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

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.)