Daulat Securities reported a net profit of ₹226.97 crore for the quarter ended June 30, 2026, compared to a net loss of ₹295.27 crore in the immediately preceding quarter and a profit of ₹130.95 crore in the same quarter of the previous fiscal year.

The Kolkata-based share broking firm saw its revenue from operations rise to ₹246.30 crore from ₹148.10 crore in Q2FY25. This growth was supported by other income of ₹3.22 crore and profits on the sale of investments totaling ₹4.97 crore. Total income for the quarter stood at ₹254.49 crore.

Financial Performance Details

Total expenses for the quarter were ₹27.52 crore, comprising employee benefits of ₹11.45 crore and other expenses of ₹16.07 crore. Depreciation and amortisation expenses were not provided for during the quarter, with provisions scheduled for year-end. Consequently, the profit before tax remained at ₹226.97 crore, with no tax expense recorded for the period.

Balance Sheet and Cash Flow

As of June 30, 2026, total assets increased to ₹2,322 crore from ₹2,110 crore at the end of March 2026. Non-current financial assets, primarily investments, rose to ₹1,102 crore from ₹887 crore. Current assets included inventories worth ₹717 crore and trade receivables of ₹8 crore, down from ₹40 crore in the previous quarter. Cash and cash equivalents decreased slightly to ₹17 crore from ₹20 crore.

On the liabilities side, total equity and liabilities matched assets at ₹2,321 crore (rounded). Other equity components rose to ₹1,660 crore from ₹1,433 crore. Current liabilities included trade payables of ₹137 crore, up from ₹98 crore in the prior quarter.

What the Numbers Show

The company’s profitability in Q2FY26 was significantly bolstered by non-operating gains. Profits on the sale of investments contributed ₹4.97 crore to the bottom line, while other income added ₹3.22 crore. Combined, these non-operating items accounted for approximately 3.6% of the total income but represented a crucial component of the overall profit structure, especially given the relatively low operating expenses of ₹27.52 crore against a revenue base of ₹246.30 crore.

Corporate Actions

The Board of Directors, in a meeting held on August 14, 2026, also approved the Board’s Report and the Secretarial Auditor’s Report for the financial year ended March 31, 2026. Additionally, the board appointed a scrutinizer for the 33rd Annual General Meeting (AGM) and approved the draft notice, including the date, time, and venue for the event. The book closure date for the AGM was also considered.

The unaudited financial results were reviewed by the Audit Committee and approved by the Board. Statutory auditors P D Randar and Co issued a limited review report, noting that no adjustment entries were passed for depreciation, provision for income tax, or other comprehensive income for the quarter.

Daulat Securities reported a net profit of ₹227.0 crore for the first quarter of FY26, marking a significant year-on-year increase from ₹131.0 crore in Q1FY25. The gain was driven by a 66% rise in revenue from operations, which stood at ₹246.3 crore, compared to ₹148.1 crore in the corresponding period last year.

The company’s total income for the quarter was ₹254.5 crore, up from ₹161.0 crore in Q1FY25. This improvement included other income of ₹3.2 crore and profit on the sale of investments amounting to ₹5.0 crore. In contrast, the preceding quarter (Q4FY25) had seen a loss before tax of ₹313.0 crore, highlighting the volatility inherent in its share broking and depository services business.

Financial Performance

Total expenses for the quarter decreased by 8% to ₹27.5 crore from ₹30.0 crore in Q1FY25. Employee benefits expense remained relatively stable at ₹11.5 crore, while other expenses fell to ₹16.1 crore from ₹18.2 crore. There were no finance costs or depreciation expenses recorded for the quarter, with depreciation provision scheduled for year-end.

What the Numbers Show

The profitability in Q1FY26 is heavily influenced by non-operating items. While revenue from operations grew significantly, the profit on the sale of investments (₹5.0 crore) and other income (₹3.2 crore) contributed to the bottom line. Notably, the company incurred no tax expense for the quarter, allowing the pre-tax profit of ₹227.0 crore to flow directly to the net profit figure. This contrasts with the full year FY25, where deferred tax expenses impacted the final result.

Balance Sheet Position

As of June 30, 2026, Daulat Securities’ total assets increased to ₹2,322.0 crore from ₹2,110.0 crore at the end of FY25. Non-current financial assets, primarily investments, rose to ₹1,102.0 crore from ₹887.0 crore. Current assets, including inventories and trade receivables, stood at ₹853.0 crore.

The equity base remained unchanged at ₹500.0 crore, while other equity increased to ₹1,660.0 crore. Current liabilities were ₹144.0 crore, mainly comprising trade payables of ₹137.0 crore. The company reported no borrowings under both current and non-current liabilities.

Corporate Actions

The Board of Directors, in its meeting held on August 14, 2026, approved the unaudited financial results along with the cash flow statement and the limited review report issued by the statutory auditors, P D Randar and Co. The Audit Committee had reviewed these documents prior to the board meeting.

Additionally, the board:

• Approved the Board’s Report and Secretarial Auditor’s Report for FY25.
• Appointed a scrutinizer for the voting process of the 33rd Annual General Meeting (AGM).
• Approved the draft notice for the 33rd AGM, including its date, time, and venue.
• Considered the book closure date for the AGM.

The company operates in the share broking and depository services segment. As per Ind AS 108, it does not have separate operating reportable segments, and thus segment reporting is not applicable. The quarterly results are not indicative of likely annual results due to the nature of the capital markets in which the company operates.