Q2 revenue up 12%; cost savings and utilisation gains seen lifting margins
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Q2 FY27 revenue rose 12% year on year to ₹615 million as capacity use improved to 57%. Higher material and depreciation costs cut gross margin by about 250 basis points to 41%; EBITDA margin fell to 3.1%, with a ₹6 million net loss. Exports rose 29% to ₹32 million. Management expects solar savings and higher use to lift margins from the second half, targeting 65% utilisation in FY27 and over 75% non-tractor revenue in 3-5 years.
Revenue growth and cost savings are positive, but continued losses and rising debt may weigh on the stock until benefits emerge.