Halder Venture Q2 FY27 Results (NSE: HALDER)
Signal: Loss reversed
The read
The operating inflection is real but uneven: consolidated revenue rose 91.3% YoY to ₹18,707.49 lakh and gross margin expanded 182bps to 19.3%, yet H1 operating cash flow was negative ₹2,796.26 lakh and subsidiaries remained loss-making, leaving inventory and receivables conversion as the key test of whether the rebound is durable.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹187.07 Cr | +91.3% | -21.9% |
| Net profit | ₹7.48 Cr | N/A (prior-year loss) | |
| EPS | ₹2.78 | N/A (prior-year loss) | |
| EBIT margin | N/A |
P&L walk
Consolidated revenue increased to ₹18,707.49 lakh, +91.3% YoY but -21.9% QoQ; gross margin expanded 182bps YoY to 19.3%, while PAT recovered to ₹748.05 lakh from a year-ago loss, with subsidiaries and working-capital absorption remaining the key quality concerns.
Segments
There is no segment table, but the consolidated PAT of ₹748.05 lakh exceeded standalone PAT of ₹561.13 lakh, while three subsidiaries reported a combined quarterly net loss of ₹295.42 lakh; the group result therefore masks divergent subsidiary performance.
Key positives
- Consolidated revenue reached ₹18,707.49 lakh, up 91.3% YoY, while gross margin expanded 182bps to 19.3%.
- Consolidated PAT recovered to ₹748.05 lakh from a year-ago loss of ₹1,087.30 lakh, and EPS recovered to ₹2.78 from negative ₹8.74.
- Depreciation rose 41.7% YoY to ₹201.07 lakh alongside higher PPE and CWIP, making the depreciation-to-asset-base check clean.
- Standalone employee plus other expenses were ₹1,877.52 lakh, declining 2.3% YoY while standalone revenue rose on the reported comparison.
Key concerns
- H1 standalone operating cash flow was negative ₹2,796.26 lakh versus positive ₹1,937.56 lakh a year earlier, despite H1 standalone PAT of ₹965.71 lakh.
- Consolidated inventory stood at ₹31,742.80 lakh and trade receivables at ₹13,172.67 lakh, increasing working-capital intensity and weakening earnings conversion.
- Finance costs rose 57.6% YoY to ₹910.54 lakh on the consolidated statement, limiting conversion of the revenue rebound into profit.
- The filing does not disclose volumes, realisations or product mix, so the source of the 91.3% revenue growth and 182bps gross-margin expansion cannot be independently assessed.
Research and educational content only. Not investment advice.