Avonmore swings to ₹6.88 cr loss on financial-services mark-to-market hit
A ₹15.28 crore profit in Q3 became a loss in Q4, even as revenue grew. The company says the losses have largely reversed.
— 2 earlier stories on Avonmore Capital & Management Services Ltd. →What's new
- Avonmore swung to a consolidated net loss of ₹6.88 cr in Q4 from a ₹15.28 cr profit in Q3.
- The loss came from mark-to-market hits in financial services; management says those have now largely reversed.
- Infrastructure advisory revenue jumped 60% to ₹50.54 cr, and the Odisha biofuel plant is built but awaits a tender.
Why this matters
The swing from profit to loss is driven by a non-operational, market-sensitive component in financial services. The core operational story is stronger: infrastructure advisory is growing quickly and the long-delayed Odisha plant is finally ready, pending one government tender. The near-term read depends on whether the mark-to-market losses truly stay reversed.
What we're watching
- Whether the financial-services mark-to-market reversal holds through Q1.
- The June oil-marketing-companies tender for the Odisha biofuel plant.
- Execution on the ₹260 crore infrastructure advisory order book.
The full read
Avonmore Capital swung to a ₹6.88 crore net loss in Q4, wiping out the ₹15.28 crore profit it posted in Q3. The culprit: mark-to-market losses in financial services. Management says that hit has largely reversed in the current quarter. Strip out the financial-services noise, and the operational business is on a different trajectory. Infrastructure advisory revenue surged 60% to ₹50.54 crore, supported by a ₹260 crore order book. The long-delayed Odisha biofuel plant is finally built, but it remains idle. It is waiting on a single procurement tender from oil-marketing companies, due in June. The Premier Green Innovations JV saw revenue fall 12% to ₹179.35 crore, but its bottom line improved to ₹12.15 crore on lower input costs. The Q4 loss is noisy. The open question is whether the market-sensitive losses stay reversed and whether the Odisha plant finally moves from 'ready' to 'producing'.
Questions answered
- Why did Avonmore report a loss in Q4 when revenue rose?
- The loss was driven by mark-to-market losses in the financial services segment. The company's top line actually grew, with consolidated revenue rising to ₹61.81 crore from ₹58.13 crore in Q3.
- Is the loss expected to continue?
- Management stated that the mark-to-market losses have 'largely reversed in the current quarter,' suggesting the Q4 hit may be a one-time event. The sustainability of that reversal is the key question.
- How is the rest of the business performing?
- The picture is mixed. Infrastructure advisory revenue jumped 60% to ₹50.54 crore with a ₹260 crore order book. However, the Premier Green Innovations JV saw a 12% revenue drop to ₹179.35 crore, though its profitability improved on lower raw material costs.
- What is the status of the Odisha biofuel plant?
- The plant is fully built and ready for production. It is now waiting for a procurement tender from oil-marketing companies, which is expected in June. Commercial production is contingent on winning that tender.
Avonmore Capital & Management Services Ltd.
Latest quarter · Mar 2026
Leverage & growth
Story so far
All notes on AVONMORE →- 26 May 2026 · 4:30 PM IST Avonmore swings to ₹6.88 cr loss on financial-services mark-to-market hit
- 25d ago India's ethanol blend policy changes remove a cost barrier for Avonmore's SPV
- 41d ago Avonmore's trading desk swings Q4 to a net loss