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Mazda Q2 FY27 results: net profit up 113.3% to ₹16.17 crore, revenue up 63.6%
Mazda Limited reported standalone revenue of ₹83.17 crore in Q2 FY27, up 63.6% from the year-ago quarter. Net profit rose to ₹16.17 crore from ₹7.58 crore, while EBITDA margin increased to 27.1% from 20.6%.
Key points
- Revenue was ₹83.17 crore in Q2 FY27, up ₹32.33 crore or 63.6% from Q2 FY26.
- EBITDA was ₹22.54 crore, up ₹12.07 crore or 115.3%, with margin at 27.1%.
- Net profit was ₹16.17 crore, up ₹8.59 crore or 113.3%, and EPS was ₹8.07.
- Against Q1 FY27, revenue rose 3.5% and net profit rose 120.6%.
- Engineering Division revenue grew 65.4% to ₹70.39 crore, while Food Division revenue grew 54.1% to ₹12.78 crore.
How did Mazda perform in Q2 FY27?
Mazda reported standalone revenue of ₹83.17 crore in Q2 FY27, against ₹50.84 crore in Q2 FY26 and ₹80.34 crore in Q1 FY27. The year-on-year increase was ₹32.33 crore, or 63.6%, while sequential revenue rose ₹2.83 crore, or 3.5%. The reported figures relate to the July–September 2026 quarter.
EBITDA for Q2 FY27 was ₹22.54 crore, compared with ₹10.47 crore in Q2 FY26 and ₹7.34 crore in Q1 FY27. The margin was 27.1%, up 6.5 percentage points year on year and 18.0 percentage points sequentially. Profit before tax was ₹21.61 crore, against ₹10 crore a year earlier and ₹9.62 crore in the previous quarter.
Net profit for the quarter was ₹16.17 crore, compared with ₹7.58 crore in Q2 FY26 and ₹7.33 crore in Q1 FY27. EPS was ₹8.07, against ₹3.79 a year earlier and ₹3.66 in the previous quarter. These are standalone unaudited figures; the filing states that the board approved them on 4 November 2026 after audit committee review and a statutory auditors’ limited review.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 83.17 | 80.34 | 50.84 | +63.6% | +3.5% |
| Other income | 0.39 | 3.59 | 0.82 | −52.4% | −89.1% |
| Total expenses | 61.95 | 74.32 | 41.66 | +48.7% | −16.6% |
| EBITDA | 22.54 | 7.34 | 10.47 | +115.3% | +207.1% |
| EBITDA margin | 27.1% | 9.1% | 20.6% | +6.5 pp | +18.0 pp |
| Profit before tax | 21.61 | 9.62 | 10 | +116.1% | +124.6% |
| Tax | 5.44 | 2.28 | 2.41 | +125.7% | +138.6% |
| Net profit | 16.17 | 7.33 | 7.58 | +113.3% | +120.6% |
| EPS (₹) | 8.07 | 3.66 | 3.79 | +112.9% | +120.5% |
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 Mazda's costs and profit?
Against Q2 FY26, total expenses rose ₹20.29 crore, or 48.7%, to ₹61.95 crore. Cost of materials consumed was higher by ₹7.87 crore, or 20.9%, employee benefit expense increased ₹1.11 crore, or 14.8%, and other expenses rose ₹3.52 crore, or 28.2%. Depreciation and amortisation increased ₹0.08 crore, or 7.7%, while finance costs fell ₹0.06 crore, or 24.0%.
Other income declined ₹0.43 crore, or 52.4%, to ₹0.39 crore from ₹0.82 crore in Q2 FY26. There was no exceptional item in either quarter. Tax expense increased ₹3.03 crore, or 125.7%, to ₹5.44 crore, compared with ₹2.41 crore in the year-ago quarter. The filing does not provide reasons for the movements in the cost lines or other income.
From Q1 FY27, total expenses fell ₹12.37 crore, or 16.6%, to ₹61.95 crore. Cost of materials consumed increased ₹16.08 crore, while employee benefit expense fell ₹2.68 crore and depreciation fell ₹0.01 crore. Other income declined ₹3.20 crore and tax expense rose ₹3.16 crore; there was no exceptional item in either quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 45.51 | 37.64 | +7.87 | +20.9% |
| Employee cost | 8.63 | 7.52 | +1.11 | +14.8% |
| Finance costs | 0.19 | 0.25 | −0.06 | −24.0% |
| Depreciation | 1.12 | 1.04 | +0.08 | +7.7% |
| Other expenses | 16 | 12.48 | +3.52 | +28.2% |
| Total expenses | 61.95 | 41.66 | +20.29 | +48.7% |
| Other income | 0.39 | 0.82 | −0.43 | −52.4% |
| Tax | 5.44 | 2.41 | +3.03 | +125.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Mazda reported standalone revenue of ₹163.51 crore, total income of ₹167.49 crore and profit before tax of ₹31.22 crore. Revenue was ₹63.04 crore, or 62.7%, higher than in H1 FY26, while total income rose ₹61.94 crore, or 58.7%.
