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- Q2 FY27 results
Vipul Q2 FY27 results: net loss of ₹1.64 crore vs ₹7.24 crore profit, revenue up 13.6%
Vipul Limited reported consolidated revenue of ₹9.03 crore for Q2 FY27, up 13.6% from ₹7.95 crore in Q2 FY26, but recorded a net loss of ₹1.64 crore against a net profit of ₹7.24 crore a year earlier. EBITDA was negative at ₹5.68 crore, with an EBITDA margin of -62.9%, and basic EPS stood at -₹0.12 against ₹0.51 in the year-ago quarter.
Key points
- Consolidated revenue was ₹9.03 crore in Q2 FY27, up 13.6% from ₹7.95 crore in Q2 FY26 and up 17.0% from ₹7.72 crore in Q1 FY27.
- Vipul reported a net loss of ₹1.64 crore in Q2 FY27 against a net profit of ₹7.24 crore in Q2 FY26; basic EPS was -₹0.12 against ₹0.51.
- EBITDA was negative at ₹5.68 crore with an EBITDA margin of -62.9%, compared with -39.1% in Q2 FY26 and -246.4% in Q1 FY27.
- Total expenses rose to ₹15.64 crore from ₹11.45 crore a year earlier, with cost of materials up to ₹15.70 crore from ₹7.74 crore.
- For H1 FY27, revenue was ₹16.75 crore against ₹9.64 crore in H1 FY26, while PAT was a loss of ₹2.41 crore against a profit of ₹5.82 crore.
How did Vipul perform in Q2 FY27?
Vipul Limited reported consolidated revenue of ₹9.03 crore for Q2 FY27, up 13.6% from ₹7.95 crore in Q2 FY26 and up 17.0% from ₹7.72 crore in Q1 FY27. Total income was ₹13.99 crore, against ₹11.31 crore in the year-ago quarter and ₹27.85 crore in the previous quarter.
EBITDA was negative at ₹5.68 crore, with an EBITDA margin of -62.9%. That compares with negative EBITDA of ₹3.11 crore and a margin of -39.1% in Q2 FY26, and negative EBITDA of ₹19.03 crore and a margin of -246.4% in Q1 FY27.
Vipul reported a net loss of ₹1.64 crore for the quarter, against a net profit of ₹7.24 crore in Q2 FY26 and a net loss of ₹0.77 crore in Q1 FY27. Basic EPS was -₹0.12, against ₹0.51 in the year-ago quarter and -₹0.05 in the previous quarter. On a standalone basis, revenue was ₹9.03 crore, up 13.6%, with a net loss of ₹1.68 crore against a profit of ₹0.16 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 9.03 | 7.72 | 7.95 | +13.6% | +17.0% |
| Other income | 4.96 | 20.12 | 3.37 | +47.2% | −75.3% |
| Total expenses | 15.64 | 28.62 | 11.45 | +36.6% | −45.4% |
| EBITDA | −5.68 | −19.03 | −3.11 | ||
| EBITDA margin | -62.9% | -246.4% | -39.1% | −23.8 pp | +183.5 pp |
| Profit before tax | −1.65 | −0.77 | 7.24 | turned to loss | |
| Tax | 0 | 0 | 0 | ||
| Net profit | −1.64 | −0.77 | 7.24 | turned to loss | |
| EPS (₹) | −0.12 | −0.05 | 0.51 | 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 Vipul's costs and profit?
Total expenses rose to ₹15.64 crore in Q2 FY27 from ₹11.45 crore in Q2 FY26, an increase of ₹4.19 crore or 36.6%. Cost of materials was the largest change, up to ₹15.70 crore from ₹7.74 crore, a rise of ₹7.96 crore or 102.8%. Employee cost was ₹1.37 crore against ₹1.39 crore, finance costs ₹0.64 crore against ₹0.28 crore, and depreciation ₹0.29 crore against ₹0.12 crore.
Other income was ₹4.96 crore, up ₹1.59 crore or 47.2% from ₹3.37 crore in the year-ago quarter. There was no exceptional item in Q2 FY27, against a gain of ₹7.38 crore in Q2 FY26. Tax was unchanged at ₹0 crore in both quarters.
