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Veritas Q2 FY27 results: net loss of ₹5.48 crore vs ₹0.60 crore profit, revenue down 29.2%
Veritas (India) Ltd reported consolidated revenue of ₹712.35 crore in Q2 FY27, down 29.2% from Q2 FY26. EBITDA fell 56.2% to ₹6.84 crore, while the company posted a net loss of ₹5.48 crore and basic EPS was negative ₹2.04.
Key points
- Consolidated revenue was ₹712.35 crore in Q2 FY27, down 29.2% from ₹1,006 crore in Q2 FY26.
- EBITDA fell 56.2% year on year to ₹6.84 crore, with EBITDA margin at 1.0% against 1.6%.
- Veritas reported a net loss of ₹5.48 crore in Q2 FY27, against a net profit of ₹0.60 crore in Q2 FY26.
- Basic EPS was negative ₹2.04, compared with ₹0.22 in the year-ago quarter.
- In H1 FY27, revenue rose 1.1% to ₹1,609.88 crore, but the company moved to a net loss of ₹1.82 crore.
How did Veritas perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹712.35 crore, down ₹294.05 crore or 29.2% from ₹1,006 crore in Q2 FY26 and ₹185.17 crore or 20.6% from ₹897.52 crore in Q1 FY27. Total income was ₹712.30 crore, down 29.2% year on year and 20.7% sequentially.
EBITDA was ₹6.84 crore, down ₹8.79 crore or 56.2% from ₹15.63 crore in Q2 FY26 and ₹13.24 crore or 65.9% from ₹20.08 crore in Q1 FY27. The EBITDA margin fell to 1.0% from 1.6% a year ago and 2.2% in the previous quarter.
Veritas reported a loss before tax of ₹5.43 crore and a net loss of ₹5.48 crore, compared with ₹0.60 crore profit before tax and ₹0.60 crore net profit in Q2 FY26. Basic EPS was negative ₹2.04 against ₹0.22 a year ago. The filing also gives standalone results.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 712.35 | 897.52 | 1,006 | −29.2% | −20.6% |
| Other income | −0.06 | 0.53 | −0.33 | ||
| Total expenses | 717.73 | 894.45 | 1,005 | −28.6% | −19.8% |
| EBITDA | 6.84 | 20.08 | 15.63 | −56.2% | −65.9% |
| EBITDA margin | 1.0% | 2.2% | 1.6% | −0.6 pp | −1.2 pp |
| Profit before tax | −5.43 | 3.61 | 0.60 | turned to loss | turned to loss |
| Tax | 0.05 | −0.05 | 0 | ||
| Net profit | −5.48 | 3.66 | 0.60 | turned to loss | turned to loss |
| EPS (₹) | −2.04 | 1.36 | 0.22 | turned to loss | turned to loss |
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 Veritas' costs and profit?
Total expenses fell 28.6% to ₹717.73 crore from ₹1,005 crore in Q2 FY26, but the decline was smaller than the 29.2% fall in revenue. Employee cost was ₹4.17 crore, down ₹1.15 crore or 21.6%, while finance costs were ₹0.96 crore, down ₹3.43 crore or 78.1%.
Other expenses increased by ₹14.19 crore or 165.6% to ₹22.76 crore from ₹8.57 crore, while depreciation rose by ₹0.94 crore or 9.1% to ₹11.25 crore from ₹10.31 crore. Cost of materials was unchanged at ₹0 crore. No exceptional item was reported.
Other income was negative ₹0.06 crore against negative ₹0.33 crore in Q2 FY26, an improvement of ₹0.27 crore. Tax was ₹0.05 crore, up ₹0.05 crore from ₹0 crore in the year-ago quarter. The filing does not state a reason for the increase in other expenses.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 4.17 | 5.32 | −1.15 | −21.6% |
| Finance costs | 0.96 | 4.39 | −3.43 | −78.1% |
| Depreciation | 11.25 | 10.31 | +0.94 | +9.1% |
| Other expenses | 22.76 | 8.57 | +14.19 | +165.6% |
| Total expenses | 717.73 | 1,005 | −287.74 | −28.6% |
| Other income | −0.06 | −0.33 | +0.27 | |
| Tax | 0.05 | 0 | +0.05 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue rose by ₹16.82 crore or 1.1% to ₹1,609.88 crore from ₹1,593.06 crore in H1 FY26. Total income increased by ₹14.84 crore or 0.9% to ₹1,610.35 crore from ₹1,595.51 crore.
The company moved to a loss before tax of ₹1.82 crore in H1 FY27 from ₹24.7 crore profit in H1 FY26, a deterioration of ₹26.52 crore. Net profit changed to a loss of ₹1.82 crore from ₹24.75 crore profit, while basic EPS was negative ₹0.68 against ₹9.23.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,610 | 1,593 | +1.1% |
| Profit before tax | −1.82 | 24.70 | turned to loss |
| Net profit | −1.82 | 24.75 | turned to loss |
| EPS (₹) | −0.68 | 9.23 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹3,901.57 crore on 30 September 2026, against ₹4,715.72 crore on 31 March 2026. Total equity fell to ₹2,348.83 crore from ₹2,864.22 crore, while borrowings declined to ₹324.1 crore from ₹429.91 crore. Cash was ₹17.64 crore against ₹16.80 crore at the previous balance-sheet date.
