Record backlog and growth outlook offset by near-term margin pressure
CYIENTDLM · price
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Q2 FY27 revenue rose 26.5% year on year to INR3,931 million. EBITDA was INR342 million at an 8.7% margin, while normalised profit after tax rose 25.8% to INR158 million; reported profit included a one-off INR182 million earn-out reversal. The record INR28.1 billion backlog and pipeline above $1 billion support growth. Management guides to 30% to 35% revenue growth and a 9% to 10% FY27 EBITDA margin, with double digits from FY28.
Strong backlog and 30% to 35% growth outlook support future revenue, but near-term investment costs may keep margins below double digits until FY28.