GVT&D's Q2 FY27 numbers came in strong, with revenue of Rs. 2,026.98 Cr (+31.75% YoY) and PAT growth of +44.05% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,026.98 Cr (+31.75% YoY) |
| PAT (Q2) | Rs. 431.39 Cr (+44.05% YoY) |
| EBITDA margin | 27.12% (+135 bps YoY) |
| EPS (Q2) | Rs. 16.84 (+43.93% YoY) |
Q2 FY27 delivered 31.75% revenue growth and 44.05% PAT growth, with EBITDA margin of 27.12% holding above management's mid-20s guidance band — the best quarterly margin in the reported series. Cash quality was high (CFO/PAT 1.43x, FCF Rs.1,347 Cr) with receivables falling and cash at Rs.2,385.57 Cr against near-zero debt. H1 gross margin remains 283 bps below prior year, so the Q2 margin recovery needs to persist to confirm a full reversal of commodity/mix pressure.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely in-line to ahead… continued strong order-book conversion" | +31.75% YoY, +10.39% QoQ | Played out |
| Gross margin | "gross margin likely stays under YoY pressure" | Q2 44.52%, +91 bps YoY (H1 −283 bps YoY) — contradicted for Q2 itself, H1 still compressed | Partially |
| EBITDA margin | "flat-to-mildly-compressing around the guided band" | 27.12%, +135 bps YoY / +202 bps QoQ — held above the band | Played out |
| Order intake / backlog | "whether backlog resumes growth… is the key print to watch" | Not disclosed in the filing | Not observable |
| Dividend outflow in Q2 | "~Rs.2.5 Bn dividend in Q2" | Rs.256.05 Cr paid | Played out |
| FX MTM two-way risk | "the softer rupee cuts both ways on the Q2 P&L" | Unrealised FX gain Rs.14.53 Cr; no MTM charge | Played out |
| Commodity squeeze deepening through Q2 | "the squeeze deepened, not eased, through Q2" | COGS share fell QoQ; EBITDA margin expanded — contradicted in-quarter | Partially |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 EBITDA margin "mid-20s" — "we continue to maintain our EBITDA guidance of mid-20s… no reason that we should deviate" | Q1 FY27 earnings call (Aug 7, 2026), originally set for FY27 at the Q4 FY26 call | 27.12% (Q1: 25.10%) | On Track / within band |
| FY27 base order inflow Rs.7,000–8,000 Cr | Q1 FY27 earnings call (Aug 7, 2026) | Order intake not disclosed in this filing — Q1 actual Rs.1,140 Cr, −30% YoY per prior-quarter notes | Too Early |
| Dividend ~Rs.2.5 Bn paid in Q2 FY27 | Q1 FY27 call; approved at the 70th AGM (Sep 9, 2026) | Rs.256.05 Cr paid (H1 cash flow) | Met |
| Capex ~Rs.10 Bn phased FY27–28 | FY26/Q1 FY27 management capex guidance | Rs.208.00 Cr in H1 | On Track |
| US data-centre RPT order, up to Rs.1,300 Cr, by Q2/Q3 FY27 | Q1 FY27 earnings call (Aug 7, 2026) | Not addressed in the filing | Too Early |
| FY26 revenue Rs.5,500–6,000 Cr / EBITDA "higher end of mid-20s" | guidance of Nov 3, 2025 / Jan 28, 2026 | Delivered Rs.6,206.31 Cr / 27.1% (historical) | Met |
| "Margin-accretive growth," focus on absolute EBITDA value | Q1 FY27 call framing | EBITDA +38.65% YoY > revenue +31.75%; margin +135 bps YoY | Confirmed |
| Zero-debt / "finance costs negligible" | Q1 FY27 call | Finance cost 1.35% of PBT; borrowings Rs.10.64 Cr vs cash Rs.2,385.57 Cr — directionally; costs did rise off a trivial base | Confirmed |
| Commodity pass-through via escalation clauses protects margins | Q1 FY27 call, on copper/steel | Q2 COGS share 55.48% of revenue vs 58.66% in Q1; gross margin +91 bps YoY (H1 still −283 bps) — held in Q2, not yet proven for the full half | Partially confirmed |
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| Order intake | 1,610 | 2,940 | 8,610 | 1,140 | not disclosed in filing |
| Order backlog (period-end) | 13,110 | 14,380 | 21,460 | 20,930 | not disclosed in filing |
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.