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Shelter Infra Projects Q2 FY27 results: net loss narrows to ₹0.02 crore, revenue down 11.3%
Shelter Infra Projects Ltd reported standalone revenue of ₹0.47 crore and a net loss of ₹0.02 crore for Q2 FY27, with an EBITDA margin of -5.0%. Revenue was lower than Q2 FY26 and Q1 FY27, while the quarterly loss narrowed from the year-ago period but increased from the previous quarter.
Key points
- Standalone revenue was ₹0.47 crore in Q2 FY27, down 11.3% from ₹0.53 crore in Q2 FY26 and down 14.5% from ₹0.55 crore in Q1 FY27.
- The company reported a net loss of ₹0.02 crore in Q2 FY27, compared with a net loss of ₹0.10 crore in Q2 FY26 and ₹0.01 crore in Q1 FY27.
- EBITDA margin was -5.0% in Q2 FY27, compared with -23.3% in Q2 FY26 and -4.9% in Q1 FY27.
- Basic EPS was -₹0.06 in Q2 FY27, against -₹0.29 in Q2 FY26 and -₹0.04 in Q1 FY27.
- In H1 FY27, revenue was ₹1.03 crore and the company reported a net loss of ₹0.03 crore, compared with revenue of ₹1.13 crore and a net profit of ₹0.02 crore in H1 FY26.
How did Shelter Infra Projects perform in Q2 FY27?
Shelter Infra Projects reported standalone revenue of ₹0.47 crore in Q2 FY27, against ₹0.53 crore in Q2 FY26 and ₹0.55 crore in Q1 FY27. Total income was ₹0.50 crore, compared with ₹0.56 crore in the year-ago quarter and ₹0.59 crore in the previous quarter. The board approved the unaudited financial results for the quarter ended 30 September 2026 on 4 November 2026.
The company reported an EBITDA loss of ₹0.02 crore in Q2 FY27, with an EBITDA margin of -5.0%, compared with an EBITDA loss of ₹0.12 crore and a margin of -23.3% in Q2 FY26. The EBITDA loss was ₹0.01 crore lower than in Q1 FY27, when the margin was -4.9%.
Profit before tax was a loss of ₹0.02 crore in Q2 FY27, against a loss of ₹0.12 crore in Q2 FY26 and ₹0.01 crore in Q1 FY27. The net loss was ₹0.02 crore, against a net loss of ₹0.10 crore in the year-ago quarter and ₹0.01 crore in the previous quarter. Basic EPS was -₹0.06, compared with -₹0.29 and -₹0.04, respectively.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 0.47 | 0.55 | 0.53 | −11.3% | −14.5% |
| Other income | 0.03 | 0.04 | 0.03 | +0.0% | −25.0% |
| Total expenses | 0.52 | 0.60 | 0.68 | −23.5% | −13.3% |
| EBITDA | −0.02 | −0.03 | −0.12 | ||
| EBITDA margin | -5.0% | -4.9% | -23.3% | +18.3 pp | −0.1 pp |
| Profit before tax | −0.02 | −0.01 | −0.12 | ||
| Tax | 0 | 0 | −0.02 | ||
| Net profit | −0.02 | −0.01 | −0.10 | ||
| EPS (₹) | −0.06 | −0.04 | −0.29 |
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 Shelter Infra Projects' costs and profit?
Total expenses fell to ₹0.52 crore in Q2 FY27 from ₹0.68 crore in Q2 FY26, a decrease of ₹0.16 crore, or 23.5%. Other expenses were ₹0.42 crore, down ₹0.15 crore or 26.3% year on year, while employee cost was ₹0.07 crore, down ₹0.02 crore or 22.2%. Depreciation remained ₹0.02 crore, and cost of materials and finance costs were unchanged.
Other income was unchanged at ₹0.03 crore from Q2 FY26. There was no exceptional item in either quarter. Tax moved by ₹0.02 crore against the year-ago quarter, when tax was a credit of ₹0.02 crore; there was no tax charge in Q2 FY27.
Against Q1 FY27, total expenses were ₹0.08 crore or 13.3% lower, mainly reflecting other expenses of ₹0.42 crore against ₹0.51 crore. Employee cost, depreciation and tax were unchanged, while other income declined by ₹0.01 crore from ₹0.04 crore to ₹0.03 crore. Despite lower expenses, the net loss increased by ₹0.01 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 0.07 | 0.09 | −0.02 | −22.2% |
| Finance costs | 0 | 0 | 0 | |
| Depreciation | 0.02 | 0.02 | 0 | +0.0% |
| Other expenses | 0.42 | 0.57 | −0.15 | −26.3% |
| Total expenses | 0.52 | 0.68 | −0.16 | −23.5% |
| Other income | 0.03 | 0.03 | 0 | +0.0% |
| Tax | 0 | −0.02 | +0.02 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue was ₹1.03 crore, down ₹0.10 crore or 8.8% from ₹1.13 crore in H1 FY26. Total income was ₹1.10 crore, down ₹0.10 crore or 8.3% from ₹1.20 crore. The company reported a profit before tax loss of ₹0.03 crore, compared with a profit of ₹0.03 crore in the year-earlier period.
