Inventurus Knowledge Solutions Q2 FY27 Results Analysis: Revenue Doubles on TruBridge, Margin Beats Guidance (IKS)

Cofacto Research Published November 05, 2026 4 min read

Positive

Inventurus Knowledge Solutions Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,592.48 Cr (+103.90% YoY) and PAT growth of +20.40% 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. 1,592.48 Cr (+103.90% YoY)
PAT (Q2)	Rs. 213.37 Cr (+20.40% YoY)
EBITDA margin	29.20% (-590 bps YoY)
EPS (Q2)	Rs. 12.98 (+20.10% YoY)

Quarter Snapshot

First quarter with TruBridge consolidated: revenue more than doubled YoY to Rs.1,592.48 Cr with TruBridge contributing Rs.744.21 Cr revenue and Rs.100.64 Cr PAT in a 2.7-month stub. EBITDA margin of 29.2% landed above management's guided 26-27% dip band, though deal debt (net debt Rs.5,281.79 Cr, 3.47x) and acquisition D&A compressed PAT margin to 13.4%. Key watch items are the unexplained standalone weakness (PAT -30.4% YoY) and the start of deleveraging toward the stated pre-TruBridge debt level.

Q2 FY27 Expectations vs Results

Driver	What happened	Verdict
Revenue "in-line-to-ahead vs own trend", TruBridge ~2.7 months inside	Rs.1,592.48 Cr (+103.9% YoY); TruBridge stub Rs.744.21 Cr	Played out
Margin dip to guided 26–27% pro forma	29.2% proxy — compressed, but above the band — better than guided	Played out
"~Rs.45–55 Cr quarterly interest step-up from Q2"	Rs.101.92 Cr, +Rs.91.8 Cr QoQ — larger	Played out
Weaker rupee "would support forex gains"	Other income Rs.23.38 Cr vs Rs.5.71 Cr Q1, but the H1 cash-flow reconciliation shows a net unrealised FX loss of Rs.8.71 Cr added back	Partially
Watch: first TruBridge print vs $300 Mn reset base	Rs.744.21 Cr revenue / Rs.100.64 Cr PAT (Jul 9–Sep 30)	Played out
Watch: deleveraging toward ~Rs.251 Cr	Net debt Rs.5,281.79 Cr — deal debt fully on book — remains open	Not observable
Watch: legacy CC growth vs 12%+	No CC split in filing — remains open for the call	Not observable
Watch: new upfront-guarantee payment	None disclosed	Not observed

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Consolidated EBITDA ≥ Rs.3,000 Cr by FY30 ("True North")	Q4 FY26 earnings call; reiterated on Q1 FY27 call	Q2 FY27 proxy Rs.464.91 Cr; annualized H1 FY27 Rs.1,520.51 Cr — early	On Track
Post-TruBridge EBITDA margin: dip to 26–27%, rebuild to early-to-mid 30s	Q1 FY27 earnings call ("a pro forma drop to 26–27% immediately post-TruBridge consolidation")	29.2% company-basis proxy (33.0% Q1) — above the guided dip band	Met
TruBridge EPS-accretive in FY27	Q1 FY27 call ("still expected to be EPS accretive for FY27")	TruBridge stub PAT Rs.100.64 Cr vs consolidated finance cost Rs.101.92 Cr/quarter	Too Early
Net debt back to pre-TruBridge level (~Rs.251 Cr at Mar 31, 2026); ~Rs.300 Cr by FY30	Q1 FY27 call / Q4 FY26 call	Net debt Rs.5,281.79 Cr; 3.5× annualized H1 proxy — deleveraging not yet begun	Too Early
"Q2 FY27 is the first quarter with TruBridge inside the reported numbers"	Q1 FY27 analyst notes	TruBridge consolidated from July 9, 2026; stub revenue Rs.744.21 Cr	Confirmed
Margin dilution on consolidation is deliberate and guided	Q1 FY27 call	29.2% vs 33.0% Q1, above the guided 26–27% band	Confirmed
~Rs.45–55 Cr quarterly interest step-up from Q2	Q1 FY27 results commentary (per pre-call note)	Finance cost rose Rs.91.8 Cr QoQ to Rs.101.92 Cr	Confirmed in direction; larger than flagged

Key Numbers, Quarter by Quarter

Metric	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27	Q2 FY27
Revenue (Rs. Cr)	781.1	815.0	857.7	893.6	1,592.5
EBITDA (Rs. Cr)	271.8	281.6	300.2	294.9	464.9
EBITDA margin	34.8%	34.6%	35.0%	33.0%	29.2%
PAT (Rs. Cr)	180.7	183.3	206.0	193.7	213.4
PAT margin	23.1%	22.5%	24.0%	21.7%	13.4%
Basic EPS (Rs.)	10.81	11.00	12.30	11.56	12.98

Key Investment Insights

Key Positives

Consolidated revenue grew 103.9% YoY to Rs.1,592.48 Cr; H1 revenue Rs.2,486.11 Cr (+63.4% YoY)
TruBridge contributed Rs.744.21 Cr revenue and Rs.100.64 Cr PAT in its first consolidated stub period (Jul 9-Sep 30)
Company-basis EBITDA margin of 29.2% came in above management's guided post-TruBridge dip band of 26-27%
PAT attributable to owners grew 20.4% YoY to Rs.217.65 Cr; basic EPS Rs.12.98 vs Rs.10.81 a year ago
TruBridge was profitable in its stub period; loss-making tail limited to -Rs.11.61 Cr across four unreviewed subsidiaries
ETR stable at 21.9% vs 22.8% in Q1 FY27; cash tax rate fell to 20.5% from 27.2%

Risk Factors

Standalone revenue fell 20.3% QoQ and standalone PAT fell 30.4% YoY with no explanation in the filing
Finance cost rose to Rs.101.92 Cr (+Rs.91.8 Cr QoQ) on deal debt, larger than the flagged Rs.45-55 Cr quarterly step-up
Net debt of Rs.5,281.79 Cr at 3.47x annualized H1 EBITDA; deleveraging toward pre-TruBridge level (~Rs.251 Cr) not yet begun
H1 CFO/PAT of 0.55x and CFO/EBITDA of 0.29x on a Rs.583.34 Cr receivables build
PAT margin fell to 13.4% from 23.1% a year ago on acquisition D&A and deal-interest load
Acquisition/integration costs inside other expenses (Rs.345.06 Cr line) remain unquantified