Onida Electronics Q2 FY27 Results (NSE: ONIDA)
Signal: Loss widened
The read
The trajectory remains a revenue-recovery but profitability-delayed story: Q2 revenue grew +21.6% YoY and +8.9% QoQ, while gross margin expanded 405bps YoY to 11.5%, yet the company posted a ₹3,984 lakh PAT loss after a ₹803 lakh VRS charge and H1 operating cash flow was negative ₹4,566 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹198.64 Cr | +21.6% | +8.9% |
| Net profit | ₹-39.84 Cr | -2,138.2% | |
| EPS | ₹-1.08 | -1,155.8% | |
| EBIT margin | 11.5% gross margin |
P&L walk
Standalone revenue increased to ₹19,864 lakh, +21.6% YoY and +8.9% QoQ, while gross margin expanded 405bps YoY to 11.5%; however, the company remained loss-making with PAT of ₹3,984 lakh loss after a ₹803 lakh VRS charge.
Key positives
- Revenue reached ₹19,864 lakh, growing +21.6% YoY and +8.9% QoQ, although the filing does not provide volume or ASP data.
- Gross margin expanded to 11.5% from 7.5% a year ago, a 405bps YoY improvement, with raw-material cost declining to 15.9% of revenue from 20.3%.
- Finance cost declined 42.1% YoY to ₹303 lakh, reducing the financing drag despite continued operating losses.
Key concerns
- PAT was a ₹3,984 lakh loss versus a ₹178 lakh loss a year ago, with H1 PAT loss widening to ₹5,402 lakh from ₹1,427 lakh.
- Employee benefits and other expenses rose 72.3% YoY to ₹5,082 lakh, limiting conversion of the 405bps gross-margin improvement into earnings.
- H1 operating cash flow remained negative at ₹4,566 lakh, while inventory increased to ₹21,303 lakh from ₹14,117 lakh.
- Revenue growth decelerated from the prior quarter's 29.5% YoY growth to 21.6% YoY in Q2FY27.
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