Stellant Securities profit falls to Rs 40 lakh in September

Stellant Securities (India) Limited reported profit after tax of Rs 40.21 lakh for the quarter ended September 30, 2026, versus Rs 29.24 crore a year earlier, as Securities Market Trading and Advisory revenue declined to Rs 9.06 crore while Bullion Trading contributed Rs 11.54 crore of revenue.

Why did Stellant Securities' September-quarter profit fall?

Stellant Securities' September-quarter profit fell primarily because its Securities Market Trading and Advisory segment recorded much lower revenue and profit than a year earlier. The segment's revenue declined to Rs 9.06 crore in the quarter ended September 30, 2026, from Rs 40.54 crore in the quarter ended September 30, 2025. Its segment result fell to Rs 30.01 lakh from Rs 39.01 crore over the same periods.

Profit before tax was Rs 53.21 lakh for the September 2026 quarter, compared with Rs 39.08 crore a year earlier. A tax provision of Rs 13 lakh, versus Rs 9.84 crore in the prior-year quarter, resulted in profit after tax of Rs 40.21 lakh. Basic earnings per share, not annualised, declined to Rs 0.71 from Rs 78.99.

The sequential comparison also shows lower reported profit than in the quarter ended June 30, 2026. Profit after tax was Rs 17.07 crore in the June quarter, while profit before tax was Rs 22.82 crore. Securities Market Trading and Advisory revenue was Rs 11.79 crore in June 2026, compared with Rs 9.06 crore in September 2026.

How did Stellant Securities' revenue mix change in September 2026?

Stellant Securities' revenue mix shifted towards Bullion Trading in the September 2026 quarter. Bullion Trading generated Rs 11.54 crore of the company's Rs 20.60 crore revenue from operations, exceeding the Rs 9.06 crore generated by Securities Market Trading and Advisory. Bullion therefore accounted for more than half of the two disclosed segment revenues during the quarter.

The shift was marked against the September 2025 quarter. Bullion Trading revenue increased from Rs 50.90 lakh to Rs 11.54 crore, while Securities Market Trading and Advisory revenue declined from Rs 40.54 crore to Rs 9.06 crore. Despite the bullion increase, total revenue from operations fell to Rs 20.60 crore from Rs 41.05 crore because of the reduction in securities-segment revenue.

Bullion's higher revenue did not make it the higher-profit segment in the reported quarter. Bullion Trading posted a segment result of Rs 7.36 lakh in September 2026, compared with Rs 65,000 a year earlier. Securities Market Trading and Advisory reported a Rs 30.01 lakh segment result, and the two segments together produced operating income of Rs 37.37 lakh before other income of Rs 15.84 lakh.

What do Stellant Securities' half-year results show?

Stellant Securities reported lower revenue and profit for the half year ended September 30, 2026 than for the corresponding period a year earlier. Revenue from operations was Rs 32.39 crore, down from Rs 43.37 crore, while profit after tax was Rs 17.47 crore, down from Rs 30.94 crore. Profit before tax declined to Rs 23.35 crore from Rs 41.35 crore.

Securities Market Trading and Advisory remained the larger revenue contributor over the six-month period, unlike in the September quarter alone. The segment generated Rs 20.85 crore in the half year ended September 2026, while Bullion Trading generated Rs 11.54 crore. In the prior-year half year, securities revenue was Rs 42.86 crore and bullion revenue was Rs 50.90 lakh.

The half-year securities segment result was Rs 22.86 crore, compared with Rs 41.27 crore in the half year ended September 2025. Bullion Trading's segment result rose to Rs 7.36 lakh from Rs 65,000. Other income increased to Rs 41.52 lakh from Rs 7.15 lakh, while finance costs rose to Rs 63.25 lakh from Rs 9,000.

What changed in Stellant Securities' balance sheet and cash flow?

Stellant Securities' total assets increased to Rs 124.84 crore at September 30, 2026, from Rs 81.85 crore at March 31, 2026. Inventories rose to Rs 86.95 crore from Rs 42.89 crore, while cash and cash equivalents declined to Rs 35.30 crore from Rs 37.54 crore. Trade receivables increased to Rs 2.22 crore from Rs 1.40 crore.

Total liabilities increased to Rs 25.48 crore at September 30, 2026, from Rs 3.69 crore at March 31, 2026. Trade payables rose to Rs 17 crore from Rs 58.43 lakh, and provisions increased to Rs 7.74 crore from Rs 3.09 crore. Equity, comprising share capital and other equity, stood at Rs 99.36 crore compared with Rs 78.16 crore at March 31, 2026.

The half-year cash-flow statement recorded net cash used in operating activities of Rs 5.56 crore, against net cash generated from operations of Rs 32.46 crore in the prior-year period. The company recorded a Rs 44.06 crore increase in inventories during the 2026 half year and Rs 21.79 crore of increased trade and other payables. Cash and cash equivalents declined by Rs 2.24 crore over the six months.

What capital raising did Stellant Securities disclose after the quarter?

Stellant Securities disclosed a preferential allotment approved by its board on November 4, 2026, following shareholder approval on August 24, 2026 and in-principle approval from BSE Ltd on October 21, 2026. The company allotted 678,388 equity shares to non-promoters at Rs 602 per share, including a premium of Rs 592 per share, for aggregate cash consideration of Rs 40.84 crore.

Stellant Securities also allotted 166,200 warrants to the promoter and promoter group at Rs 602 per warrant. Each warrant is convertible into one equity share with a face value of Rs 10, and the company said it had received 25% of the warrant consideration as subscription money. The filing does not specify the intended use of proceeds from the equity-share allotment or the warrants.

The audit committee reviewed the unaudited standalone results and the board approved them on November 13, 2026. R.K. Khandelwal & Co.'s review report dated November 13, 2026 stated that nothing had come to its attention indicating that the statement failed to make required disclosures or contained a material misstatement.

Conclusion

The September 2026 results show a material change in Stellant Securities' operating mix. Bullion Trading produced Rs 11.54 crore of quarterly revenue, exceeding the Rs 9.06 crore from Securities Market Trading and Advisory, but the securities segment still contributed the larger segment result at Rs 30.01 lakh. The fall in securities revenue and segment profit coincided with a reduction in quarterly profit after tax to Rs 40.21 lakh.

The next disclosed matter to watch is the potential conversion of 166,200 warrants issued at Rs 602 each to the promoter and promoter group. Future results will also show whether Bullion Trading remains a significant revenue source and whether the inventory increase to Rs 86.95 crore at September 30, 2026 continues to affect operating cash flow.