Aptech Q2 FY27 Results (NSE: APTECHT)
Signal: Margin expansion
The read
Revenue increased approximately 6.6% year on year to ₹143.66 crore, but the trajectory remains uneven: the operating margin is only around 6.8% versus 9.94% in Q3FY26, H1 operating cash flow turned negative at ₹9.07 crore, receivables rose to ₹79.03 crore, and a ₹2.05 crore labour-code exceptional charge reduced earnings quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹143.66 Cr | 6.6% | 6.5% |
| EBIT margin | 6.8% |
P&L walk
Revenue increased sequentially from ₹134.88 crore in Q1FY27 to approximately ₹143.66 crore, while the operating margin remained in the mid-single digits; H1 operating cash flow was negative at ₹9.07 crore and included a ₹2.05 crore exceptional labour-code charge.
Segments
The filing contains a segment table, but the OCR supplied here does not preserve segment-level revenue and result figures reliably enough to identify the current quarter's driver.
Key positives
- Revenue was approximately ₹143.66 crore, up 6.6% year on year and 6.5% sequentially, keeping the business above the ₹134.88 crore reported in Q1FY27.
- Operating margin improved year on year to approximately 6.8%, indicating partial recovery from the 5.66% recorded in Q2FY26.
- H1 finance costs declined 22.5% year on year to ₹84.21 lakh, limiting the drag below operating profit.
Key concerns
- Operating margin of approximately 6.8% remains well below the 9.94% recorded in Q3FY26, so the recent margin recovery is not yet consistently established.
- Operating cash flow fell to negative ₹906.64 lakh in H1FY27 from positive ₹193.59 lakh, despite H1 profit before tax of ₹2,201.25 lakh.
- Trade receivables increased to ₹7,902.80 lakh from ₹6,700.37 lakh at March 31, 2026, creating a working-capital drag.
- A ₹205.05 lakh exceptional labour-code charge makes the reported period less representative of recurring earnings.
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