Someone asked them the same question in 2/3 con calls back, they said focus in on growth first and then buy back.
Currently they have two business which are loss making- Life Insurnace and GI. Combinely they generate loss of 300 cr. On top of that they need capital of around 250 cr per year.
Edelweiss does not have a excess cash. Also if they raised money and do a buy back, it will further strain their balance sheet. Their core business (all in total) are generating enough profit to float over on a consolidated basis, so they cannot afford to make any more mistake or they need bit of strenght for a rainy day. So I guess they would shy away from Buy back for a considerable amount of time.
I am glad that they are not thinking of selling a stake in AIF, which is ready to deliver good results going forward IMO.
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