CROMPTON's Q2 FY27 numbers came in mixed, with revenue of Rs. 2,263.29 Cr (+18.15% YoY) and PAT growth of +64.93% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 16, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 2,263.29 Cr (+18.15% YoY) |
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| PAT (Q2) | Rs. 124.39 Cr (+64.93% YoY) |
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| EBITDA margin | 9.04% (+43 bps YoY) |
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| EPS (Q2) | Rs. 1.85 (+66.70% YoY) |
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| Market cap | Rs. 14,117.82 Cr |
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| CMP | Rs. 219.25 |
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Quarter Snapshot
Revenue grew 18.15% YoY to Rs.2,263.29 Cr with all three segments above 14% growth, while PAT rose 64.93% to Rs.124.39 Cr with no exceptional items. EBITDA margin expanded 43 bps YoY to 9.04% despite a 720 bps rise in the material-cost ratio, though Lighting margin fell 261 bps and Butterfly's 7.44% margin remains below its 8–8.5% target. H1 CFO was negative at Rs.237.10 Cr on a Rs.325 Cr inventory build, making working-capital reversal in H2 and copper-cost moderation the swing factors.
Key Investment Insights
Key Positives
- Revenue grew 18.15% YoY to Rs.2,263.29 Cr, with all three segments above 14% YoY (ECD +19.4%, Butterfly +15.9%, Lighting +14.3%)
- PAT grew 64.93% YoY to Rs.124.39 Cr with no exceptional items; EBITDA grew 24.1% YoY to Rs.204.63 Cr
- EBITDA margin expanded 43 bps YoY to 9.04% despite the material-cost ratio rising 720 bps to 76.83% of revenue
- ECD EBIT margin improved 100 bps YoY to 11.59% on 19.4% revenue growth
- Employee costs grew 12.9% and other expenses 2.8% YoY, both below revenue growth of 18.1%; unallocable costs grew 3.5%
- Finance costs fell 16.7% YoY to Rs.9.69 Cr; total liabilities reduced 5.8% from March 2026
- H1 FY27 revenue of Rs.4,498.31 Cr grew 14.9% YoY; QoQ revenue was positive at +1.3% despite the post-summer seasonal fade
Risk Factors
- Material-cost ratio rose 720 bps YoY to 76.83% of revenue as copper hit an all-time high in mid-August 2026
- Lighting EBIT margin compressed 261 bps YoY to 12.92%, indicating incomplete B2B contract price passthrough
- Butterfly EBIT margin of 7.44% missed the 8–8.5% guided target by roughly 60–100 bps
- H1 FY27 CFO was negative at −Rs.237.10 Cr (CFO/PAT −0.89×) on a Rs.325 Cr inventory build and Rs.118 Cr trade-payables reduction; FCF was −Rs.272.67 Cr
- EBITDA margin compressed 100 bps QoQ from 10.04% to 9.04%; cash and cash equivalents fell from Rs.153.18 Cr to Rs.22.95 Cr over H1