Pelatro (PELATRO) Q2 25/26 earnings summary

Executive summary

• Revenue for H1 FY26 grew 58% year-over-year to Rs. 60.74 crores, with EBITDA up 59% to Rs. 13.81 crores and PAT up 63% to Rs. 8.21 crores, reflecting strong operational performance and business momentum.

• 100% of FY26 target revenue and 59% of FY27 target revenue are already contracted, indicating high revenue visibility.

• The company operates two divisions: CVM (core, higher margin) and Estel (recently acquired, lower margin but expected to improve).

• Average revenue per customer increased to Rs. 2.77 crores quarter-over-quarter.

• Unaudited standalone and consolidated financial results for H1 FY26 were approved and reviewed without qualification by auditors.

Financial highlights

• H1 FY26 consolidated revenue: Rs. 60.74 crores (up 58% YoY); EBITDA: Rs. 13.81 crores (up 59% YoY); PAT: Rs. 8.21 crores (up 63% YoY); EPS: Rs. 7.83 per share.

• Estel division contributed Rs. 6.91 crores revenue and Rs. 1.02 crores EBITDA in Q2.

• CVM division delivered Rs. 53.83 crores revenue with a 23.8% EBITDA margin.

• Cash and cash equivalents stood at Rs. 20.70 crores as of September 30, 2025.

• Total assets increased to Rs. 176.87 crores from Rs. 137.07 crores year-over-year.

Outlook and guidance

• Revenue CAGR guidance of 25%-30% for the next three years is organic, with any inorganic growth as upside.

• Margins expected to improve further, with annual EBITDA margin around 24% and PAT margin around 14%.

• Positive free cash flow expected for the full year.

• Segment reporting now aligned to CVM and Estel divisions post-acquisition.