Synergy Green Industries Q2 FY27 results: net loss of ₹5.08 crore

How did Synergy Green Industries perform in Q2 FY27?

Synergy Green Industries reported consolidated revenue of ₹115.78 crore for Q2 FY27, the July–September 2026 quarter, against ₹75.15 crore in Q1 FY27, a rise of ₹40.63 crore or 54.1%. Total income was ₹116.31 crore against ₹75.71 crore, up ₹40.60 crore or 53.6%. Other income was ₹0.53 crore, and there was no exceptional item in the quarter.

EBITDA for the quarter was ₹11.31 crore against ₹4.73 crore in Q1 FY27, a difference of ₹6.58 crore or 139.1%. The EBITDA margin was 9.8% in Q2 FY27, compared with 6.3% in Q1 FY27, a change of 3.5 percentage points. Total expenses rose to ₹121.60 crore from ₹86.40 crore, an increase of ₹35.20 crore or 40.7%.

Profit before tax was a loss of ₹5.29 crore against a loss of ₹10.69 crore in Q1 FY27, and the company reported a net loss of ₹5.08 crore against a net loss of ₹10.11 crore. Basic EPS was -₹3.27 against -₹6.51. The standalone basis showed revenue of ₹115.78 crore and a net loss of ₹5.08 crore for the quarter, with profit before tax of ₹2.36 crore on a standalone basis for the half year.

On a half-year basis, consolidated revenue was ₹190.93 crore, total income ₹192.02 crore, and there was a loss before tax of ₹15.98 crore and a net loss of ₹15.19 crore, with EPS of -₹9.78. The company attributed the growth in the quarter to enhanced production capacities and increased business from new customers, and said first-half production increased by 25.8% year on year.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets stood at ₹485.75 crore against ₹472.76 crore at 31 March 2026. Total equity was ₹95.10 crore, down from ₹111.09 crore at the previous balance sheet date, while borrowings rose to ₹258.21 crore from ₹250.39 crore.

Cash and cash equivalents were ₹1.52 crore at 30 September 2026 against ₹0.33 crore at 31 March 2026. Inventories increased to ₹97.90 crore from ₹62.72 crore, trade receivables fell to ₹47.84 crore from ₹64.97 crore, and trade payables rose to ₹101.91 crore from ₹70.90 crore.

For the first half of FY27, operating cash flow was ₹27.45 crore and investing cash flow was -₹20.35 crore, while financing cash flow was -₹5.91 crore. Capital expenditure was ₹23.50 crore. No comparison with a year-earlier cash flow was provided in the filing.

What else did the company announce?

The board met on 3 November 2026 and approved the unaudited standalone and consolidated financial results for the quarter ended 30 September 2026, along with the limited review report of the statutory auditor. The meeting ran from 12.00 p.m. to 1.45 p.m.

The company filed a management note on the quarterly results, stating that Q2 FY27 total income was ₹116.31 Cr against ₹74.37 Cr in Q2 FY26, a year-on-year growth of 56.4%. H1 FY27 total income was ₹192.02 Cr against ₹159.76 Cr in H1 FY26, a year-on-year growth of 20.2%.

The same-day filings also included an investor presentation for Q2 FY2026-2027, which was made available on the company's website. The statutory auditors, P. G. Bhagwat LLP, issued the limited review report with an unmodified opinion for both the consolidated and standalone results. No dividend, fund raise or appointment was disclosed in the filings reviewed.

What did Synergy Green Industries' management say?

On profitability, management said FY27 PBDIT margin is expected to expand by around 100bps year on year, which requires an H2 margin of roughly 17-18% against 8.9% in the first half. Management also said EBITDA should grow almost 50% for the year, with cash profit growing more than 50%, mostly in the second half.

B. S. Reddy, Executive Director of Synergy Green Industries, said the order book is fully booked for the Nordics for the US exports, with the Nordics export order book finalised at over ₹200 crore. Management expects export revenues to grow over 50% and contribute about 30% of total revenue in FY27.

On risks, management pointed to raw-material inflation of roughly 8% in the first half, export logistics disruption from ship unavailability leading to inventory build-up at cost, a quarter-lag in OEM price corrections leaving a window of unabsorbed cost, and Maharashtra tariff and MSEDCL charges. It also cited execution and skilled-manpower constraints as limits on the pace of capacity expansion.

How did Synergy Green Industries shares react?

The shares were trading when the results appeared. From the price at the time of the filing, the stock was up 0.8% after 5 minutes, down 5.9% after 15 minutes and down 8.5% after 30 minutes. On the reaction day, it closed 8.0% below the previous close of ₹552.00, against a base price of ₹551.35 when the filing appeared.

By the next day's close, the stock was down 1.9% from its pre-results close. Over the same period, the Castings & Forgings industry median moved up 0.5% on the reaction day and up 1.8% by the next day's close, leaving Synergy Green Industries trailing the industry median by 8.4 percentage points on the reaction day and by 3.7 percentage points by the next day's close.

Earlier results-day moves were mixed. The stock fell 11.5% on 13 August 2026, 6.4% on 19 May 2026 and 13.3% on 11 February 2026, then rose 4.7% on 13 November 2025. Earlier moves were -1.5% on 8 August 2025, 2.7% on 9 May 2025, 1.2% on 6 February 2025 and -3.1% on 12 November 2024. No five-day move was given.

How did other Castings & Forgings companies do?

Six other Castings & Forgings companies have filed results for this quarter, with a median revenue growth of 16.2%. Four of them reported higher profit. The peer figures are stated as of 4 November 2026.