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Ashirwad Steels & Industries Q2 FY27 results: net profit down 29.0% to ₹0.44 crore, revenue up 27.1%
Ashirwad Steels & Industries Ltd reported standalone Q2 FY27 revenue of ₹0.61 crore, up 27.1% from Q2 FY26, while net profit fell 29.0% to ₹0.44 crore. EBITDA was ₹0.15 crore and the EBITDA margin was 24.4%, against ₹0.20 crore and 41.6% a year earlier.
Key points
- Revenue was ₹0.61 crore in Q2 FY27, up 27.1% from ₹0.48 crore in Q2 FY26.
- Net profit was ₹0.44 crore, down 29.0% from ₹0.62 crore in Q2 FY26.
- Basic EPS was ₹0.35, down from ₹0.49 in Q2 FY26 and ₹0.41 in Q1 FY27.
- The EBITDA margin fell to 24.4% from 41.6% a year earlier and 34.4% in Q1 FY27.
- For H1 FY27, revenue rose 30.7% to ₹1.15 crore, while profit for the period fell 14.4% to ₹0.95 crore.
How did Ashirwad Steels & Industries perform in Q2 FY27?
Ashirwad Steels & Industries reported standalone revenue of ₹0.61 crore in Q2 FY27, up ₹0.13 crore or 27.1% from ₹0.48 crore in Q2 FY26. It was also up ₹0.07 crore or 13.0% from ₹0.54 crore in Q1 FY27. Total income was ₹1.03 crore, down ₹0.11 crore or 9.6% year on year.
EBITDA was ₹0.15 crore, down ₹0.05 crore or 25.0% from ₹0.20 crore in Q2 FY26 and ₹0.03 crore or 16.7% from Q1 FY27. The EBITDA margin fell to 24.4% from 41.6% a year earlier and 34.4% in the previous quarter.
Profit before tax was ₹0.54 crore, down from ₹0.82 crore a year earlier and ₹0.75 crore in Q1 FY27. Net profit was ₹0.44 crore, down ₹0.18 crore or 29.0% year on year and ₹0.07 crore or 13.7% sequentially. Basic EPS was ₹0.35, against ₹0.49 and ₹0.41, respectively. These are standalone figures.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 0.61 | 0.54 | 0.48 | +27.1% | +13.0% |
| Other income | 0.42 | 0.59 | 0.66 | −36.4% | −28.8% |
| Total expenses | 0.49 | 0.38 | 0.32 | +53.1% | +28.9% |
| EBITDA | 0.15 | 0.18 | 0.20 | −25.0% | −16.7% |
| EBITDA margin | 24.4% | 34.4% | 41.6% | −17.2 pp | −10.0 pp |
| Profit before tax | 0.54 | 0.75 | 0.82 | −34.1% | −28.0% |
| Tax | 0.11 | 0.24 | 0.21 | −47.6% | −54.2% |
| Net profit | 0.44 | 0.51 | 0.62 | −29.0% | −13.7% |
| EPS (₹) | 0.35 | 0.41 | 0.49 | −28.6% | −14.6% |
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 Ashirwad Steels & Industries' costs and profit?
Total expenses rose ₹0.17 crore or 53.1% to ₹0.49 crore from ₹0.32 crore in Q2 FY26, while other income fell ₹0.24 crore or 36.4% to ₹0.42 crore from ₹0.66 crore. The filing does not state the reasons for these changes. There was no exceptional item in either quarter.
Other expenses increased by ₹0.16 crore or 114.3% to ₹0.30 crore from ₹0.14 crore, and employee cost rose by ₹0.02 crore or 14.3% to ₹0.16 crore from ₹0.14 crore. Finance costs fell by ₹0.02 crore to no finance cost, while depreciation was unchanged at ₹0.02 crore.
Tax expense fell by ₹0.10 crore or 47.6% to ₹0.11 crore from ₹0.21 crore, but this decline did not offset the lower profit before tax. The PAT margin was 71.5%, down from 128.2% in Q2 FY26. Against Q1 FY27, total expenses rose ₹0.11 crore and other expenses rose ₹0.13 crore as other income fell ₹0.17 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 0.16 | 0.14 | +0.02 | +14.3% |
| Finance costs | 0 | 0.02 | −0.02 | |
| Depreciation | 0.02 | 0.02 | 0 | +0.0% |
| Other expenses | 0.30 | 0.14 | +0.16 | +114.3% |
| Total expenses | 0.49 | 0.32 | +0.17 | +53.1% |
| Other income | 0.42 | 0.66 | −0.24 | −36.4% |
| Tax | 0.11 | 0.21 | −0.10 | −47.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, standalone revenue rose ₹0.27 crore or 30.7% to ₹1.15 crore from ₹0.88 crore in H1 FY26. Total income was ₹2.16 crore, down ₹0.03 crore or 1.4% from ₹2.19 crore.
