Financial Performance Highlights

H1 FY27 Consolidated Results (YoY Comparison)

  • Revenue from Operations: ₹3,424.3 lakhs (104.6% increase from ₹1,674.0 lakhs in H1 FY26)
  • EBITDA: ₹711.9 lakhs (134.8% increase from ₹303.2 lakhs in H1 FY26)
  • EBITDA Margin: 20.8% (270 bps improvement from 18.1% in H1 FY26)
  • Profit After Tax: ₹498.3 lakhs (157.7% increase from ₹193.4 lakhs in H1 FY26)
  • PAT Margin: 14.6% (300 bps improvement from 11.6% in H1 FY26)
  • EPS: ₹4.84 (based on profit after tax)

Q2 FY27 Consolidated Results (YoY Comparison)

  • Revenue from Operations: ₹1,719.2 lakhs (108.5% increase from ₹824.69 lakhs in Q2 FY26)
  • EBITDA: ₹294.6 lakhs (65.8% increase from ₹177.6 lakhs in Q2 FY26)
  • EBITDA Margin: 17.1% (440 bps decrease from 21.5% in Q2 FY26)
  • Profit After Tax: ₹199.7 lakhs (180.0% increase from ₹71.3 lakhs in Q2 FY26)
  • PAT Margin: 11.6% (300 bps improvement from 8.6% in Q2 FY26)
  • EPS: ₹1.96 (based on profit after tax)

Expense Breakdown H1 FY27

  • Software and subscription expenses: ₹265.1 lakhs
  • Employee Expenses: ₹1,553.7 lakhs
  • Other Expenses: ₹893.6 lakhs
  • Depreciation: ₹111.5 lakhs
  • Finance Cost: ₹2.9 lakhs
  • Tax: ₹139.7 lakhs

Balance Sheet Position (as of September 30, 2026)

  • Total Equity: ₹4,391.3 lakhs (including Minority Interest of ₹176.1 lakhs)
  • Equity Share Capital: ₹979.0 lakhs
  • Other Equity: ₹3,236.2 lakhs
  • Long Term Borrowings: ₹515.8 lakhs
  • Short Term Borrowings: ₹132.2 lakhs
  • Trade Payables: ₹208.6 lakhs (including ₹7.6 lakhs to micro/small enterprises)
  • Total Assets: ₹5,684.3 lakhs
  • Property, Plant and Equipment: ₹1,269.6 lakhs (Tangible: ₹978.0 lakhs, Intangible: ₹291.6 lakhs)
  • Trade Receivables: ₹1,463.0 lakhs
  • Cash and Bank Balances: ₹2,017.0 lakhs

Cash Flow Statement (H1 FY27)

  • Cash from Operating Activities: ₹124.9 lakhs
  • Cash used in Investing Activities: ₹56.2 lakhs
  • Cash used in Financing Activities: ₹300.9 lakhs
  • Net decrease in Cash: ₹232.2 lakhs

Strategic Business Overview

Market Positioning

Telge operates at the intersection of AEC (Architecture, Engineering, Construction) and BIM (Building Information Modeling) markets. The global BIM market is projected to grow from $2.3B to $7.7B from 2025-2034 (11.5% CAGR), with Asia-Pacific as the fastest-growing region (~15% CAGR).

Geographic Revenue Mix

80% of H1 FY27 revenue derived from the US market, providing exposure to US AEC services market projected to grow at 13.9% CAGR (2026-2033).

Service Capabilities

Integrated Architecture & Engineering platform offering:

  • Architecture Services: Master planning, architectural design, interior architecture, BIM documentation
  • Structural Engineering: Structural steel design, BIM modeling, connection design, fabrication detailing
  • Precast Concrete: Engineering design, BIM modeling, component detailing, reinforcement detailing

Delivery Model

  • 3 India delivery centers (Latur, Pune, Nashik)
  • 223 team members in Steel Detailing Department
  • 36 team members in Precast Detailing Department
  • ISO 9001:2015 accreditation for precast structure modeling and detailing
  • Two-shift delivery model to optimize software license utilization

Acquisition Strategy

Recent Acquisitions:

1. DraftCo Inc. (January 2024): Added SDS2 software expertise and US local presence

2. Midwest Detailing LLC (December 2024): Experienced US-based team with scalable platform

3. Edward Farr Architects Inc. (March 2026): Architectural design and planning expertise

4. Wheaton Detailing Services (September 2026): Specialized industrial project expertise and customer relationships

Acquisition Rationale

Each acquisition adds distinct growth levers: technology (DraftCo), local talent (Midwest), service diversification (Edward Farr), and customer relationships (Wheaton).

Technology and Automation

  • Growing R&D team focused on AI-enabled workflows
  • Automation initiatives in model coordination, quality checking, and repetitive work reduction
  • Technology stack includes Tekla Structures, Autodesk Revit Structure, SDS2, AutoCAD, Bluebeam, Enercalc, and Cads RC
  • Operational systems: Zoho, GreytHR, Mitroz, Whiz-Sales CRM

Management Commentary

Ms. Shraddha Shailesh Telge, Chairman, Managing Director and CEO stated: \"H1 FY27 marks the commencement of Telge's next phase of growth as we transition from a specialist engineering and detailing partner to an integrated Architecture and Engineering platform. Q2 FY27 margins reflect transition costs associated with integrating Edward Farr Architects and building our U.S. architecture team, incurred ahead of the revenue these capabilities are expected to generate.\"

Key Projects

Notable projects include:

  • Everton Stadium, Liverpool, England: Complex stadium structural modeling
  • Richland 2 Performing Arts, South Carolina, USA: Advanced structural steel modeling
  • Lexington 2 PAC and District Office, South Carolina, USA: Large-scale structural modeling
  • Normandale Lake Office Park, Bloomington, Minnesota: Landmark office tower and campus

Board and Leadership

Board of Directors:

  • Ms. Shraddha Shailesh Telge (Chairman, MD & CEO)
  • Mr. Vishal Uttam Telge (Non-Executive Director)
  • Ms. Priti Vishal Telge (Non-Executive Director)
  • Mr. Avinash Sachdev (Non-executive Independent Director)
  • Mr. Ravi Pandit (Non-executive Independent Director)

Key Managerial Personnel:

  • Mr. Shailesh Telge (Chief Growth Officer)
  • Mr. Vinayak Mane (Chief Financial Officer)
  • Mr. Nilesh Chincholkar (Chief Operations Officer)
  • Ms. Akshada Jairaj (Chief Technology Officer)

Overseas Leadership:

  • Mr. Jonathan Ruff (EVP Sales and Operations)
  • Mr. Edward Farr (CEO at Edward Farr Architects Inc.)
  • Mr. David Selinsky (Director of Architecture)
  • Multiple other sales and project management leaders

Historical Financial Performance

| Period | Revenue (₹ lakhs) | EBITDA (₹ lakhs) | PAT (₹ lakhs) |

| FY24 | 1,241.1 | 381.3 | 265.7 |

| FY25 | 2,561.2 | 824.0 | 541.7 |

| FY26 | 4,021.0 | 902.0 | 627.4 |

| H1 FY27| 3,424.3 | 711.9 | 498.3 |

Investment Thesis

Company positioned to benefit from:

  • Growing BIM and digital engineering adoption in construction
  • Asset-light delivery model leveraging India's engineering talent
  • Expansion into integrated Architectural & Engineering services
  • North American market focus through acquisitions
  • Technology and AI-led productivity improvements
  • Earlier project-lifecycle participation

Investor Relations

Investor Relations Partner: X-B4 Advisory LLP