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Global Defence Industries Q2 FY27 results: net loss widens to ₹2.77 crore
Global Defence Industries Limited reported consolidated revenue of ₹15.72 crore for Q2 FY27, the July–September 2026 quarter, but ended with a net loss of ₹2.77 crore and basic EPS of -15.85. The loss was wider than in Q2 FY26, when revenue was ₹0 crore and the net loss was ₹2.25 crore, though it narrowed from Q1 FY27. The auditors flagged a material uncertainty around the going concern of subsidiary Nibe Maritime Private Limited.
Key points
- Q2 FY27 consolidated revenue was ₹15.72 crore, against ₹0 crore in Q2 FY26 and ₹0 crore in Q1 FY27.
- The company reported a net loss of ₹2.77 crore in Q2 FY27, against a net loss of ₹2.25 crore in Q2 FY26 and ₹4.65 crore in Q1 FY27.
- EBITDA for the quarter was ₹3.29 crore on the negative side, with an EBITDA margin of -20.9%.
- Basic EPS was -15.85 for Q2 FY27, against -14.68 in Q2 FY26 and -23.43 in Q1 FY27.
- Total expenses were ₹19.87 crore in the quarter, up ₹17.17 crore from ₹2.70 crore in Q2 FY26.
How did Global Defence Industries perform in Q2 FY27?
On a consolidated basis, Global Defence Industries reported revenue of ₹15.72 crore in Q2 FY27, the July–September 2026 quarter, against ₹0 crore in the year-ago quarter and ₹0 crore in the previous quarter. Total income was ₹15.88 crore, up ₹15.82 crore from ₹0.06 crore in Q2 FY26 and ₹15.86 crore from ₹0.02 crore in Q1 FY27.
EBITDA for the quarter was ₹3.29 crore on the negative side, with an EBITDA margin of -20.9%. Profit before tax was ₹3.99 crore on the negative side and the net loss was ₹2.77 crore, compared with a net loss of ₹2.25 crore in Q2 FY26 and ₹4.65 crore in Q1 FY27. Basic EPS was -15.85, against -14.68 a year earlier and -23.43 in the previous quarter.
On a standalone basis, the company reported no revenue for the quarter, a loss before tax of ₹0.42 crore and a net loss of ₹0.45 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 15.72 | 0 | 0 | ||
| Other income | 0.16 | 0.02 | 0.06 | +166.7% | +700.0% |
| Total expenses | 19.87 | 5.52 | 2.70 | +635.9% | +260.0% |
| EBITDA | −3.29 | −4.88 | −2.55 | ||
| EBITDA margin | -20.9% | ||||
| Profit before tax | −3.99 | −5.50 | −2.65 | ||
| Tax | −1.22 | −0.85 | −0.40 | ||
| Net profit | −2.77 | −4.65 | −2.25 | ||
| EPS (₹) | −15.85 | −23.43 | −14.68 |
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 Global Defence Industries' costs and profit?
Total expenses rose ₹17.17 crore to ₹19.87 crore in Q2 FY27 from ₹2.70 crore in Q2 FY26, a rise of 635.9%. The increase was led by other expenses, which were ₹4.02 crore, up ₹2.10 crore or 109.4%, and depreciation of ₹0.64 crore, up ₹0.52 crore or 433.3%. Cost of materials was ₹0.60 crore against ₹0 crore a year earlier.
Employee cost fell ₹0.11 crore, or 17.7%, to ₹0.51 crore from ₹0.62 crore. Finance costs rose ₹0.17 crore, or 425.0%, to ₹0.21 crore from ₹0.04 crore. Other income was ₹0.16 crore, up ₹0.10 crore or 166.7% from ₹0.06 crore, and there was no exceptional item in either period.
Tax was ₹1.22 crore on the negative side in Q2 FY27, compared with ₹0.40 crore on the negative side a year earlier. The loss attributable to owners of the company was ₹2.43 crore, up ₹0.53 crore from ₹1.90 crore in Q2 FY26. The filing does not state the reasons behind the movement in expenses.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0.60 | 0 | +0.60 | |
| Employee cost | 0.51 | 0.62 | −0.11 | −17.7% |
| Finance costs | 0.21 | 0.04 | +0.17 | +425.0% |
| Depreciation | 0.64 | 0.12 | +0.52 | +433.3% |
| Other expenses | 4.02 | 1.92 | +2.10 | +109.4% |
| Total expenses | 19.87 | 2.70 | +17.17 | +635.9% |
| Other income | 0.16 | 0.06 | +0.10 | +166.7% |
| Tax | −1.22 | −0.40 | −0.82 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹15.72 crore, against ₹0 crore in H1 FY26. Total income was ₹15.9 crore, up ₹14.43 crore or 981.6% from ₹1.47 crore in the year-ago period.
