T R I L Q2 FY27 Results (NSE: TARIL)
Signal: Margin expansion
The read
Q2FY27 marks a sharp operating inflection: revenue growth accelerated to 66% YoY from 8.1% in Q1FY27, EBITDA margin expanded to 16.1% from 8.7% in the year-ago quarter, and PAT rose 338% to ₹75.06 crore. The ₹7,237 crore order book, up 32% YoY and executable over 18–24 months, supports visibility, but the H1FY27 EBITDA margin was only 14.6%, leaving delivery against FY27 targets dependent on sustained execution and the Changodar capacity ramp-up.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹709.04 Cr | 66% | N/A |
| Net profit | ₹75.06 Cr | +338% | |
| EPS | ₹2.5 | N/A | |
| EBIT margin | 16.1% |
P&L walk
Standalone Q2FY27 revenue increased 66% YoY to ₹709.04 crore, while EBITDA rose 205% to ₹113.90 crore and EBITDA margin expanded 736bps to 16.1%; management attributed the improvement to better execution and capacity utilisation, with PAT rising 338% to ₹75.06 crore.
Key positives
- Q2FY27 revenue reached ₹709.04 crore, up 66% YoY, reversing the 8.1% YoY growth recorded in Q1FY27.
- EBITDA rose 205% YoY to ₹113.90 crore and EBITDA margin expanded 736bps YoY to 16.1%, the strongest reported quarterly margin in the filing period.
- Order inflow increased 97% YoY to ₹1,169 crore, while the unexecuted order book reached ₹7,237 crore, up 32% YoY and providing stated execution visibility of 18–24 months.
- H1FY27 revenue rose 35% YoY to ₹1,268.32 crore and PAT rose 62% YoY to ₹124.98 crore, indicating that Q2's improvement carried into the first half.
- Changodar expansion is nearing completion, with commercial production expected around Diwali, potentially supporting execution of the growing order book.
Key concerns
- H1FY27 EBITDA margin was 14.6%, only 118bps above H1FY26, despite Q2FY27 margin reaching 16.1%; sustaining the Q2 run-rate is important for FY27 target delivery.
- The filing does not disclose raw-material costs, depreciation, finance costs, cash flow or working-capital metrics, limiting assessment of margin durability and cash conversion.
- Revenue growth remains execution-dependent: the ₹7,237 crore order book is stated to be executable over 18–24 months, while the approximately ₹21,000 crore inquiry pipeline has a historical win ratio of only 10%–15%.
- The filing provides only standalone financial detail in the press release, so consolidated earnings contribution and any subsidiary-level divergence cannot be assessed.
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