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The Anup Engineering Q2 FY27 results: net profit down 79.5% to ₹6.58 crore, revenue down 21.5%
The Anup Engineering Limited reported consolidated Q2 FY27 revenue of ₹182.40 crore, EBITDA of ₹17.44 crore and a net profit of ₹6.58 crore for July–September 2026. Revenue and profit were lower than a year earlier, but both improved from Q1 FY27 as the EBITDA margin rose to 9.6%.
Key points
- Q2 FY27 consolidated revenue was ₹182.40 crore, down 21.5% from Q2 FY26 and up 45.6% from Q1 FY27.
- EBITDA was ₹17.44 crore at a 9.6% margin, against 22.2% in Q2 FY26 and 7.6% in Q1 FY27.
- Net profit was ₹6.58 crore and basic EPS was ₹3.29, compared with ₹32.05 crore and ₹16.01 in Q2 FY26.
- H1 FY27 revenue was ₹307.65 crore, down 24.5%, while PAT was ₹7.15 crore, down 87.7%, from H1 FY26.
- Total assets were ₹979.44 crore at 30 September 2026, while borrowings were ₹130.63 crore and cash was ₹12.59 crore.
How did The Anup Engineering perform in Q2 FY27?
The Anup Engineering reported consolidated revenue of ₹182.40 crore in Q2 FY27, down 21.5% from ₹232.28 crore in Q2 FY26 but up 45.6% from ₹125.25 crore in Q1 FY27. EBITDA rose to ₹17.44 crore from ₹9.47 crore in the previous quarter, while the margin improved to 9.6% from 7.6%.
Against Q2 FY26, EBITDA was down 66.1% and its margin fell 12.6 percentage points to 9.6%. Profit before tax fell 79.3% to ₹8.91 crore, tax fell 78.7% to ₹2.33 crore, and net profit fell 79.5% to ₹6.58 crore. Basic EPS was ₹3.29, down from ₹16.01.
On a standalone basis, revenue was ₹167.12 crore, down 28.2% from the year-ago quarter, while profit before tax was ₹32.03 crore and PAT was ₹9.15 crore. The filing did not provide standalone Q1 FY27 comparison figures.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 182.40 | 125.25 | 232.28 | −21.5% | +45.6% |
| Other income | 0.96 | 0.52 | 0.36 | +166.7% | +84.6% |
| Total expenses | 174.45 | 124.84 | 189.62 | −8.0% | +39.7% |
| EBITDA | 17.44 | 9.47 | 51.48 | −66.1% | +84.2% |
| EBITDA margin | 9.6% | 7.6% | 22.2% | −12.6 pp | +2.0 pp |
| Profit before tax | 8.91 | 0.93 | 43.02 | −79.3% | +858.1% |
| Tax | 2.33 | 0.36 | 10.96 | −78.7% | +547.2% |
| Net profit | 6.58 | 0.57 | 32.05 | −79.5% | +1054.4% |
| EPS (₹) | 3.29 | 0.28 | 16.01 | −79.5% | +1075.0% |
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 The Anup Engineering's costs and profit?
Total expenses fell 8.0% to ₹174.45 crore from ₹189.62 crore in Q2 FY26, lower than the 21.5% decline in revenue. Cost of materials decreased 10.2% by ₹11.43 crore and other expenses fell 17.2% by ₹10.32 crore. Finance costs were lower by ₹0.25 crore.
Employee cost increased 16.9% by ₹2.16 crore to ₹14.96 crore, while depreciation rose 13.9% by ₹0.93 crore to ₹7.64 crore. Other income increased by ₹0.60 crore to ₹0.96 crore, while tax expense declined by ₹8.63 crore to ₹2.33 crore. There was no exceptional item in either quarter.
Management said elevated raw-material costs and lower revenue caused under-absorption of fixed costs, which pressured margins. It also said geopolitical uncertainties contributed to a 6% increase in raw-material costs during the quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 100.62 | 112.05 | −11.43 | −10.2% |
| Employee cost | 14.96 | 12.80 | +2.16 | +16.9% |
| Finance costs | 1.85 | 2.10 | −0.25 | −11.9% |
| Depreciation | 7.64 | 6.71 | +0.93 | +13.9% |
| Other expenses | 49.70 | 60.02 | −10.32 | −17.2% |
| Total expenses | 174.45 | 189.62 | −15.17 | −8.0% |
| Other income | 0.96 | 0.36 | +0.60 | +166.7% |
| Tax | 2.33 | 10.96 | −8.63 | −78.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹307.65 crore, down 24.5% from ₹407.51 crore in H1 FY26. Total income fell 24.6% to ₹309.13 crore, while profit before tax declined 87.4% to ₹9.84 crore and PAT fell 87.7% to ₹7.15 crore.
Basic EPS for the first half was ₹3.57, compared with ₹29.12 in H1 FY26. Management said H1 EBITDA was down 70.6% year on year and attributed the lower margin to under-absorption of fixed costs caused by reduced revenue.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 307.65 | 407.51 | −24.5% |
| Profit before tax | 9.84 | 78.30 | −87.4% |
| Net profit | 7.15 | 58.31 | −87.7% |
| EPS (₹) | 3.57 | 29.12 | −87.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹979.44 crore, compared with ₹970.66 crore at 31 March 2026. Total equity fell to ₹677.64 crore from ₹691.01 crore, while borrowings rose to ₹130.63 crore from ₹107.8 crore and cash increased to ₹12.59 crore from ₹4.05 crore.
Inventories rose to ₹114.71 crore from ₹100.75 crore, while trade receivables fell to ₹350.76 crore from ₹415.94 crore and trade payables decreased to ₹64.36 crore from ₹85.0 crore. H1 FY27 operating cash flow was ₹59.3 crore, compared with an outflow of ₹62.19 crore in H1 FY26.
