Key Financial Highlights - Q2 FY27 (Unaudited Consolidated)
Quarterly Performance (Q2 FY27 vs Q2 FY26):
- Revenue from operations: ₹307.7 Cr, up 28% YoY (from ₹241.2 Cr)
- EBITDA: ₹35.6 Cr, up 58% YoY (from ₹22.5 Cr)
- EBITDA margin: 11.6%, expanded 220 bps YoY (from 9.3%)
- Profit after tax: ₹22.8 Cr, up 50% YoY (from ₹15.3 Cr)
- PAT to ARIS shareholders: ₹20.8 Cr, up 46% YoY (from ₹14.3 Cr)
- Diluted EPS: ₹2.51, up 27% YoY (from ₹1.98)
- Finance costs: ₹8.0 Cr (vs ₹4.6 Cr in Q2 FY26)
- Tax: ₹7.4 Cr (vs ₹3.5 Cr in Q2 FY26)
- Other income: ₹4.6 Cr (vs ₹1.3 Cr in Q2 FY26)
Half-Yearly Performance (H1 FY27 vs H1 FY26):
- Revenue from operations: ₹598.5 Cr, up 32% YoY (from ₹453.3 Cr)
- EBITDA: ₹66.2 Cr, up 63% YoY (from ₹40.7 Cr)
- EBITDA margin: 11.1%, expanded 210 bps YoY (from 9.0%)
- Profit after tax: ₹42.9 Cr, up 110% YoY (from ₹20.4 Cr)
- PAT to ARIS shareholders: ₹37.7 Cr, up 114% YoY (from ₹17.6 Cr)
- Diluted EPS: ₹4.59, up 88% YoY (from ₹2.44)
- Operating cash flow: ₹60.1 Cr for H1 FY27
- Net working capital days: 54 days as of September 30, 2026 (improved from 66 days as of March 31, 2026)
Segmental Performance - H1 FY27
The company operates an integrated business across three segments:
Materials (B2B Supply):
- Revenue: ₹214.2 Cr (35.8% of total)
- Segment EBITDA: ₹7.2 Cr
- EBITDA margin: 3.4%
Contract Manufacturing:
- Revenue: ₹329.2 Cr (55.0% of total)
- Segment EBITDA: ₹34.6 Cr
- EBITDA margin: 10.5%
- Revenue growth: +72% in H1
- Exclusive capacity: 11.7 Mn tonnes
- Partner plants: 23 facilities
Developer as a Service (DaaS):
- Revenue share: 9.2% of total
- Segment EBITDA: ₹32.9 Cr
- EBITDA margin: 59.6%
- Live order book: ₹2,750 Cr+ (up 117% since March 2026)
- Active projects: 15
Total segment EBITDA before non-cash Ind AS adjustments: ₹74.7 Cr (12.5% margin)
Reported EBITDA after adjustments: ₹66.2 Cr (11.1% margin)
Business Metrics and Operational Highlights
Customer and Vendor Network:
- 3,560+ customers
- 2,300+ vendors
- All managed on proprietary technology platform
Credit Performance:
- Lifetime credit losses: <0.6%
- Automated processes: 100%
Market Opportunity:
- Construction materials market: ₹21 lakh crore in India (2024)
- Expected to grow to ₹28 lakh crore by 2029
Financial Position - Balance Sheet (Unaudited)
As of September 30, 2026:
- Total assets: ₹1,266.6 Cr
- Property, plant, right-of-use and intangibles: ₹92.1 Cr
- Trade receivables: ₹460.9 Cr
- Cash and bank balances: ₹258.8 Cr
- Total equity: ₹737.1 Cr (₹720.8 Cr to owners + ₹16.3 Cr non-controlling)
- Borrowings: ₹224.7 Cr (long and short term)
- Trade payables: ₹204.5 Cr
- Net debt/equity: 0.10x
Key Ratios
- ROCE: 16.1% (H1 FY27)
- ROE: 11.5% (H1 FY27)
- Net working capital days: 54 (30 Sep 2026)
Guidance and Outlook
FY27 Guidance:
- PAT guidance: ₹85-90 Cr
- H2 FY27 expected PAT: ₹42-47 Cr
FY30 Outlook (First multi-year guidance):
- Revenue target: ~₹3,000 Cr
- PAT target: ~₹225 Cr
- PAT margin target: ~7.5%
- Segment mix target: CM + DaaS to represent 75% of revenue (from 64% in H1 FY27)
Strategic Priorities (Next 18 Months)
1. Scale the DaaS business - win more mandates with every project buying materials from ARIS
2. Grow secured partner capacity - add exclusive partner plants and move more aggregates, ready-mix and asphalt/bitumen
3. Expand into new geographies - take all three business lines into new markets
Board and Management
Board of Directors:
- Ronak Morbia - Chairman and Managing Director
- Bhavik Khara - Whole-Time Director and CFO
- Siddharth Shah - Vice Chairman, Non-Executive Director
- Ramakant Sharma - Independent Director
- Gitanjali Mirchandani - Independent Director
- Renganathan Bashyam - Independent Director
Key Management Personnel:
- Srinivasan Gopalan - Chief Executive Officer
- Jitender Sharan - CTO and Head of Product
- Onkar Chattoraj - SVP, Business Growth and Partnerships
- Divya Iyer - VP, Business Operations
- Latesh Shah - Company Secretary and Compliance Officer
Investor Relations Contact
Mr. Anuj Sonpal, Valorem Advisors
Tel: +91-22-3507 5100