Glass Wall Syst. Q2 FY27 Results (NSE: GLASSWALL)
Signal: Margin expansion
The read
The key inflection is margin rather than growth: consolidated EBITDA margin expanded to 30.2%, +697bps YoY, and PAT rose 31.3% despite revenue growth slowing to 3.3% from the 36% YoY growth reported for Q1FY27; H1 revenue reached ₹2389.02 million, +17.5% YoY, but H1 PAT growth was only 6.7% to ₹459.02 million.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹131.45 Cr | 3.3% | 22.3% |
| EBIT | ₹37.99 Cr | 30.4% | |
| Net profit | ₹28.61 Cr | 31.3% | |
| EPS | ₹3.35 | 29.8% | |
| EBIT margin | 30.2% |
P&L walk
Revenue increased to ₹1314.54 million, +3.3% YoY and +22.3% QoQ, while EBITDA margin expanded to 30.2% from 23.2% YoY as operating costs grew more slowly than revenue; PAT rose 31.3% to ₹286.07 million.
Segments
The group reports only one segment, Construction Activities; the main divergence is between standalone PAT of ₹316.40 million, +69.5% YoY, and consolidated PAT of ₹286.07 million, +31.3% YoY, indicating subsidiaries reduced the parent's profit contribution at group level.
Key positives
- Consolidated EBITDA margin expanded to 30.2%, +697bps YoY, with derived EBITDA growth of approximately 31.4% versus revenue growth of 3.3%; other operating costs declined YoY and finance costs fell 48.7%.
- Consolidated PAT increased 31.3% YoY to ₹286.07 million, broadly tracking EBIT growth of 30.4%, rather than being driven primarily by the ₹21.49 million of other income.
- H1 operating cash flow was ₹583.75 million versus ₹585.11 million YoY, broadly matching reported H1 PAT of ₹459.02 million despite working-capital investment.
- The ₹660.00 million fresh IPO proceeds provide funding for the glass processing unit, with ₹484.95 million of the project allocation still unutilised at September 30, 2026.
Key concerns
- Consolidated revenue growth slowed to 3.3% YoY in Q2FY27 from the 36% YoY growth reported for Q1FY27, while standalone revenue declined 1.9% YoY to ₹1156.84 million.
- H1 PAT grew only 6.7% YoY to ₹459.02 million despite H1 revenue growth of 17.5% to ₹2389.02 million, indicating that the quarterly margin improvement has not yet translated into equivalent first-half profit growth.
- Inventory increased to ₹549.99 million from ₹393.43 million at March 31, 2026, while ₹156.56 million was absorbed by inventory in H1 operating cash flow.
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