Tanla Platforms Q2 FY27 Results (NSE: TANLA)
Signal: Growth reaccelerated
The read
The trajectory improved on revenue but not yet on margin: consolidated revenue growth accelerated to +25.3% YoY from +17.8% in Q1FY27, while EBITDA margin fell 53bps YoY to 16.8% after being broadly flat in the prior quarter; PAT grew 17.1% to ₹14,641.98 lakh, and the next thesis test is whether scale converts into sustained margin expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,351.75 Cr | +25.3% | +10.2% |
| EBIT | ₹189.03 Cr | +20.6% | |
| Net profit | ₹146.42 Cr | +17.1% | |
| EPS | ₹11.09 | +17.6% | |
| EBIT margin | 16.8% |
P&L walk
Revenue accelerated to ₹135,174.96 lakh, +25.3% YoY and +10.2% QoQ, but EBITDA grew slower at +21.5% and margin contracted 53bps YoY to 16.8%; PAT still rose 17.1% to ₹14,641.98 lakh as other income increased 35.1%.
Segments
No segment table was disclosed; the material divergence is between consolidated PAT of ₹14,641.98 lakh and standalone PAT of ₹452.37 lakh, with group earnings generated predominantly through subsidiaries and standalone results distorted by dividend income.
Key positives
- Consolidated revenue reached ₹135,174.96 lakh, accelerating to +25.3% YoY and +10.2% QoQ from +17.8% YoY in Q1FY27.
- Operating cash flow rose to ₹41,492.76 lakh in H1FY27 from ₹17,380.76 lakh, a +138.7% improvement despite reported consolidated PAT of ₹28,858.69 lakh.
- Employee cost grew +21.5% YoY versus revenue growth of +25.3%, reducing employee-cost intensity to 5.9% from 6.1%.
- Basic EPS of ₹11.09 grew +17.6% YoY and tracked PAT growth of +17.1%, with the pat-to-eps check clean.
- The board declared a first interim dividend of ₹6 per equity share, with a November 2, 2026 record date.
Key concerns
- EBITDA grew +21.5% YoY versus revenue +25.3%, a -3.8 percentage-point growth gap, and EBITDA margin contracted 53bps YoY to 16.8%.
- Consolidated PAT growth of +17.1% lagged revenue growth despite other income rising +35.1% to ₹1,206.16 lakh, leaving margin conversion below the pace of top-line growth.
- Standalone earnings are highly distorted: other income was ₹660.88 lakh in Q2FY27 versus ₹8,504.37 lakh in Q1FY27, causing standalone PAT to fall 94.4% QoQ to ₹452.37 lakh.
- Finance costs increased +40.8% YoY to ₹173.51 lakh and +60.1% QoQ, although the absolute amount remains small.
Research and educational content only. Not investment advice.