A B Infrabuild Q2 FY27 Results (NSE: ABINFRA)
Signal: Growth reaccelerated
The read
The operating inflection is modest: EBITDA margin recovered to 15.02%, up 110bps QoQ and 39bps YoY, but revenue declined 2.7% QoQ, finance cost rose 36.3% QoQ, and H1 operating cash flow deteriorated to negative ₹2,348.59 lakh. The balance-sheet and cash-conversion trajectory is therefore weaker than the PAT trajectory.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹74.23 Cr | +99.0% | -2.7% |
| EBIT | ₹9.65 Cr | +124.6% | |
| Net profit | ₹4.99 Cr | +134.2% | |
| EPS | ₹0.08 | -50.0% | |
| EBIT margin | 15.02% |
P&L walk
Standalone revenue was ₹7,422.92 lakh, up 99.0% YoY but down 2.7% QoQ; EBITDA rose 104.2% YoY to ₹1,114.83 lakh as gross margin edged up 42bps, while finance cost rose 93.5% YoY and PAT increased 134.2% to ₹499.12 lakh.
Segments
The company reports a single infrastructure segment, so no segment-level driver is disclosed; the key divergence is between PAT growth of 134.2% and EPS decline of 50.0%.
Key positives
- Revenue from operations reached ₹7,422.92 lakh, up 99.0% YoY, despite a 2.7% QoQ decline.
- EBITDA rose 104.2% YoY to ₹1,114.83 lakh, ahead of revenue growth by 5.2 percentage points, and EBITDA margin improved 39bps YoY to 15.02%.
- Gross margin improved 42bps YoY to 20.69%, indicating modestly better retention after construction and inventory costs.
Key concerns
- Operating cash flow was negative ₹2,348.59 lakh in H1FY27 versus negative ₹36.51 lakh in H1FY26, with receivables and inventories increasing to ₹12,920.40 lakh and ₹11,934.43 lakh respectively.
- Finance cost rose 93.5% YoY to ₹436.99 lakh and 36.3% QoQ, while disclosed borrowings and non-current financial liabilities increased net debt by approximately ₹3,037.74 lakh since 31.03.2026.
- Revenue declined 2.7% QoQ to ₹7,422.92 lakh, so the 99.0% YoY growth is not yet translating into sequential acceleration.
- The printed EPS fell 50.0% YoY to ₹0.08 even as PAT rose 134.2% to ₹499.12 lakh, requiring reconciliation of the EPS presentation or share-count basis.
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