Garuda Construction Q2 FY27: consolidated PAT +50% YoY to ₹40.6 Cr on margin expansion

Garuda Construction and Engineering's consolidated PAT (attributable to owners) rose 49.7% YoY to ₹40.61 Cr on revenue of ₹171.59 Cr, up 47.3% YoY from ₹116.49 Cr in Q2 FY26 — a continuation of the company's FY27 growth run after Q1 FY27's ₹41.53 Cr PAT on ₹175.38 Cr revenue. Sequentially the quarter is flat-to-down: revenue eased 2.2% QoQ and PAT fell 2.2% QoQ, meaning growth plateaued after a stronger first quarter rather than compounding further; basic EPS was ₹4.37, versus ₹2.92 a year ago and ₹4.47 last quarter. Standalone and consolidated numbers are nearly identical (PAT ₹40.62 Cr standalone vs ₹40.61 Cr consolidated), so the group's three subsidiaries — PKH Projects LLP, PKH Ayodhya Private Limited and UP World Trade Centre Private Limited — remain financially immaterial for now; the auditor's limited-review note puts their combined half-year revenue at just ₹7.25 Cr and net profit at ₹0.04 Cr. The YoY margin picture improved: net profit margin rose to 23.7% from 22.9% a year ago, and EBITDA-level margin (PBT plus finance cost and depreciation, over revenue) was around 32.1% versus roughly 29.6% in Q2 FY26 — both essentially flat sequentially against Q1 FY27's 23.65% NPM and 32.0% OPM. Notably, other income fell to ₹1.02 Cr from ₹1.94 Cr YoY, so the growth was revenue-led rather than boosted by one-off income. Cost of materials plus construction expenses together came to ₹111.43 Cr, 93.9% of total costs — the usual dominant line for a contractor — while finance costs jumped to ₹0.93 Cr from a near-nil ₹0.005 Cr a year ago as short-term borrowings rose to ₹52.64 Cr (standalone) from ₹12.02 Cr at FY26-end to fund working capital, though the absolute rupee impact on PBT stays small. There is no formal sell-side consensus or published management guidance for Garuda to benchmark this print against — the company carries no analyst-estimate coverage on record and gave no quarter-ahead outlook on a prior call, and no fresh management press release accompanied this filing to cross-check tone against the numbers — so both vs-street and vs-guidance read as unknown here rather than inferred. Corporate activity this quarter included a ₹0.03/share interim dividend declared October 15, 2026, and a subsidiary MoU signed September 7, 2026 for the Jeddah Tower project in Saudi Arabia — an early-stage international foray that has not yet shown up in the P&L given the subsidiaries' negligible current contribution. AGM voting results were announced October 1, 2026, with nothing of financial consequence flagged.