Inventurus Knowl Q2 FY27 Results (NSE: IKS)
Signal: Margin pressure
The read
The trajectory has shifted from organic margin expansion to acquisition-led scale: consolidated revenue rose 103.9% YoY to 15924.78 million, but EBIT margin fell 884bps YoY to 22.09% as TruBridge added 7442.11 million of revenue while depreciation and finance cost rose 197.8% and 530.0%, respectively.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,592.48 Cr | +103.9% | +78.3% |
| EBIT | ₹351.74 Cr | +45.6% | |
| Net profit | ₹213.37 Cr | +18.1% | |
| EPS | ₹12.98 | +20.1% | |
| EBIT margin | 22.09% |
P&L walk
Consolidated revenue increased to 15924.78 million, +103.9% YoY and +78.3% QoQ, primarily reflecting 7442.11 million of TruBridge revenue from July 9, while EBIT rose +45.6% to 3517.39 million but EBIT margin contracted to 22.09% from 30.93% as depreciation and finance costs surged.
Segments
The consolidated-versus-standalone gap is material: consolidated revenue grew 103.9% YoY to 15924.78 million while standalone revenue grew only 6.5% to 3788.65 million, reflecting the acquired TruBridge subsidiary's 7442.11 million revenue contribution.
Key positives
- Consolidated revenue reached 15924.78 million, +103.9% YoY, with 7442.11 million contributed by TruBridge from July 9, 2026.
- EBIT increased 45.6% YoY to 3517.39 million despite the initial acquisition-related cost burden.
- Employee cost intensity improved to 50.47% of revenue from 52.01% YoY because acquired revenue scaled faster than employee expense.
- Operating cash flow remained positive at 2225.30 million in H1FY27 despite acquisition-related working-capital requirements.
Key concerns
- EBIT margin contracted 884bps YoY to 22.09% and EBITDA margin fell 705bps to 27.73%, below the company's early-to-mid 30s blended-margin aspiration referenced in prior context.
- Finance cost rose 530.0% YoY to 1019.15 million following acquisition financing, materially reducing the conversion of operating profit into PAT.
- Standalone PAT declined 30.6% YoY to 962.67 million, indicating that the current consolidated growth is primarily inorganic.
- Consolidated trade receivables rose to 13097.76 million from 7576.27 million at March 31, 2026, while H1 operating cash flow fell 44.1% YoY to 2225.30 million.
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