Inventories were ₹41.94 crore, compared with ₹41.73 crore on 31 March 2026. Trade receivables fell to ₹1,297.81 crore from ₹2,095.65 crore, and trade payables declined to ₹835.93 crore from ₹1,148.0 crore.
Operating cash flow in H1 FY27 was ₹113.89 crore, against negative ₹155.28 crore in H1 FY26. Investing cash flow was negative ₹0.16 crore compared with negative ₹0.57 crore, while financing cash flow was negative ₹112.88 crore against ₹133.05 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,902 | 4,716 |
| Total equity | 2,349 | 2,864 |
| Borrowings | 324.10 | 429.91 |
| Cash and equivalents | 17.64 | 16.80 |
| Inventories | 41.94 | 41.73 |
| Trade receivables | 1,298 | 2,096 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 113.89 | −155.28 |
| Cash from investing | −0.16 | −0.57 |
| Cash from financing | −112.88 | 133.05 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Veritas done over the last 8 quarters?
Across the reported quarters, revenue peaked at ₹1,642.46 crore in Q3 FY25 and bottomed at ₹531.74 crore in Q4 FY26. It then rose to ₹897.52 crore in Q1 FY27 before falling to ₹712.35 crore in Q2 FY27.
Profit after tax was highest at ₹29.93 crore in Q3 FY25 and lowest at a loss of ₹15.93 crore in Q4 FY26. It recovered to ₹3.66 crore in Q1 FY27 before moving to a loss of ₹5.48 crore in Q2 FY27.
The EBITDA margin peaked at 6.1% in Q1 FY26 and bottomed at 1.0% in Q2 FY27. Revenue and profit were both lower in the latest quarter than in Q1 FY27, while margin declined from 2.2% to 1.0%.
Which businesses drove the quarter?
Distribution & Development was the main reported segment, with revenue of ₹683.08 crore in Q2 FY27 against ₹997.23 crore in Q2 FY26, a decline of 31.5%. Segment EBIT was ₹3.87 crore compared with ₹13.48 crore, and the reported EBIT margin was 0.6%.
Warehousing revenue rose 219.3% to ₹29.28 crore from ₹9.17 crore in the year-ago quarter. Segment EBIT was a loss of ₹8.34 crore against a loss of ₹8.23 crore, with a reported EBIT margin of negative 28.5%.
Manufacturing reported no revenue and no EBIT in Q2 FY27, as in the year-ago quarter.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Distribution & Development | 683.08 | −31.5% | 3.87 | 0.6% |
| Warehousing | 29.28 | +219.3% | −8.34 | -28.5% |
| Manufacturing | 0 | 0 |
Source: Company's results filing (XBRL segment data).
How did Veritas shares react?
Veritas was trading when the results appeared and was down 2.2% after 15 minutes and 2.2% after 30 minutes. On the reaction day, the stock closed down 2.0% from its pre-results close of ₹141.80, while the price when the filing appeared was ₹144.25.
By the next day's close, the stock was down 3.5% from its pre-results close. The Trading & Distributors industry median was down 0.1% on the reaction day and up 0.2% by the next close. Veritas therefore lagged the industry by 1.8 percentage points on the reaction day and 3.7 percentage points by the next close.
Earlier reaction-day moves were down 2.0% on 28 May 2026, up 1.6% on 5 February 2026, unchanged on 14 November 2025, down 0.5% on 13 August 2025 and down 2.9% on 29 May 2025. The listed 2024 moves were up 2.0% on 13 August and down 2.0% on 29 May.
| After the filing | Stock | Trading & Distributors median |
|---|---|---|
| 15 minutes | −2.2% | |
| 30 minutes | −2.2% | |
| Reaction day | −2.0% | −0.1% |
| Next day | −3.5% | +0.2% |
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 |
|---|---|
| 28 May 2026 | −2.0% |
| 5 February 2026 | +1.6% |
| 14 November 2025 | +0.0% |
| 13 August 2025 | −0.5% |
| 29 May 2025 | −2.9% |
| 13 August 2024 | +2.0% |
| 29 May 2024 | −2.0% |
Source: MarketPing price-reaction measurement.
How did other Trading & Distributors companies do?
Among the Trading & Distributors companies that have filed for this quarter, 24 peers were compared for revenue growth. The median peer revenue growth was 47.2%, and 21 of the 36 peers for which profit was compared reported higher profit.
Six peers grew revenue more slowly than Veritas, while 18 peers grew faster than Veritas. The peer data was available as of 4 November 2026.
| Veritas revenue growth (YoY) | −29.2% |
|---|---|
| Median of 24 other Trading & Distributors companies | +47.2% |
| Companies with slower revenue growth than Veritas | 6 of 24 |
| Companies with faster revenue growth than Veritas | 18 of 24 |
| Companies whose net profit rose | 21 of 36 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Veritas' revenue in Q2 FY27?
Revenue from operations was ₹712.35 crore, down 29.2% from ₹1,006 crore in Q2 FY26 (consolidated).
Did Veritas make a profit in Q2 FY27?
No. It reported a net loss of ₹5.48 crore, against a net profit of ₹0.60 crore in Q2 FY26.
What was Veritas' EPS in Q2 FY27?
Basic loss per share was ₹2.04, against ₹0.22 in Q2 FY26.
How did Veritas shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.0% from the previous close; the median Trading & Distributors stock moved −0.1%.
When did Veritas announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for The Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 26 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On November 03,2026 (BSE, 3 November 2026) · PDF
- Results-Financial Results For September 30, 2026 (BSE, 3 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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