PNGSREVA Q2 FY27 Guidance vs Delivery (PNGSREVA Management Mirror)

Q2 FY27 EBITDA Margin at 23.8% Delivers the 200-300 bps Moderation Guided in Jun'26 Qtr

In Q2 FY27, the company reported an EBITDA of INR 287 million with the EBITDA margin at 23.8%, representing a sequential compression from Q1 FY27's 28.76% margin as per the reported actuals. This sequential decline delivers the 200 to 300 bps moderation explicitly guided in the Jun'26 Qtr concall, which management had attributed to a planned ramp-up in marketing spends and minor fixed cost additions from new EBO openings. Looking ahead, management expects future EBITDA margins to experience fluctuations of plus or minus 200 basis points from the 26.3% level achieved in H1 FY27, as new EBOs typically contribute to earnings only after a 15 to 18-month gestation period characterized by initially front-loaded marketing and operating costs.