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Summit Securities Limited (SUMMITSEC)

₹1,335.80 +1.07% last close, 16 Oct

📊 NSE: SUMMITSEC 🏢 Finance & Investments 📢 Latest filing: 25 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Summit Securities' revenue was ₹40.9 Cr (+46.0% year on year, +271.7% on the previous quarter), and net profit ₹35.3 Cr (+76.5% year on year); the operating margin was 96.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹40.9	+46.0%	+271.7%
Operating profit	₹39.6	+46.8%	from loss
Net profit	₹35.3	+76.5%	from loss
EPS (₹)	32.37	+74.8%	from loss
Operating margin	96.9%	—	—

Full quarterly financials → Results calendar →

SUMMITSEC delivery percentage

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

On Fri, 16 Oct 2026, 69.42% of the SUMMITSEC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 66.36%. That is close to its usual level. Turnover was only ₹31 lakh, so a handful of trades can move this figure.

69.42%Delivery, 16 Oct

66.36%Own 20-session average

0.8×Volume vs its average

₹1,335.80NSE close · +1.07%

Delivery in the last 5 sessions: 71.9% · 61.5% · 48.1% · 47.1% · 69.4%

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

Summit Securities Re-Appoints Jiya Gangwani as Chief Compliance Officer for 5-Year Term

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 25 Sep 2026, 01:29 PM

Summit Securities Limited has approved the extension of Ms. Jiya Gangwani's tenure as Chief Compliance Officer for a further period of five years, effective October 1, 2026. Her existing tenure was scheduled to conclude on September 30, 2026. Ms. Gangwani has been associated with the company for over 12 years managing regulatory compliances and corporate governance under SEBI and RBI frameworks. The extension was approved via circular resolution on September 25, 2026.

Tenure extended for 5 years effective October 1, 2026
Incumbent term concludes on September 30, 2026
Ms. Jiya Gangwani has been with the company for over 12 years
Approval granted by Board circular resolution on September 25, 2026 pursuant to RBI NBFC directions

💡 This is a routine administrative reappointment ensuring compliance continuity; investors should continue tracking quarterly results and investment portfolio fair value fluctuations.

Rs 35.29 Cr Consolidated PAT: Summit Securities Reports 75% YoY Profit Growth in Q1 FY27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Aug 2026, 02:07 PM

Summit Securities reported a strong consolidated net profit of Rs 35.29 Cr for the quarter ended June 30, 2026, a 74.8% increase from Rs 20.19 Cr in the same period last year. Consolidated EPS rose significantly to Rs 32.37 from Rs 18.52 YoY. However, the standalone results highlight the volatility of its business model, recording a fair value loss on equity instruments of Rs 156.35 Cr, leading to a standalone total comprehensive loss of Rs 118.17 Cr. The company continues to operate as a pure-play investment holding entity with a massive capital base relative to its market cap.

Consolidated Net Profit grew 74.8% YoY to Rs 35.29 Cr in Q1 FY27.
Consolidated Total Income increased 48.5% YoY to Rs 40.91 Cr from Rs 27.55 Cr.
Standalone fair value loss on equity instruments reached Rs 156.35 Cr for the quarter.
Consolidated EPS improved to Rs 32.37 compared to Rs 18.52 in the year-ago quarter.
Standalone dividend income for the quarter was minimal at Rs 0.45 lakhs, compared to Rs 5,219.23 lakhs for the full FY26.

💡 Investors should focus on the 'Total Comprehensive Income' rather than just PAT, as it reflects the mark-to-market value of the company's massive investment portfolio. Monitor the dividend payout cycles of its major investee companies, which typically peak in the September quarter.

Summit Securities Shareholders Approve Director Appointments at 29th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jul 2026, 07:52 PM

Summit Securities concluded its 29th Annual General Meeting (AGM) on July 30, 2026, with shareholders approving all four proposed resolutions. Key outcomes include the appointment of Mr. Pradeep Shashikant Pathare and the re-appointment of Ms. Shweta Ratnakar Musale as Independent Directors for five-year terms. The company also adopted the FY26 financial statements, which reported a TTM PAT of Rs 105 Cr. A total of 67 members attended the virtual meeting, and all resolutions were passed with the requisite majority.

