Titan Securities' Q2 profit relied on Rs 5.02 crore associates

Titan Securities Limited reported Rs 5.33 crore consolidated profit for the quarter ended September 30, 2026, of which Rs 5.02 crore was its share of profit from associates. The associate contribution accounted for about 94% of the quarterly consolidated profit and was far larger than the group's profit before this associate-profit line.

How much of Titan Securities' Q2 profit came from associates?

Titan Securities recognised Rs 5.02 crore as its share in the profit of associates in the quarter ended September 30, 2026, against consolidated profit for the period of Rs 5.33 crore. The difference between those two reported figures was Rs 30.58 lakh, showing that the associate-profit line supplied about 94% of the group's quarterly profit.

The consolidated results identify Titan Biotech Limited and Peptech Biosciences Limited as the associate companies included in the reporting perimeter. Titan Securities reports their contribution through a separate share-in-profit-of-associates line, rather than as operating revenue, so the Rs 5.02 crore is a distinct component of the group profit figure.

Titan Securities reported basic and diluted earnings per share, or EPS, of Rs 2.13 for the September 2026 quarter, based on equity shares with a face value of Rs 10 each. As EPS reflects consolidated profit, the associate contribution was also the main contributor to the reported per-share result.

What did Titan Securities report before associate profits?

Titan Securities' standalone profit after tax was Rs 30.19 lakh for the quarter ended September 30, 2026, compared with a standalone loss after tax of Rs 1.51 lakh in the quarter ended June 30, 2026. The standalone figure provides the disclosed company-only result alongside the consolidated statement that includes the two associates.

Standalone profit before tax was Rs 42.52 lakh in the September 2026 quarter, while total income from operations was Rs 61.75 lakh. The standalone statement reported finance costs of Rs 13,000, employee-benefit expense of Rs 5.34 lakh, depreciation and impairment of Rs 87,000, and other expenses of Rs 13.21 lakh.

The difference in scale between Rs 30.19 lakh standalone profit after tax and Rs 5.33 crore consolidated profit underscores the role of the associates in the group result. The filing does not separately provide the revenue, profit or ownership share of Titan Biotech Limited and Peptech Biosciences Limited, beyond the recognised combined associate-profit amount.

Titan Securities' standalone total comprehensive income was Rs 30.19 lakh in the September quarter, compared with a loss of Rs 1.55 lakh in the preceding June quarter. This movement occurred before considering the separate consolidated recognition of associates' profit and other comprehensive income.

How did Titan Securities' consolidated profit change across periods?

Titan Securities' consolidated profit rose to Rs 5.33 crore in the quarter ended September 30, 2026, from Rs 4.54 crore in the quarter ended June 30, 2026 and Rs 3.89 crore in the quarter ended September 30, 2025. That was an increase of Rs 78.80 lakh from the immediately preceding quarter and Rs 1.44 crore from a year earlier.

For the six months ended September 30, 2026, Titan Securities reported consolidated profit of Rs 8.66 crore, compared with Rs 7.19 crore for the six months ended September 30, 2025. Six-month basic and diluted EPS increased to Rs 3.95 from Rs 2.39, while EPS for the year ended March 31, 2026 was Rs 4.30.

Total comprehensive income was Rs 5.32 crore for the September 2026 quarter, slightly below the Rs 5.33 crore profit for the period. The consolidated statement includes other comprehensive income items relating to equity instruments and the share of other comprehensive income of associates, which resulted in the difference.

What changed in Titan Securities' consolidated balance sheet?

Titan Securities' consolidated total assets increased to Rs 116.33 crore at September 30, 2026 from Rs 106.48 crore at March 31, 2026. Financial assets represented Rs 115.95 crore at the September date, including investments of Rs 115.69 crore.

Consolidated investments rose by Rs 10.00 crore from Rs 105.69 crore at March 31, 2026 to Rs 115.69 crore at September 30, 2026. Loans also increased to Rs 20.84 lakh from Rs 14.94 lakh over the same six-month period, while cash and cash equivalents declined to Rs 5.24 lakh from Rs 9.69 lakh.

Consolidated equity was Rs 116.13 crore at September 30, 2026, compared with Rs 106.27 crore at the March 2026 year-end. Equity share capital was unchanged at Rs 25.02 crore, and other equity increased to Rs 91.12 crore from Rs 81.26 crore.

Total financial liabilities decreased to Rs 6.74 lakh at September 30, 2026 from Rs 8.61 lakh at March 31, 2026. Non-financial liabilities were Rs 12.94 lakh, compared with Rs 12.62 lakh, while total liabilities and equity matched reported assets of Rs 116.33 crore.

What did Titan Securities report for first-half cash flow?

Titan Securities generated Rs 46.91 lakh of net cash from operating activities in the six months ended September 30, 2026, down from Rs 61.01 lakh in the corresponding 2025 period. Cash generation from operations was Rs 62.50 lakh, while direct-tax payments were Rs 15.59 lakh.

The year-on-year reduction in operating cash flow coincided with direct-tax payments rising from Rs 9.29 lakh in the six months ended September 30, 2025. Profit before tax in the cash-flow statement was Rs 40.88 lakh for the 2026 six-month period, compared with Rs 6.18 lakh a year earlier.

Investing activities used Rs 49.58 lakh in the six months ended September 30, 2026, compared with an outflow of Rs 76.32 lakh in the prior-year period. The current-period outflow included Rs 51.10 lakh spent on investments and Rs 5.98 lakh of loan repayments, partly offset by Rs 7.50 lakh of proceeds from fixed deposits with banks.

Financing activities used Rs 1.78 lakh in the 2026 six-month period, compared with Rs 11.64 lakh generated in the corresponding period a year earlier. Finance costs of Rs 68,000 and lease-liability repayments of Rs 1.10 lakh contributed to a Rs 4.45 lakh decline in cash and cash equivalents during the period.

Conclusion

Titan Securities' September 2026 consolidated earnings were principally determined by its Rs 5.02 crore share of profit from Titan Biotech Limited and Peptech Biosciences Limited. While consolidated profit increased from Rs 3.89 crore a year earlier to Rs 5.33 crore, the standalone profit after tax of Rs 30.19 lakh shows the large difference between company-only and group earnings.

The next results will show whether associate profit remains similarly material after contributing Rs 5.02 crore in the September quarter and Rs 8.66 crore of consolidated profit was reported for the first half. The filing, reviewed by the Audit Committee and approved by the Board of Directors on November 5, 2026, does not set a target for future associate contributions.