Sayaji (Indore) H1FY27 Results (BSE: 544080)
Signal: Slipped to loss
The read
The trajectory has sharply weakened: H1FY27 revenue grew only 1.65% to ₹4,570.41 lakh while PAT swung to a ₹324.95 lakh loss, and the sequential picture is worse because Q2 revenue was ₹1,918.31 lakh versus Q1's ₹2,652.10 lakh and Q2 posted a ₹482.94 lakh loss versus Q1 PAT of ₹157.99 lakh. The dominant issue is cost absorption, with employee costs up 22.5% and other expenses up 202.4%, alongside a ₹9,472.12 lakh increase in CWIP funded by higher borrowings.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹45.7 Cr | +1.65% | N/A |
| Net profit | ₹-3.25 Cr | -265.7% | |
| EPS | ₹-10.67 | -265.7% | |
| EBIT margin | N/A |
P&L walk
H1FY27 revenue increased 1.65% to ₹4,570.41 lakh, but profit before tax swung from ₹260.96 lakh profit to a ₹372.16 lakh loss as employee costs rose 22.5% and other expenses rose 202.4%; the ₹37.32 lakh tax benefit only partly cushioned the operating decline.
Key positives
- H1FY27 revenue from operations increased 1.65% to ₹4,570.41 lakh despite the eventual PAT loss.
- Operating cash flow improved to ₹2,308.35 lakh from ₹718.44 lakh, supported partly by a ₹2,834.10 lakh increase in other financial liabilities.
- Gross margin remained relatively high at 82.6%, declining only 83bps from 83.4% despite the weak earnings period.
Key concerns
- PAT swung from ₹196.24 lakh profit to a ₹324.95 lakh loss while revenue grew only 1.65%.
- Employee benefits rose 22.5% to ₹1,688.68 lakh, increasing to 36.95% of revenue from 30.65%.
- Other expenses surged 202.4% to ₹359.74 lakh from ₹118.96 lakh, materially outpacing revenue.
- Borrowings increased to ₹19,336.66 lakh from ₹10,872.79 lakh as CWIP expanded to ₹20,637.68 lakh.
- Q2FY27 revenue fell to ₹1,918.31 lakh from Q1FY27's ₹2,652.10 lakh and PAT deteriorated from ₹157.99 lakh profit to a ₹482.94 lakh loss.
Research and educational content only. Not investment advice.