Auto.Corp.of Goa Q2 FY27 Results (NSE: ACGL)
Signal: Margin pressure
The read
The key inflection is a modest sequential margin recovery to 7.26% from 6.69%, but the trajectory remains below the 10.02% Q2FY26 margin: total income grew 28.75% YoY and bus-body volumes rose 18.82%, yet international-business weakness kept EBITDA margin 276bps lower and EPS 9.78% lower.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹270.94 Cr | +28.75% | +7.22% |
| EPS | ₹21.68 | -9.78% | |
| EBIT margin | 7.26% |
P&L walk
Standalone Q2 total income increased 28.75% YoY to ₹270.94 crore and 7.22% sequentially, while EBITDA margin contracted 276bps YoY to 7.26%; higher bus-body volumes were offset by continued international-business weakness.
Key positives
- Bus-body volume increased to 2,336 in Q2FY27 from 1,966 in Q2FY26, an 18.82% YoY increase.
- Total income rose to ₹270.94 crore from ₹210.43 crore YoY, a 28.75% increase.
- EBITDA margin improved sequentially by 57bps from 6.69% in Q1FY27 to 7.26% in Q2FY27.
- The company approved a buyback of up to 144,639 shares, representing 2.38% of paid-up equity, at ₹2,005 per share.
Key concerns
- EBITDA margin declined 276bps YoY to 7.26% from 10.02%, despite 28.75% YoY total-income growth.
- EPS declined 9.78% YoY to ₹21.68, indicating that higher revenue has not yet translated into earnings growth.
- International bus-body volumes remain challenging because of the ongoing geopolitical situation in the Middle East.
- The filing presents EBITDA and PBT after an exceptional item, but the nature and amount of that item are not disclosed in the excerpt.
- The filing narrative states total income was up 28.76% QoQ, while the reported Q1FY27 and Q2FY27 figures imply sequential growth of approximately 7.22%; this presentation discrepancy should be clarified.
Research and educational content only. Not investment advice.