Concall Intelligence

Ganesh Housing Limited reported a sequential recovery in Q2 FY27 margins and PAT after addressing previous-quarter high-cost basis and one-time tax charges, while reaffirming its full-year guidance backed by upcoming project completions and ongoing leasing momentum at its Million Minds IT campus.

Amanta Healthcare reported strong Q2 FY27 performance with revenue of 83.1Cr and PAT of 4.9Cr, driven by capacity expansion such as SteriPort Line 3 and ongoing cost optimization through captive solar integration.

IndiGo reported a net loss of INR 18.79 billion for Q2 FY27 due to exceptionally high jet fuel prices (with Singapore jet fuel index up 60% YoY) and rupee depreciation, despite delivering robust revenue growth and a 31% increase in PRASK. Management has taken decisive actions, including capacity rationalization and the conclusion of widebody damp-lease operations, while maintaining a strong liquidity position and an optimistic outlook on long-term Indian aviation demand.

The thesis remains intact as core operational metrics show healthy volume growth, with Snapdeal fashion NMV up 31% YoY and app-delivered units up 23% YoY, while Unicommerce maintains double-digit revenue growth and enterprise client additions. Margin pressures in H1 are explicitly attributable to front-loaded festive marketing and temporary logistics headwinds that eased sequentially in Q2.

Arisinfra Solutions reported strong financial performance for Q2 FY27, featuring record-high quarterly PAT of Rs 22.8 Cr and an EBITDA margin of 11.6%, alongside improving working capital efficiency and robust growth in its Developer as a Service (DaaS) and contract manufacturing segments.

Cosmo First Limited delivered strong financial performance in Q2 and H1 FY27, backed by a 15% YoY increase in sales volume, higher specialty product sales, and improved operational execution. Although headline profitability benefited from non-repetitive items such as US duty refunds and was impacted by raw material price fluctuations, the underlying strategic focus on specialty films, value-added chemicals, rigid packaging, and consumer verticals continues to drive structural

The Phoenix Mills Limited reported resilient operational performance for Q2 & H1 FY27, driven by strong growth in annuity businesses and robust retail consumption, despite no new mall additions in the last two years. The balance sheet remains conservatively leveraged with comfortable liquidity and a low net debt-to-EBITDA of 1.2x.

Suzlon Energy Limited reported Q2 FY27 revenue of INR 4,875.7Cr and PAT of INR 394.1Cr, with strong sequential volume growth and deliveries reaching 710 MW. However, contribution margins faced headwinds from customer/scope mix and commodity/FX volatility, alongside non-recurring Suzlon 2.0 operating expenses.

Best Agrolife reported a significant improvement in profitability metrics (EBITDA and PAT) for Q2 and H1 FY2027 despite a year-on-year decline in revenue, driven by strategic portfolio shifts toward patented molecules, better gross margin discipline, and lower operating expenses amidst a challenging Kharif season affected by uneven monsoon patterns.

Dev Accelerator Limited reported strong top-line and bottom-line growth for Q2 and H1 FY27, driven by high occupancy rates, expansion in Tier 1 and Tier 2 cities, and a diversified service platform encompassing managed offices, design and build, and IT services.

SAMHI Hotels reported solid Q2 FY27 performance with same-store revenue growth meeting guidance and robust occupancy, despite margin headwind from GST regulation changes and macro aviation headwinds.

Engineers India Limited reported a strong set of results for Q2 FY27, driven by a higher-margin revenue mix tilted towards the consultancy segment, leading to an all-time high order book of INR20,421 crores. Management remains optimistic about crossing the INR8,000 crores order inflow target for the current fiscal year, despite geopolitical headwinds in the Middle East.

Gateway Distriparks reported sequential volume and realization recovery in Q2 FY27 alongside steady operating performance, while its subsidiary Snowman Logistics maintained operational scale despite margin dilutive mix and labour cost headwinds.

Allied Blenders and Distillers Limited delivered a stable Q2 FY27 performance with revenue growth of 110.7% YoY and quarterly volumes crossing 10 million cases for the first time. However, profitability continues to be impacted by global supply chain disruptions and input inflation, though structural margin improvements are expected via extensive backward integration capex.

REC Limited reported stable performance for Q2 and H1 FY27 with a loan book reaching an all-time high of INR 6.17 lakh crores and net credit-impaired assets improving to 0.11%. Management guided for a double-digit loan book growth of 10% to 12% for the full year, backed by strong undisbursed sanctioned commitments and robust power sector demand, despite facing ongoing margin compression due to competitive pressures.

Vijaya Diagnostic Centre Limited reported strong Q2 FY27 performance with revenue of INR 2,554 Mn (up 26.4% YoY) and PAT of INR 595 Mn (up 38.3% YoY), driven by network expansion, strong wellness testing demand, and turnarounds in non-core geographies like Pune and West Bengal.

