Pricol Q2 revenue rises 35% as EBITDA margin reaches 11.82%

Pricol Limited reported consolidated revenue from operations of Rs 1,334.02 crore in Q2 FY27, a 35.03% increase from Q2 FY26, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 27.87% to Rs 157.73 crore and the EBITDA margin was 11.82%.

How much did Pricol's Q2 FY27 revenue grow?

Pricol's Q2 FY27 revenue from operations grew by Rs 346.09 crore year on year to Rs 1,334.02 crore, from Rs 987.93 crore in Q2 FY26. The presentation puts the increase at 35.03%, while Q2 FY27 total income rose to Rs 1,359.46 crore from Rs 1,010.23 crore a year earlier.

Other operational revenue increased to Rs 22.30 crore in Q2 FY27 from Rs 18.93 crore in Q2 FY26, while other revenue declined to Rs 3.14 crore from Rs 3.37 crore. Revenue from operations accounted for most of the Rs 349.23 crore increase in total income between the two quarters.

The first half also recorded growth, although the reported rate was below that of the second quarter. H1 FY27 revenue from operations was Rs 2,417.60 crore, up 29.59% from Rs 1,865.59 crore in H1 FY26, compared with Q2's reported growth of 35.03%.

Did Pricol's profitability keep pace with sales growth?

Pricol's EBITDA increased to Rs 157.73 crore in Q2 FY27 from Rs 123.35 crore in Q2 FY26, but its 27.87% growth was below the 35.03% increase in revenue from operations. The company reported a Q2 FY27 EBITDA margin of 11.82%.

Profit before tax rose by Rs 27.52 crore to Rs 112.07 crore, from Rs 84.55 crore a year earlier. Total expenses increased to Rs 1,203.78 crore from Rs 888.86 crore, while depreciation and amortisation rose to Rs 33.91 crore from Rs 30.03 crore and finance costs increased to Rs 9.70 crore from Rs 6.79 crore.

Pricol's profit after tax was Rs 85.21 crore in Q2 FY27, up from Rs 63.99 crore in Q2 FY26, and its reported profit-after-tax margin was 6.39%. Tax expense increased to Rs 26.86 crore from Rs 20.56 crore, while basic earnings per share, which the company says is not annualised, rose to Rs 6.99 from Rs 5.25.

What do Pricol's first-half figures show?

Pricol reported H1 FY27 EBITDA of Rs 281.42 crore, up 24.95% from Rs 225.22 crore in H1 FY26, on revenue from operations of Rs 2,417.60 crore. The reported H1 EBITDA margin was 11.64%, which was 0.18 percentage points below the 11.82% reported for Q2 FY27.

H1 FY27 profit after tax reached Rs 152.23 crore, compared with Rs 250.80 crore for the full FY26 and Rs 167.03 crore for the full FY25. The half-year figure is not directly comparable with the full-year periods, while H1 FY27 basic earnings per share was Rs 12.49 against Rs 20.57 for FY26 and Rs 13.70 for FY25.

The historical income statement shows that annual revenue from operations increased from Rs 2,620.91 crore in FY25 to Rs 3,963.85 crore in FY26. H1 FY27 revenue of Rs 2,417.60 crore equalled 60.99% of FY26 revenue from operations, calculated from the figures disclosed, but the presentation provides no full-year FY27 forecast.

What changed in Pricol's balance sheet by H1 FY27?

Pricol's total assets increased to Rs 3,033.33 crore at H1 FY27 from Rs 2,475.30 crore at FY26. Current assets rose by Rs 404.06 crore to Rs 1,696.28 crore, including inventories of Rs 676.67 crore and trade receivables of Rs 812.77 crore, compared with Rs 539.33 crore and Rs 577.80 crore respectively at FY26.

Property, plant and equipment increased to Rs 996.51 crore at H1 FY27 from Rs 860.08 crore at FY26, while capital work in progress decreased to Rs 97.08 crore from Rs 111.50 crore. Total non-current assets rose to Rs 1,337.05 crore from Rs 1,183.08 crore during the same period.

Total equity and liabilities were Rs 3,033.33 crore at H1 FY27, matching total assets. Short-term borrowings rose to Rs 428.58 crore from Rs 265.76 crore and trade payables increased to Rs 757.93 crore from Rs 546.23 crore, while long-term borrowings declined to Rs 82.22 crore from Rs 97.16 crore and total equity rose to Rs 1,406.16 crore from Rs 1,254.89 crore.

What products did Pricol launch in Q2 FY27?

Pricol disclosed Q2 FY27 product launches for Bajaj Auto's Pulsar New 150 and Pulsar New 125 motorcycles, each featuring a 5-inch thin-film-transistor (TFT) cluster. The presentation does not disclose revenue, production volume, customer contract value or a launch date within Q2 FY27 for either product.

The two product disclosures were presented alongside Q2 FY27 revenue from operations of Rs 1,334.02 crore and H1 FY27 revenue of Rs 2,417.60 crore. As the presentation provides no segment-wise revenue or product-level contribution, it does not establish how much of the 35.03% quarterly revenue increase came from the Bajaj Auto launches.

Conclusion

Pricol's Q2 FY27 disclosures show revenue growth of 35.03% to Rs 1,334.02 crore, EBITDA growth of 27.87% to Rs 157.73 crore and profit-after-tax growth of 33.16% to Rs 85.21 crore. Revenue increased faster than EBITDA in the quarter, while the company reported an EBITDA margin of 11.82% and a profit-after-tax margin of 6.39%.

The presentation does not disclose a FY27 target, forecast, order value or product-level revenue contribution for the two Bajaj Auto launches. A remaining issue for subsequent company disclosures is whether the higher inventories of Rs 676.67 crore, receivables of Rs 812.77 crore, short-term borrowings of Rs 428.58 crore and payables of Rs 757.93 crore at H1 FY27 change as the year progresses.