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Electrotherm Q2 FY27 results: net loss narrows to ₹19.97 crore, revenue up 12.1%
Electrotherm (India) Limited reported consolidated revenue of ₹912.43 crore in Q2 FY27, up 12.1% from ₹814.26 crore in Q2 FY26, but recorded a net loss of ₹19.97 crore and a basic EPS loss of ₹15.67. EBITDA was negative at ₹14.41 crore, with a margin of -1.6%, while profit and loss before tax was negative at ₹27.37 crore.
Key points
- Consolidated revenue was ₹912.43 crore in Q2 FY27, up ₹98.17 crore or 12.1% from Q2 FY26.
- Consolidated net loss was ₹19.97 crore, compared with a net loss of ₹21.62 crore in Q2 FY26.
- EBITDA was a loss of ₹14.41 crore, or -1.6% margin, against a loss of ₹12.13 crore and -1.5% margin in Q2 FY26.
- Basic EPS was a loss of ₹15.67, compared with a loss of ₹16.97 in Q2 FY26.
- H1 FY27 revenue was ₹1,825.81 crore, up 10.8% from ₹1,648.31 crore in H1 FY26, while PAT was a net loss of ₹13.04 crore.
How did Electrotherm perform in Q2 FY27?
Electrotherm reported consolidated revenue of ₹912.43 crore in Q2 FY27, up ₹98.17 crore or 12.1% from ₹814.26 crore in Q2 FY26. Total income was ₹913.32 crore, up ₹97.71 crore or 12.0%. EBITDA was a loss of ₹14.41 crore, compared with a loss of ₹12.13 crore in the year-ago quarter, while the EBITDA margin moved from -1.5% to -1.6%.
The company reported a consolidated net loss of ₹19.97 crore in Q2 FY27, compared with a net loss of ₹21.62 crore in Q2 FY26, and profit attributable to owners was a loss of ₹19.96 crore against a loss of ₹21.62 crore. Basic EPS was a loss of ₹15.67, compared with a loss of ₹16.97. Against Q1 FY27, revenue fell ₹0.95 crore to ₹912.43 crore, while EBITDA moved from ₹22.40 crore to a loss of ₹14.41 crore and net profit moved from ₹6.93 crore to a net loss of ₹19.97 crore.
The filing also gave standalone results for the quarter: revenue was ₹912.43 crore, profit before tax was a loss of ₹27.39 crore and profit after tax was a net loss of ₹21.71 crore, compared with a standalone net loss of ₹22.40 crore in Q2 FY26. The company approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 912.43 | 913.38 | 814.26 | +12.1% | −0.1% |
| Other income | 0.89 | 1.51 | 1.35 | −34.1% | −41.1% |
| Total expenses | 940.69 | 906.08 | 844.10 | +11.4% | +3.8% |
| EBITDA | −14.41 | 22.40 | −12.13 | turned to loss | |
| EBITDA margin | -1.6% | 2.5% | -1.5% | −0.1 pp | −4.1 pp |
| Profit before tax | −27.37 | 8.81 | −28.49 | turned to loss | |
| Tax | −7.33 | 1.93 | −6.81 | ||
| Net profit | −19.97 | 6.93 | −21.62 | turned to loss | |
| EPS (₹) | −15.67 | 5.44 | −16.97 | 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 Electrotherm's costs and profit?
Total expenses were ₹940.69 crore in Q2 FY27, up ₹96.59 crore or 11.4% from ₹844.10 crore in Q2 FY26. Cost of materials was the largest increase, rising ₹102.83 crore or 17.4% to ₹692.48 crore. Other expenses rose ₹22.67 crore or 13.0% to ₹197.41 crore, employee cost increased ₹5.89 crore or 10.1% to ₹64 crore, and depreciation rose ₹0.71 crore or 6.7% to ₹11.24 crore.
Finance costs declined ₹4.57 crore or 63.6% to ₹2.61 crore from ₹7.18 crore in Q2 FY26. Other income fell ₹0.46 crore or 34.1% to ₹0.89 crore from ₹1.35 crore. Tax expense was ₹7.33 crore, compared with ₹6.81 crore in the year-ago quarter. There was no exceptional item in either quarter.
