AETHER's Q2 FY27 numbers came in strong, with revenue of Rs. 347.22 Cr (+23.96% YoY) and PAT growth of +26.02% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 347.22 Cr (+23.96% YoY) |
| PAT (Q2) | Rs. 68.00 Cr (+26.02% YoY) |
| EBITDA margin | 31.81% (+135 bps YoY) |
| EPS (Q2) | Rs. 5.12 (+25.80% YoY) |
Q2 FY27 delivered 23.96% YoY revenue growth with EBITDA margin of 31.81% running ~181 bps above the top of management's 29-30% guided band, and PAT growth of 26.02% outpacing revenue. The offset is cash quality: H1 CFO was 0.25x PAT with FCF at negative Rs.209.80 crore, and the Rs.216.93 crore H1 debt drawdown has effectively consumed the full-year incremental-debt guidance at the halfway mark. Execution on margin and capex guidance remains on track, but leverage and working-capital absorption are the watch items for H2.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "continued company-led outperformance rather than a market-led quarter" | +23.96% YoY, +6.33% QoQ (consol) | Played out |
| EBITDA margin | "margins likely flat-to-compressing vs Q1, with the 29–30% guided band the anchor" | 31.81%, up from 31.47% | Contradicted |
| PAT margin | convergence toward 19–20% from 19.22% | 19.58%, in band | Played out |
| Crude-linked input-cost squeeze "reflecting from the September 2026 quarter onward" (pre-call note, web-sourced, dated) | margin headwind | Filing gives no input-price decomposition; combined consumption growth (+17.19% YoY) ran below revenue; margin expanded | Not observable |
| Rupee-weakness tailwind on the ~37.5% export mix (pre-call note, web-sourced, dated) | realization support | No export split in filing; only a Rs.4.73 crore H1 unrealised FX gain in the CF reconciliation | Not observable |
| Working-capital deterioration as the "stickiest guide" | WC headwind | Inventories +33.8% vs Mar-26; CFO/PAT 0.25× | Played out |
| Incremental-debt guide "already being consumed" | consumption continues | +Rs.216.93 crore in H1 vs Rs.200–250 crore full-year guide | Played out |
| Site 5 first revenue quarter / semiconductor stream / Baker Hughes path | Q2-specific catalysts | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| EBITDA margin 29–30% (~30%) FY27 | Q4 FY26 & Q1 FY27 calls | 31.81% (Q1: 31.47%) — running above band | On Track |
| PAT margin 19–20% FY27 | Q4 FY26 call | 19.58% (Q1: 19.22%) — in band | On Track |
| Capex Rs.3,000–3,500 Mn FY27 | Q4 FY26 call / FY26 Annual Report | Rs.243.08 crore cash capex in H1 | On Track |
| Additional debt Rs.200–250 crore by end FY27 | Q4 FY26 call | +Rs.216.93 crore in H1 alone | On Track, but at the upper bound with half the year left |
| Working capital ~160 days (attempting 150) by end FY27 | Q4 FY26 call | Company-basis figure not in filing; analyst proxy 242 vs 284 days (improving) | Too Early |
| "30% margin is surely sustainable" (CFO) | Q3 FY26 call, quoted in prior-quarter notes | 31.81% printed in Q2 with zero exceptional/FLOP income in the quarter | Confirmed |
| Margins normalize in Q1 after Q4's Rs.70 Mn write-off | Q4 FY26 call, quoted in prior-quarter notes | Q1 31.47% → Q2 31.81%, no exceptionals in either | Confirmed |
| LSM softness is reallocation, not demand | Q1 FY27 call, quoted in prior-quarter notes | Filing silent on vertical mix/volumes this quarter | Too Early |
| Additional debt Rs.200–250 crore suffices to end-FY27 | Q4 FY26 call | Rs.216.93 crore already added in H1, with Site 5 Phase 2 under construction — trajectory implies overshoot | Contradicted |
| Metric | Latest prior value | Q2 FY27 |
|---|---|---|
| CEM+CRAMS mix | 60% (Q1 FY27) | Not disclosed |
| Working-capital days (company basis) | "marginally lower" than 179 (Q1 FY27) | Not disclosed (proxy improves) |
| Site utilization (Strata 58%, Ascend 72%) | Q1 FY27 | Not disclosed |
| New customers onboarded | 10 (Q1 FY27) | Not disclosed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.