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International Combustion Q2 FY27 results: net loss of ₹4.53 crore vs ₹0.12 crore profit, revenue up 4.2%
International Combustion (India) Limited reported standalone revenue of ₹78.47 crore in Q2 FY27, up 4.2% from Q2 FY26, but recorded a net loss of ₹4.53 crore. EBITDA was a loss of ₹2.17 crore, compared with ₹2.22 crore in the year-ago quarter, while basic EPS was a loss of ₹18.96.
Key points
- Standalone revenue was ₹78.47 crore in Q2 FY27, up 4.2% from ₹75.33 crore in Q2 FY26 and up 19.1% from ₹65.91 crore in Q1 FY27.
- Q2 FY27 EBITDA was a loss of ₹2.17 crore, down ₹4.39 crore from ₹2.22 crore in Q2 FY26; the EBITDA margin was -2.8%.
- The company reported a net loss of ₹4.53 crore in Q2 FY27, compared with a net profit of ₹0.12 crore in Q2 FY26 and a net loss of ₹3.99 crore in Q1 FY27.
- Basic EPS was a loss of ₹18.96 in Q2 FY27, against ₹0.5 in Q2 FY26; H1 FY27 EPS was a loss of ₹35.66.
- H1 FY27 revenue was ₹144.38 crore, up 6.8% from ₹135.22 crore in H1 FY26, while PAT was a loss of ₹8.52 crore versus a loss of ₹0.81 crore.
How did International Combustion perform in Q2 FY27?
International Combustion (India) Limited reported standalone revenue of ₹78.47 crore in Q2 FY27, up 4.2% from ₹75.33 crore in Q2 FY26 and 19.1% from ₹65.91 crore in Q1 FY27. Total income was ₹78.75 crore, compared with ₹75.57 crore a year earlier and ₹66.48 crore in the previous quarter. These are standalone figures; the filing states that the results were unaudited and reviewed by the statutory auditors.
EBITDA was a loss of ₹2.17 crore in Q2 FY27, against ₹2.22 crore in Q2 FY26 and a loss of ₹2.55 crore in Q1 FY27. The EBITDA margin was -2.8%, down 5.7 percentage points from 2.9% a year earlier and up 1.1 percentage points from -3.9% in the previous quarter. The company reported a net loss of ₹4.53 crore, against a net profit of ₹0.12 crore in Q2 FY26 and a net loss of ₹3.99 crore in Q1 FY27. Basic EPS was a loss of ₹18.96, compared with ₹0.5 a year earlier.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 78.47 | 65.91 | 75.33 | +4.2% | +19.1% |
| Other income | 0.27 | 0.57 | 0.24 | +12.5% | −52.6% |
| Total expenses | 83.27 | 70.96 | 75.44 | +10.4% | +17.3% |
| EBITDA | −2.17 | −2.55 | 2.22 | turned to loss | |
| EBITDA margin | -2.8% | -3.9% | 2.9% | −5.7 pp | +1.1 pp |
| Profit before tax | −4.52 | −4.47 | 0.13 | turned to loss | |
| Tax | 0.01 | −0.48 | 0.02 | −50.0% | |
| Net profit | −4.53 | −3.99 | 0.12 | turned to loss | |
| EPS (₹) | −18.96 | 0.50 | turned to loss |
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 International Combustion's costs and profit?
Total expenses rose to ₹83.27 crore in Q2 FY27 from ₹75.44 crore in Q2 FY26, an increase of ₹7.83 crore or 10.4%. Cost of materials was the largest reported increase, rising ₹6.08 crore or 15.3% to ₹45.89 crore. Employee cost increased ₹1.51 crore or 7.6% to ₹21.32 crore, while other expenses rose ₹1.78 crore or 13.1% to ₹15.36 crore. Finance costs increased ₹0.21 crore or 30.0% to ₹0.91 crore, and depreciation increased ₹0.08 crore or 4.9% to ₹1.71 crore.
