Q2 FY27 revenue up 25.3%, PAT up 17.1%, but margins contract
TANLA · price
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Q2 FY27 revenue was ₹13,517 million, up 10.2% quarter on quarter and 25.3% year on year, helped by one-time campaigns. EBITDA rose 6.6% and 20.8% to ₹2,143 million; profit after tax rose 3.0% and 17.1% to ₹1,464 million. Gross margin contracted 48 basis points to 26.6%. Free cash flow was ₹2,316 million, and Tanla remained debt-free with ₹14,474 million in liquidity.
Strong growth and cash generation are positive, but margin compression and lower profit conversion may limit near-term stock upside.