New Risk • May 14
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Live News • May 09
Fairfax India Targets Majority Control of IIFL Capital Services With New Share Purchase Fairfax India plans to lift its stake in IIFL Capital Services to at least 51%, moving to majority ownership.
The increase will be executed through new share subscriptions and an open offer to public shareholders, subject to regulatory approvals.
The deal will be carried out via Fairfax India’s wholly owned subsidiary, FIH Mauritius Investments Ltd, with current IIFL Capital promoters prepared to sell shares if required, and is expected to close in stages starting in Q4 2026.
For you as an investor, the key point is that Fairfax India is aiming for greater control over IIFL Capital Services rather than just maintaining a minority position. Majority ownership typically gives an investor more say in governance, capital allocation and long-term direction, which can influence how the underlying investment contributes to Fairfax India’s portfolio.
The staged closing beginning in Q4 2026, and the need for regulatory approvals and an open offer process, means this is a multi-step transaction rather than an immediate shift. It is worth watching future disclosures around the final ownership level, pricing of any new shares, and the response to the open offer, as these details will shape how this move affects Fairfax India’s asset mix and risk profile. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 3 highly experienced directors. Independent Director Jason Kenney was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 11
Fairfax India Holdings Corporation, Annual General Meeting, Apr 15, 2026 Fairfax India Holdings Corporation, Annual General Meeting, Apr 15, 2026. Location: ontario, toronto Canada Announcement • Mar 09
Fairfax India Holdings Corporation Announces Chief Financial Officer Changes Fairfax India Holdings Corporation announced that Debbie Chalkley will be appointed Chief Financial Officer (“CFO”) of Fairfax India effective March 10, 2025. Debbie has been part of the Fairfax family for over 13 years, with her most recent role being the CFO of Onlia Insurance. Prior to being CFO of Onlia Insurance, Debbie held a number of roles, with increasing responsibility, at Northbridge Financial Corporation, including Vice President in both finance and information technology. Amy Sherk, who is the current CFO of Fairfax India, will be appointed CFO of Fairfax, the controlling shareholder of Fairfax India, effective March 10, 2025. Amy will remain a Vice President of Fairfax India to ensure a seamless transition for her successor and to continue to contribute to the growth of the Company over the long term. Announcement • Feb 20
Fairfax India Holdings Corporation (TSX:FIH.U) completed the acquisition of an additional 10% stake in Kempegowda International Airport, Bengaluru from Siemens Project Ventures GmbH. Fairfax India Holdings Corporation (TSX:FIH.U) agreed to acquire an additional 10% stake in Kempegowda International Airport, Bengaluru from Siemens Project Ventures GmbH for approximately $260 million on December 3, 2024. A cash consideration of $255 million will be paid by Fairfax India Holdings Corporation (TSX:FIH.U) towards the common equity of Kempegowda International Airport, Bengaluru.
Following the closing of the transaction, Fairfax India Holdings Corporation’s equity interest in Kempegowda International Airport, Bengaluru will increase from 64% to 74% (30.4% to be held by its wholly-owned subsidiary and 43.6% to continue to be held by its subsidiary, Anchorage Infrastructure Investments Holdings Limited).
The transaction is subject to approval by Fairfax India’s shareholders in accordance with the terms of the Company’s by-laws, third party consents and other customary closing conditions. Fairfax India Holdings Corporation intends to seek the requisite shareholder approval for the transaction at a special meeting of shareholders expected to be held in January 2025. The transaction is expected to close in Q1 2025. As of January 28, 2025, the transaction has been approved by shareholders of Fairfax India Holdings Corporation. RBSA Capital Advisors LLP acted as financial advisor to Fairfax India Holdings Corporation.
