Ekansh Concept Q2 FY27 Results (BSE: 531364)
Signal: Revenue declined
The read
The trajectory remains weak: Q2 operating revenue fell 61.6% YoY to ₹577.08 lakh and H1 revenue fell 50.6% to ₹1,078.58 lakh, while finance costs rose 183.3% YoY to ₹206.55 lakh and operating cash flow was negative ₹1,346.64 lakh; the reported ₹5.49 lakh PAT depends materially on ₹99.00 lakh of other income.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5.77 Cr | -61.6% | +15.1% |
| Net profit | ₹0.05 Cr | -95.5% | |
| EPS | ₹0.04 | -95.2% |
P&L walk
Consolidated revenue fell 61.6% YoY to ₹577.08 lakh and derived EBITDA margin was 40.5%, but finance costs of ₹206.55 lakh and other income of ₹99.00 lakh left PAT at only ₹5.49 lakh; the JV added a ₹3.98 lakh loss.
Segments
There is no reportable business segment; the consolidated result is ₹3.98 lakh below standalone PAT because the joint venture contributed a ₹3.98 lakh loss.
Key positives
- Consolidated revenue improved 15.1% sequentially from ₹501.50 lakh to ₹577.08 lakh, although it remained 61.6% below the year-ago quarter.
- The company reported consolidated PAT of ₹5.49 lakh versus a ₹304.22 lakh loss in FY26, but the comparison is not evidence of durable recovery because other income was ₹99.00 lakh and finance costs were ₹206.55 lakh.
Key concerns
- H1 operating revenue fell 50.6% YoY to ₹1,078.58 lakh, confirming that the Q2 revenue decline is part of a broader slowdown.
- Finance costs rose 183.3% YoY to ₹206.55 lakh, while borrowings increased to ₹3,995.93 lakh from ₹2,495.93 lakh at March 31, 2026.
- Operating cash flow was negative ₹1,346.64 lakh in H1FY27 despite reported PAT of ₹35.80 lakh, driven by working-capital movements including a ₹784.12 lakh increase in trade receivables and a ₹1,113.36 lakh increase in other current assets.
- Employee benefits expense rose 532.4% YoY to ₹248.12 lakh while revenue fell 61.6% YoY to ₹577.08 lakh, worsening cost intensity.
- Consolidated PAT of ₹5.49 lakh was below standalone PAT of ₹9.47 lakh because the joint venture reported a ₹3.98 lakh loss.
Research and educational content only. Not investment advice.