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- Q2 FY27 results
Art Nirman Q2 FY27 results: net loss of ₹0.08 crore vs ₹0.43 crore profit, revenue down 36.6%
Art Nirman Limited reported standalone revenue of ₹4.28 crore in Q2 FY27, down 36.6% from ₹6.75 crore in Q2 FY26. The company reported an EBITDA loss of ₹0.08 crore and a net loss of ₹0.08 crore for the quarter, against EBITDA of ₹1.34 crore and net profit of ₹0.43 crore a year earlier.
Key points
- Standalone Q2 FY27 revenue was ₹4.28 crore, down 36.6% from ₹6.75 crore in Q2 FY26 and up 102.8% from ₹2.11 crore in Q1 FY27.
- Q2 FY27 EBITDA was a loss of ₹0.08 crore, against EBITDA of ₹1.34 crore in Q2 FY26; the margin was -1.8% versus 19.8%.
- Art Nirman reported a net loss of ₹0.08 crore in Q2 FY27, compared with a net profit of ₹0.43 crore in Q2 FY26 and a net loss of ₹0.20 crore in Q1 FY27.
- H1 FY27 revenue was ₹6.4 crore, down 22.4% from ₹8.25 crore in H1 FY26, while PAT moved from ₹0.36 crore to a loss of ₹0.23 crore.
- Borrowings were ₹106.26 crore as on 30 September 2026, compared with ₹72.96 crore as on 31 March 2026.
How did Art Nirman perform in Q2 FY27?
Art Nirman Limited reported standalone revenue of ₹4.28 crore in Q2 FY27, down 36.6% from ₹6.75 crore in Q2 FY26 and up 102.8% from ₹2.11 crore in Q1 FY27. Total income was ₹4.4 crore, down 35.4% from the year-ago quarter and up 98.2% from the previous quarter. The board approved the unaudited standalone results for the quarter and half year ended on 30 September 2026.
The company reported an EBITDA loss of ₹0.08 crore in Q2 FY27, compared with EBITDA of ₹1.34 crore in Q2 FY26 and an EBITDA loss of ₹0.08 crore in Q1 FY27. The EBITDA margin was -1.8%, against 19.8% a year earlier and -3.9% in the previous quarter.
Profit before tax was a loss of ₹0.08 crore, and net profit was a loss of ₹0.08 crore. Basic EPS was -₹0.03, compared with ₹0.17 in Q2 FY26 and -₹0.08 in Q1 FY27. The figures above are standalone; no consolidated quarterly figures were provided.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4.28 | 2.11 | 6.75 | −36.6% | +102.8% |
| Other income | 0.12 | 0.11 | 0.05 | +140.0% | +9.1% |
| Total expenses | 4.48 | 2.38 | 6.37 | −29.7% | +88.2% |
| EBITDA | −0.08 | −0.08 | 1.34 | turned to loss | |
| EBITDA margin | -1.8% | -3.9% | 19.8% | −21.6 pp | +2.1 pp |
| Profit before tax | −0.08 | −0.16 | 0.43 | turned to loss | |
| Tax | 0 | 0.04 | 0 | ||
| Net profit | −0.08 | −0.20 | 0.43 | turned to loss | |
| EPS (₹) | −0.03 | −0.08 | 0.17 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Art Nirman's costs and profit?
Cost of materials consumed was ₹4.98 crore in Q2 FY27, up ₹2.01 crore or 67.7% from ₹2.97 crore in Q2 FY26. Employee cost rose ₹0.11 crore or 57.9% to ₹0.30 crore, while depreciation fell ₹0.03 crore or 25.0% to ₹0.09 crore.
Finance costs fell ₹0.81 crore or 96.4% to ₹0.03 crore, and other expenses were down ₹0.55 crore or 6.5% at ₹7.87 crore. Other income increased ₹0.07 crore or 140.0% to ₹0.12 crore. Total expenses declined ₹1.89 crore or 29.7% to ₹4.48 crore, but remained above total income.
There was no exceptional item in Q2 FY27. Tax was unchanged at no tax expense in Q2 FY26, while profit before tax moved from ₹0.43 crore to a loss of ₹0.08 crore. The filing does not state a reason for the increase in cost of materials consumed or employee cost.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 4.98 | 2.97 | +2.01 | +67.7% |
| Employee cost | 0.30 | 0.19 | +0.11 | +57.9% |
| Finance costs | 0.03 | 0.84 | −0.81 | −96.4% |
| Depreciation | 0.09 | 0.12 | −0.03 | −25.0% |
| Other expenses | 7.87 | 8.42 | −0.55 | −6.5% |
| Total expenses | 4.48 | 6.37 | −1.89 | −29.7% |
| Other income | 0.12 | 0.05 | +0.07 | +140.0% |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Art Nirman reported standalone revenue of ₹6.4 crore, down 22.4% from ₹8.25 crore in H1 FY26. Total income was ₹6.63 crore, down 21.3% from ₹8.42 crore, while EBITDA was a loss of ₹0.08 crore.
