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Redtape Q2 FY27 results: net profit up 26.8% to ₹34.93 crore, revenue down 3.6%
Redtape Limited reported consolidated revenue of ₹474.84 crore in Q2 FY27, down 3.6% from ₹492.40 crore in Q2 FY26 and 1.3% from ₹481.28 crore in Q1 FY27. EBITDA rose 2.8% year on year to ₹74.80 crore, with margin at 15.8%, while net profit increased 26.8% to ₹34.93 crore and basic EPS was ₹0.63.
Key points
- Consolidated Q2 FY27 revenue was ₹474.84 crore, down 3.6% year on year and 1.3% sequentially.
- EBITDA was ₹74.80 crore, up 2.8% from ₹72.79 crore, while EBITDA margin improved 1.0 percentage point to 15.8%.
- Net profit was ₹34.93 crore, up 26.8% from ₹27.54 crore, and basic EPS was ₹0.63 against ₹0.50.
- Against Q1 FY27, EBITDA fell 10.5% to ₹74.80 crore, net profit fell 21.5% to ₹34.93 crore, and EPS fell 21.3% to ₹0.63.
- For H1 FY27, revenue was ₹956.12 crore, PBT was ₹107.67 crore, PAT was ₹79.41 crore and EPS was ₹1.44.
How did Redtape perform in Q2 FY27?
Redtape reported consolidated revenue of ₹474.84 crore for Q2 FY27, against ₹492.40 crore in Q2 FY26 and ₹481.28 crore in Q1 FY27. EBITDA was ₹74.80 crore, compared with ₹72.79 crore and ₹83.53 crore in the respective periods. EBITDA margin was 15.8%, up 1.0 percentage point year on year but down 1.6 percentage points from the previous quarter.
Consolidated net profit was ₹34.93 crore, up from ₹27.54 crore in Q2 FY26 but down from ₹44.48 crore in Q1 FY27. PBT rose 13.2% year on year to ₹47.27 crore but fell 21.7% from ₹60.40 crore in the previous quarter. Basic EPS was ₹0.63, against ₹0.50 a year ago and ₹0.80 in Q1 FY27. On the standalone basis, revenue was ₹474.3 crore and PAT was ₹35.6 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 474.84 | 481.28 | 492.40 | −3.6% | −1.3% |
| Other income | 14.15 | 15.14 | 9.54 | +48.3% | −6.5% |
| Total expenses | 441.72 | 436.02 | 460.17 | −4.0% | +1.3% |
| EBITDA | 74.80 | 83.53 | 72.79 | +2.8% | −10.5% |
| EBITDA margin | 15.8% | 17.4% | 14.8% | +1.0 pp | −1.6 pp |
| Profit before tax | 47.27 | 60.40 | 41.77 | +13.2% | −21.7% |
| Tax | 12.34 | 15.92 | 14.23 | −13.3% | −22.5% |
| Net profit | 34.93 | 44.48 | 27.54 | +26.8% | −21.5% |
| EPS (₹) | 0.63 | 0.80 | 0.50 | +26.0% | −21.3% |
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 Redtape's costs and profit?
Total expenses fell 4.0% year on year to ₹441.72 crore, from ₹460.17 crore in Q2 FY26. Cost of materials rose ₹0.52 crore to ₹14.70 crore, employee cost rose ₹2.21 crore to ₹32.23 crore and depreciation rose ₹3.98 crore to ₹25.74 crore. Finance costs fell ₹2.86 crore to ₹15.94 crore, while other expenses rose ₹21.62 crore to ₹108.71 crore.
Other income rose ₹4.61 crore to ₹14.15 crore from ₹9.54 crore in Q2 FY26. Tax expense fell ₹1.89 crore to ₹12.34 crore from ₹14.23 crore. There was no exceptional item in either period. Compared with Q1 FY27, total expenses rose ₹5.70 crore, other income fell ₹0.99 crore and tax fell ₹3.58 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 14.70 | 14.18 | +0.52 | +3.7% |
| Employee cost | 32.23 | 30.02 | +2.21 | +7.4% |
| Finance costs | 15.94 | 18.80 | −2.86 | −15.2% |
| Depreciation | 25.74 | 21.76 | +3.98 | +18.3% |
| Other expenses | 108.71 | 87.09 | +21.62 | +24.8% |
| Total expenses | 441.72 | 460.17 | −18.45 | −4.0% |
| Other income | 14.15 | 9.54 | +4.61 | +48.3% |
| Tax | 12.34 | 14.23 | −1.89 | −13.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹956.12 crore, compared with ₹956.71 crore in H1 FY26, while total income rose to ₹985.41 crore from ₹975.41 crore. PBT increased 19.0% to ₹107.67 crore, and PAT rose 20.1% to ₹79.41 crore from ₹66.14 crore. Basic EPS increased 20.0% to ₹1.44 from ₹1.20.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 956.12 | 956.71 | −0.1% |
| Profit before tax | 107.67 | 90.48 | +19.0% |
| Net profit | 79.41 | 66.14 | +20.1% |
| EPS (₹) | 1.44 | 1.20 | +20.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹2424.94 crore on 30 September 2026 from ₹2305.58 crore on 31 March 2026, while total equity fell to ₹985.31 crore from ₹1021.38 crore. Borrowings increased to ₹466.13 crore from ₹385.65 crore, and cash declined to ₹7.61 crore from ₹8.95 crore. Inventories were ₹1290.53 crore, trade receivables ₹118.44 crore and trade payables ₹402.61 crore.
