LG Electronics India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 73,800.45 Cr (+19.53% YoY) and PAT growth of +25.66% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 73,800.45 Cr (+19.53% YoY) |
| PAT (Q2) | Rs. 4,893.48 Cr (+25.66% YoY) |
| EBITDA margin | 9.50% (+63 bps YoY) |
| EPS (Q2) | Rs. 7.21 (+25.60% YoY) |
Q2 revenue grew 19.53% YoY with PAT up 25.66%, keeping the company ahead of its 'mid-teen' FY27 revenue guidance pace, while H1 EBITDA margin of 10.98% sits within the 'early double-digit' guidance. The margin leg is the watch item: Q2 EBITDA margin fell 300 bps QoQ to 9.50% on a 371 bps rise in the materials ratio amid copper/aluminium inflation and memory-cost pressure on Home Entertainment. The Sri City capex ramp (CWIP up 3.90x) and newly approved Vehicle Solutions Business provide medium-term growth optionality, with cash conversion at 1.43x PAT funding the build without borrowings.
| Driver | Expected before results | What happened |
|---|---|---|
| Revenue "ahead vs the soft base" ("five-year-high festive start... against a Q2 FY26 base suppressed by GST-transition purchase deferrals") | +19.53% YoY, +17.50% H1 | Played out |
| Sequential margin compression vs Q1's 12.5% ("margin gives back some of Q1's 12.5%") | 9.50% vs 12.50% | Played out |
| Copper/aluminium headwind ("copper... up 46.3% YoY — per pre-call note, web-sourced, dated") | Materials ratio 66.43%, +371 bps | Played out |
| Memory pressure on HE ("DRAM +44%/NAND +53% QoQ") | HE margin −612 bps QoQ, +30 bps YoY | Partially |
| FX mild headwind | Not separately disclosed in the filing | Not observable |
| DRI SCN provisioning ("pending") | No provision booked; normalized PAT = reported PAT | Played out (no provision; remains contingent) |
| Sri City compressor-start confirmation; margin-guidance reiteration | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 revenue growth "mid-teen" | Reiterated in the Q1 FY27 results presentation ("mid-teen revenue growth") | +19.53% YoY in Q2; +17.50% H1 | On Track |
| FY27 EBITDA margin "early double-digit" | Management FY27 guidance, Q1 FY27 presentation/call | H1 EBITDA margin 10.98% (Q2 alone 9.50%) — H1 basis | On Track |
| Sri City capex Rs.5,000 crore over 4–5 years (~Rs.1,000–1,200 crore/yr), internally funded | Management guidance, prior earnings calls | H1 capex Rs.1,162.82 crore; Q2 implied Rs.426.82 crore | On Track |
| Sri City compressor production commencing Q3 FY27 | Management timeline guidance, Q4 FY26 / Q1 FY27 calls | Not addressed in the filing | Too Early |
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.