JSW Steel.

25th Annual General Meeting scheduled for August 6, 2026, at 11:00 a.m. IST
Book closure period set from July 27, 2026, to July 29, 2026 (both days inclusive)
Notice of AGM and Annual Report for FY 2025-26 to be dispatched to eligible shareholders in due course
Company maintains a zero-debt position with a net worth of Rs 31,981 Cr as per latest context

💡 Investors should review the upcoming FY 2025-26 Annual Report for detailed commentary on the performance of investee companies, particularly JSW Steel, which significantly impacts JSWHL's dividend income.

JSW Holdings to Close Trading Window from July 1, 2026, for Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Jun 2026, 02:34 PM

JSW Holdings Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The trading window will remain closed until 48 hours after the financial results are declared to the exchanges. The specific date for the Board Meeting to approve these results will be communicated separately.

Trading window closure for designated persons begins on July 01, 2026.
The closure pertains to the financial results for the first quarter ending June 30, 2026.
Trading restrictions will be lifted 48 hours after the official declaration of results.
The announcement is in compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No immediate action is required as this is a routine regulatory filing; investors should await the announcement of the Q1 FY27 earnings date.

JSW Holdings FY26 Net Profit Drops to ₹121.59 Cr; Manoj Mohta Re-appointed as WTD

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 28 May 2026, 04:46 PM

JSW Holdings reported a standalone net profit of ₹121.59 crore for FY26, representing a 30.4% decline from ₹174.70 crore in FY25. Total revenue from operations also saw a significant decrease to ₹179.45 crore compared to ₹248.09 crore in the previous fiscal year. The Board has approved the re-appointment of Mr. Manoj Kr. Mohta as Whole-time Director for a five-year term and re-appointed Mr. Haresh Dua as Internal Auditor. Notably, the company experienced a massive swing in Other Comprehensive Income, recording a loss of ₹833.59 crore in Q4 FY26 due to fair value changes in equity investments.

Standalone Net Profit for FY26 fell to ₹121.59 crore from ₹174.70 crore in FY25.
Total Revenue from operations decreased to ₹179.45 crore in FY26 from ₹248.09 crore in FY25.
Profit Before Tax (PBT) for the full year FY26 stood at ₹162.97 crore.
Mr. Manoj Kr. Mohta re-appointed as Whole-time Director for a 5-year term starting June 1, 2026.
Fair value changes in equity instruments resulted in a Total Comprehensive Loss of ₹810.90 crore for the quarter ended March 31, 2026.

💡 Investors should exercise caution as the company's profitability and comprehensive income are highly sensitive to the market valuation of its investment portfolio. Monitor the performance of underlying group companies which drive the fair value changes of JSWHL's holdings.

JSW Holdings FY26 Profit at ₹121.59 Cr; Manoj Mohta Re-appointed as WTD for 5 Years

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 28 May 2026, 04:38 PM

JSW Holdings Limited reported a decline in annual standalone profit to ₹121.59 crore for FY26, compared to ₹174.70 crore in FY25. The Board has approved the re-appointment of Mr. Manoj Kr. Mohta as Whole-time Director for a five-year term effective June 1, 2026. Additionally, the company appointed Mr. Nirmal Kumar Karwa and re-appointed the internal auditor for the upcoming fiscal year. Total revenue from operations for the full year stood at ₹179.45 crore, down from ₹248.09 crore in the previous year.

Net Profit for the full year ended March 31, 2026, stood at ₹121.59 crore versus ₹174.70 crore in FY25.
Total Revenue from operations for FY26 decreased to ₹179.45 crore from ₹248.09 crore in the prior year.
Mr. Manoj Kr. Mohta re-appointed as Whole-time Director for a 5-year tenure starting June 1, 2026.
Other Comprehensive Income reflected a massive fair value gain on equity instruments amounting to ₹1,641.89 crore for FY26.
The Board approved the appointment of Mr. Nirmal Kumar Karwa effective June 1, 2026.

💡 Investors should focus on the valuation of the underlying JSW Group companies as JSWHL's income is primarily derived from dividends and fair value changes of its investments. Management continuity with the re-appointment of the WTD is a positive sign for administrative stability.

JSW Holdings Reports FY26 Net Profit of ₹121.59 Cr; Re-appoints Manoj Mohta as WTD

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 28 May 2026, 04:35 PM

JSW Holdings Limited reported a standalone net profit of ₹121.59 crore for the financial year ended March 31, 2026, marking a 30.4% decline from ₹174.70 crore in the previous fiscal year. Total revenue from operations also decreased to ₹179.45 crore compared to ₹248.09 crore in FY25, primarily due to lower dividend income. The Board has approved the re-appointment of Mr. Manoj Kr. Mohta as Whole-time Director for a five-year term and appointed Mr. Nirmal Kumar Karwa to the board. Despite lower operational profits, the company saw significant gains in investment valuations, with Other Comprehensive Income reaching ₹1,641.89 crore.

Standalone Net Profit for FY26 stood at ₹121.59 crore vs ₹174.70 crore in FY25.
Annual Revenue from operations fell to ₹179.45 crore from ₹248.09 crore in the previous year.
Other Comprehensive Income (OCI) surged to ₹1,641.89 crore due to fair value changes in equity instruments.
Re-appointment of Mr. Manoj Kr. Mohta as Whole-time Director for a 5-year term effective June 1, 2026.
Q4 FY26 standalone profit showed a slight improvement at ₹22.69 crore compared to ₹19.07 crore in Q4 FY25.

💡 Investors should focus on the valuation of JSW Group's underlying assets as JSWHL is a holding company whose value is derived from its investment portfolio. While operational revenue declined, the massive Other Comprehensive Income highlights the appreciation of its strategic holdings.