For H1 FY27, operating cash flow was ₹110.73 crore, compared with an outflow of ₹124.02 crore in H1 FY26. Investing cash flow was an outflow of ₹32.01 crore against ₹59.26 crore, and financing cash flow was an outflow of ₹80.01 crore against an inflow of ₹181.73 crore. Capital expenditure was ₹33.85 crore, compared with ₹43.81 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,425 | 2,306 |
| Total equity | 985.31 | 1,021 |
| Borrowings | 466.13 | 385.65 |
| Cash and equivalents | 7.61 | 8.95 |
| Inventories | 1,291 | 1,152 |
| Trade receivables | 118.44 | 210.19 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 110.73 | −124.02 |
| Cash from investing | −32.01 | −59.26 |
| Cash from financing | −80.01 | 181.73 |
| Capital expenditure | 33.85 | 43.81 |
Source: Company's results filing (XBRL).
How has Redtape done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹786.55 crore in Q3 FY26 and its lowest at ₹464.31 crore in Q1 FY26. It was ₹474.84 crore in Q2 FY27, lower than ₹481.28 crore in Q1 FY27. PAT peaked at ₹104.53 crore in Q3 FY26 and was lowest at ₹27.54 crore in Q2 FY26, before rising to ₹34.93 crore in Q2 FY27.
EBITDA margin peaked at 21.7% in Q3 FY26 and bottomed at 14.8% in Q2 FY26. It reached 17.4% in Q1 FY27 and eased to 15.8% in Q2 FY27. PAT rose year on year in each of the last eight quarters, based on the reported trend data.
What did the auditors point out?
The statutory auditors issued limited review reports with an unmodified opinion on the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. The board approved the results on 4 November 2026 after the audit committee reviewed and recommended them.
The auditors included an Emphasis of Matter drawing attention to Note 4. It said income tax authorities carried out search operations at certain premises of the parent company, residences of some directors and residences of some employees in September 2025. Pending completion of the search proceedings, the consequent impact on the consolidated and standalone financial results for the quarter and half year ended 30 September 2026, if any, was not currently ascertainable. The auditors said: “Our conclusion is not modified in respect of this matter.”
How did Redtape shares react?
After the filing appeared, Redtape’s price was up 2.0% after 5 minutes, up 1.7% after 15 minutes and up 1.1% after 30 minutes. On the reaction day, the stock closed 1.5% below its previous close of ₹107.16. The Footwear industry median rose 0.5% on the reaction day, leaving Redtape 2.0 percentage points behind the industry median.
Earlier reaction-day moves were mixed: the stock fell 1.7% on 1 August 2026, rose 11.0% on 26 May 2026, rose 0.8% on 12 February 2026 and fell 1.1% on 8 October 2025. The provided data did not include a move by the next day’s close or by the fifth day’s close.
| After the filing | Stock | Footwear median |
|---|---|---|
| 5 minutes | +2.0% | |
| 15 minutes | +1.7% | |
| 30 minutes | +1.1% | |
| Reaction day | −1.5% | +0.5% |
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 | −1.7% |
| 26 May 2026 | +11.0% |
| 12 February 2026 | +0.8% |
| 8 October 2025 | −1.1% |
| 13 August 2025 | −0.9% |
| 27 May 2025 | −7.7% |
| 12 February 2025 | −1.6% |
| 13 November 2024 | −2.9% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Redtape's revenue in Q2 FY27?
Revenue from operations was ₹474.84 crore, down 3.6% from ₹492.40 crore in Q2 FY26 (consolidated).
Did Redtape make a profit in Q2 FY27?
Yes. Net profit was ₹34.93 crore, against a net profit of ₹27.54 crore in Q2 FY26.
What was Redtape's EPS in Q2 FY27?
Basic earnings per share were ₹0.63, against ₹0.50 in Q2 FY26.
How did Redtape shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.5% from the previous close; the median Footwear stock moved +0.5%.
When did Redtape 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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