LEAP India (LEAPIND) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 total income rose 23% YoY to ₹2,159m; consolidated revenue from operations was ₹2,111.89m and net profit ₹178.04m, up 62%.

• H1 FY27 total income was ₹4,294m, revenue from operations ₹4,146.02m and net profit ₹425.37m; the asset base reached 15.5m pooled assets, serving 1,100+ customers through 11,000+ touchpoints.

• Growth priorities include movement hire, cross-selling, Vimprotech and TIPS integration, deeper customer penetration and measured GCC expansion.

Financial highlights

• Q2 revenue from operations grew 18.2% YoY to ₹2,111.89m; EBITDA rose 24.8% to ₹1,097m, with margin up 91 bps to 50.8%.

• Q2 PBT before exceptional items was ₹306.99m, up 109.1%; reported PBT was ₹238.50m after a ₹68.49m borrowing prepayment charge, and PAT was ₹178.04m, up 62%.

• H1 revenue from operations rose 18.6% to ₹4,146.02m; EBITDA increased 22.8% to ₹2,239m at a 52.1% margin, while PAT grew 41.9% to ₹425.37m.

• Q2 cash PAT rose 26% to ₹754m; H1 cash PAT was ₹1,566m, up 25%.

Outlook and guidance

• FY27 revenue guidance is ₹918–920 crore, with EBITDA margin at ~50% and PAT around ₹90 crore; management indicated PAT growth of 60%–80%.

• FY27 movement-hire target is 3.6–3.7m transfers; Q2 completed 720,000 movements, with the seasonal peak expected in Dec–Mar.

• DSO improved from 128 to 122 days; management targets below 90 days by FY27 year-end, supported by SAP S/4HANA and centralized customer POs.

• Operating cash flow is expected to cover asset-growth CapEx; broader cash-flow coverage, including acquisitions, was expected by FY28.

• Indian pallet pooling is projected to grow at 14.9% CAGR from FY26 to FY31, from 10m to 20m pooled pallets.