Q2 recovery, lower FY27 margin guidance and INR 163.7 crore order book
TARACHAND · price
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On the reaction day the stock moved 2.9 pts more than Nifty Microcap 250 and 3.8 pts more than its Diversified Commercial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Q2 FY27 operating revenue rose 27% year on year to INR 83.11 crore and profit after tax rose 21% to INR 9.05 crore, a record quarterly profit. EBITDA margin recovered 400 basis points from Q1 to 34.7%. H1 capex was INR 106.6 crore, above plan, and the October order book was INR 163.7 crore. FY27 revenue growth is expected at the lower end of 20% to 25%, while EBITDA margin is expected around 35%, below the earlier 37% to 35% band.
Q2 recovery and order visibility are positive, but lower margin guidance, higher capex and debt near the 1 times ceiling may limit near-term gains.