Other income increased ₹0.03 crore or 12.5% to ₹0.27 crore, while tax expense declined ₹0.01 crore or 50.0% to ₹0.01 crore. There was no exceptional item. Against the previous quarter, total expenses were higher by ₹12.31 crore, including a ₹6.48 crore rise in cost of materials and a ₹1.70 crore rise in employee cost; other income was lower by ₹0.30 crore. The filing does not state the reasons for the changes in costs or other income.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 45.89 | 39.81 | +6.08 | +15.3% |
| Employee cost | 21.32 | 19.81 | +1.51 | +7.6% |
| Finance costs | 0.91 | 0.70 | +0.21 | +30.0% |
| Depreciation | 1.71 | 1.63 | +0.08 | +4.9% |
| Other expenses | 15.36 | 13.58 | +1.78 | +13.1% |
| Total expenses | 83.27 | 75.44 | +7.83 | +10.4% |
| Other income | 0.27 | 0.24 | +0.03 | +12.5% |
| Tax | 0.01 | 0.02 | −0.01 | −50.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, International Combustion reported standalone revenue of ₹144.38 crore, up 6.8% from ₹135.22 crore in H1 FY26. Total income rose 6.9% to ₹145.23 crore from ₹135.89 crore. The company reported a loss before tax of ₹8.99 crore, compared with a loss of ₹0.8 crore in H1 FY26, and a net loss of ₹8.52 crore compared with ₹0.81 crore. Basic EPS was a loss of ₹35.66, against a loss of ₹3.4 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 144.38 | 135.22 | +6.8% |
| Profit before tax | −8.99 | −0.80 | |
| Net profit | −8.52 | −0.81 | |
| EPS (₹) | −35.66 | −3.40 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹239.57 crore at 30 September 2026, compared with ₹234.12 crore at 31 March 2026. Total equity declined to ₹122.83 crore from ₹130.73 crore, while borrowings rose to ₹30.69 crore from ₹26.9 crore. Cash and cash equivalents were ₹3.74 crore, compared with ₹3.75 crore. Inventories increased to ₹75.63 crore from ₹64.55 crore, trade receivables declined to ₹67.17 crore from ₹68.32 crore, and trade payables rose to ₹53.66 crore from ₹47.53 crore.
H1 FY27 operating cash flow was an outflow of ₹5.92 crore, compared with an inflow of ₹22.63 crore in H1 FY26. Investing cash flow was an inflow of ₹3.85 crore versus an outflow of ₹1.92 crore, while financing cash flow was an inflow of ₹2.06 crore versus an outflow of ₹14.41 crore. Capital expenditure was ₹9.03 crore in H1 FY27, compared with ₹3.89 crore in H1 FY26. Closing cash is not provided in the figures.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 239.57 | 234.12 |
| Total equity | 122.83 | 130.73 |
| Borrowings | 30.69 | 26.90 |
| Cash and equivalents | 3.74 | 3.75 |
| Inventories | 75.63 | 64.55 |
| Trade receivables | 67.17 | 68.32 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −5.92 | 22.63 |
| Cash from investing | 3.85 | −1.92 |
| Cash from financing | 2.06 | −14.41 |
| Capital expenditure | 9.03 | 3.89 |
Source: Company's results filing (XBRL).
How has International Combustion done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters. Across the reported quarters, revenue was highest at ₹86.83 crore in Q4 FY25 and ₹86.0 crore in Q4 FY26, while it reached ₹78.47 crore in Q2 FY27 after ₹65.91 crore in Q1 FY27. PAT peaked at ₹6.79 crore in Q4 FY25 and was a loss of ₹4.53 crore in Q2 FY27.
The EBITDA margin was 10.6% in Q3 FY25, its highest point in the supplied series, and fell to -0.7% in Q3 FY26 before recovering to 3.8% in Q4 FY26. It was -3.9% in Q1 FY27 and improved to -2.8% in Q2 FY27. The current direction was higher revenue and a less negative EBITDA margin than in the previous quarter, but PAT deteriorated from ₹1.08 crore in Q4 FY26 to a loss of ₹3.99 crore and then a loss of ₹4.53 crore.
