Indo Count Industries Ltd reported Q2 FY27 numbers with revenue of Rs. 1,672.65 Cr (+57.50% YoY) and PAT growth of +237.90% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,672.65 Cr (+57.50% YoY) |
| PAT (Q2) | Rs. 131.88 Cr (+237.90% YoY) |
| EBITDA margin | 15.26% (+388 bps YoY) |
| EPS (Q2) | Rs. 6.66 (+238.10% YoY) |
Q2 FY27 delivered record revenue of Rs.1,672.65 Cr (+57.5% YoY) with EBITDA margin of 15.26% running 226 bps above management's ~13% guidance, and PAT up 237.9% YoY. Operating leverage is visible in cost lines growing far slower than revenue, while H1 FCF of Rs.337.27 Cr cut net debt by Rs.241.40 Cr to 0.20x equity. H1 already covers 53.1% of the FY27 Rs.5,500 Cr revenue target, with the only open item being final settlement of the Bhilad flood insurance claim.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue vs year-ago base, in line with guide | "likely ahead of the year-ago base" | Total income Rs.1,698.89 Cr, +57.1% YoY | Played out |
| Guidance "directionally intact" | "~Rs.5,500 Cr at ~13% margin" | H1 = 53.1% of revenue target; margin above guide | Played out |
| Volume vs 25.2 Mn Mtrs base | "needs a clearly positive Q2 volume print" | Not disclosed in the filing | Not observable |
| Bhilad quantification | First-time sizing expected | Net-nil in P&L; gross Rs.45.02 Cr offset by admitted claim | Played out |
| New-business cadence | Q2 print vs Rs.1,113 Cr Q3–Q4 need | Not disclosed in the filing | Not observable |
| Net debt & other income | Reduction vs Rs.760 Cr; rupee tailwind to other income | Net debt Rs.518.41 Cr (−Rs.241.40 Cr); other income Rs.26.24 Cr vs Rs.19.43 Cr YoY | Played out |
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 revenue ~Rs.5,500 Cr (~30%+ growth) | Q1 FY27 call / Aug 12, 2026 press release | H1 total income Rs.2,922.90 Cr = 53.1% of target | On Track |
| EBITDA margin ~13% (incl. other income) | Q1 FY27 call — "With other income. All our margin guidance and EBITDA…" | Q2: 15.26%; H1: 14.36% — running above | On Track |
| Net debt — further reduction in FY27 | Q4 FY26/Q1 FY27 calls — CFO: "Definitely, it should happen" | Rs.518.41 Cr at Sep-26 vs Rs.759.81 Cr at Mar-26 (−Rs.241.40 Cr) — six months in | Met |
| FY27 capex Rs.125–150 Cr | Q4 FY26 call (June 2026) | H1 cash capex Rs.44.71 Cr | On Track |
| ~Rs.8,000 Cr run-rate by CY2028 | Q1 FY27 call — "by 2028, we should be at that run rate" | Q2 annualized ≈ Rs.6,795.56 Cr | Too Early |
| "Underlying operating performance continues to strengthen" (margin recovery on leverage) | Q1 FY27 call | EBITDA margin 15.26% vs 13.11% in Q1; employee/other costs grew far slower than revenue QoQ | Confirmed |
| "Tariff uncertainty for our core business is now behind us" | Q1 FY27 call | Filing is silent on tariffs; the strong print is consistent, but no volume/realization data to verify | Too Early |
| Q2/Q3 seasonally stronger (US festive) | Q1 FY27 call | Revenue +38.6% QoQ; volume itself not disclosed | Partially confirmed |
| Net-debt reduction "should happen" in FY27 | Q1 FY27 call | −Rs.241.40 Cr in H1; ND/E 0.32x → 0.20x | Confirmed |
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.