Ideaforge Tech Q2 FY27 Results (NSE: IDEAFORGE)
Signal: Loss reversed
The read
ideaForge demonstrated a strong turnaround in Q2FY27 with revenue up 124% YoY to ₹91.29 Cr and gross margin recovering sharply to 62.1% (+1153bps YoY), flipping EBITDA to ₹25.28 Cr (27.7% margin) and PAT to ₹21.53 Cr.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹91.29 Cr | +123.96% | +33.42% |
| EBIT | ₹11.09 Cr | N/A | |
| Net profit | ₹21.53 Cr | N/A | |
| EPS | ₹4.41 | N/A | |
| EBIT margin | 12.15% |
P&L walk
Revenue more than doubled YoY with substantial gross margin expansion to 62.1% and operating leverage swinging EBITDA and PAT firmly into positive territory.
Key positives
- Revenue surged 124.0% YoY to ₹91.29 Cr and grew 33.4% QoQ, confirming strong delivery pace.
- Gross margin expanded 1153bps YoY and 2290bps QoQ to 62.07%, reflecting a superior product/order delivery mix.
- EBITDA turned strongly positive to ₹25.28 Cr (27.69% margin) compared to an EBITDA loss of ₹8.35 Cr in Q2FY26.
- Operating cash flow deficit narrowed to ₹-28.01 Cr in H1FY27 compared to ₹-49.76 Cr in H1FY26.
Key concerns
- PAT was boosted by a one-time tax provision reversal of ₹6.04 Cr; normalised PBT stood at ₹15.24 Cr.
- Operating cash flow remains negative at ₹-28.01 Cr for H1FY27 due to ongoing working capital requirements.
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