Investing cash flow was an outflow of ₹46.33 crore in H1 FY27, against an outflow of ₹28.8 crore a year earlier. Financing cash flow was an outflow of ₹4.44 crore, compared with an inflow of ₹88.71 crore, while capital expenditure fell to ₹13.51 crore from ₹38.58 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 979.44 | 970.66 |
| Total equity | 677.64 | 691.01 |
| Borrowings | 130.63 | 107.80 |
| Cash and equivalents | 12.59 | 4.05 |
| Inventories | 114.71 | 100.75 |
| Trade receivables | 350.76 | 415.94 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 59.30 | −62.19 |
| Cash from investing | −46.33 | −28.80 |
| Cash from financing | −4.44 | 88.71 |
| Capital expenditure | 13.51 | 38.58 |
Source: Company's results filing (XBRL).
How has The Anup Engineering done over the last 8 quarters?
Revenue reached ₹232.28 crore in Q2 FY26 and fell to ₹125.25 crore in Q1 FY27 before recovering to ₹182.40 crore in Q2 FY27. The EBITDA margin peaked at 23.0% in Q1 FY26, fell to 7.6% in Q1 FY27 and recovered to 9.6% in Q2 FY27.
PAT peaked at ₹32.05 crore in Q2 FY26 and bottomed at ₹0.57 crore in Q1 FY27 before rising to ₹6.58 crore in Q2 FY27. Revenue, profit and margin have therefore moved upward from the latest quarterly low, while remaining below their Q2 FY26 levels.
What else did the company announce?
The company filed an investor presentation for the quarter and half year ended 30 September 2026 on 6 November 2026. It reported a pending order book, including Letters of Intent, of ₹941 crore as on 6 November, including orders exceeding ₹150 crore for thermal power plants.
The board noted Nilesh Hirapara’s resignation as Chief Financial Officer with immediate effect on 6 November 2026, as he moved to a larger role within the group. It approved Vishal Begwani’s appointment as CFO with effect from the same day, based on the recommendation of the Nomination and Remuneration Committee and Audit Committee.
What did The Anup Engineering's management say?
Management said the company was on track for about ₹50 crore of FY27 revenue from technical and site services, with three site executions in progress. It expected to add five proprietary equipment types to the product list during FY27 and said the thermal power segment was positioned for growth for at least three years.
Management said the pending order book was ₹941 crore as on 6 November, including Letters of Intent, and the inquiry pipeline was ₹1,200 crore. It said these provided opportunities to secure its 20% growth plan for FY28, with clean energy storage expected to contribute about 20% of FY28 revenue.
Management said FY27 priorities were the stabilization of current operations, better execution, consolidation and risk mitigation. It cited wars, geopolitics and global volatility as risks, while raw-material inflation and fixed-cost under-absorption remained margin headwinds; the filing did not record any analyst questions.
How did The Anup Engineering shares react?
After the filing appeared, the stock was down 4.7% after five minutes, 3.3% after 15 minutes and 3.0% after 30 minutes. It closed the reaction day down 2.7% from its pre-results close, while the Industrial Products sector median was down 0.9%, leaving the stock 1.7 percentage points below the sector move.
Earlier reaction-day moves were down 10.2% on 6 August 2026, down 5.5% on 28 May 2026 and down 6.7% on 3 February 2026. The stock was up 3.9% on 10 November 2025, and no one-day or five-day moves from the pre-results close were available.
| After the filing | Stock | Industrial Products median |
|---|---|---|
| 5 minutes | −4.7% | |
| 15 minutes | −3.3% | |
| 30 minutes | −3.0% | |
| Reaction day | −2.7% | −0.9% |
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 |
|---|---|
| 6 August 2026 | −10.2% |
| 28 May 2026 | −5.5% |
| 3 February 2026 | −6.7% |
| 10 November 2025 | +3.9% |
| 5 August 2025 | −1.3% |
| 13 May 2025 | −7.0% |
| 31 January 2025 | −5.9% |
| 26 October 2024 | −1.1% |
Source: MarketPing price-reaction measurement.
How did other Industrial Products companies do?
Among 58 Industrial Products companies compared, the median revenue growth was 28.1%, compared with The Anup Engineering’s decline of 21.5%. Two peers grew more slowly than the company, while 56 grew faster.
Of the 53 peers for which profit was compared, 40 reported higher profit. The peer figures cover companies that had filed for the quarter as of 6 November 2026.
| The Anup Engineering revenue growth (YoY) | −21.5% |
|---|---|
| Median of 58 other Industrial Products companies | +28.1% |
| Companies with slower revenue growth than The Anup Engineering | 2 of 58 |
| Companies with faster revenue growth than The Anup Engineering | 56 of 58 |
| Companies whose net profit rose | 40 of 53 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was The Anup Engineering's revenue in Q2 FY27?
Revenue from operations was ₹182.40 crore, down 21.5% from ₹232.28 crore in Q2 FY26 (consolidated).
Did The Anup Engineering make a profit in Q2 FY27?
Yes. Net profit was ₹6.58 crore, against a net profit of ₹32.05 crore in Q2 FY26.
What was The Anup Engineering's EPS in Q2 FY27?
Basic earnings per share were ₹3.29, against ₹16.01 in Q2 FY26.
How did The Anup Engineering shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.7% from the previous close; the median Industrial Products stock moved −0.9%.
When did The Anup Engineering announce its Q2 FY27 results?
On 6 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Unaudited (Standalone & Consolidated) Financial Results Of The Company For The Quarter And Half Year Ended On 30Th September, 2026 (BSE, 30 October 2026) · PDF
- Outcome of Board Meeting (NSE, 6 November 2026) · PDF
- The investor presentation (6 November 2026)
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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