ANANDRATHI Q2 FY27 Guidance vs Delivery (ANANDRATHI Management Mirror)

H1 FY27 Revenue Reaches Rs 693 Crores, Tracking Towards Rs 1,415 Crores FY27 Guidance Reaffirmed from Mar'26 Qtr

In Sep'26 Qtr, the company reported H1 FY27 consolidated revenue of Rs 693 crores and PAT of Rs 238 crores, excluding non-business items, fair value gains, and ESOP expenses. This H1 performance achieved 49% of the revenue and 52% of the PAT targets set against the full-year FY27 guidance of Rs 1,415 crores in revenue and Rs 460 crores in PAT, which was initially introduced in the Mar'26 Qtr and reaffirmed by management. Looking ahead, management reaffirmed expectations of delivering 20% to 25% long-term PAT growth, noting no need for downward revision of annual targets, while projecting that non-cash ESOP expenses will reduce dramatically next year to narrow the gap between reported PBT and normalized cash profit. Management also reaffirmed its operational benchmarks of keeping PBT margins above 40% and PAT margins above 30%, explicitly guiding that any excess profitability generated from operating leverage will be reinvested into organizational capabilities rather than margin expansion.