Q2 FY27 results analysis · November 05, 2026
Inventurus Knowledge Solutions Q2 FY27 Results Analysis: Revenue Doubles on TruBridge, Margin Beats Guidance (IKS)
+20.4%PAT year on year, Rs. 213.37 Cr
Source: Quarterly results filing (NSE)
Quick summary
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
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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.