GAMCO Q2 FY27 results: net profit ₹38.49 crore vs ₹8.30 crore loss, revenue up 192.3%

How did GAMCO perform in Q2 FY27?

GAMCO’s consolidated revenue for Q2 FY27 was ₹254.09 crore, up 192.3% from ₹86.94 crore in Q2 FY26 and 123.8% from ₹113.51 crore in Q1 FY27. EBITDA was ₹52.28 crore, compared with a loss of ₹7.03 crore in Q2 FY26 and ₹40.48 crore in Q1 FY27; the margin was 20.6%, up 28.7 percentage points year on year but down 15.1 percentage points sequentially.

Profit before tax was ₹41.42 crore in Q2 FY27, against a loss of ₹9.85 crore in Q2 FY26 and ₹35.29 crore in Q1 FY27. Net profit was ₹38.49 crore, compared with a net loss of ₹8.30 crore a year earlier and ₹32.43 crore in the previous quarter. Basic EPS was ₹7.12, versus -₹1.54 in Q2 FY26 and ₹6.00 in Q1 FY27. On a standalone basis, revenue was ₹248.36 crore and profit attributable to owners was ₹38.75 crore.

The quarter’s figures were reported on a consolidated basis. The company also reported standalone revenue of ₹248.36 crore, profit before tax of -₹7.75 crore and profit attributable to owners of ₹38.75 crore for Q2 FY27.

What changed in GAMCO's costs and profit?

Total expenses rose 119.8% year on year to ₹213.24 crore from ₹97.03 crore in Q2 FY26, while other income increased to ₹0.57 crore from ₹0.24 crore. Employee cost was ₹0.49 crore, up ₹0.12 crore from ₹0.37 crore; finance costs were ₹11.01 crore, up ₹8.11 crore from ₹2.90 crore; depreciation was ₹0.43 crore, up ₹0.27 crore from ₹0.16 crore; and other expenses were ₹4.80 crore, up ₹3.54 crore from ₹1.26 crore.

Against Q1 FY27, total expenses rose ₹134.81 crore to ₹213.24 crore from ₹78.43 crore. Finance costs increased by ₹5.82 crore to ₹11.01 crore, employee cost by ₹0.24 crore to ₹0.49 crore, depreciation by ₹0.22 crore to ₹0.43 crore and other expenses by ₹3.31 crore to ₹4.80 crore. Other income was higher by ₹0.37 crore at ₹0.57 crore. There was no exceptional item in either comparison period.

The filing reported revenue, expenses and profit, but did not state a specific reason for the changes in revenue or cost lines. Tax was ₹2.81 crore in Q2 FY27, against a net tax credit of ₹1.49 crore in Q2 FY26 and tax of ₹2.75 crore in Q1 FY27.

What do the balance sheet and cash flow show?

Total assets increased to ₹556.49 crore as on 30 September 2026 from ₹509.1 crore on 31 March 2026, while total equity rose to ₹206.62 crore from ₹167.19 crore. Inventories increased to ₹228.23 crore from ₹180.35 crore, and cash was lower at ₹0.60 crore from ₹1.09 crore. Borrowings were not reported.

For H1 FY27, operating cash flow was -₹55.0 crore, compared with -₹66.4 crore in H1 FY26. Investing cash flow was -₹9.17 crore against ₹3.79 crore, financing cash flow was ₹63.71 crore against ₹61.54 crore, and capital expenditure was ₹0.34 crore compared with ₹1.03 crore.

How has GAMCO done over the last 8 quarters?

Revenue increased year on year in each of the last two quarters. It reached ₹254.09 crore in Q2 FY27, above ₹113.51 crore in Q1 FY27 and ₹86.94 crore in Q2 FY26, after a low of -₹3.41 crore in Q4 FY25.

Net profit moved from a loss of ₹48.88 crore in Q4 FY26 to ₹32.43 crore in Q1 FY27 and ₹38.49 crore in Q2 FY27. The EBITDA margin also recovered from -58.2% in Q4 FY26 to 35.7% in Q1 FY27 and 20.6% in Q2 FY27, so profit and margin moved higher while the margin eased from the previous quarter.

What else did the company announce?

The board approved the Q2 FY27 and H1 FY27 unaudited standalone and consolidated results. It also approved the appointment of Jayshri Tulsyan as an additional Woman Independent Non-Executive Director for a period of 2 years, subject to shareholder approval, and recorded Ayushi Khaitan’s resignation as Women Non-Executive Independent Director.

The board recorded BSE’s in-principle approval for the preferential issue of 43,05,960 equity shares of ₹2 each at a price not less than ₹50 to non-promoters. It also approved the proposed incorporation of a wholly owned subsidiary named GAMCO Hospitality Private Limited, subject to the required approvals. The same-day investor presentation was filed with the results.

What did GAMCO's management say?

Management said GAMCO was repositioning from market-linked equity gains towards recurring asset-backed income, with growth across equity, real estate, logistics and hospitality. Rajiv Goenka, Managing Director, said: “These numbers represent more than scale. They represent land secured, partners chosen carefully, and international operators, and a business model that is steadily moving from market-linked gains towards asset-backed income.”

Gopal Roy, CFO, said: “While we have continued to invest in the business that will save our next sales, we remain cautious of capital discipline, leverage, and the quality of our earnings.” Management said expansion funding would combine liquid equity, debt, internal accruals and selective asset sales, with roughly 25% liquid-equity allocation. No consolidated FY27 revenue or profit guidance was provided.

How did GAMCO shares react?

GAMCO fell 3.4% within five minutes and 15 minutes of the filing appearing in the market, and fell 3.0% after 30 minutes. On the reaction day, the stock closed 0.4% above its pre-results close of ₹42.00. By the next day’s close, it was 2.3% above that pre-results close.

How did other Other Financial Services companies do?

Twenty Other Financial Services companies had filed for the quarter. Their median revenue growth was -13.7%; all 20 grew more slowly than GAMCO, and none grew faster. Of the peers for which profit was compared, 19 reported higher profit.