Netweb Q2 FY27: standalone PAT up 335% YoY to ₹136.7 Cr, revenue +336%, margins steady ~14.9%

Netweb Technologies' standalone Q2 FY27 (quarter ended September 30, 2026) print is a continuation of the hyper-growth trajectory it set in Q1: revenue from operations came in at ₹1,323.3 Cr, up 335.7% YoY from ₹303.7 Cr and 61.4% QoQ from ₹819.7 Cr, while PAT rose 334.7% YoY to ₹136.7 Cr (from ₹31.4 Cr) and 60.2% QoQ (from ₹85.3 Cr). EPS came in at ₹23.54 against ₹5.55 a year ago. No street preview specific to this quarter could be located, so vsStreet is marked unknown rather than guessed; the company also carries no formal FY27 revenue guidance on record, so the growth cannot be benchmarked against a stated topline target. Margins held essentially flat rather than tracking the explosive topline. Operating margin (EBITDA/revenue from operations) came in at ~14.9%, roughly in line with 15.0% a year ago and up from 14.7% last quarter — comfortably inside-to-above the 13-14% EBITDA margin band management reiterated on the Q1 call (delivered 14.7% then). Net margin was ~10.2% of total income, marginally below both the year-ago (10.3%) and prior-quarter (10.3%) readings, meaning the scale-up hasn't yet widened profitability per rupee of revenue — finance costs (₹23.8 Cr, up from ₹9.3 Cr YoY) and depreciation both stepped up alongside the larger base. The standout non-P&L event this quarter was the ₹1,200 Cr QIP, completed via allotment of 25,05,219 equity shares at ₹4,790/share (₹4,788 premium) on August 17-20, 2026, which lifted paid-up capital from ₹11.39 Cr to ₹11.89 Cr and total net worth from ₹723.3 Cr to ₹2,104.1 Cr. That capital came in as the balance sheet absorbed a sharp working-capital stretch: inventories built up by ₹1,125.8 Cr over H1 FY27 and net cash from operations was negative ₹639.1 Cr for the half year despite a reported H1 PAT of ₹222.0 Cr — consistent with a company executing large orders that consume cash ahead of billing/collection, and the QIP proceeds appear earmarked to fund exactly that. Last quarter's concall also flagged an 18-24 month pipeline-conversion timeline (stretched from 8-12 weeks) and a ₹250 Cr order book plus ₹85 Cr L1 pipeline; none of that was updated in this filing since no accompanying press release or investor note was available in the record for this result. Going into Q3, the two things worth tracking are whether the inventory build and negative operating cash flow normalize as this quarter's orders convert to billed, collected revenue, and whether operating margin holds above the guided 13-14% band as the QIP-funded capacity comes online. The Taiwan subsidiary proposal remains unincorporated as of the October 24, 2026 board meeting.