Key Financial Figures (Standalone)
Q2 FY27 Performance (Quarter Ending September 2026):
- Turnover: ₹46.64 crores, up 25% YoY (from an undisclosed Q2 FY26 base)
- Profit After Tax (PAT): ₹10.16 crores, more than tripled (over 3x) from ₹3.15 crores in Q2 FY26
H1 FY27 Performance (Six Months Ending September 2026):
- Turnover: ₹92 crores, up 39% YoY
- Profit After Tax (PAT): ₹20.19 crores, a 4.4x increase YoY
- The H1 standalone PAT of ₹20.19 crores has already doubled the full-year FY26 PAT of ₹10 crores.
- EBITDA grew by 32.5% in Q2, recording one of the best quarters in the company's history.
Key Financial Figures (Consolidated)
H1 FY27 Performance:
- Consolidated PAT: ₹18.62 crores
- This represents a 375% (4.7x) improvement compared to H1 FY26.
- The consolidated figure is lower than standalone due to the performance of the subsidiary, Beryl.
Operational and Strategic Updates
Performance Drivers: The stellar performance was attributed to an improved product mix, diversification, operational excellence, and entry into high value-added engineering services in poles, towers, and structural steel detailing. Structural steel design also started contributing.
Segment-wise Revenue Breakdown (H1 FY27):
- Approximately 80-82% of revenue came from civil structural work.
- The remaining revenue came from fixed teams in MES (automobile services) and utility services (electrical towers and distribution).
- The BIW (Body in White) automobile segment has been drastically downsized from 150-160 resources to 40-45 resources due to erratic performance and has contributed only around $100,000 in the quarter.
Subsidiary Performance (Beryl):
- Beryl reported a loss of $25,000 in Q2 FY27, an improvement from a $70,000-$75,000 loss in the previous quarter.
- Management expects Beryl to reach breakeven in Q3 FY27 and become profitable in FY28.
- Beryl secured a major order worth $1 million from Hillsborough County for design work, which is expected to be executed over the next 6-12 months.
- A strategy is in place to outsource some of Beryl's design work to a new 5-person team in Hyderabad, headed by a professional engineer based in Tampa, USA.
Growth Initiatives and Order Book:
- Utility Services (Poles & Towers): The company is rapidly scaling this segment. The team has grown from 30-40 people last year to 70-75 currently, with a plan to reach 120 people by March 2027. New contracts have been signed with US utility companies.
- New Domain - Civil & Land Development: The company, along with Beryl, has signed an MOU with a leading US client to enter this new domain. Work is expected to commence from November-end, with sizable contributions anticipated from January-February 2027.
- Work on Hand: The order book dipped slightly from $4.5 million last quarter to $4.2 million but reached a record level after strong bookings in October 2026.
- Acquisition Plans: The company is actively looking to acquire a structural engineering design company in the US to complement its new civil/land development business and become a full-service provider.
Efficiency and Productivity:
- Operational efficiencies have significantly improved, with per-person revenue increasing by 15-16% YoY to $5,220.
- Management sees potential for a further 15% improvement through ongoing training, automation, and a new incentivization system.
- This focus on productivity means future revenue growth may not require proportional headcount increases.
Guidance and Outlook
- Management provided guidance for the next 12-18 months, expecting consistent performance on a "solid ground."
- Top-line growth is projected at 18-25% for both standalone and consolidated entities, subject to forex fluctuations.
- Growth is expected to be driven by the expansion in utility services, the new civil/land development domain, and the anticipated turnaround of Beryl.
Forex Impact
- The company recorded a forex loss of ₹0.70 crores in Q2 FY27, compared to a forex gain of ₹1.5 crores in Q1 FY27.
- If the USD/INR rate stabilizes around ₹95, some forex gain is expected in Q3 FY27.