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Gayatri Projects Q2 FY27 results: net profit ₹47.93 crore vs ₹3.38 crore loss, revenue up 58.1%
Gayatri Projects Limited reported consolidated revenue of ₹115.63 crore for Q2 FY27, up 58.1% from ₹73.13 crore in Q2 FY26, while net profit moved to ₹47.93 crore from a net loss of ₹3.38 crore. EBITDA was ₹15.22 crore, with a 13.2% margin, and basic EPS was ₹3.09.
Key points
- Consolidated revenue was ₹115.63 crore in Q2 FY27, up 58.1% from ₹73.13 crore in Q2 FY26.
- EBITDA rose to ₹15.22 crore from ₹0.64 crore, while margin increased to 13.2% from 0.9%.
- Net profit was ₹47.93 crore, against a net loss of ₹3.38 crore in the year-ago quarter; basic EPS was ₹3.09.
- In H1 FY27, revenue was ₹344.41 crore and net profit was ₹85.05 crore, against ₹149.71 crore and a net loss of ₹3.96 crore in H1 FY26.
- At 30 September 2026, total assets were ₹2,125.50 crore, total equity was ₹968.71 crore, borrowings were ₹103.02 crore and cash was ₹70.84 crore.
How did Gayatri Projects perform in Q2 FY27?
Gayatri Projects reported consolidated revenue of ₹115.63 crore in Q2 FY27, up ₹42.50 crore or 58.1% from ₹73.13 crore in Q2 FY26. Total income rose ₹39 crore or 47.2% to ₹121.63 crore. EBITDA increased ₹14.58 crore to ₹15.22 crore, and the margin was 13.2%, up 12.3 percentage points from 0.9%.
Profit before tax turned to ₹49.65 crore from a loss of ₹3.18 crore, while net profit was ₹47.93 crore against a net loss of ₹3.38 crore. Basic EPS was ₹3.09, compared with a loss of ₹0.18 per share in Q2 FY26. Against Q1 FY27, revenue fell ₹113.14 crore, EBITDA fell ₹24.97 crore and the margin declined 4.4 percentage points, but net profit rose ₹10.81 crore to ₹47.93 crore.
On a standalone basis, revenue was ₹115.63 crore and profit after tax was ₹47.89 crore. The consolidated result includes the company’s equity-accounted profit, as shown in the filing’s highlight figures.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 115.63 | 228.77 | 73.13 | +58.1% | −49.5% |
| Other income | 5.99 | 25.26 | 9.50 | −36.9% | −76.3% |
| Total expenses | 108.85 | 195.42 | 85.81 | +26.9% | −44.3% |
| EBITDA | 15.22 | 40.19 | 0.64 | +2278.1% | −62.1% |
| EBITDA margin | 13.2% | 17.6% | 0.9% | +12.3 pp | −4.4 pp |
| Profit before tax | 49.65 | 36.77 | −3.18 | turned to profit | +35.0% |
| Tax | 3.04 | 0 | 0 | ||
| Net profit | 47.93 | 37.12 | −3.38 | turned to profit | +29.1% |
| EPS (₹) | 3.09 | 2.36 | −0.18 | turned to profit | +30.9% |
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 Gayatri Projects' costs and profit?
Total expenses for Q2 FY27 were ₹108.85 crore, up ₹23.04 crore or 26.9% from ₹85.81 crore in the year-ago quarter. Cost of materials and work expenditure increased ₹17.62 crore to ₹107.14 crore, employee benefit expense rose ₹5.15 crore to ₹10.54 crore, and other expenses rose ₹4.89 crore to ₹10.80 crore. Finance costs fell ₹1.34 crore to ₹3.79 crore, while depreciation and amortisation expense declined ₹3.54 crore to ₹4.65 crore.
Other income was ₹5.99 crore, down ₹3.51 crore from ₹9.50 crore in Q2 FY26. The quarter included an exceptional gain of ₹36.87 crore, compared with no exceptional item in the year-ago period. Profit before tax was ₹49.65 crore, against a loss of ₹3.18 crore, and tax expense was ₹3.04 crore, compared with no tax expense in Q2 FY26.
Against Q1 FY27, total expenses fell ₹86.57 crore to ₹108.85 crore, led by a ₹26.91 crore fall in cost of materials and work expenditure. Other income fell ₹19.27 crore, while finance costs rose ₹1.61 crore. Q1 FY27 included an exceptional charge of ₹21.84 crore, against an exceptional gain of ₹36.87 crore in Q2 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 107.14 | 89.52 | +17.62 | +19.7% |
| Employee cost | 10.54 | 5.39 | +5.15 | +95.5% |
| Finance costs | 3.79 | 5.13 | −1.34 | −26.1% |
| Depreciation | 4.65 | 8.19 | −3.54 | −43.2% |
| Other expenses | 10.80 | 5.91 | +4.89 | +82.7% |
| Total expenses | 108.85 | 85.81 | +23.04 | +26.9% |
| Other income | 5.99 | 9.50 | −3.51 | −36.9% |
| Tax | 3.04 | 0 | +3.04 | |
| Exceptional items | +36.87 (gain) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹344.41 crore, up ₹194.70 crore or 130.1% from ₹149.71 crore in H1 FY26. Total income rose ₹210.74 crore or 127.8% to ₹375.66 crore, and profit before tax moved from a loss of ₹3.90 crore to ₹86.42 crore.
