Techno Electric & Engineering Company (TECHNOE) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was ₹11,078.68 million and continuing-operations PAT was ₹1,584.09 million; H1 revenue was ₹17,382.09 million and PAT was ₹2,517.37 million.

• Twin-engine strategy combines transmission EPC, TBCB assets and smart-meter annuities with digital campuses, edge networks and cloud services; debt-free balance sheet and ICRA AA/Stable rating.

Financial highlights

• Q2 consolidated revenue rose 31.4% YoY to ₹11,078.68 million; core EBITDA increased 63.0% to ₹1,814 million, PBT rose 41.8% to ₹1,978.44 million and PAT grew 52.4% to ₹1,584.09 million.

• H1 consolidated revenue grew 26.9% YoY to ₹17,382.09 million; core EBITDA rose 37.9% to ₹2,810 million, PBT increased 14.8% to ₹3,163.14 million and PAT rose 17.2% to ₹2,517.37 million.

• Q2 core EBITDA margin was 16.38% versus 13.2% YoY; consolidated margin uplift reflected SPV-level margins, especially smart metering, on higher execution.

• Standalone Q2 revenue was ₹10,968.17 million, up 30.8%; core EBITDA rose 27.8% to ₹1,475 million, with margin at 13.45% versus 13.77%.

• Standalone continuing-operations PAT was ₹1,360.58 million in Q2 and ₹2,322.13 million in H1; Q2 PAT growth of 10.3% trailed PBT growth as the effective tax rate increased to 23.2%.

Outlook and guidance

• AMI portfolio installation reached 85% as of 30 Oct 2026, up from 70% at FY26 close; full completion is scheduled by FY27-end.

• Noida Phase 1 (5 MW) targets completion by FY27-end, Andhra Pradesh is targeted live by H1 FY28 and Kolkata by FY29; Chennai campus design IT load was scaled upward.

• Digital portfolio plan targets 250 MW by FY32, with investment concentrated on Chennai, Noida and Kolkata and capital committed against opportunity visibility or contracted capacity.

• Transmission bidding remains selective, guided by execution capability, risk-adjusted returns and balance-sheet discipline.

• Management expects approved outstanding Afghanistan project invoices to be received in due course; ₹20.68 million was collected during the year.