Aditya Infotech Q2 FY27 Results Analysis: PAT Surges 201%, Revenue Jumps 90% (CPPLUS)

Cofacto Research Published November 05, 2026 3 min read

Aditya Infotech Ltd reported Q2 FY27 numbers with revenue of Rs. 1,746.00 Cr (+89.90% YoY) and PAT growth of +165.10% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 05, 2026
Revenue (Q2)	Rs. 1,746.00 Cr (+89.90% YoY)
PAT (Q2)	Rs. 185.50 Cr (+165.10% YoY)
EBITDA margin	17.56% (+551 bps YoY)
EPS (Q2)	Rs. 15.67 (+151.10% YoY)

Quarter Snapshot

Q2 FY27 delivered 89.9% YoY revenue growth and 17.56% EBITDA margin, over 250 bps above management's own 14-15% FY27 band, with normalized PAT up 201.3% YoY despite a Rs.34.37 Cr fire loss. The Rs.1,500 Cr QIP is fully intact with nil utilization, and H1 revenue already covers 52.5% of the FY27 guidance band's low end. The counterweight is negative H1 operating cash flow of Rs.66.7 Cr from a Rs.804.3 Cr inventory build that also flatters current margins as memory costs are deferred into H2.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue	"demand backdrop into Q2 was strong" — ahead on trend	+89.86% YoY; H1 = 52.47% of guidance low end	Played out
Gross margin	"gross margin compressing sequentially with realization lagging"	30.03% vs 30.80% in Q1 (−77 bps QoQ; +24 bps YoY)	Played out
EBITDA margin	"at risk of sitting at or below Q1's 14.8%"	17.56% on total income — above Q1 and above the band	Contradicted
Kadapa fire	one-off to strip out (~Rs.28 Cr, insured)	Rs.34.37 Cr locked as exceptional; claim unrecognized; normalized PAT Rs.211.91 Cr — filing amount	Played out
QIP deployment	cash build; inorganic commentary	Cash Rs.1,433.88 Cr; nil utilised; KGraph 30% approved post-quarter	Played out
Price-hike exit rate; CESTAT update; WC days post-QIP	watch items for the call	Not disclosed in the filing (WC build visible in cash flow; days not derivable) — open for the call	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 revenue Rs.6,000–6,500 Cr	Q4 FY26 call (May 2026), reaffirmed "on track" Q1 FY27 call (Aug 2026)	H1 Rs.3,148.41 Cr = 52.47% of the low end	On Track
FY27 EBITDA margin 14–15% (EBITDA/total income)	Q4 FY26 call; "14%–15% should be the new normal FY27, FY28" (Q1 FY27 call)	Q2 17.56%; H1 16.32% — above band	On Track
FY27 adjusted PAT margin 8.5–9.5%	Q4 FY26 call/presentation	12.14% normalized (10.14% in Q1) — above band	On Track
Kadapa Housing & Enclosure Plant; Corelink JV ops; CP PLUS Pro + Home IoT launch	Q1 FY27 disclosures/call	Not yet due (Q3 FY27)	Too Early

Key Investment Insights

Key Positives

Revenue grew 89.9% YoY to Rs.1,746.0 Cr and 24.5% QoQ
EBITDA grew 176.7% YoY to Rs.307.4 Cr with margin at 17.56%, above management's 14-15% FY27 band by over 250 bps
Normalized PAT of Rs.210.8 Cr grew 201.3% YoY after adding back the Rs.34.37 Cr Kadapa fire loss
H1 revenue of Rs.3,148.4 Cr is 52.5% of the FY27 guidance band's lower end, keeping the Rs.6,000-6,500 Cr target on track with high headroom
Finance costs fell 13.9% YoY; debt/equity at 0.10 with Rs.1,664.1 Cr cash and bank balances
Rs.1,500 Cr QIP completed with nil utilization, leaving the full war chest for H2 deployment

Risk Factors

H1 operating cash flow was negative Rs.66.7 Cr (CFO/PAT of -0.20x) with FCF of -Rs.179.9 Cr due to inventory and receivables build
Gross margin compressed 77 bps QoQ to 30.03% amid memory/foundry cost inflation; part of the flat COGS ratio reflects inventory-build timing
Subsidiaries were a net drag of Rs.21.0 Cr on consolidated PAT this quarter
Rs.10.3 Cr customs duty demand plus Rs.30.9 Cr penalties (CESTAT appeal pending) with no provision made
Rs.34.37 Cr exceptional fire loss at the Kadapa plant; insurance claim unrecognized pending assessment