Elin Electronics Q2 FY27 Results (NSE: ELIN)
Signal: Loss narrowed
The read
The key inflection is sequential rather than structural: revenue rose to ₹41,402.02 lakh, +14.1% QoQ and +10.4% YoY, while the loss narrowed from approximately ₹2,141 lakh in Q1FY27 to approximately ₹407 lakh; however, negative EPS of -₹0.82 and negative H1 operating cash flow show that the post-shock margin and cash-conversion recovery remains unproven.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹414.02 Cr | +10.4% | +14.1% |
| Net profit | ₹-4.07 Cr | N/A | |
| EPS | ₹-0.82 | N/A | |
| EBIT margin | N/A |
P&L walk
Consolidated revenue increased to ₹41,402.02 lakh, +10.4% YoY and +14.1% QoQ, but the filing still shows a loss of approximately ₹407 lakh and EPS of -₹0.82; the earnings trajectory improved sequentially from the Q1FY27 loss but has not normalised.
Key positives
- Revenue increased to ₹41,402.02 lakh, +10.4% YoY and +14.1% QoQ, reversing the Q1FY27 sequential decline.
- Quarterly loss narrowed to approximately ₹407 lakh from approximately ₹2,141 lakh in Q1FY27, with EPS improving from -₹4.31 to -₹0.82.
- Commercial production at the Bhiwadi plant had commenced on September 14, 2026, creating a potential capacity ramp-up pathway, although this filing does not quantify revenue contribution.
Key concerns
- The company remained loss-making at approximately ₹407 lakh in Q2FY27 despite 10.4% YoY revenue growth.
- H1FY27 operating cash flow was negative at approximately ₹285.76 lakh, indicating weak cash conversion while the business is expanding its asset footprint.
- The filing does not provide a sufficiently readable current EBITDA margin, so the recovery from the Q1FY27 operating-margin collapse cannot yet be confirmed from this filing alone.
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