Fairfax India Holdings Corporation (TSX:FIH.U) completed the acquisition of an additional 10% stake in Kempegowda International Airport, Bengaluru from Siemens Project Ventures GmbH on February 20, 2025. Fairfax India Holdings Corporation through its wholly-owned subsidiary, has completed the acquisition of an additional 10% equity interest in Bangalore International Airport Limited (BIAL), from Siemens Project Ventures GmbH, part of Siemens Financial Services for, in aggregate, $255 million. As previously announced, the Purchase Price is payable in three installments, with the initial installment paid on closing of the transaction and the balance to be paid on August 31, 2025 and July 31, 2026. As a result of the closing of the transaction, Fairfax India’s aggregate share ownership in BIAL has increased to 74.0% (30.4% held by its wholly-owned subsidiary and 43.6% held by its indirect subsidiary, Anchorage Infrastructure Investments Holdings Limited) from 64.0% last year. The equity interest in BIAL owned by the Indian state promoters, Airports Authority of India and Karnataka State Industrial and Infrastructure Development Corporation Limited remains unchanged at 13% each. Announcement • Feb 12
Fairfax India Holdings Corporation, Annual General Meeting, Apr 09, 2025 Fairfax India Holdings Corporation, Annual General Meeting, Apr 09, 2025. Location: ontario, toronto Canada Buy Or Sell Opportunity • Feb 11
Now 21% undervalued Over the last 90 days, the stock has risen 19% to US$19.30. The fair value is estimated to be US$24.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 26%. Announcement • Dec 04
Fairfax India Holdings Corporation (TSX:FIH.U) agreed to acquire an additional 10% stake in Kempegowda International Airport, Bengaluru from Siemens Project Ventures GmbH for approximately $260 million. Fairfax India Holdings Corporation (TSX:FIH.U) agreed to acquire an additional 10% stake in Kempegowda International Airport, Bengaluru from Siemens Project Ventures GmbH for approximately $260 million on December 3, 2024. A cash consideration of $255 million will be paid by Fairfax India Holdings Corporation (TSX:FIH.U) towards the common equity of Kempegowda International Airport, Bengaluru.
Following the closing of the transaction, Fairfax India Holdings Corporation’s equity interest in Kempegowda International Airport, Bengaluru will increase from 64% to 74% (30.4% to be held by its wholly-owned subsidiary and 43.6% to continue to be held by its subsidiary, Anchorage Infrastructure Investments Holdings Limited).
The transaction is subject to approval by Fairfax India’s shareholders in accordance with the terms of the Company’s by-laws, third party consents and other customary closing conditions. Fairfax India Holdings Corporation intends to seek the requisite shareholder approval for the transaction at a special meeting of shareholders expected to be held in January 2025. The transaction is expected to close in Q1 2025. Announcement • Oct 24
Fairfax India Holdings Corporation, Annual General Meeting, Apr 10, 2024 Fairfax India Holdings Corporation, Annual General Meeting, Apr 10, 2024, at 09:30 US Eastern Standard Time. Location: The Ritz-Carlton Hotel in the Wellington Room, 181 Wellington Street W, Toronto Ontario Canada Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jason Kenney was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 12
Fairfax India Holdings Corporation Appoints the Honourable Jason Kenney as an Independent Director Fairfax India Holdings Corporation announced that it has appointed the Honourable Jason Kenney as an independent director. Mr. Kenney recently completed 25 years in public service, both at the federal and provincial levels of government. He served in the Canadian Parliament for two decades, including as Minister of Citizenship, Immigration and Multiculturalism; Minister of Employment and Social Development; Minister of National Defence and Chair of the Cabinet Operations Committee. In 2019, Mr. Kenney won a large majority mandate to become the eighteenth Premier of Alberta. As a federal minister, Mr. Kenney travelled to India on several occasions, playing a key role in strengthening Canada-India relations and expanding the Government of Canada’s footprint in India. Mr. Kenney is the recipient of a number of awards and honours, including two honourary doctorates. With the appointment of the Honourable Jason Kenney, the Fairfax India board has increased to 12 directors (comprised of 7 independent directors and 5 non-independent directors). Announcement • May 09
Fairfax India Holdings Corporation to Report Q3, 2023 Results on Nov 03, 2023 Fairfax India Holdings Corporation announced that they will report Q3, 2023 results on Nov 03, 2023 Announcement • Feb 07
Fairfax India Holdings Corporation Appoints R. William McFarland to its Board of Directors Fairfax India Holdings Corporation announced that it has appointed Mr. R. William (Bill) McFarland as an independent director. Mr. McFarland spent most of his career at PricewaterhouseCoopers (PwC) Canada and was admitted to the partnership in 1992. While at PwC (Canada), Mr. McFarland was also a member of the executive team and eventually became Chief Executive Officer (from 2011 to 2018). Mr. McFarland retired from PwC (Canada) in 2018. Mr. McFarland is a Chartered Professional Accountant and a fellow of the Chartered Professional Accountants of Ontario. He holds a Bachelor of Commerce (Honours) degree from the University of Toronto. Mr. McFarland serves on the board of directors of Fairfax Financial Holdings Limited (Fairfax) and is lead director and chair of its audit committee. In addition, Mr. McFarland is a director and chairman of AGT Food and Ingredients (a subsidiary of Fairfax) and Fairfax’s publicly traded subsidiaries, Dexterra Group Inc. and Farmers Edge Inc. Mr. McFarland is filling the vacancy created by the passing of dear friend and former board member Alan Horn. Announcement • Jan 18
