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Steelco Gujarat Q2 FY27 results: net loss widens to ₹14.71 crore, revenue ₹81.81 crore vs ₹19.02 crore
Steelco Gujarat Ltd reported standalone revenue of ₹81.81 crore in Q2 FY27, up from ₹19.02 crore in Q2 FY26 and ₹52.18 crore in Q1 FY27. The company reported a net loss of ₹14.71 crore and basic EPS of ₹25.28, while EBITDA margin improved to -6.8% from -25.5% a year earlier and -8.1% in the previous quarter.
Key points
- Revenue rose to ₹81.81 crore in Q2 FY27 from ₹19.02 crore in Q2 FY26 and ₹52.18 crore in Q1 FY27.
- EBITDA was a loss of ₹5.59 crore in Q2 FY27, against losses of ₹4.85 crore in Q2 FY26 and ₹4.21 crore in Q1 FY27.
- The net loss was ₹14.71 crore in Q2 FY27, compared with a net loss of ₹7.87 crore in Q2 FY26 and ₹14.98 crore in Q1 FY27.
- Basic EPS was ₹25.28 in Q2 FY27, against ₹15.85 in Q2 FY26 and ₹28.25 in Q1 FY27.
- Total expenses were ₹97.75 crore in Q2 FY27, including cost of materials of ₹60.17 crore and finance costs of ₹9.13 crore.
How did Steelco Gujarat perform in Q2 FY27?
Steelco Gujarat’s standalone revenue for the July–September 2026 quarter was ₹81.81 crore, compared with ₹19.02 crore in Q2 FY26 and ₹52.18 crore in Q1 FY27. Total income was ₹83.05 crore. The company reported EBITDA of a loss of ₹5.59 crore and an EBITDA margin of -6.8%, compared with a loss of ₹4.85 crore and -25.5% in Q2 FY26 and a loss of ₹4.21 crore and -8.1% in Q1 FY27.
Profit before tax and net loss were both ₹14.71 crore in Q2 FY27, against a net loss of ₹7.87 crore in Q2 FY26 and ₹14.98 crore in Q1 FY27. Basic EPS was ₹25.28, compared with ₹15.85 in Q2 FY26 and ₹28.25 in Q1 FY27. The reported figures are standalone; no consolidated figures were provided in the supplied results.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 81.81 | 52.18 | 19.02 | +330.1% | +56.8% |
| Other income | 1.24 | 0.39 | 0.06 | +1966.7% | +217.9% |
| Total expenses | 97.75 | 67.55 | 26.95 | +262.7% | +44.7% |
| EBITDA | −5.59 | −4.21 | −4.85 | ||
| EBITDA margin | -6.8% | -8.1% | -25.5% | +18.7 pp | +1.3 pp |
| Profit before tax | −14.71 | −14.98 | −7.87 | ||
| Tax | 0 | 0 | 0 | ||
| Net profit | −14.71 | −14.98 | −7.87 | ||
| EPS (₹) | −25.28 | −28.25 | −15.85 |
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 Steelco Gujarat's costs and profit?
Total expenses rose to ₹97.75 crore in Q2 FY27 from ₹26.95 crore in Q2 FY26 and ₹67.55 crore in Q1 FY27. Cost of materials consumed was ₹60.17 crore, up ₹49.18 crore from Q2 FY26 and ₹9.55 crore from Q1 FY27. Other expenses were ₹11.84 crore, up ₹7.74 crore from Q2 FY26 and ₹3.41 crore from Q1 FY27. Finance costs were ₹9.13 crore, up ₹7.10 crore from Q2 FY26 but down ₹0.87 crore from Q1 FY27.
Employee cost was ₹1.26 crore in Q2 FY27, against ₹0.80 crore in Q2 FY26 and ₹1.48 crore in Q1 FY27. Depreciation was ₹1.23 crore, against ₹1.05 crore and ₹1.16 crore, respectively. Other income was ₹1.24 crore, compared with ₹0.06 crore in Q2 FY26 and ₹0.39 crore in Q1 FY27. There was no exceptional item, while tax remained unchanged at ₹0 crore. The filing did not state reasons for these movements.
The year-on-year EBITDA loss increased by ₹0.74 crore to ₹5.59 crore, although the EBITDA margin improved by 18.7 percentage points to -6.8%. Against the previous quarter, the EBITDA loss widened by ₹1.38 crore, while the margin improved by 1.3 percentage points. The net loss widened by ₹6.84 crore from Q2 FY26 but narrowed by ₹0.27 crore from Q1 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 60.17 | 10.99 | +49.18 | +447.5% |
| Employee cost | 1.26 | 0.80 | +0.46 | +57.5% |
| Finance costs | 9.13 | 2.03 | +7.10 | +349.8% |
| Depreciation | 1.23 | 1.05 | +0.18 | +17.1% |
| Other expenses | 11.84 | 4.10 | +7.74 | +188.8% |
| Total expenses | 97.75 | 26.95 | +70.80 | +262.7% |
| Other income | 1.24 | 0.06 | +1.18 | +1966.7% |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, standalone revenue was ₹133.99 crore, up from ₹19.36 crore in H1 FY26. Total income was ₹135.62 crore, compared with ₹19.53 crore. Revenue rose ₹114.63 crore, or 592.1%, while total income rose ₹116.09 crore, or 594.4%.
