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Esab India Q2 FY27 results: net profit down 38.2% to ₹48.94 crore, revenue up 11.1%
Esab India Limited reported standalone revenue of ₹424.03 crore and a net profit of ₹48.94 crore for Q2 FY27. Revenue rose 11.1% from Q2 FY26, while profit fell 38.2% and EBITDA margin declined to 16.4% from 18.9%.
Key points
- Q2 FY27 revenue was ₹424.03 crore, up 11.1% from ₹381.55 crore in Q2 FY26.
- EBITDA was ₹69.33 crore, down 4.0% from ₹72.22 crore, while margin fell 2.5 percentage points to 16.4%.
- Net profit was ₹48.94 crore, down 38.2% from ₹79.20 crore, and basic EPS was ₹31.80.
- Against Q1 FY27, revenue rose 0.7% to ₹424.03 crore, while net profit fell 12.8% to ₹48.94 crore.
- The board declared a 200% interim dividend of ₹20 per share, with a record date of 10 November 2026.
How did Esab India perform in Q2 FY27?
Esab India reported standalone revenue of ₹424.03 crore in Q2 FY27, up ₹42.48 crore or 11.1% from ₹381.55 crore in Q2 FY26. EBITDA declined ₹2.89 crore or 4.0% to ₹69.33 crore, and margin fell 2.5 percentage points to 16.4%. Profit before tax was ₹66.30 crore, down ₹34.73 crore or 34.4%.
Net profit fell ₹30.26 crore or 38.2% to ₹48.94 crore from ₹79.20 crore, while basic EPS declined ₹19.66 to ₹31.80. Against Q1 FY27, revenue rose ₹2.91 crore or 0.7%, but EBITDA fell ₹9.84 crore or 12.4% to ₹69.33 crore and net profit declined ₹7.20 crore or 12.8%. The results are standalone; no consolidated figures were provided.
Total income was ₹426.29 crore, up ₹42.40 crore or 11.0% from the year-ago quarter. The net profit margin fell 9.3 percentage points to 11.5% from 20.8% and was 1.8 percentage points lower than Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 424.03 | 421.12 | 381.55 | +11.1% | +0.7% |
| Other income | 2.26 | 1.78 | 2.34 | −3.4% | +27.0% |
| Total expenses | 359.99 | 346.87 | 313.77 | +14.7% | +3.8% |
| EBITDA | 69.33 | 79.17 | 72.22 | −4.0% | −12.4% |
| EBITDA margin | 16.4% | 18.8% | 18.9% | −2.5 pp | −2.4 pp |
| Profit before tax | 66.30 | 76.03 | 101.03 | −34.4% | −12.8% |
| Tax | 17.36 | 19.89 | 21.83 | −20.5% | −12.7% |
| Net profit | 48.94 | 56.14 | 79.20 | −38.2% | −12.8% |
| EPS (₹) | 31.80 | 36.48 | 51.46 | −38.2% | −12.8% |
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 Esab India's costs and profit?
Total expenses rose ₹46.22 crore or 14.7% to ₹359.99 crore in Q2 FY27, outpacing the increase in revenue. Cost of materials increased ₹29.18 crore or 19.7% to ₹177.39 crore, while employee cost rose ₹9.15 crore or 27.7% to ₹42.24 crore.
Other expenses increased ₹7 crore or 13.5% to ₹59.02 crore, depreciation rose ₹0.80 crore or 19.8% to ₹4.84 crore, and finance costs increased ₹0.05 crore or 12.5% to ₹0.45 crore. Other income fell ₹0.08 crore or 3.4% to ₹2.26 crore.
There was no exceptional item in Q2 FY27. Q2 FY26 included an exceptional gain of ₹30.91 crore. Tax expense declined ₹4.47 crore or 20.5% to ₹17.36 crore, while profit before tax fell ₹34.73 crore to ₹66.30 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 177.39 | 148.21 | +29.18 | +19.7% |
| Employee cost | 42.24 | 33.09 | +9.15 | +27.7% |
| Finance costs | 0.45 | 0.40 | +0.05 | +12.5% |
| Depreciation | 4.84 | 4.04 | +0.80 | +19.8% |
| Other expenses | 59.02 | 52.02 | +7 | +13.5% |
| Total expenses | 359.99 | 313.77 | +46.22 | +14.7% |
| Other income | 2.26 | 2.34 | −0.08 | −3.4% |
| Tax | 17.36 | 21.83 | −4.47 | −20.5% |
| Exceptional items | none | +30.91 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, Esab India reported revenue of ₹845.15 crore, up ₹111.58 crore or 15.2% from ₹733.57 crore in H1 FY26. Total income rose ₹112.40 crore or 15.3% to ₹849.19 crore, while profit before tax fell ₹13.80 crore or 8.8% to ₹142.33 crore.