Fairfax India Announces the Passing of Board Member Alan Horn Fairfax India Holdings Corporation announced the passing of Alan Horn, who served as an Independent Board Member on the Company’s Board of Directors and Chair of the Audit Committee. Alan was a seasoned and devoted company executive who joined Rogers Communications in 1990 and worked in a variety of executive roles and served on various Rogers boards (including as Chair) for more than 25 years. Chair) for more than 25 years. Alan served on the board of Fairfax India and was Chair of the Audit Committee since the Company’s inception in 2014. Alan also served on the board of Fairfax Financial Holdings Limited from 2008 to 2019 as an Independent Board Member and Chair of the Audit Committee. The Board of Directors of Fairfax India will begin the process of identifying a highly qualified candidate to fulfill the role of independent director. Announcement • Nov 18
Fairfax India Holdings Corporation, Annual General Meeting, Apr 20, 2023 Fairfax India Holdings Corporation, Annual General Meeting, Apr 20, 2023, at 14:00 US Eastern Standard Time. Location: at the Roy Thomson Hall, 60 Simcoe Street Toronto Ontario Canada Announcement • Oct 04
Fairfax India Holdings Corporation Appoints Sharmila Karve to Its Board of Directors Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) announced that it has appointed Ms. Sharmila Karve as an independent director. Ms. Karve spent most of her career at PricewaterhouseCoopers (PwC) in India and was admitted to the partnership in 1997. In 2007, Ms. Karve was appointed as the Ethics and Business Conduct Leader for PwC India and in 2009, Ms. Karve was appointed Head of Audit. In 2017, Ms. Karve was appointed as the Diversity and Inclusion Leader for PwC’s Global Network and, also in 2017, she became the first person from India to be appointed to the Global Leadership Team and the Global Human Capital Team. Ms. Karve is a qualified Chartered Accountant and holds a Bachelor of Commerce degree from R.A. Podar College of Commerce and Economics in Mumbai. Ms. Karve serves on the board of directors of CSB Bank Limited (a portfolio company of Fairfax India) and Thomas Cook (India) Limited (a subsidiary of Fairfax India’s parent company, Fairfax Financial Holdings Limited). Ms. Karve replaces Mr. Anthony (Tony) Griffiths, who has retired as an independent director of Fairfax India. Mr. Griffiths has been on the board of Fairfax India since its inception, as the lead director, a member of the Audit Committee and Chair of the Governance, Compensation and Nominating Committee. Price Target Changed • Apr 27
Price target increased to US$19.25 Up from US$17.50, the current price target is an average from 2 analysts. New target price is 59% above last closing price of US$12.10. Stock is down 3.0% over the past year. The company posted earnings per share of US$3.38 last year. Announcement • Feb 17
Fairfax Financial Holdings Limited (TSX:FFH) acquired additional 4.9% stake in Fairfax India Holdings Corporation (OTCPK:FFXD.F) for CAD 82.8 million. Fairfax Financial Holdings Limited (TSX:FFH) acquired additional 4.9% stake in Fairfax India Holdings Corporation (OTCPK:FFXD.F) for CAD 82.8 million on February 16, 2022. Fairfax Financial Holdings acquired 5,416,000 subordinate voting shares from two existing shareholders for CAD 15.29 per share. Post the transaction, Fairfax Financial Holdings will increase its stake from 20.97% stake to 25.9%.
Fairfax Financial Holdings Limited (TSX:FFH) acquired additional 4.9% stake in Fairfax India Holdings Corporation (OTCPK:FFXD.F) on February 16, 2022. Announcement • Jan 27
Fairfax India Holdings Corporation (OTCPK:FFXD.F) entered into an agreement to acquire a 70% stake in Jaynix Engineering Pvt Ltd for INR 2.4 billion. Fairfax India Holdings Corporation (OTCPK:FFXD.F) entered into an agreement to acquire a 70% stake in Jaynix Engineering Pvt Ltd for INR 2.4 billion on January 25, 2022. Nikhil and Ninad will continue in their roles as Managing Director and Executive Director upon closing of the transaction. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2022. Announcement • Dec 02
Fairfax India Holdings Corporation (OTCPK:FFXD.F) completed the acquisition of a 51% stake in Maxop Engineering Company Private Limited. Fairfax India Holdings Corporation (OTCPK:FFXD.F) entered into an agreement to acquire a 51% stake in Maxop Engineering Company Pvt. Ltd. for INR 2.2 billion on September 16, 2021. In connection with the transaction, Fairfax India Holdings Corporation will acquire additional 16% stake in Maxop Engineering Company Pvt. Ltd. for INR 2.7 billion. The transaction is subject to customary closing conditions. The transaction is expected to close in Q4 2021. Ernst & Young LLP acted as financial advisor for Maxop Engineering Company Pvt. Ltd.
