Elgi Equipments (ELGIEQUIP) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated sales rose 17% YoY to INR 11,343 Mn, including 4% from exchange; EBITDA grew 28% to INR 1,850 Mn.

• H1 FY27 sales were INR 21,965 Mn, EBITDA INR 3,403 Mn and net profit INR 2,316 Mn; net cash reached INR 6,990 Mn at Sep 2026.

• India accounted for 52% of sales versus 48% for ROW; compressors contributed 92%.

Financial highlights

• Q2 FY27 revenue was INR 11,343 Mn versus INR 9,680 Mn; EBITDA was INR 1,850 Mn versus INR 1,442 Mn.

• Q2 net profit was INR 1,283 Mn versus INR 1,214 Mn; basic EPS was INR 4.07 versus INR 3.85.

• H1 FY27 revenue was INR 21,965 Mn versus INR 18,347 Mn; EBITDA was INR 3,403 Mn versus INR 2,656 Mn and net profit INR 2,316 Mn versus INR 2,070 Mn.

• Standalone Q2 revenue was INR 7,080 Mn versus INR 5,682 Mn; net profit was INR 1,289 Mn versus INR 908 Mn.

• Q2 EBITDA margin rose to 16.3% from 14.9%; Q2 included a U.S. tariff-refund benefit.

Outlook and guidance

• Europe is expected to be marginally profitable in FY2027, with breakeven the stated worst case absent further geopolitical disruption.

• Australia’s reorganization is progressing, with improved results expected in Q3 and Q4.

• Price corrections for later commodity increases are expected in Q3; cost-control initiatives are being developed, with more clarity expected by Q4-end.

• Oil-free demand is expected to benefit from investment in pharma, food processing and other specialized industries.