Against Q1 FY27, total expenses rose ₹34.61 crore or 3.8% to ₹940.69 crore. Cost of materials fell ₹21.26 crore or 3.0% to ₹692.48 crore, while employee cost rose ₹7.63 crore or 13.5% to ₹64 crore, other expenses increased ₹13.24 crore or 7.2% to ₹197.41 crore and finance costs fell ₹1.36 crore or 34.3% to ₹2.61 crore. Other income declined ₹0.62 crore or 41.1% to ₹0.89 crore. The filing does not state reasons for these movements.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 692.48 | 589.65 | +102.83 | +17.4% |
| Employee cost | 64 | 58.11 | +5.89 | +10.1% |
| Finance costs | 2.61 | 7.18 | −4.57 | −63.6% |
| Depreciation | 11.24 | 10.53 | +0.71 | +6.7% |
| Other expenses | 197.41 | 174.74 | +22.67 | +13.0% |
| Total expenses | 940.69 | 844.10 | +96.59 | +11.4% |
| Other income | 0.89 | 1.35 | −0.46 | −34.1% |
| Tax | −7.33 | −6.81 | −0.52 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Electrotherm reported consolidated revenue of ₹1,825.81 crore, up ₹177.5 crore or 10.8% from ₹1,648.31 crore in H1 FY26. Total income was ₹1,828.21 crore, up ₹177.78 crore or 10.8% from ₹1,650.43 crore. The company reported a loss before tax of ₹18.56 crore, compared with profit before tax of ₹5.27 crore in H1 FY26, and a net loss of ₹13.04 crore compared with profit after tax of ₹6.13 crore.
Basic EPS for H1 FY27 was a loss of ₹10.23, compared with EPS of ₹4.81 in H1 FY26. The standalone half-year figures were revenue of ₹1,825.81 crore, a loss before tax of ₹18.60 crore and a net loss of ₹13.20 crore, compared with standalone revenue of ₹1,648.31 crore, profit before tax of ₹5.23 crore and profit after tax of ₹5.97 crore in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,826 | 1,648 | +10.8% |
| Profit before tax | −18.56 | 5.27 | turned to loss |
| Net profit | −13.04 | 6.13 | turned to loss |
| EPS (₹) | −10.23 | 4.81 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹2,186.34 crore, compared with ₹2,012.68 crore at 31 March 2026. Total equity was negative ₹156.93 crore, compared with negative ₹153.88 crore, and borrowings were ₹1,047.51 crore against ₹1,060.26 crore. Cash was ₹16.77 crore, compared with ₹34 crore.
Inventories increased to ₹713.98 crore from ₹570.98 crore at the previous balance sheet date. Trade receivables fell to ₹227.18 crore from ₹259.08 crore, while trade payables rose to ₹498.15 crore from ₹480.60 crore.
H1 FY27 operating cash flow was ₹38.32 crore, compared with ₹166.62 crore in H1 FY26. Investing cash flow was negative ₹45.45 crore against negative ₹20.59 crore, while financing cash flow was negative ₹10.1 crore against negative ₹135.84 crore. Capital expenditure was ₹49.77 crore, compared with ₹28.02 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,186 | 2,013 |
| Total equity | −156.93 | −153.88 |
| Borrowings | 1,048 | 1,060 |
| Cash and equivalents | 16.77 | 34 |
| Inventories | 713.98 | 570.98 |
| Trade receivables | 227.18 | 259.08 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 38.32 | 166.62 |
| Cash from investing | −45.45 | −20.59 |
| Cash from financing | −10.10 | −135.84 |
| Capital expenditure | 49.77 | 28.02 |
Source: Company's results filing (XBRL).
How has Electrotherm done over the last 8 quarters?
Revenue in the reported quarterly trend peaked at ₹1,161.08 crore in Q4 FY25 and was lowest at ₹834.05 crore in Q1 FY26. It rose to ₹1,139.99 crore in Q4 FY26, then eased to ₹913.38 crore in Q1 FY27 and ₹912.43 crore in Q2 FY27. Revenue rose year on year in each of the last two quarters, according to the supplied trend data.
Profit was highest at ₹185.5 crore in Q4 FY25 and lowest at a net loss of ₹35.42 crore in Q3 FY26. It recovered to ₹13.63 crore in Q4 FY26 and ₹6.93 crore in Q1 FY27, before moving to a net loss of ₹19.97 crore in Q2 FY27. EBITDA margin peaked at 9.9% in Q3 FY25, fell to -3.4% in Q3 FY26, and was -1.6% in Q2 FY27.
