IC Electricals Company reports 36.1% H1 FY27 revenue growth

IC Electricals Company Limited reported H1 FY27 consolidated revenue of ₹75.47 crore, up 36.1% year-on-year, while profit after tax rose 124.7% to ₹8.03 crore, supported by stronger manufacturing-led margins and railway electrification and electronics demand.

What did IC Electricals report for H1 FY27?

IC Electricals reported consolidated revenue from operations of ₹75.47 crore for the half year ended 30 September 2026, compared with ₹55.46 crore in H1 FY26. Consolidated EBITDA increased 102.3% year-on-year to ₹16.28 crore, while EBITDA margin expanded to 21.57% from 14.51% in the previous-year period.

Consolidated profit after tax stood at ₹8.03 crore, against ₹3.57 crore a year earlier. Basic earnings per share, which are not annualised, rose to ₹5.00 from ₹2.62. The results were disclosed in the company’s investor presentation filed with the NSE in connection with its H1 FY27 performance update.

The standalone business also recorded higher revenue and profitability. Standalone revenue from operations rose 32.0% to ₹73.22 crore, EBITDA increased 97.8% to ₹15.61 crore, and profit after tax grew 114.2% to ₹7.56 crore. Standalone EBITDA margin improved by 710 basis points to 21.3%.

Which businesses supported the margin expansion?

Manufacturing was the higher-margin contributor in IC Electricals’ consolidated business during H1 FY27. The segment generated revenue of ₹51.45 crore and reported a segment margin of 27.8%, while contract revenue was ₹24.01 crore with a 13.1% margin.

The investor presentation linked the improvement in profitability to railway electrification and electronics operations. On a standalone basis, manufacturing revenue was ₹49.20 crore, representing 67% of standalone revenue, and the segment’s EBIT margin was reported at 27.4%.

The difference in segment profitability is relevant because manufacturing formed the larger portion of revenue in the first half. The company also reported that material costs declined and employee costs increased at a slower pace than revenue, factors cited alongside improved operating efficiency.

What is IC Electricals’ order book and FY27 revenue target?

IC Electricals reported an order book of ₹231.06 crore as of 30 September 2026. The presentation described the order pipeline as providing demand visibility, although it also noted that execution capacity and financial capacity can limit bidding for additional projects.

Management has guided for FY27 consolidated turnover of more than ₹200 crore, compared with ₹143.04 crore in FY26. This represents an indicated growth rate of about 40%. With H1 FY27 consolidated revenue of ₹75.47 crore, achieving the ₹200 crore target would require about ₹124.5 crore of revenue in the second half.

The presentation said the second half is seasonally stronger. That makes H2 execution important to the stated target, particularly because the required second-half revenue is materially higher than the first-half revenue reported by the company. No capital expenditure programme or acquisition plan was disclosed in the presentation.

What financial and execution issues should investors monitor?

IC Electricals said it is seeking additional working-capital limits as operations expand. Consolidated finance costs increased to ₹4.89 crore in H1 FY27 from ₹3.05 crore in H1 FY26, making funding requirements a material item to track alongside revenue growth.

The company’s post-IPO balance-sheet position has improved in some respects. It reported net worth of ₹112.15 crore, up 70.6%, while the debt-equity ratio was reported at 0.57 times after total borrowings declined. However, higher finance costs during the period show that working-capital funding remains relevant to operating execution.

Management’s commentary was optimistic but included execution caveats. Its ability to convert the reported order book into revenue depends on project delivery, bidding capacity and availability of working capital. The investor presentation did not disclose any new capex, acquisition, or financing timetable.

How do the results affect IC Electricals’ market position?

The H1 numbers show that IC Electricals generated more than half of its FY26 consolidated revenue of ₹143.04 crore within six months. The rise in EBITDA margin to 21.57% also indicates that profit growth outpaced revenue growth during the period, led by the higher-margin manufacturing business.

For investors, the central data points are the ₹231.06 crore order book, the stated FY27 turnover target above ₹200 crore, and the need for substantially larger H2 revenue to meet that target. The reported business mix in railway electronics, rotating machines and electrification provides context for the company’s operating focus, while the funding requirement remains a constraint identified by management.

Conclusion

IC Electricals delivered stronger H1 FY27 consolidated revenue, EBITDA and profit, with manufacturing contributing the higher segment margin. Revenue rose 36.1% to ₹75.47 crore, EBITDA more than doubled to ₹16.28 crore, and profit after tax increased 124.7% to ₹8.03 crore.

The next key measure is H2 execution against management’s turnover target of more than ₹200 crore for FY27. Investors will also watch order-book conversion, additional working-capital limits and finance costs, as the company has not disclosed capex or acquisition plans.