Gamco completes Visco Advisory sale on August 3, 2026

GAMCO Limited completed the transfer of its entire equity stake in Visco Advisory Private Limited on August 3, 2026, to BREP Asia III India Holding Co II Pte. Ltd. The company said Visco Advisory then ceased to be its wholly owned subsidiary, requiring the elimination of that business’s assets and liabilities from consolidated results for the period ended September 30, 2026.

When did Gamco complete the Visco Advisory sale?

Gamco completed the sale on August 3, 2026, within the half year ended September 30, 2026. The company said the transfer was made under a Securities Subscription and Purchase Agreement, or SSPA, covering its entire equity stake in Visco Advisory.

The disclosure establishes the completion date but does not give the date on which the SSPA was signed. It also does not disclose a transaction consideration, a valuation, or a gain or loss specifically arising from the disposal in the September 30, 2026 financial results.

Gamco disclosed the completed sale in its unaudited consolidated financial results for the quarter and half year ended September 30, 2026. The Audit Committee reviewed and the Board approved those results at their respective meetings on October 31, 2026, while the statutory auditors carried out the limited review required under Regulation 33 of the Securities and Exchange Board of India listing regulations.

The company described the financial statements as prepared under Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013. The September-quarter figures are balancing figures between the half-year results to September 30, 2026 and the June 30, 2026 quarter, which is relevant when reading the reported effect of the August transaction.

Who bought Gamco’s Visco Advisory stake?

BREP Asia III India Holding Co II Pte. Ltd. bought Gamco’s entire equity stake in Visco Advisory. Gamco described the buyer as an entity owned by funds managed and/or advised by affiliates of Blackstone Inc., rather than identifying Blackstone Inc. as the direct purchaser.

Visco Advisory had been a wholly owned subsidiary before completion on August 3, 2026. The filing does not provide a pre-sale revenue, profit, asset, liability or employee figure for Visco Advisory, so it does not quantify the disposed business separately from the wider consolidated group.

Gamco’s wording confirms a full exit rather than a partial dilution because it refers to the transfer of its “entire equity stake.” The filing also says the subsidiary ceased to be wholly owned following the transaction, but it does not say whether Gamco retained any commercial arrangements, financing exposure or other connection with Visco Advisory after that date.

The September 30, 2026 disclosure lists other consolidated subsidiaries and associates across retail, real estate and other segments. Uma Properties & Traders Ltd. remained a subsidiary with 96.27% shareholding and voting power, showing that the Visco Advisory disposal changed the group perimeter without ending consolidation of the remaining entities.

How did the sale change Gamco’s consolidated accounts?

Gamco said Visco Advisory’s assets and liabilities were eliminated in the consolidation of financial results for the period ended September 30, 2026. This is the stated accounting consequence of the subsidiary ceasing to be wholly owned on August 3, 2026.

The cash-flow statement includes a Rs 2.56 lakh adjustment to the opening cash balance labelled “Adjustment of Opening Cash Balance of subsidiary transferred.” Gamco did not expressly identify that adjustment as relating to Visco Advisory, so the filing does not establish a direct link between that line item and the August 3 disposal.

Cash and cash equivalents were Rs 59.64 lakh at September 30, 2026, compared with Rs 1.09 crore at March 31, 2026. The same balance sheet reported investments of Rs 212.69 crore at September 30, up from Rs 183.81 crore at March 31, while inventories rose to Rs 228.23 crore from Rs 180.35 crore.

These balance-sheet changes cannot be assigned to Visco Advisory from the filing alone. Gamco reported only that the transferred subsidiary’s assets and liabilities were removed from consolidation, without providing a disposal-date balance sheet or a reconciliation of the individual assets and liabilities derecognised.

How did Gamco’s September-quarter results compare?

Gamco reported consolidated profit after tax of Rs 6.07 crore for the quarter ended September 30, 2026. That was below Rs 32.54 crore in the quarter ended June 30, 2026, but compared with a loss after tax of Rs 8.36 crore in the quarter ended September 30, 2025.

Total income reached Rs 140.94 crore in the September 2026 quarter, compared with Rs 113.72 crore in the June 2026 quarter and Rs 87.18 crore a year earlier. The company did not separate the contribution of Visco Advisory before its August 3 exit, so the quarter-on-quarter and year-on-year changes cannot be attributed to the sale.

For the half year ended September 30, 2026, Gamco reported profit after tax of Rs 38.61 crore, compared with Rs 6.53 crore in the corresponding prior-year half year. Total income was Rs 254.66 crore, up from Rs 142.42 crore in the prior-year period, while total expenses were Rs 213.24 crore versus Rs 132.70 crore.

September-quarter expenses were Rs 134.81 crore, compared with Rs 78.43 crore in June 2026 and Rs 97.03 crore a year earlier. Purchases of stock in trade were Rs 131.75 crore in the September quarter, while the change in inventories was negative Rs 6.52 crore; neither item was allocated by subsidiary or segment in the filing.

What other consolidation adjustment did Gamco report?

Gamco reported a separate consolidation adjustment for Uma Properties & Traders Ltd., in which it acquired a 96.27% equity interest on October 24, 2025. During the September 2026 quarter, the group identified that the fair value of land and building had not been considered in computing goodwill under Indian Accounting Standard 103, Business Combinations.

The company said goodwill on that acquisition had been overstated by Rs 47.03 crore in its consolidated financial statements for financial year 2025-26. It calculated the overstatement as the difference between Rs 88.35 crore and Rs 41.32 crore, and said the effect was adjusted in goodwill and property, plant and equipment for the period ended September 30, 2026.

This adjustment is distinct from the August 3, 2026 Visco Advisory sale. Gamco described the Visco Advisory item as elimination of transferred assets and liabilities, whereas the Uma Properties item was a correction to goodwill and property, plant and equipment following the identified omission in the acquisition accounting.

The filing does not state that the Rs 47.03 crore goodwill correction changed the terms, consideration or accounting for the Visco Advisory transaction. It instead presents both matters within the September 30, 2026 consolidated results, alongside the group’s reported half-year profit after tax of Rs 38.61 crore.

Conclusion

Gamco’s August 3, 2026 transaction ended Visco Advisory’s position as a wholly owned subsidiary after the company transferred its entire equity stake to BREP Asia III India Holding Co II Pte. Ltd. The stated reporting effect was the removal of Visco Advisory’s assets and liabilities from the September 30, 2026 consolidated accounts, while the group reported Rs 38.61 crore of half-year profit after tax.

The next disclosed reporting point is Gamco’s future presentation of its consolidated group after the disposal. The October 31, 2026 filing leaves the sale consideration, disposal gain or loss, and the transferred business’s standalone financial profile unresolved, while also recording the Rs 47.03 crore goodwill correction relating to Uma Properties.