Monarch Surve. H1FY27 Results (BSE: 544453)
Signal: Steady quarter
The read
The key trajectory is strong standalone growth but weaker operating margin: revenue rose 38.19% to ₹99.36 crore and PAT rose 54.93% to ₹20.11 crore, while EBITDA margin contracted 225 bps to 26.35%; the approximately ₹860 crore order book provides execution visibility, but consolidated comparability is limited because no H1 FY26 consolidated figures are supplied.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹100.91 Cr | N/A | N/A |
| Net profit | ₹18.82 Cr | N/A | |
| EBIT margin | 24.67% |
P&L walk
Consolidated H1 FY27 revenue was ₹100.91 crore and EBITDA was ₹24.89 crore at a 24.67% margin; PAT was ₹18.82 crore, but the filing provides no consolidated year-ago or sequential comparison.
Key positives
- Standalone revenue reached ₹99.36 crore, up 38.19% YoY from ₹71.9 crore, showing strong execution growth in the current half.
- Standalone PAT increased 54.93% to ₹20.11 crore and PAT margin expanded 219 bps to 20.24%, outpacing revenue growth.
- The company reported an approximately ₹860 crore order book as of September 30, 2026, providing material medium-term revenue visibility.
Key concerns
- Standalone EBITDA margin contracted 225 bps YoY to 26.35% from 28.60% despite 38.19% revenue growth, indicating weaker operating conversion.
- Consolidated H1 FY27 PAT of ₹18.82 crore was below standalone PAT of ₹20.11 crore, implying subsidiaries and consolidation adjustments reduced reported group profit by ₹1.29 crore.
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