KDDL H1FY27 PAT rose 49% as revenue grew 33.5% year on year

In H1FY27, KDDL Limited reported consolidated profit after tax, or PAT, of Rs 92.9 crore, up 49.0% year on year, as total income rose 33.5% to Rs 1,345.8 crore. Profit before tax margin increased to 9.5% from 9.0%, while earnings before interest, tax, depreciation and amortisation margin was broadly unchanged at 16.4%.

What drove KDDL's H1FY27 consolidated profit increase?

KDDL's consolidated PAT increased by Rs 30.5 crore to Rs 92.9 crore in H1FY27 from Rs 62.4 crore in H1FY26. Consolidated revenue rose 34.4% to Rs 1,319.1 crore, while other income was Rs 26.6 crore against Rs 26.2 crore a year earlier. Total income consequently reached Rs 1,345.8 crore, compared with Rs 1,007.9 crore in H1FY26.

Gross profit increased 35.6% to Rs 577.1 crore from Rs 425.7 crore, ahead of the revenue increase, and gross profit margin moved to 42.9% from 42.2%. EBITDA grew 32.3% to Rs 220.5 crore from Rs 166.8 crore. However, EBITDA margin was 16.4%, compared with 16.5% in H1FY26 and equal to the FY26 margin.

Profit before tax, or PBT, rose 40.3% to Rs 127.5 crore from Rs 90.9 crore. Depreciation increased to Rs 70.0 crore from Rs 56.1 crore and interest expense rose to Rs 23.2 crore from Rs 19.6 crore, while PBT margin improved by 0.5 percentage point to 9.5%. Tax was Rs 34.6 crore versus Rs 28.5 crore, leaving PAT margin at 6.9%, compared with 6.2%.

How did KDDL's quarterly performance change in Q2FY27?

KDDL reported consolidated Q2FY27 total income of Rs 698.7 crore, up 31.6% year on year from Rs 531.0 crore in Q2FY26 and 8.0% sequentially from Rs 647.0 crore in Q1FY27. Quarterly revenue was Rs 685.3 crore, up 32.6% year on year and 8.1% quarter on quarter, while other income was Rs 13.4 crore.

Q2FY27 EBITDA rose 29.8% year on year to Rs 112.1 crore from Rs 86.3 crore, but the EBITDA margin was 16.0%, compared with 16.3% in Q2FY26 and 16.8% in Q1FY27. Gross profit margin was 42.4%, above the year-earlier 41.9% but below Q1FY27's 43.4%. Employee expenses were Rs 90.5 crore and other expenses were Rs 93.5 crore in the quarter.

Quarterly PAT reached Rs 48.2 crore, increasing 47.5% from Rs 32.7 crore a year earlier and 7.7% from Rs 44.7 crore in Q1FY27. PAT margin was 6.9% in both Q2FY27 and Q1FY27, compared with 6.2% in Q2FY26. Total comprehensive income was Rs 45.5 crore because other comprehensive income was an expense of Rs 2.6 crore, versus income of Rs 2.3 crore a year earlier.

How did KDDL standalone results compare with consolidated results?

KDDL's standalone revenue increased 40.4% to Rs 326.8 crore in H1FY27 from Rs 232.8 crore in H1FY26, faster than the consolidated revenue increase of 34.4%. Standalone total income was Rs 329.0 crore, including Rs 2.3 crore of other income, compared with Rs 241.6 crore a year earlier. Consolidated total income grew 33.5% to Rs 1,345.8 crore.

Standalone PAT rose 56.6% to Rs 41.3 crore from Rs 26.4 crore, exceeding the 49.0% increase in consolidated PAT. Standalone EBITDA grew 38.4% to Rs 75.2 crore, and EBITDA margin improved to 22.9% from 22.5%. Standalone PAT margin increased to 12.5% from 10.9%, while consolidated PAT margin increased to 6.9% from 6.2%.

Standalone PBT before exceptional items was Rs 55.6 crore in H1FY27, up 57.4% from Rs 35.3 crore, and its margin rose to 16.9% from 14.6%. Consolidated PBT was Rs 127.5 crore with a 9.5% margin. Standalone earnings per share were Rs 33.55 for H1FY27 versus Rs 21.43, while consolidated earnings per share were Rs 51.45 versus Rs 32.36.

What changed in KDDL's balance sheet by September 2026?

KDDL's consolidated total assets were Rs 3,041.3 crore at September 2026, up from Rs 2,754.8 crore at March 2026. Non-current assets increased by Rs 396.8 crore to Rs 1,346.3 crore, led by other financial assets rising to Rs 377.7 crore from Rs 143.0 crore and right-of-use assets increasing to Rs 432.4 crore from Rs 314.7 crore.

Current assets declined to Rs 1,695.1 crore at September 2026 from Rs 1,805.3 crore at March 2026, despite inventories increasing to Rs 940.7 crore from Rs 792.8 crore and trade receivables rising to Rs 162.2 crore from Rs 117.0 crore. Other bank balances decreased to Rs 248.6 crore from Rs 526.5 crore, while cash and cash equivalents fell to Rs 189.0 crore from Rs 208.5 crore.

Consolidated equity increased to Rs 1,981.8 crore from Rs 1,917.9 crore, including non-controlling interest of Rs 874.4 crore. Non-current lease liabilities rose to Rs 401.9 crore from Rs 286.9 crore, and current borrowings increased to Rs 101.3 crore from Rs 82.6 crore. Trade payables also rose to Rs 243.2 crore from Rs 191.9 crore, bringing the balance-sheet total to Rs 3,041.3 crore.

Conclusion

KDDL's H1FY27 results show reported consolidated PAT growing faster than total income: income increased 33.5%, EBITDA increased 32.3%, PBT increased 40.3%, and PAT increased 49.0%. Gross profit margin rose to 42.9%, PBT margin rose to 9.5%, and PAT margin increased to 6.9%, while EBITDA margin moved marginally lower to 16.4% from 16.5%.

The next disclosed matters to watch are the presentation's mid-to-long-term business estimates. KDDL identifies estimated five-to-seven-year growth of about 10% to 12% compound annual growth rate for dials and hands, about 20% to 25% for bracelets and EIGEN, and opportunities of Rs 50 crore to Rs 75 crore for cases and related parts and Rs 80 crore to Rs 100 crore for Ornopac packaging.