Q2 FY27 results analysis · November 03, 2026
Dhoot Transmission Ltd (DHOOTTRANS) Q2 FY27 Results Analysis: Revenue Surges 60.7%, Margin Misses Guidance
−0.3%PAT year on year, Rs. 117.82 Cr
Source: Quarterly results filing (BSE)
Quick summary
Dhoot Transmission Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 1,827.21 Cr (+60.70% YoY) and PAT growth of -0.30% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,827.21 Cr (+60.70% YoY) |
| PAT (Q2) | Rs. 117.82 Cr (-0.30% YoY) |
| EBITDA margin | 14.33% (-331 bps YoY) |
| EPS (Q2) | Rs. 5.98 (-18.40% YoY) |
Quarter Snapshot
Revenue grew 60.7% YoY to Rs.1,827.20 Cr, tracking above management's 25%-30% FY27 guidance, but EBITDA margin of 14.33% missed the guided 15%-16% band as copper inflation pushed cost of materials to 72.15% of revenue. The IPO transformed the balance sheet (borrowings down 73%, net cash Rs.903.66 Cr), yet H1 cash conversion was weak at 0.16x PAT and standalone margins collapsed to 6.67%. Normalized PAT grew 28.4% YoY, but delivering the margin guidance now requires a 15.33% H2 margin against a declining trend and a pre-flagged Q3 repricing lag.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely ahead" — 2W dispatches +15.2% YoY, 3W +23.6%, record e-2W penetration, first full Multilink quarter | Revenue Rs.1,827.20 Cr, +60.7% YoY, +26.3% QoQ | Played out |
| Margins | "likely compressing YoY, with the pass-through lag the whole story" — copper at records through the quarter | Margin 14.33%, −331 bps YoY, −77 bps QoQ; CoM ratio 72.15% | Played out |
| Margin vs 15–16% band | Key guidance question — does Q2 hold the band | Q2 14.33% and H1 14.67% both below the floor — compression ran deeper than the band | Partially |
| Growth decomposition (organic vs Multilink) and EV share | Watch item | No split, no EV share in filing | Not observable |
| IPO proceeds utilization update | Due this reporting period | Delivered: Rs.779.65 Cr used, Rs.547.33 Cr unutilized | Played out |
| PV HV harness JV update | Due at second call | Not addressed in filing | Not observable |
| Finance-cost trajectory | Continued decline expected | Rs.14.87 Cr, −34.9% YoY | Played out |
| Multilink integration status | vs Q3/early-Q4 target | Filing silent; goodwill provisional | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Consolidated revenue growth 25%–30% for FY27 | Q1 FY27 earnings call — "we are confident of delivering another strong year of 25%-30% of growth" | H1 +55.7% YoY; Q2 +60.7% YoY | On Track |
| EBITDA margin 15%–16% for FY27 (company definition, excl. other income) | Q1 FY27 earnings call | Q2 14.33%; H1 14.67% — both below the 15% floor | Missed |
| IPO proceeds utilization update by next reporting period | Q1 FY27 earnings call commitment | Delivered in this filing (Rs.779.65 Cr utilized / Rs.547.33 Cr unutilized) | Met |
| Multilink integration complete by Q3/early Q4 FY27 | Q1 FY27 press release/call ("in full swing") | Filing silent | Too Early |
| EV revenue share >30–32% in 2–3 years | Q1 FY27 earnings call | Not updated in filing (27% at Q1) | Too Early |
| PV HV harness JV update at second call | Q1 FY27 earnings call | Not addressed in filing | Too Early |
| Margin swings are "the hard cycle and the soft cycle of the commodity," most copper inflation "already passed on," with a noticeable repricing impact anticipated in Q3 | Q1 FY27 earnings call | CoM ratio rose again to 72.15% (+348 bps QoQ) and margin fell a further 77 bps QoQ to 14.33% — the lag is still biting, not abating — for this quarter | Contradicted |
| Finance costs declining on working-capital debt optimization post equity infusion | Q1 FY27 earnings call / filing commentary | Finance costs −34.9% YoY; borrowings down 73% since March; net cash | Confirmed |
| Robust 2W/3W market growth driving performance | Q1 FY27 press release framing | Revenue +60.7% YoY, +26.3% QoQ | Confirmed |
Key Investment Insights
Key Positives
- Consolidated revenue grew 60.7% YoY and 26.3% QoQ to Rs.1,827.20 Cr; H1 FY27 revenue of Rs.3,273.62 Cr is up 55.7% YoY
- EBITDA grew 30.5% YoY and 19.9% QoQ to Rs.261.81 Cr
- Normalized PAT (adding back exceptionals at 24.88% ETR) grew 28.4% YoY to Rs.158.96 Cr in Q2 and 32.3% YoY to Rs.294.23 Cr in H1
- Finance costs fell 34.9% YoY to Rs.14.87 Cr; borrowings down 73.4% since March to Rs.223.83 Cr with net cash of Rs.903.66 Cr
- IPO completed August 17, 2026 raising Rs.1,400 Cr fresh issue; Rs.779.65 Cr of net proceeds already utilized including Rs.464.80 Cr own-debt repayment
- Revenue growth tracking above management's 25%-30% FY27 guidance
- Standalone revenue grew 43.8% YoY to Rs.1,263.57 Cr
Risk Factors
- EBITDA margin fell to 14.33%, below the guided 15%-16% band, compressing 331 bps YoY and 77 bps QoQ as cost of materials rose to 72.15% of revenue on record copper prices
- H1 CFO of Rs.40.21 Cr was only 0.16x H1 PAT and 0.08x H1 EBITDA, with Rs.559.40 Cr of receivables and inventory build against Rs.276.36 Cr of payables funding
- Standalone EBITDA margin fell to 6.67% from 11.71% YoY; normalized standalone PAT declined 34.1% YoY to Rs.36.61 Cr
- Exceptional charges of Rs.54.76 Cr (Bain advisory Rs.45.04 Cr + IPO expenses Rs.9.72 Cr) cut reported PAT 11.2% QoQ to Rs.117.82 Cr
- Reaching even the 15% floor of the margin guidance band requires a 15.33% H2 margin, against a trend of 15.10% to 14.33% and a pre-flagged Q3 repricing impact
- Inventory build of Rs.70.97 Cr in Q2 (vs Rs.6.67 Cr in Q1) created a ~389 bps sequential margin drag
Ask about this
Ask Cofacto a question about this result. Answers cite filings and company data.
Companies on this page
Related
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.