Concall Intelligence

LTM Limited reported steady Q2 FY2027 performance with 1.1% QoQ constant currency revenue growth and stable EBIT margins of 15.6%, while pivoting strongly toward AI-centric offerings and advancing strategic M&A execution.

Transformers and Rectifiers (India) Limited delivered robust performance in Q2 FY27 with revenue up 60.8% YoY and PAT jumping 120.0% YoY, supported by improved capacity utilization and operating leverage. Unexecuted order book remains strong at INR7,237 crore, providing solid multi-year visibility despite lingering working capital pressures and elevated inventory levels.

The investment thesis of low-cost, integrated rebar production in Uttar Pradesh faces near-term margin pressure. While revenue grew 13% YoY, sequential compression in EBITDA per tonne and net profit highlights vulnerability to commodity spreads and cost inflation, despite captive power and distribution strengths.

Tech Mahindra delivered strong revenue and profit growth, highlighted AI and vertical wins, and expressed confidence in sustaining momentum into the December quarter.

Quarterly results showed modest revenue growth and a decline in profit, while management highlighted strong AUM growth, improved ARR retention, and long‑term profitability targets, but flagged margin pressure from higher costs and reliance on UBS flow execution.

The core mutual fund QAAUM grew 4% YoY and equity QAAUM expanded 9% YoY, supported by steady SIP additions. However, PAT declined YoY due to lower other income and higher employee expenses, while alternate assets scaled via mandates.

CCL delivered strong Q2 results with double‑digit volume growth and profit expansion, and management reaffirmed its FY27 guidance of ~15% volume and EBITDA growth, while noting coffee price volatility and capacity considerations.

D.B. Corp reported a decline in Q2 FY27 revenue and PAT due to the festive season (Navaratra) shifting into Q3 and temporary headwinds such as panchayat election codes of conduct, though underlying advertising and EBITDA registered positive single-digit growth on a like-to-like basis.

SG Finserve delivered strong Q2 FY27 results with record PAT and loan book growth, but management plans to increase leverage to 4x and targets 30‑35% AUM growth YoY, introducing execution and capital‑raising considerations.

Bajaj Consumer Care delivered a resilient performance in Q2 FY27 amid raw material volatility, reporting double-digit unit volume growth in its core Almond Drops franchise and maintaining strong EBITDA and PAT margins through fixed cost efficiencies.

Piramal Finance Limited reported strong financial results for Q1 FY27, driven by robust growth in retail lending and a granular Wholesale 2.0 portfolio, while successfully continuing the rundown of legacy wholesale assets. The company maintains solid capitalization, high liquidity coverage, and a steadily improving operating leverage.

Sri Lotus delivered strong revenue and profit growth in Q2 FY27, with robust pre‑sales and expanding margins, while management signals confidence in H2 launches and FY27 targets, albeit with execution and pricing risks.

Le Travenues Technology Limited (IXIGO) reported resilient Q2 FY27 performance with GTV up 22% YoY and revenue from operations up 13% YoY to Rs 321 Crores, supported by strong growth in Flight and Bus segments and the new Hotel line. PAT reached an all-time high aided by a partial stake sale in Freshbus, while management continues to invest in hotels and AI capabilities.

Sejal Glass reported strong year-on-year revenue and profit growth for Q2 FY27, driven by higher capacity utilisation, integration of acquired Glasstech plants, and robust performance from its UAE subsidiary. Management remains optimistic about achieving 25% to 40% revenue growth in FY27, supported by scaling operations and new specialty product launches.

Polycab delivered record revenue and profit growth in Q2 FY27, driven by strong demand across wires & cables and FMEG segments, while management reiterated an unchanged outlook despite macro‑headwinds and noted exposure to commodity and logistics risks.

PB Fintech held an analyst and investor call addressing the draft regulatory proposals by the insurance regulator concerning commissions and distribution economics. Management stated that while life insurance NPV remains largely unaffected, general insurance (particularly retail health) faces a serious top-line compression of one-third to 40%. The company plans to absorb details, evaluate cost rationalization levers, and explore manufacturing and service monetization options.