Profit before tax for H1 FY27 was ₹14.9 crore, or 91.3%, higher than H1 FY26, and net profit was ₹23.5 crore, up ₹11.0 crore, or 88.0%. EPS increased from ₹6.24 to ₹11.74. The filing presents these as unaudited standalone results for the half year ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 163.51 | 100.47 | +62.7% |
| Profit before tax | 31.22 | 16.32 | +91.3% |
| Net profit | 23.50 | 12.50 | +88.0% |
| EPS (₹) | 11.74 | 6.24 | +88.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹333.84 crore on 30 September 2026, compared with ₹314.9 crore on 31 March 2026, while total equity rose to ₹264.19 crore from ₹249.34 crore. There were no borrowings on either balance sheet date. Cash and cash equivalents fell to ₹3.55 crore from ₹6.73 crore.
Inventories declined to ₹96.19 crore from ₹98.17 crore, trade receivables fell to ₹52.9 crore from ₹59.12 crore, and trade payables decreased to ₹20.62 crore from ₹22.14 crore. In the first half of FY27, operating cash flow was ₹23.16 crore, compared with an outflow of ₹3.4 crore in H1 FY26.
Investing cash flow in H1 FY27 was an outflow of ₹25.96 crore, against an inflow of ₹9.54 crore in H1 FY26. Financing cash flow was an outflow of ₹0.38 crore, compared with an outflow of ₹7.62 crore, while capital expenditure was ₹1.14 crore against ₹2.96 crore in the earlier first half.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 333.84 | 314.90 |
| Total equity | 264.19 | 249.34 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 3.55 | 6.73 |
| Inventories | 96.19 | 98.17 |
| Trade receivables | 52.90 | 59.12 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 23.16 | −3.40 |
| Cash from investing | −25.96 | 9.54 |
| Cash from financing | −0.38 | −7.62 |
| Capital expenditure | 1.14 | 2.96 |
Source: Company's results filing (XBRL).
How has Mazda done over the last 8 quarters?
Revenue rose year on year in each of the last four quarters. Across the reported period, revenue reached a low of ₹46.78 crore in Q3 FY25 and a high of ₹83.17 crore in Q2 FY27, where the latest direction remained upward from ₹80.34 crore in Q1 FY27.
Net profit also rose year on year in each of the last four quarters. It bottomed at ₹4.91 crore in Q1 FY26 and reached ₹16.17 crore in Q2 FY27, after ₹7.33 crore in the previous quarter. EBITDA margin fell to 6.5% in Q1 FY26 before rising to 27.1% in Q2 FY27, the highest in the reported period.
Which businesses drove the quarter?
The Engineering Division reported Q2 FY27 revenue of ₹70.39 crore, against ₹42.55 crore in Q2 FY26, an increase of 65.4%. Its EBIT was ₹24.48 crore, compared with ₹12.12 crore in the year-ago quarter, and the reported EBIT margin was 34.8%.
The Food Division reported revenue of ₹12.78 crore in Q2 FY27, against ₹8.29 crore in Q2 FY26, an increase of 54.1%. EBIT was ₹1.59 crore, compared with ₹1.45 crore a year earlier, while the reported EBIT margin was 12.5%. Mazda reports two operating segments, Engineering Division and Food Division.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| ENGINEERING DIVISION | 70.39 | +65.4% | 24.48 | 34.8% |
| FOOD DIVISION | 12.78 | +54.1% | 1.59 | 12.5% |
Source: Company's results filing (XBRL segment data).
How did other Industrial Products companies do?
Mazda was compared with 42 other Industrial Products companies that filed for the quarter as of 5 November 2026. Their median revenue growth was 31.6%, against Mazda’s 63.6% revenue growth in Q2 FY27.
Among the other companies, 29 grew slower than Mazda and 13 grew faster than Mazda. Of the 36 peers for which profit was compared, 26 reported higher profit.
| Mazda revenue growth (YoY) | +63.6% |
|---|---|
| Median of 42 other Industrial Products companies | +31.6% |
| Companies with slower revenue growth than Mazda | 29 of 42 |
| Companies with faster revenue growth than Mazda | 13 of 42 |
| Companies whose net profit rose | 26 of 36 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Mazda's revenue in Q2 FY27?
Revenue from operations was ₹83.17 crore, up 63.6% from ₹50.84 crore in Q2 FY26 (standalone).
Did Mazda make a profit in Q2 FY27?
Yes. Net profit was ₹16.17 crore, against a net profit of ₹7.58 crore in Q2 FY26.
What was Mazda's EPS in Q2 FY27?
Basic earnings per share were ₹8.07, against ₹3.79 in Q2 FY26.
When did Mazda announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
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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