GPT Infraproject Q2 FY27 Results (NSE: GPTINFRA)
Signal: Growth reaccelerated
The read
The operating trajectory is better than the headline profit: standalone EBITDA margin held at 16.2%, up 71bps YoY, and EBIT rose 2.0%, but PAT fell 5.4% as finance costs increased 30.3% and other income dropped to ₹50.49 lakh from ₹440.12 lakh. The key follow-through is whether elevated margins persist while contract assets and inventory continue to rise.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹274.71 Cr | +2.0% | -2.6% |
| EBIT | ₹37.64 Cr | +2.0% | |
| Net profit | ₹19.95 Cr | -5.4% | |
| EPS | ₹1.58 | -5.4% | |
| EBIT margin | 16.2% |
P&L walk
Standalone revenue increased 2.0% YoY but declined 2.6% sequentially; the 16.2% EBITDA margin stayed well above the 14.0% level in the comparable quarter, yet PAT declined 5.4% because finance costs rose 30.3% and other income fell sharply.
Segments
Infrastructure remained the earnings driver at ₹24,875.77 lakh revenue and ₹3,505.14 lakh segment result, while Concrete Sleeper revenue accelerated 65.5% QoQ to ₹2,595.68 lakh and its result rose to ₹365.42 lakh from ₹287.63 lakh QoQ, but it remains smaller at 9.4% of revenue.
Key positives
- Standalone EBITDA margin was 16.2%, up 71bps YoY, while EBIT increased 2.0% to ₹3,763.71 lakh despite only 2.0% revenue growth.
- Concrete Sleeper revenue increased 65.5% QoQ to ₹2,595.68 lakh and segment result rose to ₹365.42 lakh from ₹287.63 lakh.
- Operating cash flow reached ₹6,772.62 lakh in H1FY27 versus ₹284.05 lakh in H1FY26.
- Property, plant and equipment increased to ₹16,293.69 lakh from ₹14,042.27 lakh, with CWIP also rising to ₹280.22 lakh from ₹265.89 lakh.
Key concerns
- PAT declined 5.4% YoY to ₹1,994.51 lakh despite EBIT growth because finance costs increased 30.3% to ₹1,084.77 lakh.
- Contract assets rose to ₹54,323.61 lakh from ₹49,505.10 lakh and inventories rose to ₹19,138.90 lakh from ₹13,503.53 lakh, increasing working-capital intensity.
- H1FY27 revenue declined 3.9% YoY to ₹55,678.64 lakh and H1 PAT declined 3.2% to ₹4,227.73 lakh.
Research and educational content only. Not investment advice.