Hindustan Construction Company (500185) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 standalone revenue was INR 895.82 crore and net profit INR 36.78 crore; consolidated revenue was INR 896.83 crore and net profit INR 22.56 crore.

• Order backlog was INR 12,901 crore; execution advanced across transport, power and water projects, while new orders and debt prepayments supported the quarter.

Financial highlights

• Standalone revenue was INR 895.82 crore, down 6.5% YoY; total income was INR 923.7 crore, down 5.3%.

• Standalone EBITDA, excluding other income, was INR 109.2 crore, down 29.2% YoY; PAT was INR 36.78 crore, up 0.3%.

• Consolidated revenue was INR 896.83 crore, down 6.7% YoY; total income was INR 925.2 crore, down 5.9%.

• Consolidated EBITDA, excluding other income, was INR 102.8 crore, down 30.4% YoY; PAT was INR 22.56 crore, down 52.8%.

• H1 standalone revenue and net profit were INR 1,877.55 crore and INR 73.86 crore; consolidated figures were INR 1,890.25 crore and INR 73.64 crore.

Outlook and guidance

• Order backlog was INR 12,901 crore; management targeted ~2x growth by FY-end and expected a substantial catch-up in order awards.

• 16 bids worth INR 34,805 crore, including a share of INR 32,386 crore, were under evaluation; the pipeline under pursuit was INR 85,907 crore.

• L1 bids were worth INR 2,010 crore, including a share of INR 1,557 crore; a new INR 524 crore order was secured in H1.

• A further INR 108 crore debt prepayment was targeted by December 2026; international qualified bids remained under process, with decisions expected in ~12 months.