Tonbo Imaging Q2 FY27 Results (NSE: TONBO)
Signal: Loss reversed
The read
The inflection is a sharp revenue-led turnaround: consolidated revenue reached Rs. 18,329.40 lakh and EBITDA margin approximately 25.14% versus a negative base, but gross margin compressed 4117bps YoY to 34.02%, inventories rose to Rs. 23,503.97 lakh and H1 operating cash flow was negative Rs. 4,840.34 lakh, leaving durability unproven.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹183.29 Cr | +1962.8% | +408.5% |
| EBIT | ₹36.28 Cr | Turned positive from a loss of Rs. 833.43 lakh | |
| Net profit | ₹23.54 Cr | Turned positive from a loss of Rs. 961.78 lakh | |
| EPS | ₹4.25 | Turned positive from negative EPS of Rs. 1.77 | |
| EBIT margin | 25.14% |
P&L walk
Consolidated revenue rose to Rs. 18,329.40 lakh from Rs. 888.37 lakh, turning EBIT positive at Rs. 3,628.20 lakh and PAT positive at Rs. 2,354.10 lakh, but gross margin fell to 34.02% from 75.19% as material and inventory costs rose to 65.98% of revenue from 24.81%.
Segments
The company reports one operating segment, so momentum cannot be isolated by division; consolidated PAT of Rs. 2,354.10 lakh is only Rs. 5.09 lakh above standalone PAT of Rs. 2,349.01 lakh because the subsidiaries contributed just Rs. 4.43 lakh of quarterly profit before consolidation adjustments.
Key positives
- Consolidated revenue increased to Rs. 18,329.40 lakh, +1962.8% YoY and +408.5% QoQ, turning EBIT positive at Rs. 3,628.20 lakh from a prior-year EBIT loss of Rs. 833.43 lakh.
- PAT turned positive at Rs. 2,354.10 lakh from a loss of Rs. 961.78 lakh, with basic EPS turning positive at Rs. 4.25 from negative Rs. 1.77.
- Employee benefits and other expenses declined 14.2% YoY to Rs. 1,816.24 lakh even as revenue surged, reducing their combined intensity to 9.91% of revenue from 243.6%.
Key concerns
- Gross margin compressed 4117bps YoY to 34.02% as material and inventory costs rose to 65.98% of revenue from 24.81%; the filing does not disclose the cause or evidence of pricing pass-through.
- H1 operating cash flow was negative Rs. 4,840.34 lakh versus positive Rs. 1,227.66 lakh in H1FY26, while inventories increased to Rs. 23,503.97 lakh from Rs. 21,948.49 lakh.
- Net debt increased to Rs. 14,456.46 lakh from Rs. 8,428.46 lakh at March 31, 2026, while finance costs rose 101.3% YoY to Rs. 484.31 lakh.
- The revenue rebound is concentrated in a single reported segment, and the filing provides no volume, order-book or capacity-utilisation data to establish forward visibility.
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