Entertainment Network India Limited reported a mixed Q2FY27 performance characterized by declining consolidated revenue (down 17.3% YoY to 116.7Cr) alongside an improvement in standalone EBITDA (up 9.5% YoY to 112.6Cr) and reduced losses in the digital segment. PAT remained constrained at a loss of 4.8Cr consolidated.

The investment thesis remains intact as standalone and consolidated operations deliver strong revenue growth (38% H1 growth in standalone income) underpinned by large new order wins, successful EV transition wins, and strategic scale-up in electronics and battery packs, despite margin pressures from raw material prices.

The investment thesis remains intact as top-line growth translates effectively into operating profitability, highlighted by widening EBITDA and PAT margins, strong steady-state occupancy at 91%, and robust demand from Global Capability Centres.

While store expansion and cluster-based penetration continue, profitability has contracted sequentially and YoY due to elevated employee costs and higher inventory holding, warranting caution on margin sustainability.

IIFL Capital Services reported healthy top-line and operational growth in Q2 FY27, though net profitability faced headwinds from legacy mark-to-market losses on BSE share price movements.

Borosil Renewables reported a resilient performance in Q2 FY27 with standalone revenue of INR 396.2 crores and PAT of INR 68.8 crores, despite temporary production disruptions and a short-lived reduction in fuel surcharges. Management maintains an optimistic outlook supported by strong domestic demand, robust ongoing capacity expansion, and improving production efficiencies.

Aarti Pharmalabs reported robust consolidated momentum in Q2 FY27 with revenue of INR 610.5 Cr (up 46.0% YoY) and PAT of INR 71.5 Cr (up 155.3% YoY), driven by strong CDMO growth, recovery in the steroid API segment, and higher realization in xanthine derivatives, despite elevated raw material costs and working capital pressures.

V2 Retail Limited reported strong year-on-year revenue and EBITDA growth for Q2 FY27, backed by rapid store expansion and healthy volume growth. However, negative same-store sales growth, declining sales per square foot, and an increase in working capital days highlight emerging operational headwinds.

Jain Resource Recycling Limited reported a strong rise in revenue and PAT for Q2 & H1 FY27, backed by robust copper volume growth and improved working capital efficiency, though year-on-year margins remained under pressure.

Allied Digital Services Limited reported Q2 FY27 consolidated revenue of Rs. 265.3Cr (up 13.4% YoY) and PAT of Rs. 12.6Cr (down 16.1% YoY). While top-line growth is supported by robust demand for cloud, infrastructure, and AI-led automation services, bottom-line profitability contracted YoY due to higher finance costs and depreciation. Management highlights extended decision cycles globally alongside healthy order wins, maintaining an optimistic stance on integrated technolog

Raymond Limited delivered strong consolidated financial results for Q2 FY27, driven by robust performance across both the Aerospace & Defence and Precision Technology & Auto Components segments. Revenue grew 21% YoY to Rs 683 Cr, and EBITDA expanded 30% YoY to Rs 103 Cr, supported by export demand and operational scale.

Birlasoft delivered steady sequential revenue growth of 2.1% in constant currency/USD terms (2.7% in INR) for Q2 FY27, with EBITDA margin remaining resilient at 15.2% despite organization-wide wage hikes. While execution, collections, and DSO improved significantly, management remains cautious due to soft order book performance and anticipated Q3 furloughs, though H2 financial performance is projected to surpass H1.

Laxmi Dental Limited delivered strong operational and financial performance in Q2FY27 with a highest-ever quarterly revenue of INR 79.5 crore and robust growth across its core dental laboratory and aligner solution segments, though scanner sales remained muted due to inflated component prices.

Waaree Energies reported robust H1 FY27 performance with a 47.3% YoY revenue increase, strong cash generation, and an expanding retail and US manufacturing footprint, though consolidated PAT was relatively flat YoY. Management reaffirmed its full-year EBITDA guidance.

Metropolis Healthcare Limited delivered strong financial and operational results for Q2FY27 and H1FY27, characterized by double-digit revenue and PAT growth driven by volume expansion, favorable test mix, and operational efficiencies without any price hikes.

The growth thesis remains intact as NephroPlus continues to scale its domestic and international footprint efficiently, beating its 15-20% revenue growth guidance. International expansion in markets like the Philippines, Kazakhstan, and Saudi Arabia is progressing well, and asset-light models support high cash generation and healthy return metrics.

The core thesis around network reach and advertising monetization remains intact. While Q2FY27 PAT contracted to INR 64 Mn from INR 75 Mn due to elevated operating costs, total revenue expanded 17% YoY, anchored by robust growth in exhibitor sales and steady in-cinema ad recovery.

GSFC delivered record-high Q2 revenue growth supported by higher DAP realizations and industrial demand, but profitability was severely compressed by surging raw material costs, particularly Sulphur and Natural Gas, leading to a sharp drop in fertilizer EBIT.