Fairfax India Holdings Corporation (OTCPK:FFXD.F) completed the acquisition of a 51% stake in Maxop Engineering Company Private Limited on November 30, 2021. Price Target Changed • Nov 13
Price target increased to US$19.25 Up from US$17.50, the current price target is an average from 2 analysts. New target price is 41% above last closing price of US$13.69. Stock is up 50% over the past year. The company posted a net loss per share of US$0.27 last year. Price Target Changed • Aug 04
Price target increased to US$18.25 Up from US$16.50, the current price target is an average from 2 analysts. New target price is 39% above last closing price of US$13.13. Stock is up 69% over the past year. Announcement • Jun 17
Fairfax India Holdings Corporation (OTCPK:FFXD.F) announces an Equity Buyback for $105 million worth of its shares. Fairfax India Holdings Corporation (OTCPK:FFXD.F) announces a share repurchase program. Under the substantial course issuer bid, the company will repurchase up to US$105 million worth of its subordinate voting shares. The shares will be repurchased in a price range of not less than US$12.50 and not more than US$15.00 per share. The purpose of the offer is to return capital to shareholders. The company expects to fund any repurchases pursuant to the Offer from available cash on hand. The repurchased shares will be cancelled. If the offer is oversubscribed, the company will prorate the number of shares accepted for payment, after giving effect to odd lot which will not be subject to proration. The offer will expire on August 6, 2021. As at June 15, 2021, the company had 119,323,756 shares issued and outstanding. Price Target Changed • Mar 11
Price target raised to US$17.75 Up from US$12.25, the current price target is an average from 2 analysts. The new target price is 42% above the current share price of US$12.50. As of last close, the stock is up 31% over the past year. Announcement • Mar 03
Govt Gets Multiple EoIs for Shipping Corporation Disinvestment The government has received at least five expression of interest including from the The Great Eastern Shipping Company Limited (BSE:500620) and US-based Safesea Group for the privatisation of state-run carrier The Shipping Corporation of India Limited (BSE:523598). Vedanta Limited (NSEI:VEDL) and Fairfax India Holdings Corporation (OTCPK:FFXD.F) are also understood to have filed their EoI’s for the acquisition. The last date for filing expression of interest by potential bidders ended on March 01, 2021. In December 2020, the Department of Investment and Public Asset Management (DIPAM) called expression of interest to privatise Shipping Corporation by selling the government’s 63.75% stake to a strategic buyer. Government officials briefed on the strategic disinvestment process said that SCI has delayed picking a consultant to help with the separation of the non-core assets. “The process of segregating the non-core assets from the company is running in parallel to the divestment process and is expected to close before the transaction. The cost of this transfer shall be borne by the company (SCI). It is further clarified that in case the divestiture falls beyond the divestment process the long stop date (final date of completion of the de-merger) shall be mentioned in the share purchase agreement,” DIPAM said in response to a query from a potential bidder. Is New 90 Day High Low • Feb 05
New 90-day high: US$11.80 The company is up 60% from its price of US$7.39 on 06 November 2020. The Canadian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$35.95 per share. Is New 90 Day High Low • Jan 07
New 90-day high: US$10.38 The company is up 30% from its price of US$8.00 on 09 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$34.43 per share. Is New 90 Day High Low • Dec 04
New 90-day high: US$10.08 The company is up 34% from its price of US$7.50 on 04 September 2020. The Canadian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$30.09 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 20% share price gain to US$8.82, the stock is trading at a trailing P/E ratio of 3.2x, up from the previous P/E ratio of 2.7x. This compares to an average P/E of 8x in the Capital Markets industry in Canada. Total return to shareholders over the past year is a loss of 25%. Is New 90 Day High Low • Nov 10
New 90-day high: US$8.11 The company is up 8.0% from its price of US$7.50 on 12 August 2020. The Canadian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$29.04 per share. Analyst Estimate Surprise Post Earnings • Oct 31
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 2,172% at US$99.4m. Revenue is expected to shrink by 85% over the next year, compared to a 13% decline forecast for the Capital Markets industry in Canada. 
