Kiran Vyapar posts Q2 loss after Rs 12.2119 crore associate hit

Kiran Vyapar Limited reported a consolidated loss of Rs 4.5555 crore for the quarter ended 30 September 2026 after its Rs 7.6632 crore profit before associates was more than offset by a Rs 12.2119 crore share of loss from associates. The result followed a Rs 19.4487 crore profit in the preceding quarter.

Why did Kiran Vyapar post a September-quarter loss?

Kiran Vyapar posted a loss because the Rs 12.2119 crore share of loss from associates exceeded its Rs 7.6632 crore profit before associate results in the quarter ended 30 September 2026. This moved profit before tax to a loss of Rs 4.5487 crore, with a total tax expense of Rs 0.68 lakh leading to a Rs 4.5555 crore consolidated loss after tax.

The associate contribution changed substantially from the quarter ended 30 June 2026, when it was a Rs 9.4615 crore profit. Combined with a Rs 13.3259 crore pre-associate profit, that produced profit before tax of Rs 22.7874 crore and profit after tax of Rs 19.4487 crore. In the quarter ended 30 September 2025, associates recorded a Rs 6.9936 crore loss, while pre-associate profit was Rs 10.2844 crore and the final loss after tax was Rs 3.2774 crore.

How did Kiran Vyapar's income and expenses change?

Kiran Vyapar's total income declined to Rs 27.6929 crore in the quarter ended 30 September 2026, from Rs 33.0676 crore in the preceding quarter and Rs 33.4103 crore a year earlier. Revenue from operations was Rs 27.6856 crore and other income was Rs 0.73 lakh. Net gains on fair-value changes fell to Rs 2.7211 crore from Rs 12.9257 crore in the June 2026 quarter.

Interest income was Rs 17.9598 crore, compared with Rs 18.1627 crore in the June quarter and Rs 14.9769 crore a year earlier. Dividend income rose to Rs 5.4998 crore from Rs 0.9714 crore sequentially and was above Rs 5.3852 crore in the September 2025 quarter. Product sales were Rs 0.07 lakh, compared with Rs 8.8454 crore a year earlier, while other operating income increased to Rs 1.6042 crore from Rs 9.412 lakh.

Total expenses were Rs 20.0297 crore, above Rs 19.7417 crore in the June 2026 quarter but below Rs 23.1259 crore a year earlier. Finance costs rose to Rs 10.8552 crore from Rs 3.2652 crore sequentially and Rs 2.009 crore a year earlier. Employee-benefit expense was Rs 2.0842 crore, legal and professional expense was Rs 3.6945 crore, and other expenses were Rs 3.4932 crore.

Which Kiran Vyapar segments produced pre-associate profit?

Kiran Vyapar's financing and investment segment reported profit before tax of Rs 9.336 crore in the quarter ended 30 September 2026, against Rs 13.7627 crore in the June quarter and Rs 10.3156 crore a year earlier. Segment revenue was Rs 26.4348 crore, compared with Rs 33.06 crore in the preceding quarter and Rs 24.5256 crore in the September 2025 quarter.

The trading segment reported revenue and profit before tax of Rs 0.07 lakh during the September 2026 quarter. This compared with Rs 8.881 crore of revenue and Rs 5.59 lakh of profit before tax a year earlier. The unallocated segment generated Rs 1.2574 crore of revenue but reported a Rs 1.6735 crore loss before tax, compared with a Rs 43.75 lakh loss in the June quarter and a Rs 8.71 lakh loss a year earlier.

For the half year ended 30 September 2026, financing and investment revenue increased to Rs 59.4948 crore from Rs 48.3572 crore a year earlier. Its segment profit rose to Rs 23.0987 crore from Rs 22.8806 crore. Consolidated profit after tax nevertheless declined to Rs 14.8932 crore from Rs 15.899 crore, as associates moved to a Rs 2.7504 crore loss from a Rs 0.9471 crore profit in the prior-year half.

What do Kiran Vyapar's balance sheet and cash flows show?

Kiran Vyapar reported total assets of Rs 3,040.5256 crore at 30 September 2026, compared with Rs 2,888.9648 crore at 31 March 2026. Investments increased to Rs 2,470.0077 crore from Rs 2,278.4484 crore, while loans rose to Rs 433.3557 crore from Rs 387.8606 crore. Cash and cash equivalents fell to Rs 87.0209 crore from Rs 172.9468 crore over the same period.

Borrowings increased to Rs 531.6269 crore at 30 September 2026 from Rs 495.8128 crore at the March 2026 year-end. Total equity rose to Rs 2,389.5478 crore from Rs 2,278.0188 crore, including Rs 2,343.0138 crore attributable to owners of Kiran Vyapar. Other equity was Rs 2,316.032 crore at 30 September 2026, compared with Rs 2,202.3352 crore at 31 March 2026.

Net cash used in operating activities was Rs 41.8869 crore in the half year ended 30 September 2026, against Rs 55.0631 crore used a year earlier. Investing activities used Rs 66.771 crore, comprising Rs 269.9991 crore of investment purchases and Rs 209.3277 crore of investment sales, alongside a Rs 6.0625 crore investment-property purchase. Financing activities generated Rs 28.491 crore after Rs 425.9458 crore of borrowing proceeds and Rs 390.1317 crore of repayments.

What did the reviewer say about Kiran Vyapar's results?

V. Singhi & Associates stated in its review report dated 2 November 2026 that nothing had come to its attention to indicate that Kiran Vyapar's consolidated unaudited results did not make the required disclosures or contained a material misstatement. The review was conducted under Standard on Review Engagement 2410, which the report says provides moderate assurance and is substantially narrower than an audit.

The reviewer relied on other auditors' reports for Peepul Tree Capital Pte. Ltd. and the two associates, Maharaja Shree Umaid Mills Limited and LNB Renewable Energy Limited. Peepul Tree Capital reported total assets of Rs 113.4195 crore at 30 September 2026, quarterly revenue of Rs 88.51 lakh and quarterly profit after tax of Rs 73.12 lakh. The two associates accounted for the Rs 12.2119 crore quarterly loss included in the consolidated results.

Conclusion

The September-quarter loss resulted from the associate line rather than from the group result before associates. Financing and investment generated Rs 9.336 crore of segment profit, but the Rs 12.2119 crore associate loss converted the Rs 7.6632 crore pre-associate profit into a Rs 4.5555 crore consolidated loss after tax.

The filing does not disclose a target or plan for the associates, leaving their contribution an unresolved factor for subsequent consolidated results. The next disclosure should also be assessed against the 30 September 2026 balance sheet position, including Rs 433.3557 crore of loans, Rs 531.6269 crore of borrowings and Rs 87.0209 crore of cash and cash equivalents.