Fairfax India (FIHU) Q1 2026 earnings summary

Executive summary

• Reported a net loss of $370.8 million ($2.76 per diluted share) for Q1 2026, compared to a net loss of $211.2 million in Q1 2025 ($1.57 per diluted share).

• Book value per share declined 16.8% to $19.08 at March 31, 2026 from $22.94 at December 31, 2025.

• Losses were mainly due to unrealized losses on public common stocks and foreign currency translation losses.

Financial highlights

• Net change in unrealized losses on investments totaled $345.4 million, primarily from declines in IIFL Finance, IIFL Capital, CSB Bank, Fairchem Organics, 5paisa, and Sanmar.

• Unrealized foreign currency translation losses of $156.8 million due to a 5.2% depreciation of the Indian rupee against the U.S. dollar.

• Cash and marketable securities stood at $28.8 million as of March 31, 2026, with $168.5 million available under a revolving credit facility.

• Total assets decreased to $3.49 billion at March 31, 2026 from $4.05 billion at December 31, 2025.

• Total equity dropped to $2.71 billion from $3.23 billion over the same period.

Outlook and guidance

• Management expects common stock positions to perform well over the long term, but acknowledges quarterly fluctuations in net gains or losses.