Net profit for H1 FY27 was a loss of ₹0.03 crore, compared with a profit of ₹0.02 crore in H1 FY26, a movement of ₹0.05 crore towards loss. Basic EPS was -₹0.09 in the first half of FY27, against ₹0.06 in H1 FY26. The results shown here are on a standalone basis.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1.03 | 1.13 | −8.8% |
| Profit before tax | −0.03 | 0.03 | turned to loss |
| Net profit | −0.03 | 0.02 | turned to loss |
| EPS (₹) | −0.09 | 0.06 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹33.49 crore, against ₹33.2 crore at 31 March 2026. Total equity was ₹3.8 crore, compared with ₹3.83 crore, while cash was ₹0.14 crore against ₹0.09 crore. Trade receivables were ₹13.37 crore, against ₹13.29 crore, and inventories remained ₹0.26 crore.
Borrowings were ₹8.94 crore at 30 September 2026, against ₹0.0 crore at 31 March 2026. Trade payables were ₹11.71 crore, compared with ₹0.0 crore at the previous balance sheet date. The reported balance sheet figures compare 30 September 2026 with 31 March 2026.
Operating cash flow for H1 FY27 was ₹0.56 crore, compared with ₹0.05 crore in H1 FY26. Investing cash flow was ₹0.02 crore against ₹0.01 crore, while financing cash flow was -₹0.49 crore against -₹0.15 crore. Capital expenditure was ₹0.0 crore in both periods.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 33.49 | 33.20 |
| Total equity | 3.80 | 3.83 |
| Borrowings | 8.94 | 0 |
| Cash and equivalents | 0.14 | 0.09 |
| Inventories | 0.26 | 0.26 |
| Trade receivables | 13.37 | 13.29 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 0.56 | 0.05 |
| Cash from investing | 0.02 | 0.01 |
| Cash from financing | −0.49 | −0.15 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Shelter Infra Projects done over the last 8 quarters?
Revenue reached its highest level in the supplied quarterly trend at ₹0.60 crore in Q3 FY25 and Q4 FY25. It then remained around ₹0.53 crore to ₹0.55 crore through Q1 FY27 before falling to ₹0.47 crore in Q2 FY27, the lowest level in the series. The recent direction was lower.
Profit after tax was highest at ₹0.13 crore in Q1 FY26 and moved to a net loss of ₹0.10 crore in Q2 FY26. It then remained negative through Q3 FY26, Q4 FY26 and Q1 FY27, before a net loss of ₹0.02 crore in Q2 FY27, which was lower than the preceding quarter’s loss.
The EBITDA margin peaked at 22.4% in Q1 FY26 and bottomed at -23.3% in Q2 FY26. It subsequently remained negative, reaching -5.0% in Q2 FY27 after -4.9% in Q1 FY27, so the current direction was marginally lower.
Which businesses drove the quarter?
Rental was the principal reported segment in Q2 FY27, with revenue of ₹0.47 crore, down 10.9% from ₹0.53 crore in Q2 FY26. Segment EBIT was ₹0.27 crore, compared with ₹0.01 crore in the year-ago quarter, and the reported EBIT margin was 57.7%.
Construction activities reported revenue of ₹0.0 crore in both Q2 FY27 and Q2 FY26, with no revenue growth rate reported. EBIT was a loss of ₹0.03 crore, compared with a loss of ₹0.01 crore in the year-ago quarter; no EBIT margin was reported for the segment.
Other Income reported revenue of ₹0.03 crore in Q2 FY27, against ₹0.03 crore in Q2 FY26, representing growth of 15.0%. EBIT was ₹0.0 crore in both periods, and the reported EBIT margin was 0.0%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Construction activities | 0 | −0.03 | ||
| Rental | 0.47 | −10.9% | 0.27 | 57.7% |
| Other Income | 0.03 | +15.0% | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
How did other Civil Construction companies do?
Among 25 other Civil Construction companies that had filed for the quarter, the median revenue growth was 9.4% as of 5 November 2026. Shelter Infra Projects reported a revenue decline, while 20 peers grew faster than the company and 5 peers grew more slowly.
Profit was higher for 18 of the 25 peers compared with the prior-year quarter. The peer comparison covered 25 companies for profit, while Shelter Infra Projects reported a net loss of ₹0.02 crore in Q2 FY27.
| Shelter Infra Projects revenue growth (YoY) | −11.3% |
|---|---|
| Median of 25 other Civil Construction companies | +9.4% |
| Companies with slower revenue growth than Shelter Infra Projects | 5 of 25 |
| Companies with faster revenue growth than Shelter Infra Projects | 20 of 25 |
| Companies whose net profit rose | 18 of 25 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Shelter Infra Projects' revenue in Q2 FY27?
Revenue from operations was ₹0.47 crore, down 11.3% from ₹0.53 crore in Q2 FY26 (standalone).
Did Shelter Infra Projects make a profit in Q2 FY27?
No. It reported a net loss of ₹0.02 crore, against a net loss of ₹0.10 crore in Q2 FY26.
What was Shelter Infra Projects' EPS in Q2 FY27?
Basic loss per share was ₹0.06, against a loss of ₹0.29 in Q2 FY26.
When did Shelter Infra Projects announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting Scheduled To Be Held On 4Th Day Of November, 2026 (BSE, 28 October 2026) · PDF
- Un-Audited Financial Results Approval In Board Meeting Held On Wednesday, 04Th Day Of November, 2026 (BSE, 4 November 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 4 November 2026) · PDF
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