Vindhya Telelink Q2 FY27 Results (NSE: VINDHYATEL)
Signal: Revenue declined
The read
The mix inflected toward cables: consolidated revenue fell 12.4% YoY to ₹84066.43 lakh, yet PAT rose 28.5% to ₹7936.63 lakh as cable result increased 502.7%; this is a material improvement from Q3FY26's ₹1 lakh loss, but EPC contraction and elevated finance costs remain the durability test.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹840.66 Cr | -12.4% | +16.9% |
| Net profit | ₹79.37 Cr | +28.5% | |
| EPS | ₹66.97 | +28.5% |
P&L walk
Consolidated revenue declined 12.4% YoY to ₹84066.43 lakh, but PAT rose 28.5% to ₹7936.63 lakh as cables revenue increased 63.4% and cable result expanded to ₹6361.24 lakh, partly offsetting a 32.4% EPC revenue decline.
Segments
Cables drove the quarter: revenue rose 63.4% YoY to ₹33148.54 lakh and segment result rose 502.7% to ₹6361.24 lakh, while EPC revenue fell 32.4% to ₹51660.94 lakh and EPC result fell 35.4% to ₹3650.50 lakh.
Key positives
- Cables revenue increased 63.4% YoY to ₹33148.54 lakh and cable segment result rose 502.7% to ₹6361.24 lakh, becoming the main earnings driver.
- Consolidated PAT increased 28.5% YoY to ₹7936.63 lakh despite a 12.4% revenue decline, and EPS tracked PAT at ₹66.97 versus ₹52.12.
- H1 operating cash flow improved to ₹371.19 lakh from negative ₹23228.58 lakh in the prior-year half, although absolute cash generation remains modest.
- PPE rose to ₹16725.75 lakh from ₹15318.21 lakh while H1 capex reached ₹4181.51 lakh, supporting the clean depreciation-to-capex cross-check.
Key concerns
- EPC revenue declined 32.4% YoY to ₹51660.94 lakh and EPC segment result fell 35.4% to ₹3650.50 lakh, leaving the consolidated recovery dependent on cables.
- Finance costs increased 9.5% YoY to ₹4175.85 lakh while consolidated revenue declined 12.4%, keeping funding costs elevated relative to the operating base.
- Consolidated cash fell to ₹1613.18 lakh from ₹12134.18 lakh at 31 March 2026, while borrowings remained material on the balance sheet.
- The filing's consolidated cost-of-materials and contract-expense figure is printed as ₹3818.96 lakh and does not reconcile cleanly to total expenses; the unusually high derived gross margin should therefore be treated cautiously.
Research and educational content only. Not investment advice.