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Krishanveer Forge Q2 FY27 results: net profit up 9.5% to ₹1.96 crore, revenue up 26.2%
Krishanveer Forge Limited reported standalone Q2 FY27 revenue of ₹26.47 crore, up 26.2% from ₹20.98 crore a year earlier. Net profit rose to ₹1.96 crore from ₹1.79 crore, while EBITDA fell to ₹2.57 crore and the EBITDA margin declined to 9.7% from 14.8%.
Key points
- Q2 FY27 revenue was ₹26.47 crore, up 26.2% from ₹20.98 crore in Q2 FY26 and 19.6% from ₹22.14 crore in Q1 FY27.
- EBITDA was ₹2.57 crore, down from ₹3.11 crore a year earlier and ₹2.74 crore in the previous quarter; the EBITDA margin fell to 9.7%.
- Net profit was ₹1.96 crore, up 9.5% from ₹1.79 crore a year earlier, but down 2.0% from ₹2 crore in Q1 FY27.
- Basic EPS was ₹1.79, compared with ₹1.64 in Q2 FY26 and ₹1.82 in Q1 FY27.
- For H1 FY27, revenue rose 8.9% to ₹48.61 crore and PAT rose 2.6% to ₹3.96 crore, while PBT fell 4.0% to ₹5.31 crore.
How did Krishanveer Forge perform in Q2 FY27?
Krishanveer Forge reported standalone revenue of ₹26.47 crore in Q2 FY27, up ₹5.49 crore or 26.2% from ₹20.98 crore in Q2 FY26. Revenue also rose ₹4.33 crore or 19.6% from ₹22.14 crore in Q1 FY27. Total income was ₹26.88 crore, up from ₹21.21 crore a year earlier and ₹22.59 crore in the preceding quarter.
EBITDA was ₹2.57 crore, down ₹0.54 crore or 17.4% from ₹3.11 crore in Q2 FY26 and ₹0.17 crore or 6.2% from ₹2.74 crore in Q1 FY27. The EBITDA margin fell to 9.7% from 14.8% a year earlier and 12.4% in the previous quarter. PBT was ₹2.56 crore, while net profit rose to ₹1.96 crore from ₹1.79 crore a year earlier and fell from ₹2 crore sequentially.
Basic EPS for Q2 FY27 was ₹1.79, compared with ₹1.64 in Q2 FY26 and ₹1.82 in Q1 FY27. Net profit margin was 7.4%, compared with 8.5% a year earlier and 9.0% in the previous quarter. The results are presented on a standalone basis.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 26.47 | 22.14 | 20.98 | +26.2% | +19.6% |
| Other income | 0.41 | 0.46 | 0.23 | +78.3% | −10.9% |
| Total expenses | 24.32 | 19.84 | 18.28 | +33.0% | +22.6% |
| EBITDA | 2.57 | 2.74 | 3.11 | −17.4% | −6.2% |
| EBITDA margin | 9.7% | 12.4% | 14.8% | −5.1 pp | −2.7 pp |
| Profit before tax | 2.56 | 2.76 | 2.93 | −12.6% | −7.2% |
| Tax | 0.59 | 0.76 | 1.13 | −47.8% | −22.4% |
| Net profit | 1.96 | 2 | 1.79 | +9.5% | −2.0% |
| EPS (₹) | 1.79 | 1.82 | 1.64 | +9.1% | −1.6% |
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 Krishanveer Forge's costs and profit?
Total expenses rose ₹6.04 crore or 33.0% to ₹24.32 crore from ₹18.28 crore in Q2 FY26, exceeding the increase in revenue. Cost of materials consumed was ₹13.11 crore, up ₹4.29 crore or 48.6%, while other expenses were ₹8.56 crore, up ₹1.98 crore or 30.1%. Employee cost rose ₹0.17 crore or 13.0% to ₹1.48 crore, and depreciation rose ₹0.01 crore or 2.4% to ₹0.42 crore.
Other income increased ₹0.18 crore or 78.3% to ₹0.41 crore from ₹0.23 crore in Q2 FY26. There was no exceptional item. Tax expense declined ₹0.54 crore or 47.8% to ₹0.59 crore from ₹1.13 crore, which limited the fall in PBT and helped net profit rise to ₹1.96 crore from ₹1.79 crore. The filing did not state a reason for the changes in costs or other income.
Sequentially, total expenses rose ₹4.48 crore or 22.6% to ₹24.32 crore from ₹19.84 crore in Q1 FY27. Cost of materials fell ₹0.24 crore or 1.8% to ₹13.11 crore, but other expenses rose ₹0.57 crore or 7.1% to ₹8.56 crore and employee cost rose ₹0.03 crore or 2.1% to ₹1.48 crore. Finance costs fell to ₹0 crore, other income declined to ₹0.41 crore, and tax fell to ₹0.59 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 13.11 | 8.82 | +4.29 | +48.6% |
| Employee cost | 1.48 | 1.31 | +0.17 | +13.0% |
| Finance costs | 0 | 0 | 0 | |
| Depreciation | 0.42 | 0.41 | +0.01 | +2.4% |
| Other expenses | 8.56 | 6.58 | +1.98 | +30.1% |
| Total expenses | 24.32 | 18.28 | +6.04 | +33.0% |
| Other income | 0.41 | 0.23 | +0.18 | +78.3% |
| Tax | 0.59 | 1.13 | −0.54 | −47.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, standalone revenue was ₹48.61 crore, up ₹3.99 crore or 8.9% from ₹44.62 crore in H1 FY26. Total income rose 9.5% to ₹49.48 crore from ₹45.18 crore, while PBT fell ₹0.22 crore or 4.0% to ₹5.31 crore from ₹5.53 crore.
