Aster DM Quality Q2 FY27 Results (NSE: ASTERDM)

6 Nov 2026 · Analysis by Alpha Inflection

Signal: Growth reaccelerated

The read

The operating trajectory is stronger than the headline EPS: standalone revenue accelerated to ₹1,204.21 Cr, +76.7% YoY, and PAT recovered to ₹106.15 Cr from a ₹14.30 Cr QoQ loss, but the post-amalgamation capital structure is now the key earnings constraint, with finance costs up 217.8% YoY to ₹71.66 Cr and EPS down 36.8% YoY to ₹1.29. H1 PAT of ₹91.85 Cr was down 50.4% YoY, so the Q2 recovery has not yet repaired the first-half earnings profile.

P&L walk

Standalone revenue increased to ₹1,204.21 Cr, +76.7% YoY and +65.9% QoQ, while EBITDA was approximately ₹218.92 Cr and EBIT approximately ₹151.69 Cr; PAT rose only 1.5% YoY to ₹106.15 Cr because finance costs increased 217.8% YoY and the expanded post-amalgamation share base reduced EPS 36.8% YoY to ₹1.29.

Key positives

• Standalone revenue reached ₹1,204.21 Cr, up 76.7% YoY and 65.9% QoQ, with H1 revenue up 49.0% YoY to ₹1,929.94 Cr.
• PAT recovered to ₹106.15 Cr from a ₹14.30 Cr QoQ loss, while operating cash flow for H1FY27 was positive at ₹229.92 Cr versus ₹161.17 Cr in H1FY26.
• The asset base expanded materially, with property, plant and equipment rising to ₹1,962.74 Cr and capital work-in-progress to ₹167.14 Cr; depreciation increased 71.8% YoY to ₹67.23 Cr alongside the asset increase.

Key concerns

• Finance costs increased 217.8% YoY to ₹71.66 Cr and 198.4% QoQ, putting pressure on the conversion of operating profit into PAT.
• EPS declined 36.8% YoY to ₹1.29 despite PAT growth of 1.5%, reflecting dilution from the post-amalgamation increase in paid-up equity share capital to ₹871.68 Cr.
• H1 PAT fell 50.4% YoY to ₹91.85 Cr and H1 EPS fell 62.0% YoY to ₹1.37, showing that the Q2 recovery has not offset the weak first quarter.

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