Appointment of Mr. Pradeep Shashikant Pathare as Independent Director for a 5-year term until May 11, 2031
Re-appointment of Ms. Shweta Ratnakar Musale for a second 5-year term until November 09, 2031
Adoption of FY26 financial statements with a reported TTM revenue of Rs 181 Cr
Total of 67 members participated in the meeting held via Video Conferencing
All resolutions passed with requisite majority as per the Scrutinizer's report

💡 Monitor the company's investment portfolio performance and dividend income from investee companies, as these are the primary drivers of revenue for this holding company.

Summit Securities 29th AGM: Shareholders Approve 5-Year Director Appointments

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Jul 2026, 07:47 PM

Summit Securities concluded its 29th Annual General Meeting on July 30, 2026, with shareholders approving all proposed resolutions, including the adoption of FY26 financial statements. Key board changes were ratified, notably the appointment of Mr. Pradeep Shashikant Pathare and the re-appointment of Ms. Shweta Ratnakar Musale as Independent Directors for five-year terms. As a holding company, Summit manages a massive investment portfolio valued at approximately ‑11,359.97 Cr, which is significantly higher than its current market capitalization of ‑1,643 Cr. The meeting was attended by 67 members via video conferencing, ensuring governance continuity.

Appointment of Mr. Pradeep Shashikant Pathare as Independent Director for a 5-year term until May 11, 2031
Re-appointment of Ms. Shweta Ratnakar Musale for a second 5-year term starting November 10, 2026
Adoption of Audited Financial Statements for the fiscal year ended March 31, 2026
Total of 67 members participated in the proceedings through Video Conferencing
Company maintains a long-term investment portfolio exceeding ‑11,359 Cr

💡 Investors should monitor the company's quarterly fair value gains/losses, as the business model is almost entirely dependent on the performance of its ‑11,359 Cr equity portfolio.

Summit Securities Schedules 29th AGM for July 30, 2026; Dispatches Annual Report Links

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jul 2026, 06:50 PM

Summit Securities Limited has dispatched inland letters to shareholders who do not have registered email addresses, providing them with the web link to the FY 2025-26 Annual Report. The company's 29th Annual General Meeting (AGM) is scheduled for July 30, 2026. A total of 19,130 articles were dispatched via ordinary post and air mail to ensure regulatory compliance. This is a procedural filing and does not impact the company's financial fundamentals.

29th Annual General Meeting (AGM) scheduled for July 30, 2026
Total of 19,130 inland letters dispatched to shareholders without registered email addresses
Total postage value for the dispatch amounted to Rs 48,125
Annual Report for the financial year 2025-26 made available via web-link
Compliance maintained under Regulation 36(1)(b) of SEBI LODR

💡 Investors should review the Annual Report for FY 2025-26 once available on the company website to assess the performance of the investment portfolio, which is the primary driver of the company's value.

Summit Securities to Hold 29th AGM on July 30, 2026; Proposes Director Appointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Jul 2026, 04:16 PM

Summit Securities Limited has scheduled its 29th Annual General Meeting (AGM) for July 30, 2026, to be conducted via video conferencing. The primary agenda includes the adoption of audited financial statements for FY 2025-26 and the appointment/re-appointment of three directors. Notably, the company is seeking approval for the 5-year appointment of Mr. Pradeep Shashikant Pathare and the 5-year re-appointment of Ms. Shweta Ratnakar Musale as Independent Directors. As an investment holding company, its performance remains heavily tied to its Rs 11,359 Cr portfolio and equity market fluctuations.

