Shangar Decor Q2 FY27 results: net profit ₹1.05 crore vs ₹0.16 crore, revenue ₹10.84 crore vs ₹2.70 crore

How did Shangar Decor perform in Q2 FY27?

Shangar Decor reported standalone revenue of ₹10.84 crore in Q2 FY27, up 301.5% from ₹2.70 crore in Q2 FY26. Total income was ₹10.85 crore, up 301.9% from ₹2.70 crore. The company did not provide a previous-quarter comparison for Q2 FY27, and no consolidated figures were given.

EBITDA rose 188.8% to ₹3.35 crore from ₹1.16 crore, but the EBITDA margin fell 12.0 percentage points to 30.9% from 42.9%. Profit before tax was ₹1.57 crore, up 214.0% from ₹0.50 crore, while net profit increased 556.2% to ₹1.05 crore from ₹0.16 crore. Basic EPS was ₹0.02, compared with ₹0.00 in Q2 FY26. The Board approved the unaudited results for the quarter and half year ended 30 September 2026 on 24 October 2026.

What changed in Shangar Decor's costs and profit?

Total expenses rose 321.8% to ₹9.28 crore from ₹2.20 crore in Q2 FY26. Employee benefits expense fell 30.0% to ₹0.07 crore from ₹0.10 crore, while finance costs were unchanged at ₹0.01 crore. Depreciation and amortisation expenses rose 172.3% to ₹1.77 crore from ₹0.65 crore, and other expenses rose 104.4% to ₹0.92 crore from ₹0.45 crore. The cost of materials consumed and other income were unchanged at ₹0 crore.

There was no exceptional item in either quarter. Tax expense rose 54.5% to ₹0.51 crore from ₹0.33 crore. The filing does not state a reason for the increase in revenue or the higher depreciation and other expenses.

How did the first half of FY27 go?

In the first half of FY27, standalone revenue rose 215.5% to ₹16.12 crore from ₹5.11 crore in H1 FY26. Total income increased 215.7% to ₹16.13 crore from ₹5.11 crore. Profit before tax rose 257.1% to ₹2.50 crore from ₹0.70 crore, while net profit increased 503.4% to ₹1.75 crore from ₹0.29 crore. Basic EPS was ₹0.04, compared with ₹0.01 in H1 FY26.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹73.24 crore, compared with ₹71.28 crore at 31 March 2026. Total equity rose to ₹60.75 crore from ₹59.01 crore. Borrowings fell to ₹4.34 crore from ₹6.42 crore, while cash increased to ₹4.18 crore from ₹1.69 crore. Inventories fell to ₹2.03 crore from ₹2.47 crore, trade receivables to ₹11.47 crore from ₹12.49 crore, and trade payables rose to ₹6.29 crore from ₹4.89 crore.

For H1 FY27, operating cash flow was ₹7.89 crore, compared with ₹9.57 crore in H1 FY26. Investing cash flow was ₹6.71 crore against a negative ₹16.95 crore, while financing cash flow was negative ₹12.11 crore compared with ₹0.34 crore. Capital expenditure was ₹0.00 crore, compared with ₹6.87 crore in H1 FY26.

How has Shangar Decor done over the last 8 quarters?

Across the reported quarters, revenue peaked at ₹12.99 crore in Q4 FY26 and was ₹10.84 crore in Q2 FY27, compared with ₹2.70 crore in Q2 FY26. Revenue rose in each of the last 2 quarters on a year-on-year basis. Net profit was ₹1.05 crore in Q2 FY27, after ₹0.51 crore in Q4 FY26 and ₹0.16 crore in Q2 FY26.

The EBITDA margin reached its reported high of 42.9% in Q2 FY26 and was 30.9% in Q2 FY27. It was lowest at -24.6% in Q4 FY25. In the latest quarter, revenue was higher than in Q2 FY26, while net profit and margin were also higher than in Q2 FY26.

What did the auditors point out?

The statutory auditors, S K Bhavsar & Co., stated that they had reviewed the unaudited standalone quarter and half-year results in accordance with SRE 2410. They said a review is substantially less in scope than an audit and that they do not express an audit opinion. Nothing came to their attention that caused them to believe that the results did not disclose the required information or contained any material misstatement.

The report included an Emphasis of Matter stating that balances for trade receivables, trade payables and all loans and advances, including deposits made or received, at the balance sheet date were pending comprehensive verification through direct external confirmations and reconciliation with internal ledger records. The auditors also said that reliable values and supporting documents for investments were not presented, so they relied on management representations and a management letter; their conclusion was not modified in respect of this matter.

How did Shangar Decor shares react?

The filing appeared after market hours on 24 October 2026. From the price when the filing appeared, the stock was up 4.8% after 5 minutes, 4.8% after 15 minutes and 9.5% after 30 minutes. On the reaction day, it closed 14.3% above its pre-results close; by the next day's close it was up 9.5%, and by five sessions it was up 4.8% from that pre-results close.

The Diversified Commercial Services industry median move was 0.0% on the reaction day, 1.3% by the next day's close and 2.5% by five sessions. Shangar Decor's excess move was 14.3 percentage points on the reaction day, 8.2 percentage points by the next day's close and 2.2 percentage points by five sessions. Earlier reaction-day moves were 0.0% on 14 August 2026, 0.0% on 28 May 2026 and -3.8% on 10 February 2026.

How did other Diversified Commercial Services companies do?

Among 24 Diversified Commercial Services peers compared for the quarter, the median revenue growth was 15.6%. All 24 peers grew slower than Shangar Decor, while 0 peers grew faster. Eighteen of 30 peers with a profit comparison reported higher profit.