Q2 FY26: Revenue down 20.8%, PAT falls 56% YoY on weak government spending
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On the reaction day the stock moved 1.0 pts less than Nifty Microcap 250 and 0.8 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Electrosteel Castings reported weak Q2 and H1 FY26 results. Consolidated H1 FY26 Total Income fell 20.8% YoY to INR 3,077 Cr, EBITDA dropped 42% to INR 386 Cr, and PAT declined 56% to INR 167 Cr. EBITDA margin compressed 460 basis points to 12.6%. Q2 alone saw revenue down 19.4% and PAT down 49.6% YoY. Management cited lower government spending on water infrastructure and muted demand. Company expects execution recovery only from FY27 onwards.
Sharp earnings decline from weak government spending; recovery deferred to FY27, near-term pressure on stock likely.