29th Annual General Meeting scheduled for July 30, 2026, at 3:00 PM IST
Proposed appointment of Mr. Pradeep Shashikant Pathare as Independent Director for a 5-year term until May 2031
Proposed re-appointment of Ms. Shweta Ratnakar Musale for a second 5-year term until November 2031
Company manages a massive investment portfolio exceeding Rs 11,359 Cr as per latest qualitative filings
TTM PAT stands at Rs 105 Cr against a substantial Net Worth of Rs 3,334 Cr

💡 Investors should monitor the Annual Report for updates on the underlying investment portfolio's composition and dividend income trends, which are the primary drivers of this holding company's value.

Summit Securities to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Jun 2026, 12:03 PM

Summit Securities Limited has announced the closure of its trading window effective July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is preparatory to the declaration of the company's unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be notified at a later date.

Trading window closure commences on Wednesday, July 1, 2026.
Closure pertains to the financial results for the quarter ending June 30, 2026.
Restriction remains in place until 48 hours after the official result declaration.
The board meeting date for result approval is yet to be announced.

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should look out for the upcoming board meeting announcement to gauge the timing of the Q1 earnings release.

Summit Securities Corrects Reporting Error; Confirms Negative Consolidated EPS for Q4 FY26

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 04 Jun 2026, 01:00 PM

Summit Securities Limited has filed a clarification with the National Stock Exchange regarding its financial results for the quarter ended March 31, 2026. The company admitted to an inadvertent error in its XBRL filing where the Consolidated Earnings Per Share (EPS) was incorrectly reported as positive. The company has now submitted a revised XBRL filing to correctly reflect a negative EPS, aligning it with the previously submitted PDF results. This correction confirms that the consolidated performance for the period was loss-making.

Clarification provided for financial results for the quarter ended March 31, 2026.
Discrepancy identified between XBRL filing and PDF document regarding Consolidated EPS.
EPS was incorrectly reported as positive in XBRL due to an inadvertent omission of a minus sign.
Revised XBRL filing submitted under acknowledgement number 158597 to reflect correct negative EPS.

💡 Investors should ensure they are using the corrected negative EPS figures for their valuation models and note that the consolidated entity was loss-making for the quarter. No further action is required as this is a reporting correction rather than a change in business fundamentals.

Summit Securities Issues KYC Update Notice to Physical Shareholders

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 May 2026, 06:02 PM

Summit Securities Limited has initiated a KYC update process for shareholders holding shares in physical mode, following a SEBI Master Circular dated February 06, 2026. The company's Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited, has completed the dispatch of intimation letters to the concerned shareholders. The notice mandates the submission of PAN, contact details, bank account information, and specimen signatures to ensure regulatory compliance. This is a standard administrative procedure and does not impact the company's financial performance.

Compliance with SEBI Master Circular No. HO/38/13/(4)2026-MIRSD-POD/I/4298/2026 dated February 06, 2026.
Mandatory recording of PAN, Postal Address, Mobile Number, Bank Account details, and Specimen Signatures for physical folios.
RTA MUFG Intime India Private Limited (formerly Link Intime) has completed the dispatch of intimation letters.
Standardized forms ISR-1, ISR-2, ISR-3, and SH-13 are available on the RTA website for shareholder use.

💡 Shareholders holding physical certificates should immediately provide the required KYC details to the RTA to avoid their folios being frozen. Investors holding shares in dematerialized form are not affected by this notice.

Summit Securities FY26 Profit Before Tax Rises to ₹51.89 Cr; Q4 Hit by Fair Value Loss

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 29 Apr 2026, 02:40 PM

Summit Securities reported a total revenue of ₹54.75 crore for the full year ended March 31, 2026, marking an increase from ₹46.19 crore in the previous fiscal. This growth was primarily driven by a 41% surge in dividend income, which reached ₹52.19 crore. However, the company faced a standalone loss before tax of ₹12.80 crore in Q4 FY26, largely due to a significant net loss on fair value changes amounting to ₹18.55 crore. The board also strengthened its governance by re-appointing one independent director and adding another to the board.

