Q2 FY27 Financial Performance

Consolidated Results

  • Revenue: Rs. 3,687.2 Cr, up 38.5% YoY (from Rs. 2,662.6 Cr in Q2 FY26)
  • EBITDA (adjusted): Rs. 268.1 Cr, up 50.2% YoY (from Rs. 178.5 Cr)
  • EBITDA Margin: 7.3% (60 bps improvement)
  • PBT (before redundancy costs): Rs. 51 Cr, up 107.6% YoY (from Rs. 24.4 Cr)
  • PBT Margin: 1.4%
  • PAT: Rs. 37 Cr, up 123.9% YoY (from Rs. 16.3 Cr)
  • PAT Margin: 1.0%

Segment Performance - Q2 FY27

Integrated Supply Chain Solutions (ISCS)

  • Revenue: Rs. 2,488 Cr, up 24.8% YoY
  • India Revenue: Rs. 702 Cr, up 36.1% YoY
  • RoW Revenue: Rs. 1,786 Cr, up 20.9% YoY
  • EBITDA: Rs. 228 Cr, up 31.2% YoY
  • EBITDA Margin: 9.2% (vs 8.7% in Q2 FY26)
  • New Business Revenue: Rs. 523 Cr, up 156.6% YoY (19.7% of Q2 FY26 Revenue)

Global Freight Solutions (GFS)

  • Revenue: Rs. 1,199 Cr, up 79.1% YoY
  • India Revenue: Rs. 475 Cr, up 135.8% YoY
  • RoW Revenue: Rs. 724 Cr, up 54.7% YoY
  • EBITDA: Rs. 47 Cr, up 218.9% YoY
  • EBITDA Margin: 3.9% (vs 2.2% in Q2 FY26)
  • Business Development Pipeline: Rs. 8,200 Cr, up 32.3% YoY

H1 FY27 Financial Performance

Consolidated Results

  • Revenue: Rs. 7,022.4 Cr, up 33.6% YoY (from Rs. 5,254.9 Cr in H1 FY26)
  • EBITDA (adjusted): Rs. 500.3 Cr, up 42.2% YoY (from Rs. 351.8 Cr)
  • EBITDA Margin: 7.1%
  • PBT (before redundancy costs): Rs. 82.7 Cr, up 91.4% YoY (from Rs. 43.2 Cr)
  • PBT Margin: 1.2%
  • Operational PAT: Rs. 59.0 Cr, up 134.7% YoY (from Rs. 25.1 Cr)
  • PAT Margin: 0.8%

Geographic Performance - H1 FY27

  • India Revenue: Rs. 2,147 Cr, up 64.1% YoY
  • Rest of World Revenue: Rs. 4,875 Cr, up 29.0% YoY

Operational Highlights

Business Development

  • Achieved third consecutive quarter with new business revenue exceeding Rs. 500 Cr
  • Business development pipeline stands at Rs. 8,200 Cr as of H1 FY27
  • Serves over 7,100 active customers, including 100 Fortune Global 500 companies

Strategic Initiatives

  • ALA Joint Venture: Achieved EN9120:2018 warehouse certification
  • Sankyu Corp MoU: Signed strategic memorandum with Japanese company
  • Swamy & Sons Acquisition: Completed last quarter, fully funded from internal accruals, margin accretive in H1 FY27

Operational Infrastructure

  • Operations across 26 countries in 4 continents
  • 575 warehouses with 30.2 million sq. ft. of managed warehouse space
  • Global workforce of over 18,800 employees
  • Permanent employees: 15,248 (as disclosed in presentation)

Financial Position (as of September 2026)

Balance Sheet Highlights

  • Total Assets: Rs. 7,868.1 Cr (vs Rs. 7,199.9 Cr in March 2026)
  • Cash & Bank Balances: Rs. 612.9 Cr (vs Rs. 724.0 Cr in March 2026)
  • Trade Receivables: Rs. 2,799.6 Cr (vs Rs. 2,196.1 Cr in March 2026)
  • Total Equity: Rs. 2,137.0 Cr (vs Rs. 2,062.3 Cr in March 2026)
  • Gross Debt: Rs. 1,249.9 Cr (increased by Rs. 140 Cr primarily for GFS working capital)

Cash Flow - H1 FY27

  • Operating Cash Flow: Rs. 234.0 Cr
  • Investing Activities: Net outflow of Rs. 77.9 Cr (including Rs. 59.6 Cr for Swamy & Sons acquisition)
  • Financing Activities: Net outflow of Rs. 195.9 Cr
  • Net Decrease in Cash: Rs. 39.8 Cr

Management Commentary

Vikas Chadha, Managing Director:

  • Stellar Q2 performance attributed to growth and optimization initiatives
  • Revenue growth broad-based across all regions and segments
  • India delivered 64% YoY revenue growth, Rest of World delivered 29% growth
  • Targeting 20%+ revenue growth across both segments
  • Aiming to double profits in FY27

R Vaidhyanathan, Global CFO:

  • Improvement in quality of earnings with EBITDA reaching Rs. 268 Cr
  • Both segments delivered solid results with margin expansion
  • Operating cash flow of Rs. 234 Cr in H1 FY27
  • Confident of accelerating profitable growth and strengthening long-term fundamentals

Forward Guidance

  • Targeting 20%+ revenue growth across both segments (ISCS and GFS)
  • Aiming to double profits in FY27
  • Business development pipeline of Rs. 8,200 Cr provides visibility