Financial Performance Summary

Q2 FY27 Financial Highlights:

  • Revenue from Operations: ₹1,421 million, up 52.8% YoY and 12.5% QoQ
  • Normalised EBITDA: ₹588 million, up 52.7% YoY and 12.6% QoQ
  • Normalised EBIT: ₹330 million, up 50.7% YoY and 12.6% QoQ
  • Normalised PAT: ₹240 million, up 52.2% YoY and 9.4% QoQ
  • Normalised ROE: 24.6% (annualized)
  • Normalised ROCE: 25.3% (annualized)
  • Weighted average cost of debt: 9.27%
  • Most recent borrowing priced at approximately 8.65%

H1 FY27 Financial Performance:

  • Revenue from Operations: ₹2,684 million, up 52.0% YoY from ₹1,766 million
  • Normalised EBITDA: ₹1,111 million, up 51.5% YoY from ₹733 million
  • Profit before exceptional items and tax: ₹459 million, up 61.0% YoY from ₹285 million
  • Operating Cash Flow: ₹1,100 million, up 36.7% YoY from ₹805 million

Reported vs Normalised Metrics (Q2 FY27):

  • Reported EBITDA: ₹592 million, up 53.7% YoY and 44.8% QoQ
  • Reported EBIT: ₹334 million, up 52.5% YoY and 86.3% QoQ
  • Reported PBT: ₹244 million, up 54.8% YoY and 131.0% QoQ
  • Reported PAT: ₹182 million, down 62.6% YoY but up 132.1% QoQ

Notes on Financials:

  • Normalised measures exclude exceptional items
  • Reported PAT declined YoY due to Q2 FY26 including a deferred-tax credit of ₹328.4 million, whereas Q2 FY27 included deferred-tax expense of ₹62.11 million
  • QoQ changes in reported EBITDA, EBIT, PBT and PAT are affected by ₹113.66 million exceptional fire-related loss recognised in Q1 FY27

Operational Metrics

Growth Drivers:

  • Gross Items Ordered by Customers: 381,347, up 45.0% YoY and 15.9% QoQ
  • Live Items: Approximately 1.05 million, up 44.0% YoY
  • Live Subscribers: Approximately 324,000, up 42.5% YoY
  • Items per User: Remained stable at 2.8
  • Average Occupancy: Improved by 61 basis points YoY to approximately 85.9%
  • Average Revenue per Item (ARPI): Increased 4.6% YoY
  • Estimated purchase value displaced: ₹4,469 million, up 60.5% YoY

Physical Expansion:

  • Experience Stores: 96 stores across 14 cities as of 30 September 2026 (vs 67 stores in corresponding period last year)

Cash Flow and Capital Allocation

Cash Generation:

  • H1 FY27 net cash from operating activities: ₹1,099.7 million (109.8% of reported EBITDA)
  • Capital expenditure during H1 FY27: ₹1,922.6 million, up 140.6% from ₹799 million in H1 FY26

IPO Proceeds Utilization (as of 30 September 2026):

  • Total net proceeds allocated: ₹1,413.7 million
  • Total utilized: ₹900.0 million (63.7% utilization)
  • Debt repayment: ₹700.0 million (fully utilized)
  • Lease rental and license fees: ₹81.0 million utilized (₹344.0 million unutilized)
  • General Corporate Purpose: ₹119.0 million utilized (₹169.7 million unutilized)

Balance Sheet Strength

Post-IPO Position (as of 30 September 2026):

  • Net worth: ₹4,662 million
  • Debt-to-equity: 0.50x (improved from 0.63x at FY26-end)
  • Net debt: ₹1,306 million (reduced from ₹1,493 million at FY26-end)
  • Net debt-to-equity: 0.28x (improved from 0.50x at FY26-end)
  • Net debt-to-annualised EBITDA: 0.65x

Asset Lifecycle Economics

Cohort Performance (as of 30 September 2026):

  • FY2017 asset cohort: Generated cumulative revenue equivalent to 5.32 times original cohort value, with approximately 54.0% of cohort continuing to generate revenue
  • FY2018 asset cohort: Generated approximately 4.71 times original cohort value, with 59.2% of items continuing to generate revenue

Management Commentary

Geetansh Bamania, Founder, Chairperson, Managing Director and Chief Executive Officer highlighted:

  • Strong underlying business with broad-based growth across metrics
  • Normalised EBITDA margin of 41.01% for H1 FY27
  • Profit before exceptional items and tax represented 16.95% of Revenue from Operations
  • Strong cash conversion with operating cash flow at 109.8% of reported EBITDA
  • Focus on scaling through subscriber growth, asset utilization and technology while maintaining profitability and returns on capital
  • Normalised ROCE at 25.3% reflecting capital efficiency focus

Corporate Background

Rentomojo Limited operates a full-stack direct-to-consumer rental and subscription platform for furniture, home appliances and adjacent lifestyle categories, combining digital channels with physical Experience Stores (96 stores across 14 cities as of 30 September 2026).