Annual Dividend Income grew to ₹52.19 crore in FY26 from ₹36.95 crore in FY25.
Standalone Profit Before Tax for the full year FY26 increased to ₹51.89 crore versus ₹43.40 crore in FY25.
Q4 FY26 recorded a loss before tax of ₹12.80 crore, compared to a loss of ₹1.33 crore in Q4 FY25, due to fair value adjustments.
Board approved the re-appointment of Ms. Shweta Ratnakar Musale as Independent Director for a second 5-year term.
Mr. Pradeep Shashikant Pathare was appointed as an Additional Independent Director for a 5-year term starting May 12, 2026.

💡 Investors should look past the quarterly volatility caused by fair value adjustments and focus on the robust annual growth in dividend income. The company's performance remains heavily tied to the valuation and payouts of its underlying investment portfolio.

Summit Securities FY26 PBT Grows 19.5% to ₹51.89 Cr; New Independent Director Appointed

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 29 Apr 2026, 02:37 PM

Summit Securities reported a 19.5% growth in annual Standalone Profit Before Tax to ₹5,188.94 Lakhs for FY26, primarily supported by a 41% jump in dividend income to ₹5,219.23 Lakhs. Despite the annual growth, the company faced a Q4 loss of ₹1,279.67 Lakhs due to a significant fair value adjustment loss of ₹1,854.87 Lakhs. The board also strengthened its leadership by appointing Mr. Pradeep Shashikant Pathare as an Independent Director and re-appointing Ms. Shweta Ratnakar Musale for a second term.

FY26 Standalone Revenue from operations rose to ₹5,475.23 Lakhs compared to ₹4,619.13 Lakhs in FY25.
Dividend income surged to ₹5,219.23 Lakhs for the full year, up from ₹3,695.33 Lakhs in the previous year.
Q4 FY26 was hit by a net loss on fair value changes of ₹1,854.87 Lakhs, leading to a quarterly loss before tax.
Annual Standalone PBT reached ₹5,188.94 Lakhs, showing resilient growth despite market-driven fair value volatility.
New Independent Director Pradeep Shashikant Pathare appointed for a 5-year term starting May 12, 2026.

💡 Investors should focus on the steady growth in dividend income which reflects the health of the underlying portfolio, rather than quarterly fair value fluctuations which are non-cash in nature. The management stability and new independent appointments are positive for long-term governance.

Summit Securities FY26 Profit Rises to ₹51.89 Cr; New Director Appointments Announced

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 29 Apr 2026, 02:33 PM

Summit Securities reported a robust annual performance for FY26, with total revenue from operations increasing to ₹54.75 crore compared to ₹46.19 crore in FY25. This growth was largely fueled by a sharp rise in dividend income, which reached ₹52.19 crore. Despite the annual growth, the company recorded a loss of ₹12.80 crore in Q4 FY26, primarily due to a ₹18.55 crore loss on fair value changes of investments. The board also strengthened its leadership by appointing Mr. Pradeep Shashikant Pathare and re-appointing Ms. Shweta Ratnakar Musale as Independent Directors.

FY26 Total Revenue from operations grew 18.5% YoY to ₹5,475.23 Lakhs.
Dividend income for the full year surged to ₹5,219.23 Lakhs from ₹3,695.33 Lakhs in the previous year.
Profit Before Tax for FY26 improved to ₹5,188.94 Lakhs from ₹4,340.45 Lakhs in FY25.
Q4 FY26 performance was impacted by a net loss on fair value changes amounting to ₹1,854.87 Lakhs.
Mr. Pradeep Shashikant Pathare appointed as Additional Independent Director for a 5-year term starting May 2026.

💡 Investors should look past the Q4 loss caused by non-cash fair value adjustments and focus on the steady growth in dividend income from the company's holdings. The stock remains a play on the underlying value of its investment portfolio.