PAT for the first half was ₹3.96 crore, up ₹0.1 crore or 2.6% from ₹3.86 crore in H1 FY26. Basic EPS increased to ₹3.62 from ₹3.53. The company’s board approved the unaudited quarter and half-year results, the statement of assets and liabilities, the cash-flow statement and the auditors’ limited review report on 31 October 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 48.61 | 44.62 | +8.9% |
| Profit before tax | 5.31 | 5.53 | −4.0% |
| Net profit | 3.96 | 3.86 | +2.6% |
| EPS (₹) | 3.62 | 3.53 | +2.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹71.67 crore on 30 September 2026, compared with ₹68.5 crore on 31 March 2026, while total equity was ₹52.19 crore against ₹51.44 crore. Inventories rose to ₹9.62 crore from ₹7.03 crore, trade receivables to ₹26.88 crore from ₹22.53 crore, and trade payables to ₹13.22 crore from ₹12.19 crore. Borrowings were negative ₹1.18 crore against negative ₹1.81 crore.
Cash and cash equivalents remained at no exceptional level, with the balance-sheet amount effectively nil in the supplied figures. H1 FY27 operating cash flow was ₹2.92 crore, compared with ₹1.6 crore in H1 FY26. Investing cash flow was negative ₹0.22 crore against negative ₹1.5 crore, while financing cash flow was negative ₹3.33 crore against negative ₹2.73 crore; capital expenditure was ₹3.92 crore compared with ₹0.18 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 71.67 | 68.50 |
| Total equity | 52.19 | 51.44 |
| Borrowings | −1.18 | −1.81 |
| Cash and equivalents | 0 | 0 |
| Inventories | 9.62 | 7.03 |
| Trade receivables | 26.88 | 22.53 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 2.92 | 1.60 |
| Cash from investing | −0.22 | −1.50 |
| Cash from financing | −3.33 | −2.73 |
| Capital expenditure | 3.92 | 0.18 |
Source: Company's results filing (XBRL).
How has Krishanveer Forge done over the last 8 quarters?
Revenue reached its highest level in the reported series in Q2 FY27 at ₹26.47 crore, after ₹22.14 crore in Q1 FY27 and ₹20.33 crore in Q3 FY26. Profit before tax was ₹2.56 crore, below Q4 FY26’s ₹5.75 crore and ₹2.76 crore in Q1 FY27. EBITDA margin declined to 9.7% in Q2 FY27 from 12.4% in the previous quarter, while the highest margin in the series was 14.9% in Q4 FY26.
The quarterly pattern shows revenue rising to a series high in Q2 FY27, but the EBITDA margin falling from the 14.8% recorded in Q2 FY26 and the 14.9% peak in Q4 FY26. PAT was ₹1.96 crore in Q2 FY27, above ₹1.79 crore in Q2 FY26 but below ₹5.75 crore in Q4 FY26. The latest quarter therefore combined higher revenue with a lower margin and sequentially lower profit.
How did Krishanveer Forge shares react?
Earlier results-day reactions were mixed. The stock moved negative 5.0% on 5 August 2026, positive 19.3% on 27 May 2026, negative 1.4% on 10 February 2026 and negative 1.7% on 12 November 2025. It had also moved positive 1.8% on 13 August 2025, positive 3.8% on 17 May 2025, positive 19.7% on 9 August 2024 and negative 10.5% on 17 May 2024.
| After the filing | Stock | Castings & Forgings median |
|---|---|---|
| Reaction day | −0.8% | −0.5% |
| Next day | −2.2% | −0.7% |
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 |
|---|---|
| 5 August 2026 | −5.0% |
| 27 May 2026 | +19.3% |
| 10 February 2026 | −1.4% |
| 12 November 2025 | −1.7% |
| 13 August 2025 | +1.8% |
| 17 May 2025 | +3.8% |
| 9 August 2024 | +19.7% |
| 17 May 2024 | −10.5% |
Source: MarketPing price-reaction measurement.
How did other Castings & Forgings companies do?
Five other Castings & Forgings companies had filed results for the quarter as of 4 November 2026. Their median revenue growth was 6.2%, compared with Krishanveer Forge’s revenue growth of 26.2%. Three peers grew revenue more slowly than the company and two grew faster than the company.
Among the five peers, three reported higher profit. This compares with Krishanveer Forge’s standalone net profit of ₹1.96 crore in Q2 FY27, which was up 9.5% from ₹1.79 crore in Q2 FY26.
| Krishanveer Forge revenue growth (YoY) | +26.2% |
|---|---|
| Median of 5 other Castings & Forgings companies | +6.2% |
| Companies with slower revenue growth than Krishanveer Forge | 3 of 5 |
| Companies with faster revenue growth than Krishanveer Forge | 2 of 5 |
| Companies whose net profit rose | 3 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Krishanveer Forge's revenue in Q2 FY27?
Revenue from operations was ₹26.47 crore, up 26.2% from ₹20.98 crore in Q2 FY26 (standalone).
Did Krishanveer Forge make a profit in Q2 FY27?
Yes. Net profit was ₹1.96 crore, against a net profit of ₹1.79 crore in Q2 FY26.
What was Krishanveer Forge's EPS in Q2 FY27?
Basic earnings per share were ₹1.79, against ₹1.64 in Q2 FY26.
How did Krishanveer Forge shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.8% from the previous close; the median Castings & Forgings stock moved −0.5%.
When did Krishanveer Forge announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering Unaudited Financials Results For The Period Ended September 30, 2026 (BSE, 26 October 2026) · PDF
- Board Meeting Outcome for Result For The Quarter And Half Year Ended September 30, 2026 (BSE, 31 October 2026) · PDF
- Results For The Quarter Ended September 30, 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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