Authum booked Rs 1,512 crore from H1 FY27 investment exits

Authum booked Rs 1,512 crore of profit from investment exits in H1 FY27, compared with Rs 155.7 crore for all of FY26, led by its two highest-return exits with multiples of invested capital of 21.73x and 20.40x. Existing investments carried Rs 2,869 crore of cumulative notional unrealised profit at September 30, 2026.

How did Authum generate Rs 1,512 crore in H1 FY27 exit profits?

Authum generated Rs 1,512 crore of total profit booked from investment exits during H1 FY27, covering the first and second quarters. The disclosed exits were ranked by multiple of invested capital, or MOIC, and the first two positions recorded 21.73x and 20.40x, respectively, although both were visually capped at 6.0x in the presentation chart for scale.

The H1 FY27 exit profit was Rs 1,356.3 crore higher than the Rs 155.7 crore booked across FY26. The first six months of FY27 therefore generated more than nine times the profit booked for the whole of FY26, although Authum does not identify the companies behind individual exit ranks or disclose the gain attributable to each exit.

The top H1 FY27 exit had an extended internal rate of return, or XIRR, of 65%, while the second had an XIRR of 62%. The third- and fourth-ranked exits each had a 5.55x MOIC, with XIRRs of 40% and 30%, indicating that the disclosed exits beyond the top two also generated returns above invested capital.

What were Authum's H1 FY27 investment exit returns?

Authum's top nine H1 FY27 exits had MOICs ranging from 21.73x to 1.75x, while the grouped Others category had a 1.17x MOIC. The presentation ranks these positions by MOIC, rather than invested amount, realised profit or holding period, so the figures show return multiples rather than each investment's contribution to the Rs 1,512 crore booked profit.

Authum reported an XIRR of more than 150% for rank 8 despite its 1.95x MOIC, whereas rank 1's 21.73x MOIC had a 65% XIRR. The difference shows that XIRR incorporates the timing of cash flows and holding period alongside the ultimate capital multiple; Authum does not provide dates or holding periods for the individual exits.

FY26's ranked exits had a lower peak MOIC of 14.80x and total booked profit of Rs 155.7 crore. The FY26 list also included an Others category with a 0.88x MOIC and a negative 24% XIRR, while H1 FY27's Others category showed a 1.17x MOIC and a 57% weighted-average XIRR.

What unrealised profit remains in Authum's investment portfolio?

Authum reported Rs 2,869 crore of cumulative unrealised profits on existing investments at September 30, 2026. This is a notional figure calculated on the assumption that the relevant portfolio was divested on that date, rather than a booked gain or disclosed cash realisation.

The highest existing-investment MOIC was 8.26x for rank 1, followed by 6.99x for rank 5. Other ranked holdings ranged from 0.80x for rank 6 to 2.66x for rank 3, while the grouped other investments had a 0.90x MOIC, showing that the disclosed portfolio included positions both above and below invested capital.

The Rs 2,869 crore notional figure excludes investments carried at fair value through profit and loss, or FVTPL, and investments held as stock in trade. Authum ranks the top nine existing investments by their percentage of the portfolio, rather than naming them or stating their carrying value, limiting direct comparison between a particular MOIC and aggregate unrealised profit.

How is Authum's investment portfolio allocated?

Authum's flow investments accounted for Rs 13,568.9 crore, or about 66%, of its book at September 30, 2026, while strategic investments represented Rs 2,547.9 crore, or about 12%. The presentation defines flow investments as positions where Authum owns less than 20% of an individual entity, and strategic investments as control positions or holdings above 20%.

Fresh credit portfolio assets were Rs 3,836.5 crore, or about 19%, at the same date, while acquired portfolio assets including pass-through certificates were Rs 348 crore, or about 2%. The asset reconstruction company, or ARC, platform ISARC accounted for Rs 267.9 crore, or about 1%, meaning the flow and strategic investment categories together totalled Rs 16,116.8 crore.

Within the investment portfolio by market value, listed regular equities made up about 65%, unlisted equities and other investments about 19%, and strategic investments about 16%. Authum says its largest single listed holding was about 15% of the total investment portfolio, while its unlisted and other category includes mutual funds, debt instruments and alternative investment funds.

Which strategic investments has Authum disclosed?

Authum disclosed Prataap Snacks and NITCO Ltd. as its top two strategic investments. It acquired about 42.3% of Prataap Snacks on September 26, 2024, for consideration of about Rs 765 crore and held 48.15% as of September 30, 2026.

For NITCO, Authum acquired about 97% of consortium debt from an ARC in April 2024 for Rs 225.1 crore. Under binding agreements entered in October 2024, it agreed to convert approximately Rs 1,040 crore of unsustainable debt into equity at Rs 93 per share; Authum says its entire invested amount has since been repaid and it held about 44.4% of NITCO's fully diluted share capital.

These strategic positions differ from the less-than-20% flow-investment category because they involve ownership above 20% or control positions. Authum describes Prataap Snacks as a snack-food distributor and NITCO as a manufacturer, processor and trader of marble, ceramic and other flooring and wall-tile products, but does not disclose their individual valuations or MOICs.

Conclusion

Authum's H1 FY27 investment exits produced Rs 1,512 crore of booked profit, sharply above the Rs 155.7 crore reported for FY26, and included two exits with 21.73x and 20.40x MOICs. Separately, the Rs 2,869 crore of cumulative unrealised profit indicates notional value in existing investments, although that figure excludes FVTPL and stock-in-trade holdings and depends on assumed September 30, 2026 disposal values.

The next issue to watch is whether Authum converts further portfolio value into realised gains while scaling its credit and alternative-assets operations. Management's roadmap says the asset management company is being prepared for launch over the next 12 to 15 months, while the ARC platform had Rs 640 crore of assets under management and the servicing and advisory platform had more than Rs 2,000 crore of assets under management at September 30, 2026.