GPT Infraprojects Q2 FY27: consolidated PAT falls 18% YoY despite 4.6% revenue growth

GPT Infraprojects' consolidated net profit for Q2 FY27 (quarter ended September 30, 2026) came in at ₹18.25 Cr, down roughly 18% YoY on a comparable pre-minority-interest basis (₹17.64 Cr vs ₹21.48 Cr) and down about 27.5% sequentially from ₹24.34 Cr in Q1 FY27 — a weak quarter for profitability even as consolidated revenue from operations rose 4.6% YoY to ₹291.39 Cr, though that revenue slipped 3.5% QoQ from ₹302.07 Cr. Net profit margin compressed to roughly 6.2% from 7.62% a year ago and 7.95% last quarter; EPS was ₹1.44 versus ₹1.72 YoY and ₹1.95 QoQ. No exceptional items were reported in either the current or comparison periods, so the decline is entirely underlying rather than one-off driven. The pressure sits below the operating line. Depreciation nearly doubled YoY to ₹10.94 Cr (from ₹5.43 Cr) and finance costs rose 32.7% YoY to ₹11.26 Cr (from ₹8.48 Cr), together outpacing the operating profit gain. Operating margin (EBITDA/revenue, excluding other income) held roughly flat YoY at ~14.2% — within the 14-15% band management guided for FY27 — but slipped from ~15.7% in Q1, pointing to a cost-structure drag rather than pricing or execution weakness. The jump in D&A and interest tracks the balance sheet: consolidated PP&E rose from ₹207.3 Cr to ₹226.8 Cr and a new ₹9.27 Cr right-of-use asset appeared in H1 FY27, alongside non-current borrowings up from ₹98.2 Cr to ₹109.6 Cr — consistent with capex/BOT-HAM asset capitalisation. No brokerage consensus or formal street estimate for this quarter could be located — GPT Infraprojects carries thin analyst coverage and repeated searches turned up no Q2 FY27 preview or consensus PAT/revenue figure, so vsStreet is unknown. Against management's own FY27 guidance from the August 2026 concall (~30% YoY revenue growth to ₹1,700 Cr, 14-15% EBITDA margin, ₹3,000 Cr order inflow), the margin band is broadly being held, but the revenue run-rate is behind schedule: H1 FY27 execution of ₹593.5 Cr leaves ~₹1,106 Cr required across Q3 and Q4, a steep ask after this quarter's QoQ dip. No Q2-specific order-inflow figure was available in the record to check against the ₹3,000 Cr target, and the company issued no separate press commentary on this result (none on record), so the print stands without fresh management framing beyond the guidance already on file. Standalone PAT of ₹19.95 Cr came in above the consolidated figure despite lower standalone revenue (₹274.71 Cr) — a >3% divergence traceable to subsidiary/JV-level losses, visible in the quarter's negative ₹0.61 Cr non-controlling interest (minority shareholders absorbed a loss this quarter). Alongside results, the board declared a 1% (₹1/share) interim dividend (record date November 11, 2026) and approved incorporating Ever Strong Highway LLP (51% GPT stake) to invest in HAM and BOT road projects — a direct extension of the capex program behind this quarter's higher depreciation. The company also has an NCLT-driven scheme to merge two wholly-owned subsidiaries (Alcon Builders & Engineers, Jogbani Highway) into itself, with the NCLT meeting held October 12, 2026. Order-win disclosures in October — ₹149.5 Cr and ₹134.11 Cr railway signalling contracts and a ₹149.49 Cr subsidiary railway order — fall after the September 30 quarter-end and will show up in Q3's order book rather than this quarter's financials.