Olectra Q2 FY27: consolidated PAT +5% YoY to ₹52 Cr, revenue growth slows to 5%

Olectra Greentech's consolidated revenue for Q2 FY27 (quarter ended September 30, 2026) rose 4.6% YoY to ₹687.01 Cr from ₹656.62 Cr, while consolidated net profit after tax rose 5.4% YoY to ₹52.12 Cr from ₹49.43 Cr. PAT attributable to equity holders of the parent was ₹52.94 Cr (after a small ₹0.82 Cr minority-interest loss), with basic EPS of ₹6.45 versus ₹6.04 a year ago. Standalone PAT was ₹50.92 Cr on revenue of ₹677.37 Cr, tracking closely with the consolidated print — no material divergence between the two bases. Sequentially, revenue (+19.4% QoQ) and PAT (+95.5% QoQ) jumped sharply, but this is a recovery from an unusually soft Q1 FY27 (PAT of just ₹26.66 Cr) rather than a new growth inflection; the YoY comparison, which is the more telling one, shows only mid-single-digit growth. No exceptional items appear in either the current or comparative periods, so no raw-vs-adjusted split is needed this quarter. Operating margin came in at 13.36%, down marginally from 13.51% a year ago but up sharply from 11.86% in Q1 FY27; net margin was 7.59% versus 7.48% YoY and 4.62% QoQ — broadly flat on a YoY basis in both directions. By segment, Mobility (e-buses/e-trucks), roughly 86% of revenue, generated ₹588.97 Cr, up just 1.3% YoY despite the company's publicly stated order book of over 8,000 buses, while the smaller Energy (insulators) division grew 30.1% YoY to ₹98.04 Cr. Management's only guidance on record in our prior concall notes (February 2026) targeted FY26 full-year deliveries of 1,500-2,000 vehicles and flagged that long-term EBITDA margins would normalize from ~14% toward a 10-12% range as scale and product mix shift; that FY26 window has since closed per the company's FY26 annual report. The live target, per the company's public statements, is now FY27 deliveries of 2,000-2,500 vehicles, with Q2 FY27 specifically flagged at roughly 500 bus deliveries versus ~358 in Q1 — a ramp broadly consistent with this quarter's 19.4% QoQ revenue jump. This quarter's 13.36% OPM sits between the historical ~14% and the guided 10-12% band, consistent with the flagged normalization though not yet fully there. H1 FY27 capex of ₹44.18 Cr trails the pace implied by management's ₹300-350 Cr two-year capex plan. We found no published analyst consensus specifically for this quarter, so the street comparison is unknown. Separately, the Board approved disinvestment of the company's 34% stake in associate Evey Trans (UJJ) Pvt Ltd to a related party for a nominal ₹34,000 — immaterial to the P&L but disclosed alongside results. With Mobility revenue nearly flat YoY despite the large order book, the key readthrough into H2 FY27 is whether deliveries actually scale toward the 600-700/quarter pace the company has flagged; a continued gap between order-book size and realized revenue growth would point to execution, not demand, as the binding constraint.