Date: November 03, 2026

Financial Performance Summary

Q2 FY27 Highlights (₹ Cr):

  • Revenue from Operations: ₹307.7 (up 28% YoY from ₹241.2)
  • Total Income: ₹312.3 (up 29% YoY from ₹242.5)
  • EBITDA: ₹35.6 (up 58% YoY from ₹22.5)
  • EBITDA margin: 11.6% (up 220 bps from 9.3%)
  • Reported PAT: ₹22.8 (up 50% YoY from ₹15.3)
  • PAT margin: 7.4% (up 110 bps from 6.3%)
  • PAT to Shareholders: ₹20.8 (up 46% YoY from ₹14.3)
  • Diluted EPS: ₹2.51 (up 26% YoY from ₹1.98)

H1 FY27 Highlights (₹ Cr):

  • Revenue from Operations: ₹598.5 (up 32% YoY from ₹453.3)
  • Total Income: ₹607.5 (up 33% YoY from ₹458.1)
  • EBITDA: ₹66.2 (up 63% YoY from ₹40.7)
  • EBITDA margin: 11.1% (up 210 bps from 9.0%)
  • Reported PAT: ₹42.9 (up 110% YoY from ₹20.4)
  • PAT margin: 7.2% (up 270 bps from 4.5%)
  • PAT to Shareholders: ₹37.7 (up 114% YoY from ₹17.6)
  • Diluted EPS: ₹4.55 (up 86% YoY from ₹2.44)

Operational and Business Highlights

Segment Performance (H1 FY27):

  • B2B Supply: Revenue of ₹214.2 Cr (35.8% of total) with 3.4% EBITDA margin. Platform serves over 3,560 customers and 2,300 vendors.
  • Contract Manufacturing: Revenue of ₹329.2 Cr (up 72% YoY) with 10.5% EBITDA margin. Reserved capacity increased to 11.7 million tonnes (from 9.1 million in Q1) across 23 exclusive partner plants in Chennai, Mumbai, Bengaluru and Jharkhand.
  • Developer as a Service (DaaS): Revenue of ₹55.2 Cr with 60% EBITDA margin. Live order book stood at ₹2,817 Cr Gross Development Value across 15 projects as of October 31, 2026 (up from 10 projects as of June 30, 2026).

Business Mix Evolution:

Contract manufacturing and DaaS together contributed 64% of H1 revenue (up from 51% in H1 FY26) and approximately 90% of segment EBITDA. In Q2 specifically, these segments made up 66% of quarterly revenue compared to 53% a year ago.

Financial Health Indicators:

  • Cash Flow from Operations: ₹60.1 Cr in H1 (1.4x profit after tax)
  • Net working capital days: Reduced to 54 days from 97 days in Q1 FY26 (44% reduction over six quarters)
  • Interest cover: Improved to 4.6 times from 2.5 times a year ago
  • Net debt: ₹74 Cr or 0.10 times equity as of September 30
  • Return on capital employed: 16.1% on an annualized basis
  • Credit losses: Lifetime credit losses below 0.6% of revenue billed

Additional Business Metrics:

  • DaaS order book has grown 2.2 times since March (from ₹1,267 Cr to ₹2,817 Cr)
  • Ramdev Plaza Phase II (₹250 Cr) added to DaaS order book in October
  • Asphalt and bitumen contributed ₹73 Cr of revenue in H1 (annualized run rate of ₹146 Cr)
  • AI system has read more than 14 lakh delivery notes

Management Commentary

Mr. Ronak K. Morbia, Chairman and Managing Director, stated that Q2 FY27 was the company's strongest quarter with record PAT and EBITDA margin. He attributed this performance to the shift in business mix toward higher-margin contract manufacturing and Developer as a Service segments. The company added 2.6 million tonnes of exclusive partner capacity in a single quarter without plant capex, and the DaaS order book more than doubled since March. He noted that growth is becoming more capital efficient with working capital reduction and strong operating cash flow conversion. The company has delivered 43% of its FY27 PAT projection in H1 and enters the second half with momentum toward its FY30 outlook.

Technology Infrastructure

ARIS runs one integrated system built in-house across supply, plants, projects and credit. The system features AI that reads delivery notes (over 14 lakh processed), automated buy and sell price tracking on every delivery, and real-time visibility into credit limits and receivables.