Inspirisys Q2 FY27: consolidated PAT falls 27% YoY to ₹5.37 Cr as revenue growth stalls

Inspirisys Solutions' consolidated PAT fell 27.4% YoY to ₹5.37 Cr (from ₹7.40 Cr in Q2 FY26), even as revenue from operations was effectively flat YoY at ₹119.78 Cr (+0.1%, from ₹119.71 Cr). That marks a sharp deceleration from Q1 FY27, when revenue grew 26% YoY but PAT still fell 34% YoY to ₹4.07 Cr — the topline tailwind that had been cushioning the profit decline has now disappeared, even though the YoY PAT decline itself moderated from -34% to -27%. Sequentially, PAT rose 31.9% QoQ and revenue rose 12.0% QoQ, but with flat YoY revenue this QoQ pop reads as normal quarter-to-quarter variability rather than a turnaround signal, and should not be read as momentum. Consolidated net margin compressed to 4.48% from 6.18% a year ago (though it improved from ~3.81% in Q1 FY27), and PBT margin fell to 5.95% from 9.66% YoY. The segment disclosure pins the driver precisely: Systems Integration swung from a ₹2.02 Cr segment profit in Q2 FY26 to a ₹1.12 Cr segment loss this quarter, a ₹3.14 Cr negative swing that accounts for essentially the entire ₹2.92 Cr YoY decline in total segment result (₹11.72 Cr vs ₹14.64 Cr). Services, the larger segment at ₹78.66 Cr of revenue (66% of the total), held segment profit nearly flat YoY (₹12.04 Cr vs ₹12.12 Cr); Warranty Management Services improved modestly (₹0.80 Cr vs ₹0.50 Cr). Tax expense was flat YoY at ₹1.89 Cr despite lower PBT, compressing the bottom line further. There is no analyst coverage of this stock to benchmark against — a web search confirms zero analysts currently track Inspirisys, so vsStreet is unknown by default rather than estimated. The company and our records carry no formal management guidance or prior concall commentary, and no press release or management commentary accompanied this filing, so there is nothing to grade the print against beyond its own trend line; management's outlook (if any) was not available to quote. Among the quarter's corporate developments, the ₹109 Lakh tax demand dismissed by the tribunal (Aug 10) is a minor positive but does not show up as an exceptional item in this quarter's P&L (the filing carries no exceptional items here), confirming it had no P&L impact this period; the board's other actions (Okayasu's reappointment as Senior Advisor, board-meeting intimations) are governance items unrelated to the print. Standalone PAT of ₹5.00 Cr trails consolidated ₹5.37 Cr by about 7%, with subsidiaries adding to the group number this quarter — a modest but non-trivial divergence worth flagging since readers will see both figures. Going into Q3 FY27, the Systems Integration segment's return to (or continued absence of) profitability is the single clearest number to track, given it is the whole story behind this quarter's margin compression.