Profit before tax fell ₹0.24 crore or 15.7% to ₹1.29 crore from ₹1.53 crore, while net profit declined ₹0.16 crore or 14.4% to ₹0.95 crore from ₹1.11 crore. Basic EPS for the first half was ₹0.76, down from ₹0.89 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1.15 | 0.88 | +30.7% |
| Profit before tax | 1.29 | 1.53 | −15.7% |
| Net profit | 0.95 | 1.11 | −14.4% |
| EPS (₹) | 0.76 | 0.89 | −14.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹86.55 crore as on 30 September 2026 from ₹85.14 crore as on 31 March 2026. Total equity rose to ₹86.55 crore from ₹85.13 crore, while the company reported no borrowings at either date. Cash and cash equivalents fell to ₹0.7 crore from ₹1.17 crore.
H1 FY27 operating cash flow was ₹2.48 crore, compared with negative ₹5.08 crore in H1 FY26. Investing cash flow was negative ₹2.94 crore, against positive ₹6.23 crore a year earlier, while financing cash flow was negative ₹0.01 crore against negative ₹0.02 crore. Capital expenditure was ₹0.02 crore in both periods.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 86.55 | 85.14 |
| Total equity | 86.55 | 85.13 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 0.70 | 1.17 |
| Inventories | 0 | 0 |
| Trade receivables | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 2.48 | −5.08 |
| Cash from investing | −2.94 | 6.23 |
| Cash from financing | −0.01 | −0.02 |
| Capital expenditure | 0.02 | 0.02 |
Source: Company's results filing (XBRL).
How has Ashirwad Steels & Industries done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters. In the latest quarter, revenue increased from ₹0.48 crore to ₹0.61 crore, while profit for the period declined from ₹0.62 crore to ₹0.44 crore. The EBITDA margin fell from 41.6% to 24.4%.
Across the available quarterly series, revenue peaked at ₹0.83 crore in Q4 FY25 and bottomed at ₹0.34 crore in Q3 FY25. Profit for the period peaked at ₹0.72 crore in Q4 FY25 and bottomed at ₹0.44 crore in Q3 FY26, before ending Q2 FY27 at ₹0.44 crore.
The EBITDA margin peaked at 51.9% in Q4 FY25 and bottomed at 22.4% in Q1 FY26. It was 34.4% in Q1 FY27 before falling to 24.4% in Q2 FY27, indicating lower margins in the latest quarter.
How did Ashirwad Steels & Industries shares react?
After the filing, the stock was down 2.1% at 5 minutes, 15 minutes and 30 minutes. From the pre-results close, it fell 5.5% on the reaction day. By the next day's close, the stock was down 6.6% from its pre-results close.
Earlier reaction-day moves were positive 2.4% on 7 August 2026, negative 2.7% on 22 May 2026, negative 0.2% on 6 February 2026 and unchanged on 6 November 2025. Earlier moves were negative 4.7% on 8 August 2025, negative 3.5% on 21 May 2025, positive 2.2% on 25 October 2024 and negative 0.4% on 26 July 2024.
| After the filing | Stock | Iron & Steel Products median |
|---|---|---|
| 5 minutes | −2.1% | |
| 15 minutes | −2.1% | |
| 30 minutes | −2.1% | |
| Reaction day | −5.5% | +0.9% |
| Next day | −6.6% | +1.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 August 2026 | +2.4% |
| 22 May 2026 | −2.7% |
| 6 February 2026 | −0.2% |
| 6 November 2025 | +0.0% |
| 8 August 2025 | −4.7% |
| 21 May 2025 | −3.5% |
| 25 October 2024 | +2.2% |
| 26 July 2024 | −0.4% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel Products companies do?
Twenty-six other Iron & Steel Products companies that had filed for the quarter were compared with Ashirwad Steels & Industries. Their median revenue growth was 23.5%. Fourteen peers grew slower than the company, while 12 peers grew faster than the company.
Among the 31 peers for which profit was compared, 21 reported higher profit. The peer comparison was recorded as on 4 November 2026.
| Ashirwad Steels & Industries revenue growth (YoY) | +27.1% |
|---|---|
| Median of 26 other Iron & Steel Products companies | +23.5% |
| Companies with slower revenue growth than Ashirwad Steels & Industries | 14 of 26 |
| Companies with faster revenue growth than Ashirwad Steels & Industries | 12 of 26 |
| Companies whose net profit rose | 21 of 31 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Ashirwad Steels & Industries' revenue in Q2 FY27?
Revenue from operations was ₹0.61 crore, up 27.1% from ₹0.48 crore in Q2 FY26 (standalone).
Did Ashirwad Steels & Industries make a profit in Q2 FY27?
Yes. Net profit was ₹0.44 crore, against a net profit of ₹0.62 crore in Q2 FY26.
What was Ashirwad Steels & Industries' EPS in Q2 FY27?
Basic earnings per share were ₹0.35, against ₹0.49 in Q2 FY26.
How did Ashirwad Steels & Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.5% from the previous close; the median Iron & Steel Products stock moved +0.9%.
When did Ashirwad Steels & Industries announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting Under Regulation 29 Of SEBI (LODR), 2015 (BSE, 22 October 2026) · PDF
- Results- Financial Result For Sep 30 , 2026 (BSE, 30 October 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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