Net profit for the first half was ₹85.05 crore, compared with a net loss of ₹3.96 crore in H1 FY26. Basic EPS was ₹5.45, compared with a loss of ₹0.21 per share in the year-earlier period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 344.41 | 149.71 | +130.1% |
| Profit before tax | 86.42 | −3.90 | turned to profit |
| Net profit | 85.05 | −3.96 | turned to profit |
| EPS (₹) | 5.45 | −0.21 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,125.50 crore, compared with ₹2,114.87 crore at 31 March 2026. Total equity rose to ₹968.71 crore from ₹606.88 crore, while borrowings fell to ₹103.02 crore from ₹311.35 crore. Cash and cash equivalents increased to ₹70.84 crore from ₹22.70 crore.
Trade receivables declined to ₹401.32 crore from ₹482.98 crore, and inventories fell to ₹122.71 crore from ₹128.72 crore. Trade payables decreased to ₹250.56 crore from ₹309.32 crore. For H1 FY27, net cash generated from operating activities was ₹102.50 crore, compared with net cash used of ₹212.38 crore in H1 FY26.
Investing activities generated ₹6.94 crore in H1 FY27, compared with ₹5.69 crore in H1 FY26, while financing activities generated ₹39.69 crore against net cash used of ₹30.57 crore. Capital expenditure was ₹6.35 crore, compared with ₹3.03 crore in the year-earlier period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,126 | 2,115 |
| Total equity | 968.71 | 606.88 |
| Borrowings | 103.02 | 311.35 |
| Cash and equivalents | 70.84 | 22.70 |
| Inventories | 122.71 | 128.72 |
| Trade receivables | 401.32 | 482.98 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 102.50 | −212.38 |
| Cash from investing | 6.94 | 5.69 |
| Cash from financing | 39.69 | −30.57 |
| Capital expenditure | 6.35 | 3.03 |
Source: Company's results filing (XBRL).
How has Gayatri Projects done over the last 8 quarters?
Revenue rose year on year in each of the last four quarters. The quarterly revenue series shows revenue reaching ₹505.84 crore in Q3 FY26, falling to ₹191.34 crore in Q4 FY26, rising to ₹228.77 crore in Q1 FY27 and easing to ₹115.63 crore in Q2 FY27. The current quarter was below Q1 FY27 but above ₹73.13 crore in Q2 FY26.
Profit was highly variable across the reported quarters. Net profit reached ₹2,157.08 crore in Q3 FY26, moved to a net loss of ₹111.00 crore in Q4 FY26, then was ₹37.12 crore in Q1 FY27 and ₹47.93 crore in Q2 FY27. The EBITDA margin reached 17.6% in Q1 FY27, compared with 13.2% in the latest quarter and 11.9% in Q1 FY26.
What did the auditors point out?
The limited review report includes an emphasis of matter and states that the review was substantially less in scope than an audit and did not enable the auditors to obtain assurance that all significant matters identified in an audit would become known. It therefore expresses no audit opinion. The report draws attention to the amount recognised as “Collateral Security Enforcement under SARFAESI”, the carrying value of the NCPS investment in an associate, and other matters stated in the notes.
The associate’s NCPS investment was ₹1,248.00 lakhs. The report says the associate had incurred operating losses during the past few years and that GHL repaid its entire subordinate debt or unsecured loan to Gayatri Projects during the quarter and half year ended 30 September 2026. The associate’s financial statements were prepared on a going-concern basis, with promoter support and expected cash flows from road investments; management considered no provision required against the NCPS carrying value.
How did Gayatri Projects shares react?
After the filing appeared in the market, the stock was up 6.6% at 5 minutes, 15 minutes and 30 minutes. It closed the reaction day up 5.2% from the previous close of ₹20.30, using the filing-time price of ₹20.04 as the base for the intraday moves.
| After the filing | Stock |
|---|---|
| 5 minutes | +6.6% |
| 15 minutes | +6.6% |
| 30 minutes | +6.6% |
| Reaction day | +5.2% |
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 |
|---|---|
| 12 August 2026 | +4.7% |
| 14 May 2026 | −4.3% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Gayatri Projects' revenue in Q2 FY27?
Revenue from operations was ₹115.63 crore, up 58.1% from ₹73.13 crore in Q2 FY26 (consolidated).
Did Gayatri Projects make a profit in Q2 FY27?
Yes. Net profit was ₹47.93 crore, against a net loss of ₹3.38 crore in Q2 FY26.
What was Gayatri Projects' EPS in Q2 FY27?
Basic earnings per share were ₹3.09, against a loss of ₹0.18 in Q2 FY26.
How did Gayatri Projects shares react to the Q2 FY27 results?
On the reaction day the stock moved +5.2% from the previous close.
When did Gayatri Projects announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Standalone And Consolidated Financial Results For QE 30.09.2026 (BSE, 27 October 2026) · PDF
- Outcome of Board Meeting (NSE, 4 November 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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