EDELWEISS

The underlying businesses show impressive health, growing 15% YoY in H1 FY26 and targeting strong 20-30% annual growth from a ₹600 crore annualized profit base. A clear commitment to financial strength is evident; corporate net debt reduced by 17% (₹2,200 crore), with further strategic deleveraging planned via asset sales, including a ₹450 crore mutual fund stake. The Alternatives (AAA) segment remains a standout, with exceptional AUM and profit growth. Opinion: This update paints a largely positive picture for investors. Strong operational growth, aggressive debt reduction, and the high-growth Alternatives segment position the company well for future value creation, despite ongoing work in the insurance portfolio.