Advait Q2 EBITDA Rises 84.4% as Margin Expands 342 Bps

Advait Energy Transitions Limited reported Q2-FY27 consolidated operating EBITDA of Rs 31.9 crore, up 84.4% from Rs 17.3 crore a year earlier. Operating income increased 40.8% to Rs 220.9 crore, while the operating EBITDA margin expanded 342 basis points to 14.46%. Profit after tax rose 88.5% to Rs 19.2 crore.

What drove Advait’s Q2-FY27 EBITDA growth?

Advait’s Q2-FY27 EBITDA growth reflected operating income rising faster than expenses. Operating income increased by 40.8% year on year to Rs 220.9 crore, while expenses rose 35.4% to Rs 189 crore. As a result, operating EBITDA increased by Rs 14.6 crore to Rs 31.9 crore, compared with Rs 17.3 crore in Q2-FY26.

The operating EBITDA margin reached 14.46% in Q2-FY27, compared with 11.04% in Q2-FY26 and 13.82% in Q1-FY27. This was a 342-basis-point year-on-year increase and a 64-basis-point sequential increase. One basis point equals one-hundredth of a percentage point.

Advait’s profit after tax rose faster than operating EBITDA, increasing 88.5% to Rs 19.2 crore from Rs 10.2 crore. Profit before tax rose 80.7% to Rs 27.2 crore, despite finance cost increasing 59.7% to Rs 5.7 crore and depreciation rising 34.6% to Rs 1.1 crore. Other income declined 4.1% to Rs 2 crore, while basic earnings per share increased 91.4% to Rs 16.79.

How did Advait perform in H1-FY27?

Advait reported H1-FY27 operating income of Rs 400.2 crore and operating EBITDA of Rs 56.7 crore, increases of 45.4% and 82.6%, respectively. The operating EBITDA margin increased 289 basis points to 14.17% from 11.28% in H1-FY26, extending the margin movement reported in the second quarter.

Expenses increased 40.6% to Rs 343.5 crore in H1-FY27, below the 45.4% increase in operating income. Profit before tax rose 72.6% to Rs 48.1 crore and profit after tax increased 77.9% to Rs 34 crore. The profit-after-tax margin rose 155 basis points to 8.49%, although finance cost increased 63.5% to Rs 10.2 crore.

Advait’s historical consolidated figures show revenue rising from Rs 209 crore in FY24 to Rs 399 crore in FY25 and Rs 715 crore in FY26. Operating EBITDA increased from Rs 36 crore in FY24 to Rs 51 crore in FY25 and Rs 84 crore in FY26, while the reported EBITDA margin moved from 17% to 13% and then 12%. The H1-FY27 margin of 14.17% was above the FY26 margin but below the FY24 level.

Which Advait businesses reported the biggest margin changes?

Advait’s AETL standalone business reported Q2-FY27 revenue from operations of Rs 170.1 crore, up 78.1% year on year, and EBITDA of Rs 28.1 crore, up 84.2%. Its EBITDA margin increased 54 basis points to 16.5%, while profit after tax increased 66.1% to Rs 17.1 crore.

AETL’s profit-after-tax margin declined 73 basis points to 10.06%, despite the increase in EBITDA margin. For H1-FY27, its revenue from operations rose 77.2% to Rs 299.4 crore, EBITDA increased 83% to Rs 49 crore, and the EBITDA margin increased 52 basis points to 16.35%.

Advait’s AGPL business recorded lower quarterly revenue but higher EBITDA. Revenue from operations declined 17.1% to Rs 50.9 crore in Q2-FY27, while EBITDA rose 86% to Rs 3.9 crore. Its EBITDA margin increased 424 basis points to 7.64%, compared with a 54-basis-point improvement at AETL; the presentation does not provide a reconciliation of each business’s contribution to consolidated margin expansion.

How did Advait’s balance sheet change by H1-FY27?

Advait’s total assets increased to Rs 900.2 crore at H1-FY27 from Rs 667.1 crore at FY26. Capital work in progress rose by Rs 100.4 crore to Rs 159.7 crore, while trade receivables increased by Rs 101.7 crore to Rs 249.6 crore. Other current assets rose to Rs 105.4 crore from Rs 55.5 crore, while inventories declined to Rs 50.4 crore from Rs 59.1 crore.

Borrowings increased in both reported maturity categories. Non-current borrowings rose to Rs 118 crore at H1-FY27 from Rs 22.6 crore at FY26, and current borrowings increased to Rs 136.4 crore from Rs 66.7 crore. Total equity increased to Rs 325.6 crore from Rs 290.9 crore, and the reported debt-to-equity ratio rose to 0.86 times from 0.42 times.

Trade payables were broadly unchanged at Rs 208.9 crore, compared with Rs 209.8 crore at FY26, but total current liabilities increased to Rs 425.4 crore from Rs 335.6 crore. Cash and cash equivalents increased to Rs 28.9 crore, while bank balances other than cash declined to Rs 81.3 crore. Advait also disclosed an ongoing 150 megawatt/300 megawatt-hour battery energy storage system project for Gujarat Urja Vikas Nigam Limited, alongside a completed 50 megawatt/100 megawatt-hour project.

Conclusion

Advait’s Q2-FY27 results show operating profit growing faster than operating income, with operating EBITDA increasing 84.4% to Rs 31.9 crore and the margin rising 342 basis points to 14.46%. H1-FY27 followed the same pattern, while AETL and AGPL each reported EBITDA-margin expansion despite their different revenue trends.

The next disclosed developments to watch are the ongoing 150 megawatt/300 megawatt-hour battery energy storage system project and the balance-sheet movements accompanying expansion. At H1-FY27, Advait reported Rs 254.4 crore of current and non-current borrowings, Rs 159.7 crore of capital work in progress and Rs 249.6 crore of trade receivables.