Summit Securities FY26 Standalone Profit Rises 19.5% to ₹51.89 Cr; Reports Q4 Loss

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 29 Apr 2026, 02:24 PM

Summit Securities reported a standalone profit before tax of ₹5,188.94 Lakhs for FY26, marking a 19.5% increase from ₹4,340.45 Lakhs in FY25, primarily driven by a 41% surge in dividend income. However, the company faced a standalone loss of ₹1,279.67 Lakhs in Q4 FY26, largely due to a significant fair value loss of ₹1,854.87 Lakhs on investments. The Board also approved the appointment and re-appointment of two Independent Directors for five-year terms. Total standalone revenue for the full year grew to ₹5,475.23 Lakhs compared to ₹4,619.13 Lakhs in the previous year.

Full-year FY26 standalone profit before tax increased to ₹51.89 Crore from ₹43.40 Crore in FY25.
Dividend income grew significantly by 41% YoY to ₹52.19 Crore in FY26.
Q4 FY26 was impacted by a net loss on fair value changes of ₹18.55 Crore, resulting in a quarterly loss.
Total standalone revenue for FY26 increased by 18.5% to ₹54.75 Crore.
Board approved the re-appointment of Ms. Shweta Musale and appointment of Mr. Pradeep Pathare as Independent Directors.

💡 Investors should note that as an investment company, Summit Securities' earnings are highly volatile due to mark-to-market fair value changes. The strong growth in dividend income is a positive sign, but the stock remains a play on the underlying value of its investment portfolio.

Summit Securities Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 03:58 PM

Summit Securities Limited has informed the stock exchanges that its trading window will be closed starting April 1, 2026. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results. The closure pertains to the audited financial results for the quarter and full financial year ending March 31, 2026. The window will remain closed for designated persons and their relatives until 48 hours after the results are officially declared.

Trading window closure commences on Wednesday, April 1, 2026.
Closure is linked to the upcoming audited financial results for the quarter and year ending March 31, 2026.
The restriction applies to all designated persons and their immediate relatives as per SEBI norms.
The window will reopen 48 hours after the board meeting results are disclosed to the exchanges.
The specific date for the Board Meeting to approve results will be announced separately.

💡 This is a routine regulatory announcement with no direct impact on stock valuation. Investors should wait for the announcement of the board meeting date to assess the company's Q4 and FY26 financial performance.

Summit Securities Q3 Standalone PAT at ₹6.55 Cr; 9M Profit Rises 60% YoY

🔵 WATCH ⭐ 7/10

EARNINGS 📅 29 Jan 2026, 02:43 PM

Summit Securities reported a standalone profit of ₹6.55 crore for the quarter ended December 31, 2025, a significant turnaround from a loss of ₹4.23 crore in the same period last year. Revenue from operations surged to ₹8.34 crore, primarily driven by net gains on fair value changes of ₹7.87 crore. However, the company recorded a massive Total Comprehensive Loss of ₹402.17 crore for the quarter, largely due to a negative fair valuation of equity instruments held through OCI. For the nine-month period, the net profit stands at ₹52.18 crore, up from ₹32.50 crore year-on-year.

Standalone PAT turned positive at ₹654.98 lakhs in Q3 FY26 compared to a loss of ₹422.92 lakhs in Q3 FY25.
Total Revenue from operations for the quarter stood at ₹834.14 lakhs, compared to ₹48.79 lakhs in the previous year's corresponding quarter.
Nine-month (Apr-Dec 2025) PAT increased by 60.5% YoY to ₹5,218.07 lakhs.
Recorded a significant Total Comprehensive Loss of ₹40,217.23 lakhs in Q3 due to fair value adjustments of equity investments.
Earnings Per Share (EPS) for the quarter improved to ₹6.01 from a negative ₹3.88 in the previous year.

💡 Investors should focus on the core net profit growth and dividend income rather than quarterly fluctuations in Total Comprehensive Income, which are driven by market volatility in the investment portfolio. The company remains a holding company play, sensitive to the market performance of its underlying group assets.