Manaksia Coated Metals & Industries Limited reported record financial performance for Q2 FY27 with robust growth in revenue, EBITDA, and PAT driven by product premiumization, improved realizations, and a shift toward value-added products like Pre-Painted Steel and Alu-Zinc. The company remains on track to commission its Second Colour Coating Line and Captive Solar Power Plant in Q3 FY27, supporting its ambitious FY29 vision.

Lords Chloro Alkali Limited reported steady year-on-year revenue growth of 17.8% and flat PAT in Q2 FY27, backed by higher sales volumes in caustic soda lye and CPW, although operating margins moderated due to lower caustic soda realizations.

ESAF Small Finance Bank reported strong Q2 FY27 performance with PAT doubling sequentially to Rs. 160.2 crores, supported by lower credit costs, a clean legacy NPA book following substantial write-offs, and improved operating efficiency. The bank successfully went live with its StratoNeXt digital transformation program and is steering growth toward secured loans (MARG) and Emerging Household portfolios while scaling down unsecured microfinance.

Monte Carlo Fashions Limited reported a moderate revenue growth of 5.5% YoY to INR 2,624.0 Mn in Q2 FY27, while operating profitability was severely impacted with EBITDA declining 31.7% YoY to INR 283.5 Mn and PAT dropping 92.8% YoY to INR 11.7 Mn. The performance was weighed down by a later festive season that shifted consumer demand and winter sell-through into Q3, alongside higher material and employee costs. Management maintains a focused outlook on execution, sell-throug

CarTrade Tech reported highest-ever quarterly revenue of 213.1 crores and PBT of 85.4 crores for Q2 FY27, backed by robust growth in the remarketing and OLX segments. Management remains optimistic about Q3 seasonality and accelerating growth in OLX while navigating a high base effect in the New Auto segment.

INOX India Limited reported strong top-line and order-book growth in Q2 FY27, backed by historic highs in order bookings and backlog, though margins experienced pressure from aggressive pricing, product mix variations, and global logistics disruptions.

Awfis Space Solutions Limited reported strong financial and operational performance for Q2 FY27, driven by robust demand from GCCs and large enterprises, premiumisation initiatives, and disciplined capital efficiency.

Deepak Nitrite delivered its best-ever operational and financial performance in its 5-decade history during Q2 FY27, driven primarily by strong domestic demand, high manufacturing throughput, and favorable product spreads in the Phenolics segment, while Advanced Intermediates faced temporary import pressures that are expected to normalize.

PG Electroplast reported consolidated revenues of Rs. 933.9 crores up 42.6% YoY and PAT of Rs. 13.7 crores up 355.7% YoY for Q2 FY27. However, on a QoQ basis, revenue dropped 54.1% and PAT declined 82.1%. Gross margins softened due to commodity price pass-throughs and higher mix of the electronics business. Management maintains an optimistic outlook driven by strong order books and execution plans for the second half of FY27, alongside commercialization of upcoming capacities

LT Foods reported solid H1 FY27 performance with revenue growing 22% YoY to INR 6,414 crores and PAT rising 9% YoY to INR 364 crores, driven by strong performance in the core basmati and specialty rice segment. However, margins faced pressure due to higher freight costs and elevated brand investments, while the Middle East region experienced supply chain disruptions.

POWERGRID delivered a stable operational and financial performance for Q2 & H1 FY27, backed by robust system availability, healthy collections, and strong asset capitalization. The company maintains a large transmission works order pipeline of ~Rs 2.20 lakh crore and aggressive annual capex guidance.

Sanghvi Movers Limited reported strong consolidated performance for Q2 FY27 with revenue growing 32% YoY to Rs 277 crore and an EBITDA margin of 36%, backed by robust execution in the core crane rental and renewables E&C businesses. Order book expanded 26% to Rs 1,582 crore, providing strong visibility. However, geopolitical and shipping-related disruptions in the Middle East have forced a timing-shift and deferral of capex deployment to FY28.

SBI Life Insurance reported solid H1 FY27 results with 17% growth in profit after tax and 19% growth in VoNB, though Q2 individual rated premium growth was slightly subdued, leading management to maintain its full-year guidance.

The core lead-acid battery business continues to deliver healthy volume growth in automotive OEM and industrial segments, supporting revenues. Margin moderation reflects near-term pressures from raw material costs and heavy investments in the New Energy Business (NEB) Giga corridor, which remain aligned with management's long-term energy transition strategy.

Bajaj Finserv Limited reported consolidated revenue of ₹43,415.7 Crore and PAT of ₹5,952.0 Crore for Q2 FY2027, driven by solid execution across lending and insurance entities despite lower capital gains and localized weather claims.

The diversified financial services model continues to deliver strong growth across segments. AUM, loan books, and order flows are scaling nicely alongside strategic capital infusions like the Rs 9,000 Mn investment from NH Investment & Securities into Choice Equity Broking.