Board approves Sep'26 Q2 results for Aditya Birla Capital

The board approved unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. It also approved grants under the Employee Stock Option and Performance Stock Unit Scheme 2022: 1,82,502 stock options and 54,631 PSUs (Grant 1) and 2,44,676 stock options (Grant 2). Exercise price is Rs. 358.35 per share for options and Rs. 10 for PSUs. Grant 1 vests over 3 years at 33% a year; Grant 2 has 2 years 9 months cliff vesting. Options can be exercised for 5 years from vesting. Strong profitability: PAT +35% YoY signals meaningful margin/earnings improvement versus prior year, supporting earnings momentum. Healthy top-line growth: standalone total income +22.5% YoY indicates demand/AUM-led revenue expansion. Cash-generation risk: operating cash flow is deeply negative and worsening (-Rs.36,544 Cr vs -Rs.27,935 Cr prior), a material qualifier to reported profits and a potential funding/liquidity concern. ESOP/PSU grants appear modest in absolute count relative to market cap; strike ~current price (Rs.358.35) limits immediate dilution, but PSUs at Rs.10 could be dilutive on vesting depending on structure and share count changes later up to modest level of dilution risk if targets met or shares issued later to settle units.