View All SUMMITSEC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated total revenue grew 16.4% YoY to INR 11,902.56 lakhs in FY25. Growth was primarily driven by Dividend Income, which surged 79.6% to INR 9,900.45 lakhs, while Interest Income grew 24% to INR 316.90 lakhs. However, Net gain on fair value changes declined 62.2% to INR 1,685.21 lakhs.

Geographic Revenue Split

100% of revenue is derived from India, as the company is a Mumbai-based NBFC primarily holding investments in Indian entities.

Profitability Margins

The company maintains exceptionally high margins typical of a holding company. For H1 FY26, Profit Before Tax was INR 14,508.58 lakhs on total income of INR 14,723.87 lakhs, representing a PBT margin of 98.5%.

EBITDA Margin

EBITDA margin for H1 FY26 stood at approximately 98.5%, as operating expenses (INR 215.29 lakhs) are minimal compared to the revenue base of INR 14,722.31 lakhs.

Capital Expenditure

Capital expenditure is minimal; Property, plant, and equipment stood at INR 3.14 lakhs as of March 31, 2025, compared to INR 1.47 lakhs in the previous year.

Credit Rating & Borrowing

Not disclosed in available documents. The company has minimal financial liabilities (INR 103.36 lakhs as of Sept 2025), suggesting it is largely equity-funded.

⚙️ Operational Drivers

Raw Materials

As an NBFC, the primary 'raw material' is Capital (Equity and Reserves), which totaled INR 11,17,838.55 lakhs as of September 30, 2025.

Key Suppliers

Not applicable; the company's performance depends on investee companies rather than raw material suppliers.

Capacity Expansion

Not applicable. The company's 'capacity' is its investment portfolio, which grew 12.8% YoY to INR 11,35,997.68 lakhs in FY25.

Raw Material Costs

Not applicable. Operating expenses are primarily employee benefits (INR 86.25 lakhs in H1 FY26) and other administrative costs.

Manufacturing Efficiency

Not applicable. Efficiency is measured by the yield on the investment portfolio (Dividend income of INR 9,900.45 lakhs on a portfolio of INR 11,35,997.68 lakhs).

📈 Strategic Growth

Expected Growth Rate

15.50%

Growth Strategy

Growth is achieved through the appreciation of the investment portfolio and maximizing dividend yields from investee companies. The company focuses on long-term capital appreciation and stable dividend inflows, as seen in the 28% YoY growth in dividend income during H1 FY26.

Products & Services

Investment holding services, financial asset management, and NBFC activities.

Brand Portfolio

Summit Securities Limited.

Market Expansion

Not disclosed; the company remains focused on the Indian equity markets.

🌍 External Factors

Industry Trends

The industry is shifting towards more rigorous fair value reporting under Ind AS 109. Summit Securities is positioned as a large-scale holding company with a portfolio exceeding INR 11,359 Cr.

Competitive Landscape

Competes with other large investment holding companies and NBFCs in India for capital allocation and market returns.

Competitive Moat

The moat is the massive capital base and long-term investment portfolio (INR 11,35,997.68 lakhs), which provides a sustainable stream of dividend income (INR 9,900.45 lakhs in FY25) that covers operating expenses many times over.

Macro Economic Sensitivity

Highly sensitive to Indian GDP growth and equity market performance, as 95%+ of total assets are financial investments.

Geopolitical Risks

Indirect impact through investee companies' exposure to global trade and supply chains.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI regulations for Non-Banking Financial Companies (NBFCs) and SEBI Listing Obligations and Disclosure Requirements (LODR).

Taxation Policy Impact

The company carries a significant Deferred Tax Liability of INR 1,69,591.27 lakhs as of September 2025, primarily related to fair value changes in investments.

Legal Contingencies

Provisions for contingencies stood at INR 49.10 lakhs as of September 30, 2025. Specific court case values were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Market risk is the primary uncertainty; a downturn in equity markets would impact the fair value of the INR 11,359 Cr portfolio. Valuation risk for Level 2/3 investments is also a key audit matter.