Dhoot Transmission Q2 FY27 results: net profit ₹117.82 crore

How did Dhoot Transmission perform in Q2 FY27?

Dhoot Transmission reported consolidated revenue of ₹1,827 crore for Q2 FY27, up 26.3% from ₹1,446 crore in Q1 FY27. EBITDA rose to ₹261.81 crore from ₹218.43 crore, but the EBITDA margin declined to 14.3% from 15.1%. Total income was ₹1,842.34 crore, and total expenses were ₹1,630.72 crore.

Profit before tax was ₹156.86 crore, down 9.8% from ₹173.95 crore in Q1 FY27. Net profit was ₹117.82 crore, down 11.2% from ₹132.67 crore, and EPS was ₹5.98 against ₹7.04. The quarter included an exceptional charge of ₹54.76 crore. On a standalone basis, revenue was ₹1,263.57 crore and PAT was ₹13.61 crore.

The quarter covered July–September 2026. H1 FY27 consolidated revenue was ₹3,273.62 crore, total income was ₹3,302.41 crore, PBT was ₹330.81 crore, PAT was ₹250.49 crore and EPS was ₹12.99.

What do the balance sheet and cash flow show?

At 30 September 2026, consolidated total assets were ₹5,604.01 crore, total equity was ₹4,042.53 crore, borrowings were ₹223.83 crore and cash was ₹395.15 crore. Inventories were ₹867.45 crore, trade receivables were ₹1,239.1 crore and trade payables were ₹1,010.15 crore. The previous balance-sheet date and year-earlier comparison figures were not provided.

For H1 FY27, operating cash flow was ₹40.21 crore, investing cash flow was negative ₹1,419.54 crore and financing cash flow was ₹691.27 crore. Capital expenditure was ₹298.29 crore, and no year-earlier cash-flow comparison was provided. The investor presentation separately stated that H1 FY27 capex was ₹2,929 million and that free cash flow was negative ₹2,526 million after the stated capex.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 at its meeting on 3 November 2026. The filing also included the statement of assets and liabilities, the cash-flow statement and limited-review reports from the statutory auditors. The same-day investor communication was titled “Q2 FY27 revenue rises 61%, but EBITDA margin falls to 14.3%”.

The available same-day filings and excerpts did not report a dividend, a fund raise or an appointment. A revised investor presentation was filed on 4 November 2026 to correct a typographical error on page 21, with no change to the other financial numbers. The earlier board-meeting intimation had kept the trading window closed through 5 November 2026.

What did Dhoot Transmission's management say?

Management said H1 FY27 revenue growth accelerated to 56% YoY, with EV revenue at 29% of H1 revenue and 31% in Q2. It said the core wiring-harness business and Multilink consolidation drove revenue acceleration, while the company was scaling EV revenue and electronics content and diversifying beyond two-wheelers into commercial vehicles, off-highway, farming, passenger vehicles and exports.

Management said FY27 capital expenditure was revised to ₹7,500 million from ₹5,100 million initially budgeted, with ₹5,000 million shown for FY28. It said around 55% of new wiring-harness capacities would be spread across FY27–FY29, with leased Pune and Chennai plants planned for Q3 FY27, Hosur for Q1 FY28, and Jhajjar for Q4 FY27 and Q2 FY28. It also said powertrain battery production at Hosur and Pune would commence in June 2027 and September 2027.

Management said the Q2 EBITDA margin decline reflected higher copper of approximately 150 basis points, PVC costs, and manpower costs including ESOP of approximately 120 basis points, while Multilink’s lower-margin mix diluted the margin by approximately 38 basis points. It said trade working capital rose to ₹10,964 million from ₹8,700 million and working-capital days increased to 61 from 55. The presentation also identified higher depreciation and amortisation as a reason adjusted H1 PAT growth was below EBITDA growth.

How did Dhoot Transmission shares react?

After the filing appeared, the stock fell 2.9% within five minutes and 3.2% within 15 minutes. On the reaction day, it closed 1.0% below the previous close. By the next day’s close, the stock was up 7.2% from its pre-results close. No five-day move was provided, and no industry or Nifty Microcap 250 comparison was available.

The previous results-day move listed was on 4 September 2026, when the reaction-day move was 0.1%. The available market comparison was the Nifty Microcap 250, but matching sector and index reaction figures were not provided.