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Incap Q2 FY27 results: net profit down 40.9% to ₹0.13 crore, revenue up 59.9%
Incap Ltd reported standalone revenue of ₹9.96 crore in Q2 FY27, up 59.9% from Q2 FY26, while EBITDA fell to ₹0.29 crore and net profit declined to ₹0.13 crore. Against Q1 FY27, revenue rose 83.8%, but EBITDA margin fell 2.0 percentage points to 2.9%.
Key points
- Q2 FY27 standalone revenue was ₹9.96 crore, up ₹3.73 crore or 59.9% from ₹6.23 crore in Q2 FY26.
- EBITDA was ₹0.29 crore, down ₹0.20 crore or 40.8% from ₹0.49 crore, with margin declining 5.0 percentage points to 2.9%.
- Net profit was ₹0.13 crore, down ₹0.09 crore or 40.9% from ₹0.22 crore in Q2 FY26; basic EPS was unchanged at ₹0.00.
- Against Q1 FY27, revenue rose ₹4.54 crore or 83.8%, while net profit increased ₹0.02 crore or 18.2% to ₹0.13 crore.
- H1 FY27 revenue was ₹15.38 crore, down 5.1% from ₹16.20 crore, while PAT fell 51.9% to ₹0.25 crore.
How did Incap perform in Q2 FY27?
Incap reported standalone revenue of ₹9.96 crore for Q2 FY27, up ₹3.73 crore or 59.9% from ₹6.23 crore in Q2 FY26. Total income rose ₹3.70 crore or 59.1% to ₹9.96 crore. EBITDA fell ₹0.20 crore or 40.8% to ₹0.29 crore, while the EBITDA margin declined 5.0 percentage points to 2.9%.
Profit before tax and net profit each fell ₹0.09 crore or 40.9% to ₹0.13 crore, compared with ₹0.22 crore in Q2 FY26. Basic EPS was unchanged at ₹0.00. Against Q1 FY27, revenue increased ₹4.54 crore or 83.8% to ₹9.96 crore, while net profit rose ₹0.02 crore or 18.2% to ₹0.13 crore; EBITDA margin fell 2.0 percentage points to 2.9%.
The reported numbers are standalone. The company filed unaudited results with the BSE on 31 October 2026, and the quarter’s figures had been reviewed by the Audit Committee and taken on record by the Board. The statutory auditors also conducted a limited review of the results for the quarter ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 9.96 | 5.42 | 6.23 | +59.9% | +83.8% |
| Other income | 0 | 0 | 0.03 | ||
| Total expenses | 9.83 | 5.30 | 6.04 | +62.7% | +85.5% |
| EBITDA | 0.29 | 0.27 | 0.49 | −40.8% | +7.4% |
| EBITDA margin | 2.9% | 4.9% | 7.9% | −5.0 pp | −2.0 pp |
| Profit before tax | 0.13 | 0.11 | 0.22 | −40.9% | +18.2% |
| Tax | 0 | 0 | 0 | ||
| Net profit | 0.13 | 0.11 | 0.22 | −40.9% | +18.2% |
| EPS (₹) | 0.00 | 0.00 | 0.00 |
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 Incap's costs and profit?
Total expenses rose ₹3.79 crore or 62.7% to ₹9.83 crore from ₹6.04 crore in Q2 FY26, exceeding the ₹3.70 crore increase in total income. Cost of materials consumed increased ₹1.54 crore or 31.0% to ₹6.51 crore, while employee cost rose ₹0.03 crore or 5.7% to ₹0.56 crore and other expenses increased ₹0.07 crore or 11.9% to ₹0.66 crore.
Finance costs declined ₹0.07 crore or 50.0% to ₹0.07 crore from ₹0.14 crore, and depreciation fell ₹0.08 crore or 47.1% to ₹0.09 crore from ₹0.17 crore. Other income fell by ₹0.03 crore, from ₹0.03 crore in Q2 FY26 to no other income in Q2 FY27. There was no exceptional item, and tax was unchanged at ₹0 crore.
Against Q1 FY27, total expenses increased ₹4.53 crore or 85.5%, including a ₹2.59 crore or 66.1% rise in cost of materials consumed. Employee cost rose ₹0.02 crore or 3.7% and other expenses rose ₹0.07 crore or 11.9%, while finance costs and depreciation were unchanged at ₹0.07 crore and ₹0.09 crore, respectively. No exceptional item was reported.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 6.51 | 4.97 | +1.54 | +31.0% |
| Employee cost | 0.56 | 0.53 | +0.03 | +5.7% |
| Finance costs | 0.07 | 0.14 | −0.07 | −50.0% |
| Depreciation | 0.09 | 0.17 | −0.08 | −47.1% |
| Other expenses | 0.66 | 0.59 | +0.07 | +11.9% |
| Total expenses | 9.83 | 6.04 | +3.79 | +62.7% |
| Other income | 0 | 0.03 | −0.03 | |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
Incap’s standalone revenue for H1 FY27 was ₹15.38 crore, down ₹0.82 crore or 5.1% from ₹16.20 crore in H1 FY26. Total income fell ₹0.85 crore or 5.2% to ₹15.38 crore from ₹16.23 crore, while total expenses were ₹1,513.35 lakh, compared with ₹1,571.10 lakh in the year-ago period.