Which businesses drove the quarter?
The Engineering & Technologies Division reported revenue of ₹363.75 crore in Q2 FY27, up 24.9% from ₹291.12 crore in Q2 FY26. EBIT was ₹23.8 crore, compared with ₹16.4 crore in the year-ago quarter, and the reported EBIT margin was 6.5%.
The Special Steel Division reported revenue of ₹541.57 crore, up 5.4% from ₹513.78 crore, and EBIT of negative ₹47.82 crore compared with negative ₹34.99 crore. Its reported EBIT margin was -8.8%. The Electric Vehicle Division reported revenue of ₹10.83 crore and EBIT of negative ₹0.74 crore, with an EBIT margin of -6.8%; no year-ago comparison was provided for this segment.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Engineering & Technologies Division | 363.75 | +24.9% | 23.80 | 6.5% |
| Special Steel Division | 541.57 | +5.4% | −47.82 | -8.8% |
| Electric Vehicle Division | 10.83 | −0.74 | -6.8% | |
| Others | 0 | 0.01 |
Source: Company's results filing (XBRL segment data).
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 on 4 November 2026. It also approved a variation of the powers of Shailesh Bhandari, Managing Director designated as Executive Vice Chairman, effective from 4 November 2026 during his current term up to 31 January 2031, subject to shareholder approval.
The company filed a postal ballot notice seeking shareholder approval by special resolution for the variation of Shailesh Bhandari’s powers. It appointed Arvind Gaudana, Senior Partner, or failing him Bhavya Gaudana, Partner of Gaudana & Gaudana, Practising Company Secretaries, and authorised Executive Directors and the Company Secretary to send the notice. The same-day filings did not report a dividend or fund raise.
What did the auditors point out?
The limited review report contained a qualification concerning the net loss for the quarter and half year ended 30 September 2026, which the auditors said was understated by ₹52.42 crore and ₹103.32 crore respectively. It also said the amount of Bank and Asset Reconstruction Company liability and total retained earnings or loss as on 30 September 2026 was understated by ₹1,499.29 crore. The report noted that the auditors’ report for the year ended 31 March 2026 and limited review reports for the quarters ended 30 June 2026 and 30 September 2025 were also qualified in this respect.
The auditors drew attention to material uncertainty related to the going concern of the joint venture Bhaskarpara Coal Company Limited, following action by the Ministry of Coal for de-allocation of a coal block. They also referred to the going-concern uncertainty affecting Shree Ram Electrocast Limited, whose assets State Bank of India had taken action to sell through auction, and to Hans Ispat Limited, where Bank of Baroda had initiated recovery and auction action.
How did other Iron & Steel Products companies do?
Among 27 Iron & Steel Products companies compared for the quarter, the median revenue growth was 23.9%. Nine peers grew slower than Electrotherm, while 18 grew faster than the company’s 12.1% revenue growth. The peer set was measured as of 4 November 2026.
Twenty-one peers reported higher profit, based on 32 companies for which profit was compared. Electrotherm reported a consolidated net loss of ₹19.97 crore in Q2 FY27.
| Electrotherm revenue growth (YoY) | +12.1% |
|---|---|
| Median of 27 other Iron & Steel Products companies | +23.9% |
| Companies with slower revenue growth than Electrotherm | 9 of 27 |
| Companies with faster revenue growth than Electrotherm | 18 of 27 |
| Companies whose net profit rose | 21 of 32 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Electrotherm's revenue in Q2 FY27?
Revenue from operations was ₹912.43 crore, up 12.1% from ₹814.26 crore in Q2 FY26 (consolidated).
Did Electrotherm make a profit in Q2 FY27?
No. It reported a net loss of ₹19.97 crore, against a net loss of ₹21.62 crore in Q2 FY26.
What was Electrotherm's EPS in Q2 FY27?
Basic loss per share was ₹15.67, against a loss of ₹16.97 in Q2 FY26.
When did Electrotherm announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for The Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended On 30Th September, 2026 (BSE, 24 October 2026) · PDF
- Board Meeting Outcome for Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended On 30Th September, 2026 (BSE, 4 November 2026) · PDF
- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended On 30Th September, 2026 (BSE, 4 November 2026) · PDF
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