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Earnings

Fairfax India Holdings Corporation: Financial Results for the Year Ended December 31, 2025

By The Northwire Desk — AI Analysis Feb 19, 2026 · 17:08 FIH · 17.67
FIH · Price

Executive Summary

  • Fairfax India Holdings Corp. reported FY 2025 net earnings of $410.5 M ($3.05 per diluted share), a turnaround from a $41.2 M loss in FY 2024.
  • Book value per share rose 9.4% to $22.94, driven by large unrealized gains on private and public equity investments.
  • The company realized a $52.0 M gain on the sale of its 51% stake in Saurashtra for $74.6 M gross proceeds and purchased an additional 10% equity interest in BIAL for $255 M under deferred payment terms.

Key Details

  • Net earnings FY 2025: $410.5 M ($3.05/diluted share) vs. loss of $41.2 M in FY 2024.
  • Book value per share: $22.94 (up 9.4% from $20.96 at year‑end 2024).
  • Unrealized gains on investments: $527.6 M, primarily:
  • BIAL (private) – $399.1 M
  • Seven Islands (private) – $24.0 M
  • Global Aluminium (private) – $13.8 M
  • IIFL Finance (public) – $146.0 M
  • CSB Bank (public) – $114.4 M
  • IIFL Capital (public) – $35.0 M
  • Unrealized losses on investments: $166.5 M, mainly:
  • Sanmar (private) – $111.9 M
  • Jaynix (private) – $12.1 M
  • Fairchem Organics (public) – $40.6 M
  • 5paisa (public) – $11.5 M
  • Realized gains on investments: $53.5 M, driven by sale of 51% equity in Saurashtra (gross proceeds $74.6 M; realized gain $52.0 M).
  • Interest & dividend income: $55.7 M (dividends from Seven Islands $34.4 M, Jaynix $8.1 M; Gov’t of India bonds $6.0 M).
  • Foreign currency translation loss: $153.8 M due to 4.7% rupee depreciation vs. USD.
  • Equity purchase: Additional 10% of BIAL for $255 M (deferred payment); revolving credit facility increased temporarily to support a letter of credit, total borrowing limit $245 M (reducing to $220 M on Oct 1 2026).
  • Share buy‑back: Cancelled 620,658 subordinate voting shares at net cost $10.4 M ($16.81 per share).
  • Liquidity: Cash & marketable securities $50.7 M; revolving credit facility availability $168.5 M.
  • Weighted average common shares outstanding (Q4): 134.7 M (2025) vs. 135.0 M (2024).
  • Subordinate voting shares outstanding: 104,218,804; multiple voting shares: 30,000,000.

Notable Quotes

(No direct CEO/President quotes were included in the release.)

Read the original news release →

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