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Macfos Q2 FY27 results: net profit ₹13.17 crore, revenue up 41.0%
Macfos Ltd reported consolidated Q2 FY27 revenue of ₹180.07 crore, up 41.0% from Q2 FY26, with EBITDA of ₹20.15 crore and a net profit of ₹13.17 crore. EBITDA margin was 11.2%, compared with 10.5% in the year-ago quarter, while basic EPS rose to ₹12.71. On a standalone basis, revenue was ₹180.06 crore and net profit was ₹13.18 crore.
Key points
- Consolidated revenue was ₹180.07 crore, up 41.0% from Q2 FY26 and up 121.4% from Q1 FY27.
- EBITDA was ₹20.15 crore, up 50.5% year on year, with margin at 11.2% against 10.5%.
- Net profit was ₹13.17 crore in Q2 FY27, compared with ₹5.81 crore in Q1 FY27; Q2 FY26 net profit was not provided.
- Basic EPS was ₹12.71, up from ₹10.77 in Q2 FY26 and ₹5.61 in Q1 FY27.
- Total assets were ₹202.55 crore and inventories were ₹115.94 crore as of 30 September 2026.
How did Macfos perform in Q2 FY27?
Macfos reported consolidated revenue of ₹180.07 crore in Q2 FY27, up ₹52.35 crore or 41.0% from ₹127.72 crore in Q2 FY26 and up ₹98.73 crore or 121.4% from ₹81.34 crore in Q1 FY27. EBITDA rose to ₹20.15 crore from ₹13.39 crore a year earlier and ₹8.63 crore in the previous quarter. The EBITDA margin was 11.2%, compared with 10.5% in Q2 FY26 and 10.6% in Q1 FY27.
Consolidated profit before tax was ₹17.81 crore, up from ₹13.61 crore in Q2 FY26 and ₹7.91 crore in Q1 FY27. Net profit was ₹13.17 crore, compared with ₹5.81 crore in Q1 FY27; the year-ago quarter’s net profit was not given. Basic EPS was ₹12.71, against ₹10.77 in Q2 FY26 and ₹5.61 in Q1 FY27. On a standalone basis, revenue was ₹180.06 crore and net profit was ₹13.18 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 180.07 | 81.34 | 127.72 | +41.0% | +121.4% |
| Other income | 1.90 | 1.12 | 1.39 | +36.7% | +69.6% |
| Total expenses | 164.16 | 74.55 | 115.51 | +42.1% | +120.2% |
| EBITDA | 20.15 | 8.63 | 13.39 | +50.5% | +133.5% |
| EBITDA margin | 11.2% | 10.6% | 10.5% | +0.7 pp | +0.6 pp |
| Profit before tax | 17.81 | 7.91 | 13.61 | +30.9% | +125.2% |
| Tax | 4.64 | 2.10 | 3.46 | +34.1% | +121.0% |
| Net profit | 13.17 | 5.81 | +126.7% | ||
| EPS (₹) | 12.71 | 5.61 | 10.77 | +18.0% | +126.6% |
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 Macfos' costs and profit?
Total expenses rose ₹48.65 crore or 42.1% year on year, from ₹115.51 crore to ₹164.16 crore. Employee cost was up ₹2.37 crore or 42.2% to ₹7.99 crore, finance costs increased ₹1.32 crore or 111.9% to ₹2.50 crore, and other expenses rose ₹4.97 crore or 49.4% to ₹15.03 crore. Cost of materials increased ₹0.16 crore or 35.6% to ₹0.61 crore.
Other income rose ₹0.51 crore or 36.7% from ₹1.39 crore to ₹1.90 crore, while there was no exceptional item in either Q2 FY27 or Q2 FY26. Tax expense increased ₹1.18 crore or 34.1% to ₹4.64 crore. Profit before tax consequently rose ₹4.20 crore or 30.9% to ₹17.81 crore, and the filing did not provide further reasons for the movement in the cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0.61 | 0.45 | +0.16 | +35.6% |
| Employee cost | 7.99 | 5.62 | +2.37 | +42.2% |
| Finance costs | 2.50 | 1.18 | +1.32 | +111.9% |
| Other expenses | 15.03 | 10.06 | +4.97 | +49.4% |
| Total expenses | 164.16 | 115.51 | +48.65 | +42.1% |
| Other income | 1.90 | 1.39 | +0.51 | +36.7% |
| Tax | 4.64 | 3.46 | +1.18 | +34.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, consolidated total assets were ₹202.55 crore, compared with ₹160.19 crore at 31 March 2026. Inventories rose to ₹115.94 crore from ₹79.57 crore, trade receivables were ₹15.15 crore, and trade payables were ₹20.98 crore. Total equity was ₹108.19 crore and borrowings were ₹63.51 crore; comparable equity and borrowing figures were not provided for the previous balance sheet date.