Steelco Gujarat reported a loss before tax of ₹29.69 crore in H1 FY27, against a loss before tax of ₹12.52 crore in H1 FY26. The net loss was also ₹29.69 crore, compared with ₹12.52 crore, and basic EPS was ₹51.04 against ₹25.2 in the earlier first half.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 133.99 | 19.36 | +592.1% |
| Profit before tax | −29.69 | −12.52 | |
| Net profit | −29.69 | −12.52 | |
| EPS (₹) | −51.04 | −25.20 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹259.87 crore as of 30 September 2026, compared with ₹245.49 crore as of 31 March 2026. Total equity stood at -₹12.39 crore against ₹2.72 crore at the previous balance-sheet date. Borrowings were unchanged at ₹226.8 crore, while cash fell to ₹3.25 crore from ₹11.7 crore.
Inventories declined to ₹35.68 crore from ₹43.91 crore as of 31 March 2026. Trade receivables rose to ₹36.78 crore from ₹21.42 crore, while trade payables increased to ₹15.74 crore from ₹4.58 crore. In the first half, operating cash flow was a net outflow of ₹14.84 crore, compared with a net outflow of ₹14.37 crore in H1 FY26.
Investing cash flow was a net outflow of ₹8.14 crore in H1 FY27, against a net outflow of ₹3.53 crore in H1 FY26. Financing cash flow was a net inflow of ₹14.52 crore, compared with ₹18.04 crore a year earlier. Capital expenditure was ₹4.26 crore in H1 FY27, against ₹3.63 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 259.87 | 245.49 |
| Total equity | −12.39 | 2.72 |
| Borrowings | 226.80 | 226.80 |
| Cash and equivalents | 3.25 | 11.70 |
| Inventories | 35.68 | 43.91 |
| Trade receivables | 36.78 | 21.42 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −14.84 | −14.37 |
| Cash from investing | −8.14 | −3.53 |
| Cash from financing | 14.52 | 18.04 |
| Capital expenditure | 4.26 | 3.63 |
Source: Company's results filing (XBRL).
How has Steelco Gujarat done over the last 8 quarters?
Revenue rose in each of the last seven quarters. It increased from ₹19.02 crore in Q2 FY26 to ₹33.64 crore in Q4 FY26, ₹52.18 crore in Q1 FY27 and ₹81.81 crore in Q2 FY27. The lowest revenue in the period was ₹0.33 crore in Q1 FY26, while the highest was ₹81.81 crore in Q2 FY27.
EBITDA margin improved from -543.5% in Q1 FY26 to -25.5% in Q2 FY26, then fell to -75.0% in Q3 FY26 before recovering to -22.8% in Q4 FY26, -8.1% in Q1 FY27 and -6.8% in Q2 FY27. The net loss was ₹16.06 crore in Q4 FY26, ₹14.98 crore in Q1 FY27 and ₹14.71 crore in Q2 FY27, after a loss of ₹8.70 crore in Q3 FY26.
What else did the company announce?
Steelco Gujarat filed a statement for the quarter ended 30 September 2026 confirming that there had been no deviation or variation in the use of the net proceeds from the rights issue of equity shares allotted on 6 June 2026. The filing stated that the rights issue had raised ₹1489.66 lakhs, with Infomerics Valuation and Rating Limited named as monitoring agency.
The board meeting notice said the directors would consider the unaudited financial results for the quarter and half year ended 30 September 2026. The company’s results filing stated that the board approved the unaudited standalone results on 4 November 2026 and took on record the limited review report issued by T R Chadha & Co LLP. No dividend or appointment was disclosed in the same-day filings supplied.
How did other Iron & Steel Products companies do?
Among 36 other Iron & Steel Products companies that had filed for the quarter, the median revenue growth was 13.4%. All 36 grew more slowly than Steelco Gujarat, while none grew faster. The comparison covered 39 companies for profit, of which 25 reported higher profit.
| Steelco Gujarat revenue growth (YoY) | +330.1% |
|---|---|
| Median of 36 other Iron & Steel Products companies | +13.4% |
| Companies with slower revenue growth than Steelco Gujarat | 36 of 36 |
| Companies with faster revenue growth than Steelco Gujarat | 0 of 36 |
| Companies whose net profit rose | 25 of 39 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Steelco Gujarat's revenue in Q2 FY27?
Revenue from operations was ₹81.81 crore, up 330.1% from ₹19.02 crore in Q2 FY26 (standalone).
Did Steelco Gujarat make a profit in Q2 FY27?
No. It reported a net loss of ₹14.71 crore, against a net loss of ₹7.87 crore in Q2 FY26.
What was Steelco Gujarat's EPS in Q2 FY27?
Basic loss per share was ₹25.28, against a loss of ₹15.85 in Q2 FY26.
When did Steelco Gujarat announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Second Quarter And Half Year Ended 30Th September, 2026 Pursuant To Regulation 33 And 52 Of SEBI LODR (BSE, 28 October 2026) · PDF
- Unaudited Standalone Financial Results For The Second Quarter And Half Year Ended 30Th September, 2026 (BSE, 4 November 2026) · PDF
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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