Which businesses drove the quarter?
Mineral & Material Processing & Handling Equipment reported revenue of ₹45.49 crore, up 4.8% from ₹43.39 crore in Q2 FY26, and EBIT of ₹9.47 crore, down from ₹10.08 crore. Its EBIT margin was 20.8%. Geared Motor & Gear Box reported revenue of ₹23.05 crore, up 8.8% from ₹21.18 crore, and EBIT of -₹1.85 crore, compared with ₹0.16 crore a year earlier; its EBIT margin was -8.0%.
Building Material reported revenue of ₹10.37 crore, down 13.6% from ₹12.01 crore in Q2 FY26, and EBIT of -₹1.40 crore, compared with -₹0.42 crore a year earlier. Its EBIT margin was -13.5%. The filing does not provide reasons for the segment-level changes.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Mineral & Material Processing & Handling Equipment | 45.49 | +4.8% | 9.47 | 20.8% |
| Geared Motor & Gear Box | 23.05 | +8.8% | −1.85 | -8.0% |
| Building Material | 10.37 | −13.6% | −1.40 | -13.5% |
Source: Company's results filing (XBRL segment data).
How did International Combustion shares react?
The filing was announced on 4 November 2026 and the stock was down 2.3% after 15 minutes and 2.3% after 30 minutes from the price when the filing appeared. On the reaction day, it fell 1.5% from the previous close of ₹396.85, with a base price of ₹400.00. The Industrial Products sector rose 1.9% over the same close, so the stock underperformed the industry median by 3.4 percentage points.
| After the filing | Stock | Industrial Products median |
|---|---|---|
| 15 minutes | −2.3% | |
| 30 minutes | −2.3% | |
| Reaction day | −1.5% | +1.9% |
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 |
|---|---|
| 30 July 2026 | −7.9% |
| 28 May 2026 | −1.7% |
| 6 February 2026 | −10.2% |
| 4 November 2025 | −9.2% |
| 31 July 2025 | −8.2% |
| 26 May 2025 | +1.5% |
| 18 July 2024 | −18.2% |
| 30 May 2024 | −4.7% |
Source: MarketPing price-reaction measurement.
How did other Industrial Products companies do?
Among 42 other Industrial Products companies that had filed for the quarter, the median revenue growth was 35.8%, while International Combustion recorded 4.2% revenue growth. Eight peers grew more slowly than the company and 34 grew faster. Of 36 peers for which profit was compared, 27 reported higher profit, based on the comparison provided for the peer group. The peer figures are as of 5 November 2026.
| International Combustion revenue growth (YoY) | +4.2% |
|---|---|
| Median of 42 other Industrial Products companies | +35.8% |
| Companies with slower revenue growth than International Combustion | 8 of 42 |
| Companies with faster revenue growth than International Combustion | 34 of 42 |
| Companies whose net profit rose | 27 of 36 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was International Combustion's revenue in Q2 FY27?
Revenue from operations was ₹78.47 crore, up 4.2% from ₹75.33 crore in Q2 FY26 (standalone).
Did International Combustion make a profit in Q2 FY27?
No. It reported a net loss of ₹4.53 crore, against a net profit of ₹0.12 crore in Q2 FY26.
What was International Combustion's EPS in Q2 FY27?
Basic loss per share was ₹18.96, against ₹0.50 in Q2 FY26.
How did International Combustion shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.5% from the previous close; the median Industrial Products stock moved +1.9%.
When did International Combustion announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results (Standalone) For Quarter And Half Year Ended 30Th September 2026 (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting (BSE, 4 November 2026) · PDF
- Unaudited Financial Results (Standalone) For The Quarter And Half Year Ended 30.09.2026 (BSE, 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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