Q2 FY27 update: sales up 7%, inventory rises and EBITDA margin guided at 17%-19%
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Q2 FY27 was the smallest quarter. H1 revenue rose 7% and gross margin increased 9%, but shifting Rs50m-Rs60m of marketing spend into Q2 caused losses. Inventory reached Rs2,178m; inventory days rose to 307 from 237, reducing cash flow but should normalize by Q4. Net cash was Rs95m. FY27 guidance is 10%-15% revenue growth excluding acquisitions and a 17%-19% EBITDA margin; FY27 AI licensing revenue is targeted above Rs400m.
Higher inventory and weaker quarterly profit may weigh on near-term sentiment, but cash reserves and AI licensing growth provide some support.