Profit before tax moved from ₹0.36 crore in H1 FY26 to a loss of ₹0.23 crore in H1 FY27. PAT likewise moved from ₹0.36 crore to a loss of ₹0.23 crore, while EPS moved from ₹0.14 to -₹0.09.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 6.40 | 8.25 | −22.4% |
| Profit before tax | −0.23 | 0.36 | turned to loss |
| Net profit | −0.23 | 0.36 | turned to loss |
| EPS (₹) | −0.09 | 0.14 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, total assets were ₹156.8 crore, compared with ₹142.37 crore as on 31 March 2026. Total equity was ₹37.01 crore, compared with ₹37.24 crore, while borrowings rose to ₹106.26 crore from ₹72.96 crore.
Inventories increased to ₹96.66 crore from ₹75.41 crore. Trade receivables fell to ₹0.4 crore from ₹19.35 crore, trade payables fell to ₹5.45 crore from ₹24.92 crore, and cash and cash equivalents rose to ₹4.0 crore from ₹2.6 crore.
H1 FY27 operating cash flow was an outflow of ₹31.47 crore, compared with an inflow of ₹0.16 crore in H1 FY26. Investing cash flow was an outflow of ₹0.35 crore, against ₹0.38 crore, while financing cash flow was an inflow of ₹33.22 crore, compared with ₹0.91 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 156.80 | 142.37 |
| Total equity | 37.01 | 37.24 |
| Borrowings | 106.26 | 72.96 |
| Cash and equivalents | 4 | 2.60 |
| Inventories | 96.66 | 75.41 |
| Trade receivables | 0.40 | 19.35 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −31.47 | 0.16 |
| Cash from investing | −0.35 | −0.38 |
| Cash from financing | 33.22 | 0.91 |
| Capital expenditure | 0 | 0.03 |
Source: Company's results filing (XBRL).
How has Art Nirman done over the last 8 quarters?
Revenue reached its highest level in the period at ₹22.48 crore in Q4 FY26, while the lowest was ₹1.5 crore in Q1 FY26. It fell to ₹2.11 crore in Q1 FY27 before rising to ₹4.28 crore in Q2 FY27.
PAT was highest at ₹0.77 crore in Q4 FY26 and lowest at a loss of ₹0.20 crore in Q1 FY27. The loss narrowed to ₹0.08 crore in Q2 FY27, while revenue rose from ₹2.11 crore to ₹4.28 crore over the same two quarters.
The EBITDA margin was highest at 20.4% in Q4 FY26 and lowest at -3.9% in Q1 FY26. It improved to -1.8% in Q2 FY27 from -3.9% in Q1 FY27, remaining below the 19.8% recorded in Q2 FY26.
How did other Residential Commercial Projects companies do?
Among 37 Residential Commercial Projects companies that filed for this quarter, the median revenue growth was 17.6%. Four peers grew slower than Art Nirman, while 33 grew faster. Art Nirman’s revenue declined 36.6% in Q2 FY27.
Of the 37 peers for which profit was compared, 21 reported higher profit. The peer comparison was as on 5 November 2026, and the available figures cover the companies that had filed for the quarter.
| Art Nirman revenue growth (YoY) | −36.6% |
|---|---|
| Median of 37 other Residential Commercial Projects companies | +17.6% |
| Companies with slower revenue growth than Art Nirman | 4 of 37 |
| Companies with faster revenue growth than Art Nirman | 33 of 37 |
| Companies whose net profit rose | 21 of 37 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Art Nirman's revenue in Q2 FY27?
Revenue from operations was ₹4.28 crore, down 36.6% from ₹6.75 crore in Q2 FY26 (standalone).
Did Art Nirman make a profit in Q2 FY27?
No. It reported a net loss of ₹0.08 crore, against a net profit of ₹0.43 crore in Q2 FY26.
What was Art Nirman's EPS in Q2 FY27?
Basic loss per share was ₹0.03, against ₹0.17 in Q2 FY26.
When did Art Nirman announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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