Profit before tax and PAT each fell ₹0.27 crore or 51.9% to ₹0.25 crore from ₹0.52 crore in H1 FY26. Basic EPS was ₹0.00 in both periods. The board recorded the unaudited H1 FY27 results on 31 October 2026 after the Audit Committee reviewed them.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 15.38 | 16.20 | −5.1% |
| Profit before tax | 0.25 | 0.52 | −51.9% |
| Net profit | 0.25 | 0.52 | −51.9% |
| EPS (₹) | 0.00 | 0.00 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹31.62 crore on 30 September 2026 from ₹27.63 crore on 31 March 2026, while total equity rose to ₹16.30 crore from ₹16.05 crore. Borrowings increased to ₹3.34 crore from ₹0.82 crore, and cash declined to ₹0.09 crore from ₹2.74 crore. Inventories fell to ₹4.01 crore from ₹6.17 crore, while trade receivables rose to ₹13.06 crore from ₹7.44 crore and trade payables increased to ₹7.50 crore from ₹5.70 crore.
H1 FY27 operating cash flow was negative ₹5.28 crore, compared with negative ₹3.22 crore in H1 FY26. Investing cash flow was negative ₹0.01 crore against positive ₹0.01 crore, while financing cash flow was positive ₹2.65 crore compared with positive ₹0.23 crore. Capital expenditure was ₹0.01 crore in H1 FY27, against negative ₹0.01 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 31.62 | 27.63 |
| Total equity | 16.30 | 16.05 |
| Borrowings | 3.34 | 0.82 |
| Cash and equivalents | 0 | 2.74 |
| Inventories | 4.01 | 6.17 |
| Trade receivables | 13.06 | 7.44 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −5.28 | −3.22 |
| Cash from investing | −0.01 | 0.01 |
| Cash from financing | 2.65 | 0.23 |
| Capital expenditure | 0.01 | −0.01 |
Source: Company's results filing (XBRL).
How has Incap done over the last 8 quarters?
Revenue reached a low of ₹4.94 crore in Q4 FY25 and a high of ₹16.89 crore in Q3 FY25. It then moved to ₹9.97 crore in Q1 FY26, fell to ₹6.23 crore in Q2 FY26 and remained lower through Q1 FY27, before rising to ₹9.96 crore in Q2 FY27.
Profit was highest at ₹0.30 crore in Q1 FY26 and bottomed at a loss of ₹0.32 crore in Q4 FY26. It then recovered to ₹0.11 crore in Q1 FY27 and ₹0.13 crore in Q2 FY27. EBITDA margin peaked at 7.9% in Q2 FY26, fell to 0.3% in Q4 FY26 and stood at 2.9% in the latest quarter.
How did Incap shares react?
Incap’s shares closed unchanged on the reaction day and were down 1.5% from the pre-results close by the next day’s close. The Other Electrical Equipment industry median rose 0.8% on the reaction day and 1.2% by the next day’s close, leaving Incap 0.8 percentage points behind the sector on the reaction day and 2.6 percentage points behind by the next day’s close.
| After the filing | Stock | Other Electrical Equipment median |
|---|---|---|
| Reaction day | +0.0% | +0.8% |
| Next day | −1.5% | +1.2% |
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 |
|---|---|
| 1 August 2026 | −1.0% |
| 30 May 2026 | −1.1% |
| 31 January 2026 | −4.0% |
| 1 November 2025 | −4.6% |
| 2 August 2025 | +5.9% |
| 29 May 2025 | −2.2% |
| 29 July 2024 | −1.0% |
| 25 May 2024 | −2.0% |
Source: MarketPing price-reaction measurement.
How did other Other Electrical Equipment companies do?
Eighteen Other Electrical Equipment companies had filed results for the quarter by 4 November 2026, with a median revenue growth of 40.1%. Of the peers compared with Incap, 12 grew revenue more slowly than Incap and six grew faster; 11 of the 16 peers compared on profit reported higher profit.
| Incap revenue growth (YoY) | +59.9% |
|---|---|
| Median of 18 other Other Electrical Equipment companies | +40.1% |
| Companies with slower revenue growth than Incap | 12 of 18 |
| Companies with faster revenue growth than Incap | 6 of 18 |
| Companies whose net profit rose | 11 of 16 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Incap's revenue in Q2 FY27?
Revenue from operations was ₹9.96 crore, up 59.9% from ₹6.23 crore in Q2 FY26 (standalone).
Did Incap make a profit in Q2 FY27?
Yes. Net profit was ₹0.13 crore, against a net profit of ₹0.22 crore in Q2 FY26.
What was Incap's EPS in Q2 FY27?
Basic earnings per share were ₹0.00, against ₹0.00 in Q2 FY26.
How did Incap shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.0% from the previous close; the median Other Electrical Equipment stock moved +0.8%.
When did Incap announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Of Directors Meeting Will Be Held On 31St October, 2026 (BSE, 16 October 2026) · PDF
- Results Sept 2026 (BSE, 31 October 2026) · PDF
- Results Sept 2026 (BSE, 31 October 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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