Financial Performance Summary (Consolidated)

Q2 FY27 Performance:

  • Revenue from Operations: ₹291.4 crore, up 4.6% YoY (Q2 FY26: ₹278.7 crore) but down 3.5% QoQ (Q1 FY27: ₹302.1 crore)
  • EBITDA: ₹41.3 crore, up 4.5% YoY (Q2 FY26: ₹39.5 crore) but down 13.0% QoQ (Q1 FY27: ₹47.5 crore)
  • EBITDA Margin: 14.2%, flat YoY but down from 15.7% in Q1 FY27
  • Profit After Tax: ₹18.3 crore, down 16.3% YoY (Q2 FY26: ₹21.8 crore) and down 25.9% QoQ (Q1 FY27: ₹24.6 crore)
  • PAT Margin: 6.3%, down from 7.8% in Q2 FY26 and 8.2% in Q1 FY27

H1 FY27 Performance:

  • Revenue from Operations: ₹593.5 crore, up 0.4% YoY (H1 FY26: ₹591.3 crore)
  • EBITDA: ₹88.9 crore, up 16.1% YoY (H1 FY26: ₹76.6 crore)
  • EBITDA Margin: 15.0%, improved from 12.9% in H1 FY26
  • PAT after minorities: ₹42.9 crore, down 5.3% YoY (H1 FY26: ₹45.3 crore)
  • PAT Margin: 7.2%, down from 7.7% in H1 FY26

Standalone Performance (H1 FY27):

  • Revenue: ₹556.8 crore, decline of 3.9% YoY
  • EBITDA: ₹82.9 crore, growth of 13.4% YoY
  • EBITDA Margin: 14.9%
  • PAT: ₹42.3 crore, decline of 3.2% YoY
  • PAT Margin: 7.6%

Order Book and Business Updates

Order Backlog:

  • Total order backlog stands healthy at ₹5,373 crore
  • Order inflow during Q2 FY27: ₹1,491 crore including incremental orders from existing contracts
  • Breakdown of order backlog:
  • Railway-focused infrastructure: approximately ₹4,521 crore
  • Concrete sleeper business: approximately ₹852 crore

Recent Contract Wins:

  • Significant order worth ₹484 crore for construction of 544-metre open-web steel girder bridge over Mahanadi River
  • Multiple railway signaling contracts aggregating approximately ₹428 crore secured through subsidiary Alcon Builders & Engineers Limited
  • Alcon's order book now at approximately ₹480 crore, its highest level to date

Management Commentary

Dr Om Tantia, Chairman, commented on the following key points:

Execution Challenges:

  • Temporary moderation across select projects during H1 FY27 due to:
  • West Bengal Assembly elections in April–May 2026
  • Extended monsoon across the country
  • Workforce availability has now normalized
  • Project execution is gradually recovering

Strategic Positioning:

  • Company continues to strengthen position in railway-focused infrastructure
  • Strong revenue visibility supported by robust infrastructure order book
  • Revival of African operations mentioned
  • Focus on sustainable profitable growth and long-term value creation

Financial Strength:

  • Reported strong cash flow from operations
  • Reinforcement of belief in profitable growth with steady cash flows

Corporate Actions

  • Interim Dividend declared: ₹1.00 per share
  • Record date: November 11, 2026

Segment Overview

Company operates through two segments:

1. Infrastructure segment: Execution of civil and infrastructure projects, especially large bridges and ROBs for Railways

2. Sleeper segment: Manufactures and supplies concrete sleepers for Railways in India and Africa

Manufacturing Presence:

  • Panagarh (West Bengal)
  • Ladysmith (South Africa)
  • Tsumeb (Namibia)
  • Eshiem (Ghana)

Subsidiary Update

  • Alcon Builders & Engineers Limited acquired in February 2026
  • Now has order book of approximately ₹480 crore
  • Specializes in railway signaling contracts