Financial Performance Summary

Standalone Financial Performance (₹ lakhs)

Quarterly Performance:

  • Q2 FY27 Revenue: ₹8,854.06 lakhs (₹88.54 crore)
  • Q2 FY27 Profit After Tax: ₹273.21 lakhs (₹2.73 crore)
  • Q2 FY27 PAT Margin: 3.09%
  • Q1 FY27 Revenue: ₹5,129.42 lakhs
  • Q1 FY27 Profit After Tax: ₹330.94 lakhs
  • Q2 FY26 Revenue: ₹5,222.66 lakhs
  • Q2 FY26 Profit After Tax: ₹354.53 lakhs
  • Q2 FY26 PAT Margin: 6.79%

Half-Yearly Performance:

  • H1 FY27 Revenue: ₹13,983.48 lakhs (₹139.83 crore)
  • H1 FY27 Profit After Tax: ₹604.15 lakhs
  • H1 FY27 PAT Margin: 4.32%
  • H1 FY26 Revenue: ₹8,954.83 lakhs
  • H1 FY26 Profit After Tax: ₹730.86 lakhs
  • H1 FY26 PAT Margin: 8.16%

Full Year Comparison:

  • FY 2026 Revenue: ₹31,337.61 lakhs
  • FY 2026 Profit After Tax: ₹1,243.60 lakhs
  • FY 2026 PAT Margin: 3.97%

Consolidated Financial Performance (₹ lakhs)

Quarterly Performance:

  • Q2 FY27 Revenue: ₹13,286.46 lakhs (₹132.86 crore)
  • Q2 FY27 Profit After Tax: ₹55.73 lakhs (₹0.56 crore)
  • Q2 FY27 PAT Margin: 0.42%
  • Q1 FY27 Revenue: ₹5,656.55 lakhs
  • Q1 FY27 Profit After Tax: ₹220.05 lakhs
  • Q2 FY26 Revenue: ₹7,281.66 lakhs
  • Q2 FY26 Profit After Tax: ₹444.83 lakhs
  • Q2 FY26 PAT Margin: 6.11%

Half-Yearly Performance:

  • H1 FY27 Revenue: ₹18,943.01 lakhs (₹189.43 crore)
  • H1 FY27 Profit After Tax: ₹275.78 lakhs
  • H1 FY27 PAT Margin: 1.46%
  • H1 FY26 Revenue: ₹12,164.07 lakhs
  • H1 FY26 Profit After Tax: ₹1,095.39 lakhs
  • H1 FY26 PAT Margin: 9.01%

Full Year Comparison:

  • FY 2026 Revenue: ₹35,756.15 lakhs
  • FY 2026 Profit After Tax: ₹1,275.57 lakhs
  • FY 2026 PAT Margin: 3.57%

Performance Analysis

Revenue Growth

  • Standalone Q2 FY27 revenue increased by 69.5% year-on-year and 72.6% sequentially
  • Consolidated Q2 FY27 revenue increased by 82.5% year-on-year
  • H1 FY27 standalone revenue grew 56.2% year-on-year to ₹139.83 crore
  • H1 FY27 consolidated revenue grew 55.7% year-on-year to ₹189.43 crore

Margin Drivers and Cost Analysis

Execution Costs:

  • Standalone direct expenses increased by ₹4.31 crore (approximately 573.4%) to ₹5.06 crore from ₹0.75 crore in Q2 FY26
  • Increase reflects higher equipment execution, shipment and handling requirements, international freight volatility, and geopolitical disruptions

Employee Costs:

  • Consolidated employee benefit expenses rose 99.1% to ₹4.63 crore from ₹2.32 crore in Q2 FY26
  • Reflects investment in international sales, procurement, logistics, operations and business-development teams

Other Expenses:

  • Consolidated other expenses increased by ₹8.10 crore to ₹23.49 crore in Q2 FY27 from ₹15.39 crore in Q2 FY26
  • Primarily driven by higher sales and distribution costs

Financing Costs:

  • Consolidated finance costs increased by approximately 24.8% to ₹1.97 crore from ₹1.58 crore
  • Higher borrowing utilization supported increased business execution, overseas inventory and longer working capital cycles

Other Income:

  • Standalone other income declined by ₹4.37 crore (81.7%) to ₹0.98 crore in Q2 FY27 from ₹5.35 crore in Q1 FY27
  • Consolidated other income declined by ₹4.38 crore (79.4%) to ₹1.14 crore from ₹5.52 crore
  • Lower other income contribution significantly affected sequential profitability

Operational Metrics

Inventory Position

  • Consolidated inventory stood at ₹92.55 crore as at September 30, 2026
  • Compared to ₹96.80 crore as at June 30, 2026 (decline of ₹4.25 crore during Q2)
  • Compared to ₹52.48 crore as at March 31, 2026 (increase of ₹40.07 crore)
  • Reflects expanded international inventory positioning to support customer proximity, equipment availability and execution readiness

Business Context and Outlook

The construction and mining equipment business is described as inherently cyclical and project-driven, influenced by:

  • Infrastructure and mining investments
  • Capital expenditure cycles
  • Customer procurement programs
  • Project implementation schedules across international markets

The company believes operating performance is best assessed over longer periods, with half-yearly and annual trends providing a more representative view of business scale and growth momentum.

Growth Initiatives

The Group continues to strengthen international operating capabilities through:

  • Investments in experienced professionals across sales, procurement, logistics, operations and business development
  • Product development, international marketing and dealer engagement for HexL, its proprietary construction equipment brand
  • Focus on scaling business execution, strengthening customer relationships, improving operating efficiency and maintaining disciplined capital allocation