NDL Ventures Q2 FY27 Profit Reaches ₹200.4 Crore After Merger

NDL Ventures Limited reported consolidated net profit of ₹200.4 crore for Q2 FY27, compared with ₹0.3 crore a year earlier, after accounting for the merger of Hinduja Leyland Finance Limited with effect from April 1, 2026. Consolidated total income reached ₹2,364.5 crore for the quarter ended September 30, 2026.

What did NDL Ventures report for Q2 FY27?

NDL Ventures reported consolidated revenue from operations of ₹2,277.2 crore and total income of ₹2,364.5 crore in Q2 FY27. Other income was ₹87.3 crore. Consolidated profit before tax was ₹283.7 crore, while profit after tax was ₹200.4 crore.

The comparable Q2 FY26 base was small, with total income of ₹1.2 crore and net profit of ₹0.3 crore. As a result, the reported year-on-year profit growth of 66,700% reflects the change in the company's financial profile after the merger. The results also showed a sequential decline from Q1 FY27, when consolidated total income was ₹2,378.9 crore and net profit was ₹274.5 crore.

Why were the September-quarter results delayed?

The NDL Ventures board approved the unaudited standalone and consolidated results on November 13, 2026. The approval came after a one-day delay linked to the National Company Law Tribunal, or NCLT, merger orders and the statutory auditors' verification process.

The financial statements for the quarter and half year ended September 30, 2026 have undergone limited review by the statutory auditors. A limited review is different from a full audit. The company disclosed unaudited results, and the available filing does not state a date for release of audited financial statements.

The delayed approval followed the NCLT's November 3, 2026 order sanctioning the merger scheme, read with a clarification order dated November 5, 2026. The timing mattered because the merger had an appointed date of April 1, 2026, requiring the company to reflect the acquired business in its FY27 financial reporting.

How did the HLFL merger change NDL Ventures' financial position?

The merger materially expanded NDL Ventures' reported balance sheet because Hinduja Leyland Finance Limited, or HLFL, was absorbed into the company from the April 1, 2026 appointed date. NDL Ventures used the acquisition method under Ind AS 103, Business Combinations, and treated HLFL as the accounting acquiree.

Under this accounting approach, the difference between the purchase consideration and the fair value of acquired assets and liabilities has been recognised as goodwill. The merger is also the principal reason the latest results are not directly comparable with the earlier low-base figures of NDL Ventures as a standalone entity.

Standalone total assets stood at ₹62,666.14 crore as of September 30, 2026, against ₹65.15 crore at March 31, 2026. Non-current loans were ₹29,379.34 crore and current loans were ₹15,195.99 crore. Cash and cash equivalents amounted to ₹1,865.12 crore.

What does the result mean for investors and operations?

The Q2 numbers establish a substantially larger reported operating and financial base for NDL Ventures following the absorption of HLFL. Consolidated operations also include wholly owned subsidiaries Hinduja Housing Finance Limited and Gaadi Mandi Digital Platforms Limited, associate HLF Services Limited, and joint venture Gro Digital Platform Limited.

For investors, comparisons with Q2 FY26 require caution because that period preceded the merger-led balance-sheet and income-statement change. The quarter-on-quarter movement provides a more direct reference within FY27: revenue from operations declined from ₹2,311.3 crore in Q1 to ₹2,277.2 crore in Q2, while net profit declined from ₹274.5 crore to ₹200.4 crore.

The results disclosed equity attributable to owners of ₹11,467.28 crore, including ₹1,363.18 crore relating to shares pending issuance. However, the available information does not provide the post-merger shareholding pattern or the precise allocation of pending shares. Investors will need the company's subsequent statutory disclosures for a complete view of ownership changes.

Conclusion

NDL Ventures' Q2 FY27 results reflect the merger of HLFL into the company and the resulting expansion in income, loans, assets and equity. Consolidated total income was ₹2,364.5 crore and net profit was ₹200.4 crore, while standalone assets rose to ₹62,666.14 crore after the acquisition accounting was applied.

The next disclosures to watch are the audited financial statements, the shareholding information connected with shares pending issuance, and any further merger-related updates. The company has not disclosed a specific date for audited results in the information available.