Monarch H1 FY27 Revenue Up 11.4% YoY

Income Statement (₹ Crores):

Income from operations: ₹99.36 Cr (H1 FY27) vs ₹71.89 Cr (H1 FY26), up 38.19% YoY
Other income: ₹1.16 Cr (H1 FY27) vs ₹1.59 Cr (H1 FY26)
Total income: ₹100.52 Cr (H1 FY27) vs ₹73.49 Cr (H1 FY26), up 36.78% YoY
Project related expense: ₹41.82 Cr
Employee Cost: ₹22.15 Cr
Other expenses: ₹9.20 Cr
Operating Expenditure: ₹73.18 Cr
EBITDA: ₹26.18 Cr, up 27.33% YoY from ₹20.56 Cr (H1 FY26)
EBITDA Margin: 26.35% vs 28.60% in H1 FY26 (225 basis points decline)
Depreciation: ₹3.28 Cr
Interest: ₹1.61 Cr
Profit Before Tax: ₹22.46 Cr
Tax: ₹2.35 Cr
Profit After Tax: ₹20.11 Cr, up 54.93% YoY from ₹12.98 Cr (H1 FY26)
PAT Margin: 20.24% vs 19.50% in H1 FY26 (219 basis points improvement)
Basic EPS: ₹14.21 vs ₹9.17 in H1 FY26, up 54.96% YoY

Balance Sheet (Standalone as of September 30, 2026, ₹ Crores):

The consolidated numbers include GMR Engineering Services acquisition completed in July 2026.

Income Statement (₹ Crores):

Balance Sheet (Consolidated as of September 30, 2026, ₹ Crores):

Standalone Cash Flow (₹ Crores):

Consolidated Cash Flow (₹ Crores):

GMR Acquisition:

Completed acquisition of GM & FE Ryan Pty Ltd & GMR Engineering Services in July 2026
Acquisition consideration: AUD $1,810,000
Strategic rationale: Expands Monarch's global footprint in Australian engineering market
GMR profile: 20+ years operating history, debt-free, 12 qualified employees, 2,500+ projects executed
Provides immediate access to 7 Australian Government procurement panels
Client retention rate of approximately 80% with long-term relationships

Order Book:

Key Recent Order Wins:

Northern Railway FLS_CALA project: ₹87.18 Cr (Detailed engineering and land acquisition assistance)
Proposed Dhule-Mumbai Expressway DPR: ₹28.79 Cr
Northern Railway CALA project: ₹22.99 Cr (Land acquisition assistance)
Maharashtra Green Roads Connectivity DPR: ₹16.47 Cr
Licensed Surveyor Buldhana: ₹10.40 Cr (Skilled manpower for land records)
Bihar Govt Town Planning Schemes (Group-1): ₹9.88 Cr (Geospatial-urban planning)
Indian Railway Authority Engineers: ₹9.48 Cr (Project management services)
Nimach-Banswara-Dahod-Alirajpur-Nandurbar FLS and DPR: ₹5.54 Cr
Bihar Govt Town Planning Schemes (Group-2): ₹5.42 Cr (Geospatial-urban planning)
Nashik Kumbh Mela Land Acquisition: ₹5.11 Cr

Key Projects Delivered:

Pune-Nasik New Line: Preliminary engineering survey and Detailed Project Report
Mumbai-Hyderabad High-Speed Corridor: Final alignment design including aerial LiDAR survey
Mumbai-Nagpur High-Speed Corridor: Field survey and detailed social impact assessment/resettlement plan
Pune-Aurangabad Expressway Land Acquisition: Ongoing until October 2026
Gadchiroli-Nagpur Expressway Package III: DPR completed February 2024
Nagpur-Mumbai Samruddhi Expressway: GIS work completed January 2025
Somnath-Dwarka Expressway: Ongoing since April 2026
Northern Railway: ₹130 Cr, 3-year consultancy (largest order to date)
Southern & West Central Railway: ₹51.2 Cr and ₹48.1 Cr survey/DPR orders, 36 months each

Operational Metrics:

Team size: 972 people, headcount up 36.90% by September 2026
Debt-to-equity ratio: 0.14 as of September 2026
Debtor days: 110-117
Technology adoption: 40% minimal manual GIS processing via standardized workflows
35% faster data acquisition with MX90 mobile mappers

Near-term Priorities:

Strategic Focus Areas:

Strengthen project execution with focus on timely delivery and productivity improvement
Deepen client engagement to drive repeat business
Scale with discipline while maintaining quality standards and cost controls
Leverage technology for improved decision-making and operational efficiency
Drive cost efficiency through optimized resource utilization
Build sustainable scalability through automation and robust processes