RITES (RITES) Q2 26/27 earnings summary

Executive summary

• Q2FY27 consolidated operating revenue rose 1.5% YoY to ₹556.83 crore, while PAT fell to ₹97.06 crore as lower exports and an adverse revenue mix weighed on profits. H1 revenue rose, but PAT declined.

• Several revenue milestones slipped 10–15 days into Q3, muting Q2 and H1; management said FY27 double-digit consolidated operating-revenue growth and a full-year profit above the prior year remain on track.

• Added ₹446 crore of orders during Q2; the order book stood at ₹9,388 crore on September 30, 2026.

Financial highlights

• Consolidated Q2 revenue from operations was ₹556.83 crore versus ₹548.53 crore; total revenue was ₹583 crore versus ₹579 crore.

• Standalone Q2 revenue from operations was ₹521.82 crore versus ₹513.79 crore; PAT was ₹94.35 crore versus ₹102.22 crore.

• Consolidated Q2 PAT was ₹97.06 crore versus ₹109.10 crore; PBT was ₹131.01 crore versus ₹146.38 crore.

• H1 consolidated revenue from operations rose to ₹1,089.03 crore from ₹1,038.23 crore, while PAT declined to ₹194.84 crore from ₹199.99 crore.

• H1 standalone revenue was ₹1,019.81 crore versus ₹969.48 crore; PAT was ₹166.15 crore versus ₹168.87 crore. No exceptional items were recorded in Q2 or H1.

Outlook and guidance

• Double-digit FY27 consolidated operating-revenue growth remains on track; H2 exports and turnkey contributions are expected to rise substantially versus H1.

• Management expects to exceed prior-year profit despite a substantial Q4 Pay Commission provision; H2 execution is expected to accelerate.

• Export revenue and profits are expected from Q3 as Bangladesh coach supplies begin, with Mozambique supplies also supporting H2 activity.

• Order inflow guidance is one-plus order per day, targeting a ₹10,000 crore order book; consultancy revenue is expected to reach at least double-digit growth in the near future.