Grovy India Q2 FY27 results: net profit ₹2.02 crore vs ₹0.38 crore, revenue up 79.6%

How did Grovy India perform in Q2 FY27?

Grovy India’s standalone revenue for Q2 FY27 was ₹26.87 crore, against ₹14.96 crore in Q2 FY26 and ₹27.50 crore in Q1 FY27. EBITDA was ₹2.85 crore, up from ₹0.37 crore a year earlier and ₹2.69 crore in the previous quarter. The EBITDA margin was 10.6%, compared with 2.5% in Q2 FY26 and 9.8% in Q1 FY27.

Profit before tax was ₹2.73 crore, compared with ₹0.51 crore in Q2 FY26 and ₹2.54 crore in Q1 FY27. After tax, the company reported a net profit of ₹2.02 crore, against ₹0.38 crore a year earlier and ₹1.90 crore in the previous quarter. Basic EPS was ₹1.26, compared with ₹0.28 and ₹1.43, respectively. The results and figures are standalone; no consolidated figures were given.

What changed in Grovy India's costs and profit?

Total expenses were ₹24.45 crore in Q2 FY27, up ₹9.43 crore from ₹15.02 crore in Q2 FY26 but down ₹0.59 crore from ₹25.04 crore in Q1 FY27. Cost of materials fell by ₹1.38 crore to ₹12.94 crore from ₹14.32 crore a year earlier, while employee cost rose by ₹0.03 crore to ₹0.14 crore, finance costs rose by ₹0.01 crore to ₹0.43 crore and other expenses rose by ₹0.02 crore to ₹0.11 crore. Depreciation was unchanged at ₹0.01 crore.

Other income fell by ₹0.26 crore to ₹0.31 crore from ₹0.57 crore in Q2 FY26, while tax expense rose by ₹0.58 crore to ₹0.71 crore from ₹0.13 crore. There was no exceptional item in either quarter. Sequentially, other income rose by ₹0.22 crore from ₹0.09 crore and tax expense rose by ₹0.07 crore from ₹0.64 crore. The filings do not state why revenue, costs or other income changed.

How did the first half of FY27 go?

For the first half of FY27, Grovy India reported revenue of ₹54.37 crore, compared with ₹23.21 crore in H1 FY26. Total income was ₹54.76 crore against ₹23.83 crore, while profit before tax increased from ₹1.98 crore to ₹5.27 crore.

H1 FY27 profit after tax was ₹3.92 crore, compared with ₹1.47 crore in H1 FY26, and basic EPS was ₹2.67 against ₹1.10. Revenue rose 134.3%, profit before tax rose 166.2% and profit after tax rose 166.7% year on year.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹77.65 crore, compared with ₹73.35 crore at 31 March 2026. Total equity rose to ₹41.82 crore from ₹23.05 crore, while borrowings fell to ₹2.59 crore from ₹24.96 crore. Cash was ₹0.02 crore against ₹0.01 crore, inventories were ₹72.53 crore against ₹60.88 crore, trade receivables were ₹3.48 crore against ₹1.03 crore and trade payables were ₹1.29 crore against ₹0.02 crore.

H1 FY27 operating cash flow was ₹7.39 crore, compared with ₹9.22 crore in H1 FY26. Investing cash flow was ₹0.90 crore against an outflow of ₹0.65 crore, while financing cash flow was an outflow of ₹8.28 crore compared with an outflow of ₹8.57 crore.

How has Grovy India done over the last 8 quarters?

Revenue reached its highest point of the reported series in Q1 FY27 at ₹27.50 crore and fell to ₹26.87 crore in Q2 FY27. It was lowest in Q3 FY26 at ₹3.00 crore, while the Q2 FY27 figure was above the ₹14.96 crore reported in Q2 FY26.

Profit after tax rose from ₹1.90 crore in Q1 FY27 to ₹2.02 crore in Q2 FY27, after reaching a low of ₹0.20 crore in Q4 FY25. The EBITDA margin increased from 9.8% in Q1 FY27 to 10.6% in Q2 FY27, compared with 2.5% in Q2 FY26. Revenue and profit each rose year on year in each of the last three quarters.

Which businesses drove the quarter?

The Realty Division, including construction, reported revenue of ₹26.87 crore and EBIT of ₹3.10 crore in Q2 FY27, with an EBIT margin of 11.5%. The company did not provide the corresponding year-ago segment revenue or EBIT, so segment growth could not be stated.

Trading of securities reported no revenue and no EBIT for Q2 FY27. Unallocated income was ₹0.31 crore, with EBIT of ₹0.06 crore and an EBIT margin of 20.0%. Year-ago comparative figures were not given for either segment.

What else did the company announce?

The board approved the unaudited Q2 and half-year financial results and the limited review report on 26 October 2026. The investor presentation said the company completed a ₹15.01 crore preferential issue, with 41,69,433 equity shares allotted at ₹36 per share on 4 August 2026 following shareholder approval.

A same-day disclosure stated that the Income Tax Appellate Tribunal partly allowed Grovy India’s appeal for assessment year 2020-21 and deleted an addition of ₹1,00,00,000 under section 68 relating to a loan from Nandini Tradex Pvt. Ltd. The filing said there was no impact on operations and that deletion of the addition was expected to reduce the tax demand.

What did Grovy India's management say?

Management said the preferential-issue proceeds of ₹15.01 crore would expand South Delhi residential development and support approximately 1.83 lakh sq. ft. of projects under execution, with first deliveries scheduled from Q3 FY27. The company aims to increase project development by 2–3x over the next few years and scale annual execution towards 20–25 projects over the next three years, subject to market conditions and project availability.

Management set an FY27 fund-raising target of ₹40 crore and said ₹15.01 crore had been raised, leaving a balance of approximately ₹25 crore to be pursued in line with market conditions and project requirements, subject to statutory and regulatory approvals. It also aims to list on the NSE over the next three years, subject to market conditions and regulatory approvals.

Management described South Delhi as a supply-constrained premium residential market and said its strategy focuses on acquiring or partnering in underutilised prime assets and redeveloping them for end users. Three projects are under construction with Golden Growth Fund, and management plans to evaluate additional collaborative projects. The presentation noted that pipeline delivery dates remain to be determined.

How did Grovy India shares react?

The filing was released after market hours on 26 October 2026. Grovy India’s shares closed 4.1% above the pre-results close on the reaction day and were up 7.4% from that close by the next day’s close. By the fifth session, the stock was down 3.3% from the pre-results close.

On the reaction day, the industry median was up 0.2%, while the Nifty Microcap 250 was up 1.7%; Grovy India therefore exceeded the industry median by 3.9 percentage points. By the next day’s close, the stock was 7.4 percentage points above the unchanged industry median, while the market was up 1.8%. By five sessions, the stock trailed the industry median by 4.3 percentage points. Earlier reaction-day moves included 8.5% on 23 July 2026, 5.7% on 28 January 2026 and 4.8% on 8 August 2025.

How did other Residential, Commercial Projects companies do?

Among 11 other Residential, Commercial Projects companies that had filed by 4 November 2026, the median revenue growth was 14.3%. Six peers grew slower than Grovy India and five grew faster. Seven of the 14 peers for which profit was compared reported higher profit.