Krystal Integrat Q2 FY27 Results (NSE: KRYSTAL)

2 Nov 2026 · Analysis by Alpha Inflection

Signal: Growth reaccelerated

The read

The key inflection is demand momentum rather than margin: revenue growth accelerated sharply to 46.25% YoY from 11.8% in Q1FY27 on new customers and larger orders, but EBITDA margin fell 32bps YoY and QoQ to 6.00%, showing that rapid scaling has not yet produced operating-margin expansion. H1 revenue reached ₹7,751.78 million, +27.82% YoY, while H1 EBITDA grew 21.39%, slower than revenue.

P&L walk

Revenue accelerated to ₹4,144.67 million, +46.25% YoY and +14.92% QoQ, driven by new client wins and larger orders; EBITDA rose 38.82% YoY to ₹248.64 million but margin contracted 32bps to 6.00%, while PAT rose 41.66% to ₹186.73 million and EPS rose 42.14% to ₹13.39.

Key positives

• Revenue reached ₹4,144.67 million, accelerating 46.25% YoY and 14.92% QoQ, with management citing new client wins, deeper client relationships and larger orders.
• PAT rose 41.66% YoY to ₹186.73 million, while EPS increased 42.14% to ₹13.39; the pat-to-eps cross-check is clean.
• The company added 31 new customers in H1FY27 and had 547 customers across 4,766 locations, supported by 49,971 on-site employees.
• The Citelum India acquisition opens a city lighting and urban infrastructure vertical with a stated annual revenue ambition of ₹300–350 crore over 3–4 years.

Key concerns

• EBITDA margin declined 32bps YoY and QoQ to 6.00%, while EBITDA growth of 38.82% lagged revenue growth of 46.25%; rapid growth is not yet translating into margin expansion.
• H1 EBITDA grew 21.39% YoY to ₹476.62 million, below H1 revenue growth of 27.82%, and H1 EBITDA margin declined 32bps to 6.15%.
• The filing does not quantify the contribution, profitability or integration economics of the Citelum India acquisition despite planned investment of approximately ₹100 crore.

View original filing

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