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

Core Viewpoint - Fairfax India Holdings Corporation reported a significant turnaround in fiscal year 2025, achieving net earnings of $410.5 million compared to a net loss of $41.2 million in fiscal year 2024, indicating strong financial recovery and performance improvement [1]. Financial Performance - The company’s net earnings per diluted share for fiscal year 2025 were $3.05, a substantial increase from a net loss of $0.30 per diluted share in fiscal year 2024 [1]. - The book value per share rose by 9.4% to $22.94 at December 31, 2025, from $20.96 at December 31, 2024, primarily driven by net gains on investments [1]. Investment Gains and Losses - Fairfax India recorded a net change in unrealized gains on investments of $527.6 million, mainly from increases in the fair values of private company investments in BIAL ($399.1 million) and publicly listed investments in IIFL Finance ($146.0 million) [3]. - The company experienced unrealized foreign currency translation losses of $153.8 million due to a 4.7% depreciation of the Indian rupee against the U.S. dollar [3]. Cash and Liquidity - As of December 31, 2025, Fairfax India held cash and marketable securities totaling $50.7 million, with an additional $168.5 million available under its revolving credit facility [2]. - The company amended its revolving credit facility to support a deferred payment for an additional 10% equity interest in BIAL, with a borrowing limit of $245.0 million [3]. Shareholder Actions - During 2025, Fairfax India repurchased 620,658 subordinate voting shares at a net cost of $10.4 million, reflecting the company’s commitment to returning value to shareholders [3]. Comprehensive Income - The comprehensive income for the year ended December 31, 2025, was $288.2 million, compared to a comprehensive loss of $118.3 million in 2024, showcasing a significant improvement in overall financial health [8].