Against the previous quarter, total expenses fell to ₹15.64 crore from ₹28.62 crore, and cost of materials fell to ₹15.70 crore from ₹28.68 crore. Other income was lower at ₹4.96 crore against ₹20.12 crore in Q1 FY27, and there was no exceptional item in either quarter.
Profit before tax was a loss of ₹1.65 crore, against a profit of ₹7.24 crore a year earlier and a loss of ₹0.77 crore in Q1 FY27. The filing excerpts do not state reasons for the movement in cost of materials or other income.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 15.70 | 7.74 | +7.96 | +102.8% |
| Employee cost | 1.37 | 1.39 | −0.02 | −1.4% |
| Finance costs | 0.64 | 0.28 | +0.36 | +128.6% |
| Depreciation | 0.29 | 0.12 | +0.17 | +141.7% |
| Other expenses | 1.60 | 2.36 | −0.76 | −32.2% |
| Total expenses | 15.64 | 11.45 | +4.19 | +36.6% |
| Other income | 4.96 | 3.37 | +1.59 | +47.2% |
| Tax | 0 | 0 | 0 | |
| Exceptional items | none | +7.38 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹16.75 crore, up from ₹9.64 crore in H1 FY26, an increase of ₹7.11 crore or 73.8%. Total income was ₹41.84 crore against ₹24.82 crore, up ₹17.02 crore or 68.6%.
Profit before tax for H1 FY27 was a loss of ₹2.42 crore against a profit of ₹5.82 crore in H1 FY26, a shift of ₹8.24 crore. Net profit was a loss of ₹2.41 crore against a profit of ₹5.82 crore, and basic EPS was -₹0.15 against ₹0.41.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 16.75 | 9.64 | +73.8% |
| Profit before tax | −2.42 | 5.82 | turned to loss |
| Net profit | −2.41 | 5.82 | turned to loss |
| EPS (₹) | −0.15 | 0.41 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹1,112.37 crore on 30 September 2026, against ₹1,115.8 crore on 31 March 2026. Total equity was ₹363.92 crore against ₹366.33 crore, while borrowings were lower at ₹75.74 crore against ₹81.6 crore. Cash was ₹15.0 crore against ₹35.33 crore.
Inventories rose to ₹434.19 crore from ₹425.52 crore, trade receivables to ₹287.33 crore from ₹269.83 crore, and trade payables were lower at ₹43.38 crore against ₹44.4 crore.
For H1 FY27, operating cash flow was negative ₹20.05 crore, compared with negative ₹41.95 crore in H1 FY26. Investing cash flow was positive ₹23.91 crore against ₹37.15 crore, and financing cash flow was negative ₹8.09 crore against negative ₹5.18 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,112 | 1,116 |
| Total equity | 363.92 | 366.33 |
| Borrowings | 75.74 | 81.60 |
| Cash and equivalents | 15 | 35.33 |
| Inventories | 434.19 | 425.52 |
| Trade receivables | 287.33 | 269.83 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −20.05 | −41.95 |
| Cash from investing | 23.91 | 37.15 |
| Cash from financing | −8.09 | −5.18 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Vipul done over the last 8 quarters?
Revenue over the last eight quarters ranged from a low of ₹1.69 crore in Q1 FY26 to a high of ₹44.26 crore in Q4 FY25. Revenue has risen year on year in each of the last two quarters, and stood at ₹9.03 crore in Q2 FY27.
Net profit peaked at ₹7.24 crore in Q2 FY26 and bottomed at a loss of ₹34.95 crore in Q4 FY25. In the latest quarter, Vipul reported a net loss of ₹1.64 crore.
EBITDA margin was lowest at -721.3% in Q1 FY26 and highest at 19.8% in Q3 FY25. The margin was -62.9% in Q2 FY27, above the -246.4% recorded in Q1 FY27.
What did the auditors point out?
JSUS & Associates, the statutory auditor, reviewed the unaudited standalone financial results for the quarter and half year ended 30 September 2026 and stated that a review provides less assurance than an audit, adding that they did not express an audit opinion.
