OneSource Speci. Q2 FY27 Results (NSE: ONESOURCE)
Signal: Margin expansion
The read
Q2FY27 confirmed operational scaling with EBITDA margin reaching 31.6% (+329 bps YoY), driven by strong operating leverage across fixed cost lines; however, working capital buildup remains a key headwind with negative H1 operating cash flows.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹516.24 Cr | 37.38% | 14.97% |
| EBIT | ₹88.24 Cr | 140.65% | |
| Net profit | ₹57.48 Cr | 448.25% | |
| EPS | ₹5.01 | 444.57% | |
| EBIT margin | 17.09% |
P&L walk
Topline scaled 37.4% YoY while fixed-cost containment allowed EBITDA to outpace revenue by +15.9pp, expanding EBITDA margin by 329 bps YoY to 31.6%.
Key positives
- EBITDA grew +53.3% YoY vs revenue +37.4% (+15.9pp gap) as employee costs (+30.7%) and D&A (+7.5%) grew slower than sales, expanding EBITDA margin by 329 bps YoY to 31.63%.
- Sequential acceleration in top-line with revenue growing 15.0% QoQ to ₹5,162.42 million.
- H1FY27 net profit jumped 701% YoY to ₹824.81 million compared to ₹102.99 million in H1FY26.
Key concerns
- H1FY27 standalone operating cash flow was negative at ₹(253.09) million due to a ₹3,587.11 million increase in trade receivables.
- Total standalone borrowings expanded to ₹14,836.30 million as of September 30, 2026 from ₹12,762.96 million as of March 31, 2026.
Research and educational content only. Not investment advice.