Fairfax India Holdings Corporation: Second Quarter Financial Results

Executive Summary

• Fairfax India Holdings Corporation reported net earnings of $278.1 million ($2.06 per diluted share) for the second quarter of 2025, an increase from $254.1 million ($1.88 per diluted share) in the same period of 2024.
• The company's book value per share increased 10.4% to $21.43 at June 30, 2025, driven primarily by unrealized gains on publicly listed investments.
• The company continues to repurchase shares under its normal course issuer bid, having purchased 28,758 subordinate voting shares for cancellation in Q2 2025 at a net cost of $0.4 million.

Key Details

• Net Earnings: $278.1 million for Q2 2025 ($2.06 diluted EPS) vs. $254.1 million for Q2 2024 ($1.88 diluted EPS).
• Unrealized Gains: Net change in unrealized gains on investments was $330.9 million in Q2 2025.
  • Publicly listed investment increases: $329.1 million, including IIFL Capital ($129.2M), IIFL Finance ($110.2M), CSB Bank ($73.3M), Fairchem Organics ($11.4M), and 5paisa ($5.0M).
  • Private company investment increases: $0.8 million, including BIAL ($6.3M) and Seven Islands ($3.5M).
  • Unrealized losses: Sanmar ($12.3M).
• Share Repurchases: Purchased 28,758 subordinate voting shares for cancellation at a net cost of $0.4 million ($15.19 per share).
• Financial Position:
  • Cash and marketable securities: $107.0 million at June 30, 2025.
  • Available revolving credit facility: $79.2 million.
  • Total Assets: $3,873,083 thousand (June 30, 2025) vs. $3,630,780 thousand (Dec 31, 2024).
  • Total Liabilities: $853,938 thousand (June 30, 2025) vs. $673,518 thousand (Dec 31, 2024).
  • Common Shareholders' Equity: $2,888,397 thousand (June 30, 2025) vs. $2,826,495 thousand (Dec 31, 2024).
• Share Count:
  • Weighted average common shares outstanding (Q2 2025): 134.8 million.
  • Outstanding shares at June 30, 2025: 104,810,704 subordinate voting shares and 30,000,000 multiple voting shares.
• Six-Month Performance (First Six Months 2025):
  • Net earnings: $67.1 million ($0.50 per diluted share) vs. a net loss of $(39.1) million in the same period of 2024.
  • Net change in unrealized gains: $108.0 million.