SHRIPISTON's Q2 FY27 numbers came in soft, with revenue of Rs. 1,648.20 Cr (+62.10% YoY) and PAT growth of +14.20% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,648.20 Cr (+62.10% YoY) |
| PAT (Q2) | Rs. 162.30 Cr (+14.20% YoY) |
| EBITDA margin | 17.93% (-446 bps YoY) |
| EPS (Q2) | Rs. 35.13 (+10.60% YoY) |
Consolidated revenue grew 62.1% YoY to Rs.1,648.2 cr, but growth was predominantly inorganic from the Antolin acquisition and expenses outpaced revenue, with EBITDA margin falling for a fifth straight quarter to 17.93% — at the bottom of management's guided 'high teens' band. The balance sheet was transformed via a Rs.1,000 cr QIP and Rs.624.3 cr of debt reduction, leaving the company in a net cash position with debt-equity at 0.29x. Key watch items for the November 2, 2026 call are evidence of the promised commodity and wage-cost recovery, Antolin's path to mid-teens margins, and the export trajectory.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/demand "ahead" on domestic OE; exports behind | "the consolidated top line ahead on domestic OE but with the guided full-year export benefit still unproven" | Consolidated revenue +62.1% YoY (inorganic-led); standalone +17.5% — direction | Played out |
| Margins "expanding, toward the guided band" | "Direction: expanding" | EBITDA margin 17.93%, down from 18.86% QoQ and 22.39% YoY | Contradicted |
| Rs.30 cr wages recovery + commodity normalization testable in Q2 | "both are testable this quarter" | Not disclosed; margin proxy shows no recovery | Not observable |
| Debt/equity "decisively toward the guided band" post-QIP | D/E "should move decisively" | D/E 0.29×; net financial indebtedness (Rs.432.9 cr) | Played out |
| Finance costs fall post-QIP; net debt vs Rs.550 cr (Jun-30) | "falling finance cost" expected | Rs.31.9 cr, −6.7% QoQ, still +275% YoY; net cash on covenant basis | Partially |
| Export recovery | "not yet visible" | No export disclosure in the filing | Not observable |
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| What management said | What happened | Verdict |
|---|---|---|
| Consolidated EBITDA margin "high teens" (guided on Q1 FY27 earnings call) | 17.93% (company basis) — at the lower bound of the band | On Track |
| Debt-equity not beyond 0.3–0.4 post-Antolin (guided Q2 FY26 call; reiterated Q1 FY27 call: "no intention to exceed 1x") | 0.29× consolidated / 0.27× standalone; net cash on the covenant basis | Met |
| NCD schedule, no early prepayment (Q4 FY26 call; October 14, 2026 disclosure) | Rs.1,000 cr outstanding; interest paid ahead of due date; cover 1.39× | On Track |
| "Temporary" acquisition finance costs to normalize as debt is repaid (Q1 FY27 call) | Finance costs Rs.31.9 cr, −6.7% QoQ but still +275% YoY; borrowings down Rs.624.3 cr in H1 with net cash on the covenant basis — direction correct, level still ~4× year-ago | Partially |
| Commodity normalization within Q2 FY27 via one-quarter-lag pass-through (Q1 FY27 call) | Not separately disclosed; consolidated margin fell further QoQ (18.9% → 17.93%) — mix caveat applies | Contradicted on the visible margin proxy |
| Rs.30 cr wages recovery within Q2 FY27 (Q1 FY27 call) | No disclosure in the filing | Too early / not assessable from the filing |
| QIP "not for debt repayment" (Q4 FY26 call) vs AGM object "repayment/prepayment of borrowings" | Borrowings fell Rs.624.3 cr in H1 while Rs.251.2 cr of proceeds sit invested; the filing does not reconcile the two framings — flagged, not judged | Unresolved |
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.