Kopran Q2 FY27 Results (NSE: KOPRAN)
Signal: Loss reversed
The read
The Q2FY27 inflection is a revenue-led recovery: consolidated revenue rose 79.2% YoY to ₹21,126.25 lakh and PAT returned to ₹439.45 lakh from a ₹992.32 lakh loss, but H1 operating cash flow turned negative at ₹229.18 lakh and net debt rose ₹5,563.82 lakh, leaving the durability of the rebound unproven.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹211.26 Cr | +79.2% | +37.2% |
| Net profit | ₹4.39 Cr | N/M (loss to profit) | |
| EPS | ₹0.91 | N/M (loss to profit) |
P&L walk
Revenue recovered to ₹21,126.25 lakh, +79.2% YoY and +37.2% QoQ, while operating costs rose 59.0% YoY; PAT turned positive at ₹439.45 lakh from a ₹992.32 lakh loss, helped by the revenue rebound and a ₹197.62 lakh foreign-exchange gain.
Segments
There are no reportable segments, but the consolidated result was dragged below standalone PAT: standalone PAT was ₹628.56 lakh versus consolidated PAT of ₹439.45 lakh, while one subsidiary reported a ₹213.50 lakh quarterly net loss.
Key positives
- Consolidated revenue rose 79.2% YoY to ₹21,126.25 lakh and 37.2% QoQ, reversing the ₹11,790.93 lakh revenue base of Q2FY26.
- PAT turned positive at ₹439.45 lakh from a ₹992.32 lakh loss YoY, while standalone PAT reached ₹628.56 lakh from a ₹399.34 lakh loss.
- Material costs rose 46.1% YoY to ₹13,603.25 lakh, slower than revenue growth of 79.2%, reducing materials intensity to 64.4% from 79.0%.
Key concerns
- H1 operating cash flow was negative ₹229.18 lakh versus positive ₹5,538.65 lakh a year earlier, despite H1 PAT of ₹1,109.54 lakh.
- Consolidated borrowings increased to ₹20,837.38 lakh from ₹15,269.25 lakh at 31/03/2026, increasing net debt by ₹5,563.82 lakh.
- Finance costs rose 103.2% YoY to ₹425.38 lakh, faster than revenue growth on a quarterly basis.
- Inventory increased to ₹22,181.76 lakh from ₹16,420.78 lakh at 31/03/2026, absorbing cash during the recovery.
Research and educational content only. Not investment advice.