TCC Concept Q2 FY27 Results (NSE: TCC)
Signal: Growth decelerated
The read
The scale-up remains rapid, with consolidated revenue at 13368.1 lakh, +413.4% YoY, and PAT at 2477.12 lakh, +142.0% YoY, but earnings quality is the inflection to monitor: Pepperfry recognised 3795.90 lakh of unbilled revenue, receivables of 932 lakh were subject to a qualified review conclusion, and H1 operating cash flow fell 54.7% YoY.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹133.68 Cr | +413.4% | +4.2% |
| Net profit | ₹24.77 Cr | +142.0% | |
| EPS | ₹0.99 | +153.8% | |
| EBIT margin | N/A |
P&L walk
Consolidated revenue was 13368.1 lakh, +413.4% YoY and +4.2% QoQ, while PAT was 2477.12 lakh, +142.0% YoY; the growth is acquisition/subsidiary-led, with depreciation of 2732.11 lakh and finance cost of 1153.38 lakh weighing on conversion.
Segments
The filing provides no consolidated segment table, but the standalone-versus-consolidated gap is material: consolidated revenue was 13368.1 lakh and PAT 2477.12 lakh versus standalone revenue of 1463.36 lakh and PAT of 506.22 lakh, showing that earnings sit predominantly in subsidiaries.
Key positives
- Consolidated revenue reached 13368.1 lakh, +413.4% YoY and +4.2% QoQ, extending the group's rapid scale-up.
- Consolidated PAT rose to 2477.12 lakh, +142.0% YoY, while basic EPS increased to ₹0.99 from ₹0.39.
- Consolidated PPE of 26458.97 lakh and CWIP of 4020.72 lakh indicate continued investment in the enlarged operating platform.
- The consolidated asset base expanded alongside depreciation, resulting in a clean depreciation-to-capex cross-check.
Key concerns
- Pepperfry recognised 3795.90 lakh of unbilled revenue in the quarter; the auditor relied on management percentage-completion certificates and customer confirmation of performance obligations.
- Standalone PAT fell 45.3% YoY to 506.22 lakh despite 6.4% revenue growth, showing that the parent company is not the primary earnings engine.
- Consolidated H1 operating cash flow declined 54.7% YoY to 2160.09 lakh despite H1 profit growth.
- Consolidated finance costs rose 166.5% YoY to 1153.38 lakh, while depreciation rose 263.7% YoY to 2732.11 lakh.
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