H1 FY27 operating cash flow was negative ₹23.07 crore, compared with negative ₹18.88 crore in H1 FY26. Investing cash flow was negative ₹1.66 crore against negative ₹1.06 crore, while financing cash flow was positive ₹24.25 crore compared with positive ₹19.75 crore. Capital expenditure was ₹0 in H1 FY27 and ₹1.26 crore in H1 FY26; a closing cash figure was not provided.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 202.55 | 160.19 |
| Total equity | 108.19 | |
| Borrowings | 63.51 | |
| Cash and equivalents | 0 | 0 |
| Inventories | 115.94 | 79.57 |
| Trade receivables | 15.15 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −23.07 | −18.88 |
| Cash from investing | −1.66 | −1.06 |
| Cash from financing | 24.25 | 19.75 |
| Capital expenditure | 0 | 1.26 |
Source: Company's results filing (XBRL).
How has Macfos done over the last 7 quarters?
Revenue in the available series was highest at ₹180.07 crore in Q2 FY27 and lowest at ₹72.15 crore in Q4 FY24. It had reached ₹181.02 crore in Q4 FY26, fell to ₹81.34 crore in Q1 FY27 and then rose to ₹180.07 crore in Q2 FY27, showing a sharp quarter-to-quarter change in the reported figures.
EBITDA margin bottomed at 8.9% in Q4 FY25 and reached its highest level in the series, 13.4%, in Q4 FY24. It was 11.6% in Q4 FY26, 10.6% in Q1 FY27 and 11.2% in Q2 FY27. Reported net profit was ₹5.81 crore in Q1 FY27 and ₹13.17 crore in Q2 FY27, while net profit was not provided for the earlier quarters in the series.
What did Macfos' management say?
Management expects the company to continue on the same growth path over the next four to five years but gave no numeric revenue target. Chairman and Managing Director Anil Dubre said, “We believe that next four to five years, we should be able to continue on the same path of growth.” The company is targeting a PAT margin of 7-8%, while gross margin is expected to stabilise over the long term as higher-value corporate orders, lower servicing costs and proprietary products offset mix-related pressure.
Management said Robu 2.0 offers an opportunity to move up the technology value chain from distributing products to developing products. Anil Dubre said, “Robu 2.0 provides an opportunity for us to move further up the technology value chain, from distributing products to developing products.” Robu 2.0 revenue and mix remained undisclosed despite repeated analyst requests; Dubre said, “So currently, we are not sharing those numbers. Again, it’s a strategic decision because we want right now to test the waters.”
How did Macfos shares react?
Macfos shares initially fell after the after-market filing on 28 October 2026, declining 0.9% after 5 minutes, 1.2% after 15 minutes and 3.4% after 30 minutes. By the close of the first session that could trade on the news, the stock was up 2.6% from its pre-results close of ₹1,149.00. By the next day’s close, it was up 1.6% from that pre-results close.
On the reaction day, the stock’s 2.6% move was 1.7 percentage points above the 0.9% median move for the other E-Retail/E-Commerce stocks. By the next day’s close, the stock was 1.6 percentage points above the sector median and 3.5 percentage points above the Nifty Microcap 250’s 1.9% decline. Earlier results-day moves included 14.7% on 28 April 2026, 9.4% lower on 11 August 2026 and 4.9% on 28 January 2026.
| After the filing | Stock | E-Retail/ E-Commerce median |
|---|---|---|
| 5 minutes | −0.9% | |
| 15 minutes | −1.2% | |
| 30 minutes | −3.4% | |
| Reaction day | +2.6% | +0.9% |
| Next day | +1.6% | +0.0% |
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 |
|---|---|
| 11 August 2026 | −9.4% |
| 28 April 2026 | +14.7% |
| 28 January 2026 | +4.9% |
| 28 October 2025 | +0.5% |
| 28 July 2025 | +0.7% |
| 19 May 2025 | −3.9% |
| 29 July 2024 | −6.2% |
| 8 May 2024 | +18.3% |
Source: MarketPing price-reaction measurement.
How did other E-Retail/ E-Commerce companies do?
Eight other E-Retail/E-Commerce companies had filed for the quarter as of 4 November 2026. Their median revenue growth was 23.1%, compared with Macfos’s 41.0% revenue growth; five peers grew slower than Macfos and two grew faster than Macfos. Six peers reported higher profit, based on seven peers for which profit was compared.
| Macfos revenue growth (YoY) | +41.0% |
|---|---|
| Median of 8 other E-Retail/ E-Commerce companies | +23.1% |
| Companies with slower revenue growth than Macfos | 5 of 8 |
| Companies with faster revenue growth than Macfos | 2 of 8 |
| Companies whose net profit rose | 6 of 7 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Macfos' revenue in Q2 FY27?
Revenue from operations was ₹180.07 crore, up 41.0% from ₹127.72 crore in Q2 FY26 (consolidated).
Did Macfos make a profit in Q2 FY27?
Yes. Net profit was ₹13.17 crore.
What was Macfos' EPS in Q2 FY27?
Basic earnings per share were ₹12.71, against ₹10.77 in Q2 FY26.
How did Macfos shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.6% from the previous close; the median E-Retail/ E-Commerce stock moved +0.9%.
When did Macfos announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of The Board Meeting To Be Held On Wednesday, 28Th Day Of October 2026, Under Regulation 29 (1) (A) Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015. (BSE, 21 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 28Th October 2026 (BSE, 28 October 2026) · PDF
- Outcome Of The Meeting Of The Board Of Directors Of Macfos Limited ("The Company") Held On October 28, 2026. (BSE, 28 October 2026) · PDF
- The earnings call (4 November 2026)
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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