JSW Holdings FY26 Net Profit Drops 30% to ₹121.59 Cr; Q4 Profit Rises 19% YoY

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 28 May 2026, 04:06 PM

JSW Holdings reported a standalone net profit of ₹121.59 crore for FY26, a significant decline from ₹174.70 crore in FY25, primarily driven by a sharp drop in dividend income. However, the Q4 FY26 performance was stronger, with net profit rising 19% YoY to ₹22.69 crore compared to ₹19.07 crore in the same quarter last year. Total annual revenue fell to ₹179.45 crore from ₹248.09 crore, reflecting the volatility inherent in a holding company's income streams. The board also confirmed the re-appointment of Manoj Kr. Mohta as Whole-time Director for a five-year term.

Standalone Net Profit for FY26 stood at ₹121.59 crore vs ₹174.70 crore in FY25
Q4 FY26 Net Profit increased 19% YoY to ₹22.69 crore
Annual Dividend Income fell sharply to ₹51.94 crore from ₹133.57 crore in the previous year
Total Revenue from operations for FY26 decreased to ₹179.45 crore from ₹248.09 crore
Manoj Kr. Mohta re-appointed as Whole-time Director for 5 years effective June 1, 2026

💡 Investors should focus on the underlying value of JSW Group's listed entities as JSWHL's performance is a direct reflection of dividend payouts from its subsidiaries. The annual profit dip is largely due to cyclical dividend income, making the stock more sensitive to the group's overall capital allocation strategy.

View All JSWHL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment, 'Investing and Financing'. Total consolidated revenue for H1 FY26 was INR 113.65 Cr, representing a 39.99% decrease from INR 189.41 Cr in H1 FY25. This decline was primarily driven by a 61.18% drop in dividend income, which fell from INR 133.43 Cr to INR 51.80 Cr.

Geographic Revenue Split

100% of revenue is generated within India, with the corporate headquarters and registered office located in Maharashtra.

Profitability Margins

Consolidated Profit Before Tax (PBT) margin for H1 FY26 stood at 93.53%, with a PBT of INR 106.30 Cr on revenue of INR 113.65 Cr. While margins remain high due to the low-cost nature of a holding company, absolute PBT fell 41.75% YoY from INR 182.49 Cr in H1 FY25.

EBITDA Margin

Standalone PBITDA for FY 2024-25 was INR 234.04 Cr on a total revenue of INR 248.09 Cr, reflecting a core profitability margin of approximately 94.33%.

Capital Expenditure

As an investment company, capital expenditure is minimal; depreciation for H1 FY26 was recorded at only INR 0.10 Lakhs. Total Property, Plant & Equipment (PPE) stood at INR 1.06 Lakhs as of September 30, 2025.

Credit Rating & Borrowing

The company received an ESG rating from SES ESG Research Pvt. Ltd on November 25, 2025. Specific credit ratings for debt instruments were not disclosed in the provided documents.

⚙️ Operational Drivers

Capacity Expansion

Not applicable for the current business model of investing and financing.

Raw Material Costs

Not applicable; however, administrative and employee costs are minimal, with only 3 employees managing operations as of FY 2024-25.

📈 Strategic Growth

Growth Strategy

The company aims to achieve growth by transitioning toward sustainable investments in cleaner energy. It leverages its position as a core investment vehicle for the JSW Group to identify opportunities in the evolving financial ecosystem where NBFC credit growth is expected to outpace India's GDP.

Products & Services

Investment services, financing, management advisory services, and pledge-related financial services.

Brand Portfolio

JSW Holdings.

New Products/Services

The company is exploring 'Sustainable Investment' as a new opportunity area, focusing on cleaner and sustainable energy sectors.

Market Expansion

Market expansion is tied to the growth of the JSW Group's industrial footprint and the broader NBFC sector in India.

Strategic Alliances

The company maintains strategic holdings in JSW Group entities, most notably JSW Steel Limited.

🌍 External Factors

Industry Trends

The NBFC sector is undergoing a shift toward scale-based regulation (Base, Middle, Upper, and Top Layers). Credit growth in this sector consistently outpaces India's GDP, positioning NBFCs as powerful engines of growth.

Competitive Landscape

Competes with other large industrial holding companies and NBFCs in the investment and financing space.

Competitive Moat

The company's moat is derived from its status as a strategic holding company for the JSW Group, providing durable access to dividend streams and advisory fees from large-scale industrial assets. This is sustainable as long as the JSW Group maintains its market leadership in steel and energy.

Macro Economic Sensitivity

Highly sensitive to global steel demand and geopolitical tensions in the Middle East, which can disrupt industrial operations of investee companies.

Consumer Behavior

Not directly applicable; however, shifts toward sustainable and green energy by industrial consumers drive the company's new investment focus.

Geopolitical Risks

Middle East tensions and China's steel production levels are cited as significant external risks that could impact the domestic steel industry and JSWHL's investment valuation.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI's scale-based regulatory framework for NBFCs and Section 134(5)(e) of the Companies Act, 2013, regarding internal financial controls.

Environmental Compliance

The company is focusing on ESG compliance and received a formal ESG rating from SES ESG Research in November 2025.

Taxation Policy Impact

Standalone tax expense for FY 2024-25 was INR 59.34 Cr. Deferred tax liabilities reached INR 4,277.85 Cr as of September 30, 2025, primarily due to unrealized gains on long-term investments.

⚠️ Risk Analysis

Key Uncertainties

Concentration risk in the steel industry could impact revenue by over 50% in a severe downturn, as evidenced by the 61.18% drop in dividend income during H1 FY26.