The auditor set out a Basis for Qualified Conclusion and a Basis for Disclaimer of Conclusion, drawing attention to the accounting treatment for revenue and project costs under the Lavanya Project joint development agreement, which the auditor said was not in accordance with the applicable Indian Accounting Standards and the Scheme.
The auditor also noted that interest expense had not been provided on certain ICDs and advances received from customers because negotiations for settlement were under progress and the applicable interest rate could not be determined, and said it was unable to express a conclusion on this matter.
In the Emphasis of Matters, the auditor drew attention to a Bank Guarantee of ₹3,91,14,400 furnished in favour of the Orissa State Housing Board, noting that the claims raised by OSHB under the arbitral award had been rejected and that the company had been held entitled to encash the guarantee with interest at the admissible bank rate. The auditor stated that its conclusion was not modified in respect of these matters.
How did Vipul shares react?
The filing appeared after market hours. From the price when the filing appeared, the stock was down 1.7% after five minutes, down 1.8% after 15 minutes and down 1.4% after 30 minutes. On the reaction day, the stock closed up 3.0% from the previous close of ₹9.56.
By the next day's close, the stock was up 0.4% from its pre-results close, and by the fifth session it was down 5.3%. The industry median move was -1.7% on the next day and -6.3% over five days, while the Nifty Microcap 250 moved -1.0% and -6.4%. The stock's excess return over the sector median was 3.1 percentage points on the reaction day, 2.1 percentage points on the next day and 1.0 percentage point over five days.
Past results-day moves were mixed: -1.9% on 14 February 2026, 6.6% on 14 November 2025, -4.5% on 14 August 2025, -1.2% on 30 May 2025, 4.6% on 5 February 2025, -2.7% on 7 November 2024, -5.0% on 12 July 2024 and 1.9% on 30 May 2024.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | −1.7% | |
| 15 minutes | −1.8% | |
| 30 minutes | −1.4% | |
| Reaction day | +3.0% | −0.0% |
| Next day | +0.4% | −1.7% |
| 5 days | −5.3% | −6.3% |
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 |
|---|---|
| 14 February 2026 | −1.9% |
| 14 November 2025 | +6.6% |
| 14 August 2025 | −4.5% |
| 30 May 2025 | −1.2% |
| 5 February 2025 | +4.6% |
| 7 November 2024 | −2.7% |
| 12 July 2024 | −5.0% |
| 30 May 2024 | +1.9% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Among 45 Residential Commercial Projects companies compared for the quarter, the median revenue growth was 17.4%. Vipul's 13.6% revenue growth was below that median, with 22 peers growing slower than the company and 23 growing faster.
Of the 45 peers, 26 reported higher profit.
| Vipul revenue growth (YoY) | +13.6% |
|---|---|
| Median of 45 other Residential Commercial Projects companies | +17.4% |
| Companies with slower revenue growth than Vipul | 22 of 45 |
| Companies with faster revenue growth than Vipul | 23 of 45 |
| Companies whose net profit rose | 26 of 45 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Vipul's revenue in Q2 FY27?
Revenue from operations was ₹9.03 crore, up 13.6% from ₹7.95 crore in Q2 FY26 (consolidated).
Did Vipul make a profit in Q2 FY27?
No. It reported a net loss of ₹1.64 crore, against a net profit of ₹7.24 crore in Q2 FY26.
What was Vipul's EPS in Q2 FY27?
Basic loss per share was ₹0.12, against ₹0.51 in Q2 FY26.
How did Vipul shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.0% from the previous close; the median Residential Commercial Projects stock moved −0.0%.
When did Vipul announce its Q2 FY27 results?
On 15 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting To Be Held On October 15, 2026 To Consider And Approve Quarterly Result (BSE, 12 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 15.10.2026 (BSE, 15 October 2026) · PDF
- Board Meeting Intimation for Intimation Of Board Meeting To Be Held On November 5, 2026 (BSE, 28 October 2026) · PDF
- Financial Results For September 30, 2026 (BSE, 5 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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