TransIndia Real Q2 FY27 Results (NSE: TREL)
Signal: Operating turnaround
The read
The operating inflection is real but earnings quality remains mixed: EBITDA margin expanded 3,660bps YoY to 51.1% as core expenses fell 39.5%, yet PAT declined 11.1% because other income fell 39.2% to ₹733 lakh and finance costs rose 443.8% to ₹87 lakh. The Logistics Park segment is the clear driver, while the new borrowing and asset-growth/depreciation mismatch warrant monitoring.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11.94 Cr | +6.5% | +0.6% |
| EBIT | ₹4.4 Cr | N/M | |
| Net profit | ₹7.94 Cr | -11.1% | |
| EPS | ₹0.32 | -13.5% | |
| EBIT margin | 51.1% |
P&L walk
Standalone operating revenue rose to ₹1,194 lakh, +6.5% YoY, while EBITDA increased to ₹610 lakh and margin expanded to 51.1%; however, other income fell 39.2% to ₹733 lakh, finance costs rose 443.8% to ₹87 lakh and PAT declined 11.1% to ₹794 lakh.
Segments
Logistics Park and commercial properties drove the quarter, with revenue up 8.2% YoY to ₹1,173 lakh and segment result turning to ₹442 lakh from a ₹9 lakh loss; Equipment Hiring remained immaterial and loss-making at ₹21 lakh revenue and a ₹2 lakh loss.
Key positives
- Logistics Park and commercial properties revenue increased 8.2% YoY to ₹1,173 lakh and its segment result improved from a ₹9 lakh loss to ₹442 lakh profit.
- EBITDA increased 276.5% YoY to ₹610 lakh and EBITDA margin expanded from 14.5% to 51.1%, helped by operating, employee and other expenses falling 39.5% YoY in aggregate.
- Operating cash flow increased to ₹1,012.6 lakh in H1FY27 from ₹712 lakh in H1FY26, while trade receivables declined to ₹79 lakh from ₹171 lakh at March 31, 2026.
Key concerns
- PAT declined 11.1% YoY to ₹794 lakh despite the EBITDA rebound because other income fell 39.2% to ₹733 lakh and finance costs rose 443.8% to ₹87 lakh.
- Borrowings increased from nil at March 31, 2026 to ₹3,768 lakh by September 30, 2026, while H1FY27 investing cash flow was negative ₹1,346.1 lakh.
- Equipment Hiring (Non crane) remained loss-making at ₹2 lakh on ₹21 lakh revenue, versus a nil result on ₹37 lakh revenue a year earlier.
Research and educational content only. Not investment advice.