Indo Borax reported strong Q1 FY27 results with 31% operating revenue growth and a 59% jump in net profit, supported by robust execution and improved realizations. Management remains focused on operational efficiency, capacity utilization, and executing the acquisition of a majority stake in Kronox Lab Sciences.

Indigo Paints delivered a strong Q1 FY27 with 18.7% standalone revenue growth and a 42% jump in EBITDA, outperforming the broader paint sector despite initial raw material supply disruptions triggered by the Iran conflict.

Skyways Air Services Limited reported a strong first earnings call for Q1 FY27, showcasing stellar revenue and operating EBITDA growth driven by robust air and ocean cargo volumes, alongside successful navigation of geopolitical crises like the West Asia conflict. However, yield improvements are largely tied to dynamic fuel index increases which act as a complete pass-through, and certain legal overhangs remain sub judice.

ESDS Software Solution reported steady Q1 FY27 results with revenue of INR 133.66 crores up 7.28% YoY and PAT of INR 29.28 crores up 14% YoY, while experiencing a sequential revenue dip due to prior quarter design services. Management highlighted strategic progress in AI cloud infrastructure and significant international GPU demand backed by substantial customer advances, though execution and delivery schedules remain sensitive to global hardware supply constraints.

SRG Housing Finance held an emergency business update call to refute a damaging newspaper report regarding alleged promoter siphoning and fictitious accounts, confirming that an ongoing annual NHB supervisory audit triggered a Red Flag Account (RFA) classification which management expects to be removed shortly.

RACL Geartech reported robust Q1 FY27 financial performance with consolidated revenue growing 22% YoY to Rs. 132.6 crores and EBITDA expanding 18% YoY to Rs. 32.2 crores, backed by strong execution in domestic markets and resilience in European exports, particularly KTM.

Prasol Chemicals reported an exceptional Q1 FY27 driven by strong underlying demand, higher realizations from lower-cost inventory in a rising price environment due to geopolitical supply-chain disruptions, and improved plant utilization, particularly at the Mahad facility which has turned EBITDA and PBT positive.

Tejas Networks reported a significant revenue increase YoY to INR 406 Cr for Q2 FY27 alongside a reduced net loss of INR -207 Cr. The order book surged to INR 2,315 Cr supported by the BSNL 4G add-on order, while net debt expanded to INR 4,384 Cr and working capital remained elevated.

Punjab National Bank reported solid performance for Q2 FY27 with global business expanding 11.9% YoY to 31,18,434 Crore and net profit reaching 5,532 Crore, up 12.8% YoY. Asset quality metrics improved further with Gross NPA dropping to 2.55% and provision coverage ratio rising to 97.32%. While credit growth exceeded the upper bound of annual guidance, CASA share and operating profit growth lagged initial targets.

Sterling and Wilson Renewable Energy Limited reported a decline in overall revenue and profitability for Q2 FY27 due to lower execution in the International EPC segment, although O&M revenue saw strong growth and gross margins showed slight improvement.

Poonawalla Fincorp reported a strong quarter, marking an 'inflection point' with significant improvements across key financial metrics. The company achieved disciplined AUM expansion, enhanced NIM and fee income, and reduced credit costs, leading to a structural lift in ROA. New product launches are scaling well, contributing significantly to disbursements, and the cross-sell engine is beginning to fire. Asset quality metrics showed broad-based improvement, supported by robus

Asset Reconstruction Company (India) Limited (Arcil) reported strong performance for Q1 FY27, driven by a 151% YoY surge in total recoveries and a 107% YoY increase in standalone PAT to INR143 crores, despite light seasonal acquisitions. Management highlighted that performance should be evaluated over longer periods due to the chunky nature of corporate recoveries and seasonal acquisitions.

Cochin Shipyard reported stable performance for Q1 FY27 with a turnover of INR 1,094.21 crores, PBT of INR 202.49 crores, and PAT of INR 151.45 crores. Management maintains a positive long-term growth outlook supported by a robust order book of INR 22,000 crores, expansion into ship repair and hybrid shipbuilding facilities, and strategic international partnerships despite execution dependencies and working capital pressures.

Manipal Payment and Identity Solutions Limited reported strong financial growth for Q1 FY27, driven by core business compounding and a rapidly scaling international and emerging segment, while absorbing investments in new initiatives.