AHB Capital reports Rs 2.50 crore first-half loss for September

AHB CAPITAL LIMITED, referred to as AHB Capital, reported a Rs 2.50 crore net loss for the half year ended September 30, 2026, reversing a Rs 6.10 crore profit a year earlier, as a Rs 2.46 crore net loss on trading investments and derivatives and higher costs outweighed Rs 95.20 lakh of total income.

Why did AHB Capital report a first-half loss?

AHB Capital recorded a loss after tax of Rs 2.50 crore for the half year ended September 30, 2026, compared with profit after tax of Rs 6.10 crore in the corresponding half of 2025. The pre-tax result also reversed, moving to a Rs 3.34 crore loss from a Rs 8.15 crore profit in the preceding-year period.

The immediate driver was expenditure of Rs 4.29 crore against total income of Rs 95.20 lakh in the 2026 half year. In the comparable 2025 half year, total expenses were Rs 1.74 crore while total income was Rs 9.89 crore, producing a different result before tax.

The composition of income also changed between the two six-month periods. Revenue from operations was Rs 11.89 lakh in the half year ended September 2026 and other income was Rs 83.30 lakh, compared with revenue from operations of Rs 9.66 crore and other income of Rs 23.68 lakh a year earlier.

AHB Capital’s total comprehensive loss was Rs 2.60 crore for the six months to September 30, 2026. This was Rs 10.48 lakh larger than its Rs 2.50 crore net loss because the statement reported other comprehensive income of negative Rs 10.48 lakh during the period.

How did AHB Capital's September quarter perform?

AHB Capital posted a net loss of Rs 2.21 crore in the quarter ended September 30, 2026, compared with a Rs 89.94 lakh loss in the quarter ended September 30, 2025. The September 2026 quarterly loss was also above the Rs 29.01 lakh loss reported in the June 2026 quarter.

Total income in the September quarter was Rs 42.53 lakh, down from Rs 52.67 lakh in the June quarter but above Rs 25.78 lakh a year earlier. Revenue from operations was Rs 11.89 lakh in the September 2026 quarter, while other income was Rs 30.63 lakh.

Total expenses were Rs 3.37 crore in the September 2026 quarter, compared with Rs 91.44 lakh in the June quarter and Rs 1.46 crore in the September 2025 quarter. The quarterly increase in expenses exceeded the rise in total income from the year-earlier quarter.

The quarterly pre-tax loss was Rs 2.95 crore, versus a Rs 38.77 lakh pre-tax loss in the immediately preceding quarter and a Rs 1.20 crore loss a year earlier. Basic and diluted earnings per share, which AHB Capital said were not annualised, were negative Rs 0.67 for the September 2026 quarter, against negative Rs 0.27 in September 2025.

Which expenses changed most at AHB Capital?

AHB Capital reported a Rs 2.46 crore net loss on fair-value changes of investments and derivatives held for trading in the half year ended September 30, 2026. That expense was Rs 1.71 crore in the September quarter and Rs 75.24 lakh in the June quarter, making it the largest identified expense line in the six-month statement.

Other administrative expenses rose to Rs 1.15 crore in the 2026 half year from Rs 43.97 lakh a year earlier. Finance cost increased to Rs 32.05 lakh from Rs 16.62 lakh, while depreciation and amortisation declined to Rs 10.55 lakh from Rs 16.25 lakh.

Employee-benefit expense moved in the opposite direction, falling to Rs 25.46 lakh for the six months from Rs 97.22 lakh in the comparable period. The reduction in that line did not offset the trading fair-value loss, the Rs 70.84 lakh increase in administrative costs, and the Rs 15.43 lakh increase in finance cost.

What changed in AHB Capital's assets and cash flows?

AHB Capital’s total assets were Rs 70.86 crore at September 30, 2026, compared with Rs 58.72 crore at March 31, 2026. Investments held for trading were Rs 47.38 crore at the September date, while cash and cash equivalents were Rs 1.32 crore, down from Rs 30.08 crore at March 31.

Total equity was Rs 54.95 crore at September 30, 2026, compared with Rs 57.55 crore at the previous year-end. Current borrowings were Rs 12.92 crore, and total current liabilities were Rs 14.85 crore, compared with Rs 1.14 crore at March 31, 2026.

Net cash used in operating activities was Rs 41.99 crore in the six months to September 30, 2026, whereas the prior-year half generated Rs 34.27 crore. The current-period cash flow included a Rs 41.38 crore working-capital movement relating to investments held for trading, while short-term borrowings generated Rs 12.92 crore of financing cash flow.

Cash and cash equivalents consequently fell by Rs 28.77 crore during the six months, from an opening balance of Rs 30.08 crore to Rs 1.32 crore. AHB Capital reported net financing cash inflow of Rs 12.49 crore, while net cash used in investing activities was Rs 73.35 lakh.

How has AHB Capital presented its trading results?

AHB Capital said its sole reportable business segment under Indian Accounting Standard 108 is trading in shares and securities, with operations only in India. The company said it has restated comparative presentation to show realised gains or losses and unrealised fair-value changes on trading shares and derivatives on a net basis in revenue or expenses.

AHB Capital also reclassified closing shareholdings held for trading from inventories to financial assets measured at fair value through profit or loss. It said those presentation changes did not alter profit before tax, profit after tax, total comprehensive income, earnings per share, total assets or total equity for any period shown.

The board approved the unaudited results on November 14, 2026, after review by the audit committee. S. P. Jain & Associates issued a limited review report stating that nothing had come to its attention to suggest the results were materially misstated under the applicable reporting framework.

AHB Capital also said it allotted bonus shares in a 10:1 ratio on October 8, 2026, increasing issued, subscribed and paid-up share capital from 30,00,100 equity shares to 3,30,01,100 equity shares. The company said earnings-per-share calculations for all reported periods reflected that allotment.

Conclusion

AHB Capital’s first-half reversal from a Rs 6.10 crore profit to a Rs 2.50 crore loss reflected a change in trading-related results and a higher cost base. The Rs 2.46 crore fair-value loss on trading investments and derivatives, alongside Rs 4.29 crore of total expenses, exceeded six-month income of Rs 95.20 lakh.

The next reported period will show whether the September-quarter Rs 1.71 crore trading fair-value loss persists and how the Rs 47.38 crore trading-investment balance develops. Investors can also track per-share figures after AHB Capital’s October 8, 2026 bonus issue in a 10:1 ratio, which the company said was reflected in earnings-per-share calculations for all presented periods.