For the half year, profit before tax was ₹9.49 crore on the negative side, compared with ₹2.5 crore on the negative side in H1 FY26, and the net loss was ₹7.42 crore against ₹2.33 crore. EPS for the first half was -39.28, against -15.2 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 15.72 | 0 | |
| Profit before tax | −9.49 | −2.50 | |
| Net profit | −7.42 | −2.33 | |
| EPS (₹) | −39.28 | −15.20 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹916.39 crore as on 30 September 2026, against ₹673.6 crore as on 31 March 2026. Total equity was ₹251.04 crore, lower than ₹258.51 crore at the previous balance sheet date, while borrowings rose to ₹477.5 crore from ₹286.84 crore.
Cash and cash equivalents fell to ₹2.91 crore from ₹21.51 crore as on 31 March 2026. Inventories were ₹2.64 crore against ₹0.83 crore, trade receivables ₹29.81 crore against ₹17.55 crore, and trade payables ₹7.69 crore against ₹5.24 crore.
For H1 FY27, operating cash flow was ₹13.01 crore on the negative side, compared with ₹93.73 crore on the negative side in H1 FY26. Investing cash flow was ₹195.38 crore on the negative side against ₹23.32 crore, and financing cash flow was ₹189.79 crore against ₹32.08 crore. Capital expenditure was ₹195.29 crore for H1 FY27, compared with ₹23.4 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 916.39 | 673.60 |
| Total equity | 251.04 | 258.51 |
| Borrowings | 477.50 | 286.84 |
| Cash and equivalents | 2.91 | 21.51 |
| Inventories | 2.64 | 0.83 |
| Trade receivables | 29.81 | 17.55 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −13.01 | −93.73 |
| Cash from investing | −195.38 | −23.32 |
| Cash from financing | 189.79 | 32.08 |
| Capital expenditure | 195.29 | 23.40 |
Source: Company's results filing (XBRL).
How has Global Defence Industries done over the last 8 quarters?
Revenue was nil in each of the four quarters up to Q2 FY26, then reached ₹38.75 crore in Q3 FY26, the highest quarterly revenue in the series, before falling to ₹4.05 crore in Q4 FY26 and nil in Q1 FY27. Q2 FY27 revenue of ₹15.72 crore was the second-highest reading in the last eight quarters.
Profit after tax peaked at ₹0.88 crore in Q3 FY26 and bottomed at ₹4.65 crore on the negative side in Q1 FY27, with Q2 FY27 at ₹2.77 crore on the negative side. The EBITDA margin was 6.2% in Q3 FY26, fell to -114.5% in Q4 FY26, and stood at -20.9% in Q2 FY27.
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, along with the limited review report, at its meeting on 5 November 2026. The meeting commenced at 04:30 p.m. and concluded at 05:00 p.m.
Based on the recommendations of the Nomination and Remuneration Committee, the board approved the appointment of Mr. Sushanta Kumar Rout as an Additional Director in the category of Non-Executive Independent Director for a first term of five consecutive years with effect from 5 November 2026, and the appointment of Mr. Sanjeev Gupta in the same category for a first term of five consecutive years with effect from 5 November 2026. Both appointments are subject to shareholder approval.
What did the auditors point out?
Kailash Chand Jain and Co. stated that nothing came to its attention causing it to believe that the accompanying statement had not disclosed the information required to be disclosed under Regulation 33 of the SEBI Listing Regulations or contained any material misstatement. The review was conducted under Standard on Review Engagements 2410 and the auditors did not express an audit opinion.
The auditors added an emphasis of matter drawing attention to Note 6 of the consolidated financial results, which indicates that Nibe Maritime Private Limited, a subsidiary, had negative networth and its current liabilities exceeded its current assets as at 30 September 2026. They said these conditions indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. The subsidiary's financial statements were prepared on a going concern basis considering management's assessment of future business prospects, expected cash flows from ongoing and proposed projects, and continued financial support from the promoters and group entities. The auditors said their conclusion was not modified in respect of this matter.
How did other Gems, Jewellery And Watches companies do?
Seventeen Gems, Jewellery And Watches companies had filed results for this quarter as on 6 November 2026, and their median revenue growth was 18.3%. Global Defence Industries' revenue movement was not calculated against a percentage base because revenue in both Q2 FY26 and Q1 FY27 was ₹0 crore.
Of the 17 peers compared on profit, 9 reported higher profit. The peer data does not separately state how many peers grew revenue faster or slower than Global Defence Industries.
| Global Defence Industries revenue growth (YoY) | not comparable |
|---|---|
| Median of 17 other Gems, Jewellery And Watches companies | +18.3% |
| Companies whose net profit rose | 9 of 17 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Global Defence Industries' revenue in Q2 FY27?
Revenue from operations was ₹15.72 crore, against ₹0 crore in Q2 FY26 (consolidated).
Did Global Defence Industries make a profit in Q2 FY27?
No. It reported a net loss of ₹2.77 crore, against a net loss of ₹2.25 crore in Q2 FY26.
What was Global Defence Industries' EPS in Q2 FY27?
Basic loss per share was ₹15.85, against a loss of ₹14.68 in Q2 FY26.
When did Global Defence Industries announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 31 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On November 05, 2026 - Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026. (BSE, 5 November 2026) · PDF
- Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026 (BSE, 5 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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