Net profit for the first half declined ₹15.06 crore or 12.5% to ₹105.08 crore from ₹120.14 crore. Basic EPS was ₹68.28, down ₹9.78 or 12.5% from ₹78.06 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 845.15 | 733.57 | +15.2% |
| Profit before tax | 142.33 | 156.13 | −8.8% |
| Net profit | 105.08 | 120.14 | −12.5% |
| EPS (₹) | 68.28 | 78.06 | −12.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹760.02 crore, compared with ₹698.87 crore at 31 March 2026, while total equity rose to ₹496.85 crore from ₹429.38 crore. The company reported no borrowings at either date and held cash and cash equivalents of ₹66.63 crore, up from ₹57.46 crore.
Inventories increased to ₹145.87 crore from ₹140.67 crore, and trade receivables rose to ₹261.59 crore from ₹254.07 crore. Trade payables declined to ₹200.12 crore from ₹206.99 crore. In H1 FY27, operating cash flow was ₹88.25 crore, compared with ₹49.22 crore in H1 FY26.
Investing cash flow was an outflow of ₹40.16 crore in H1 FY27, compared with an outflow of ₹10.70 crore in H1 FY26, while financing cash flow was an outflow of ₹38.93 crore against an outflow of ₹65.12 crore. Capital expenditure was ₹16.15 crore, compared with ₹16.40 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 760.02 | 698.87 |
| Total equity | 496.85 | 429.38 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 66.63 | 57.46 |
| Inventories | 145.87 | 140.67 |
| Trade receivables | 261.59 | 254.07 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 88.25 | 49.22 |
| Cash from investing | −40.16 | −10.70 |
| Cash from financing | −38.93 | −65.12 |
| Capital expenditure | 16.15 | 16.40 |
Source: Company's results filing (XBRL).
How has Esab India done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis. Over the reported series, quarterly revenue was lowest at ₹337.49 crore in Q3 FY25 and highest at ₹424.03 crore in Q2 FY27; the latest reading was above the ₹421.12 crore recorded in Q1 FY27.
Net profit peaked at ₹79.20 crore in Q2 FY26 and was lowest at ₹40.38 crore in Q3 FY25. It fell to ₹48.94 crore in Q2 FY27 from ₹56.14 crore in Q1 FY27, while the EBITDA margin eased to 16.4% from 18.8%.
Across the series, EBITDA margin was lowest at 15.9% in Q4 FY26 and highest at 20.0% in Q3 FY26. After recovering to 18.8% in Q1 FY27, it declined to 16.4% in Q2 FY27.
What else did the company announce?
The board approved the unaudited financial results for the quarter and six months ended 30 September 2026 on 4 November 2026, following review by the audit committee. It also declared a 200% interim dividend of ₹20 per equity share of ₹10 each, resulting in an outflow of ₹30,78,60,400, subject to deduction of tax at source where applicable.
The dividend has a record date of 10 November 2026 and is to be paid to equity shareholders on or before 1 December 2026. The same-day filing did not announce a fund raise or any appointment.
How did Esab India shares react?
The results appeared after market hours, and the stock was down 2.3% after five minutes, 2.2% after 15 minutes and 3.8% after 30 minutes from the price when the filing appeared. No reaction-day, next-day or five-day close was available, and there was no industry or market comparison for those periods.
Earlier results-day moves were mixed: the stock rose 2.8% on 11 August 2026 and 8.1% on 10 November 2025, while it fell 6.8% on 27 May 2026, 2.7% on 10 February 2026 and 1.9% on 11 August 2025.
| After the filing | Stock |
|---|---|
| 5 minutes | −2.3% |
| 15 minutes | −2.2% |
| 30 minutes | −3.8% |
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 |
|---|---|
| 11 August 2026 | +2.8% |
| 27 May 2026 | −6.8% |
| 10 February 2026 | −2.7% |
| 10 November 2025 | +8.1% |
| 11 August 2025 | −1.9% |
| 27 May 2025 | −0.4% |
| 10 February 2025 | −2.4% |
| 8 November 2024 | −2.8% |
Source: MarketPing price-reaction measurement.
How did other Other Industrial Products companies do?
Fourteen Other Industrial Products companies had filed for the quarter by 5 November 2026, with a median revenue growth of 13.9%. Eight peers grew faster than Esab India, while six grew more slowly, compared with Esab India’s revenue growth of 11.1%.
Of the 10 peers for which profit was compared, six reported higher profit. The peer data covers companies that had filed for the quarter as of 5 November 2026.
| Esab India revenue growth (YoY) | +11.1% |
|---|---|
| Median of 14 other Other Industrial Products companies | +13.9% |
| Companies with slower revenue growth than Esab India | 6 of 14 |
| Companies with faster revenue growth than Esab India | 8 of 14 |
| Companies whose net profit rose | 6 of 10 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Esab India's revenue in Q2 FY27?
Revenue from operations was ₹424.03 crore, up 11.1% from ₹381.55 crore in Q2 FY26 (standalone).
Did Esab India make a profit in Q2 FY27?
Yes. Net profit was ₹48.94 crore, against a net profit of ₹79.20 crore in Q2 FY26.
What was Esab India's EPS in Q2 FY27?
Basic earnings per share were ₹31.80, against ₹51.46 in Q2 FY26.
When did Esab India announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
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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