REFEX Q2 FY27 Guidance vs Delivery (REFEX Management Mirror)

Q2 FY27 Core Business Margin Reported at 16%, Meeting 15-18% Guided in Jun'26 Qtr

In Sep'26 Qtr, standalone revenue from continuing operations grew 36% YoY to INR 560 crore, delivering an EBITDA margin of 16% as reported in the concall. This margin performance meets the 15% to 18% normalized EBITDA margin range guided in the Mar'26 and Jun'26 Qtr concalls. For the remainder of the year, management reaffirmed full-year FY27 revenue growth guidance of 20% to 25% for the core standalone business, alongside an EBITDA margin between 15% and 18%, expecting strong execution in H2 FY27 supported by geographical expansion into southern states like Karnataka and Maharashtra.