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Highlights

  • Fairfax India’s net earnings rose to USD 278.1 million in Q2 FY2025 from USD 254.1 million in Q2 FY2024.
  • Book value per share increased 10.4% QoQ to USD 21.43 as of June 30, 2025.
  • Unrealized gains of USD 330.9 million were driven by higher valuations in key listed investments.

Fairfax India Holdings Corporation (TSX:FIH.U) reported net earnings of USD 278.1 million for the second quarter ended June 30, 2025, translating to USD 2.06 in net earnings per diluted share. This marked an increase from net earnings of USD 254.1 million or USD 1.88 per diluted share recorded in the same period last year. The rise was primarily attributed to substantial unrealized gains in the fair value of the company’s publicly listed investments.

The company’s book value per share stood at USD 21.43 at the end of the quarter, reflecting a 10.4% increase from USD 19.41 at March 31, 2025. This quarter-over-quarter gain was largely driven by unrealized appreciation in listed equity holdings, which contributed USD 329.1 million of the total USD 330.9 million unrealized gains for the period.

Key contributors to the unrealized investment gains included IIFL Capital with USD 129.2 million, IIFL Finance with USD 110.2 million, CSB Bank at USD 73.3 million, Fairchem Organics at USD 11.4 million, and 5paisa at USD 5.0 million. Smaller gains were also recorded in private companies such as BIAL (USD 6.3 million) and Seven Islands (USD 3.5 million). These were partially offset by a USD 12.3 million unrealized loss on the company’s investment in Sanmar.

During the quarter, Fairfax India continued share repurchases under its normal course issuer bid, cancelling 28,758 subordinate voting shares at a net cost of USD 0.4 million, or USD 15.19 per share.

At June 30, 2025, the company held USD 107.0 million in cash and marketable securities and maintained access to USD 79.2 million under its revolving credit facility. As of quarter-end, there were 104,810,704 subordinate voting shares and 30,000,000 multiple voting shares outstanding. The weighted average number of common shares outstanding during Q2 FY2025 was 134.8 million, slightly lower than the 135.2 million in the prior-year period.