Q2 FY27 results analysis · November 05, 2026
Sansera Engineering Q2 FY27 Results Analysis: PAT Surges 51%, Margin Expands 201 bps
+50.6%PAT year on year, Rs. 108.02 Cr
Source: Quarterly results filing (NSE)
Quick summary
Sansera Engineering Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,091.45 Cr (+32.27% YoY) and PAT growth of +50.57% 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. 1,091.45 Cr (+32.27% YoY) |
| PAT (Q2) | Rs. 108.02 Cr (+50.57% YoY) |
| EBITDA margin | 19.35% (+201 bps YoY) |
| EPS (Q2) | Rs. 17.31 (+49.74% YoY) |
Quarter Snapshot
Q2 FY27 delivered 32.27% revenue growth with EBITDA margin at 19.35% (+201 bps YoY, fifth consecutive step-up) and clean 50.57% PAT growth with zero exceptionals. H1 performance is running ahead of management's own FY27 guides on both growth and margin, with H1 capex already at 70% of FY26's full-year spend. Watch items are the inventory-driven working-capital build (net debt up to Rs.261.15 Cr) and ADS order-conversion disclosures due on the November 6 earnings call.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "Revenue / demand — likely ahead" (SIAM Q2 PV +30.7%, CV +28.7%, record 2W exports; ADS ramp) | Revenue +32.27% YoY, +6.87% QoQ (consol) | Played out |
| Margins | "flat to modestly compressing on inputs… unless pass-throughs begin landing" | EBITDA margin 19.35% vs 19.20% Q1, +201 bps YoY — held and edged up despite COGS ratio rising QoQ — better than expected | Partially |
| Tariff provision recovery | Stable 10% tariff "supportive" of the Rs.12.61 Cr provision's recoverability | Filing repeats provision; no recovery recognized | Not observable |
| FX | "at worst, neutral and likely a modest tailwind" | No forex disclosure; other income −13.03% QoQ | Not observable |
| Reported-vs-adjusted margin convergence (Q1: 19.2% vs 20.4%) | "the bridge to watch" | Q2 booked zero exceptionals/provisions — reported = clean | Played out |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 top-line "high-teens to 20%" growth ("assuming current trends sustain") | Q1 FY27 earnings call (Aug 12, 2026) | H1 FY27 revenue +32.72% YoY | On Track |
| FY27 EBITDA margin "inch towards 19%… possibility of slight overachievement" | Q3 FY26 earnings call, reiterated at Q1 FY27 | H1 EBITDA margin 19.26% (Q2: 19.35%) | On Track |
| ADS revenue Rs.550–600 Cr for FY27 | Q1 FY27 earnings call | Not disclosed in this filing (single segment); Q1 annualization was within the band | Too Early |
| FY27 capex similar to FY26's Rs.509.7 Cr | Q4 FY26 earnings call / Q1 FY27 presentation | H1 capex Rs.356.86 Cr already booked | On Track |
| 20/20/20 long-term framework (20% EBITDA, 20% growth, 20% ROCE) | Open-ended management framework | Growth and margin above 20%-trajectory; ROCE not derivable from this filing | Too Early |
| Margin "inching towards 19%" for FY27 | Q3 FY26 call | H1 margin 19.26%, Q2 19.35% — at/above 19% at half-year | Confirmed |
| "Significant order conversions in Q2 and Q3" (ADS) | Q1 FY27 call | Filing silent — no segment/ADS data | Too Early |
| "Management expects to end FY27 with high-teens topline growth" | Q1 FY27 company communication | H1 growth more than double that pace | Confirmed |
| Tariff provision "considered recoverable" | Q1 FY27 filing note | Note 5 repeats the provision; no recovery recognized | Not yet visible |
Key Investment Insights
Key Positives
- Consolidated revenue grew 32.27% YoY and 6.87% QoQ to a record Rs.1,091.45 Cr
- EBITDA margin of 19.35% expanded 201 bps YoY and marked the fifth consecutive quarterly step-up
- Owners' PAT grew 50.57% YoY to Rs.108.02 Cr with zero exceptional items — reported equals normalized
- H1 FY27 revenue +32.72% YoY and EBITDA margin 19.26%, running ahead of management's FY27 guides of high-teens-to-20% growth and ~19% margin
- CFO/PAT of 1.13x in H1; earnings converting to cash
- H1 capex of Rs.356.86 Cr already equals 70% of FY26 full-year spend, tracking ahead of the 'similar to FY26' guide
- Standalone PAT grew 55.31% YoY at a 19.88% EBITDA margin
- Effective tax rate of 25.45% with a small deferred-tax credit; no ETR distortion
Risk Factors
- Inventories rose 33.71% in six months to Rs.897.45 Cr, absorbing Rs.226.24 Cr of cash and driving current borrowings up Rs.201.07 Cr
- Finance costs rose 79.66% YoY to Rs.14.64 Cr on working-capital funding
- Net debt rose from Rs.60.41 Cr to Rs.261.15 Cr over six months
- Material costs rose to 44.02% of sales from 43.54% YoY on aluminium prices; other expenses deleveraged 219 bps YoY
- Associate/JV share was a Rs.1.73 Cr loss in the quarter; subsidiaries are net PAT-dilutive (consol PAT below standalone)
- Rs.12.61 Cr US import-duty tariff provision remains unrecovered with no recovery recognized in Q2
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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.