Prizor H1 FY27 revenue up 153.5% as EBITDA margin hits 23.6%

Prizor Viztech reported H1 FY27 revenue of Rs 106.50 crore, up 153.5% year on year, while earnings before interest, tax, depreciation and amortisation (EBITDA) margin rose 80 basis points to 23.6%. EBITDA increased 162.4% to Rs 25.09 crore and profit after tax (PAT) rose 159.4% to Rs 15.34 crore.

How did Prizor’s H1 FY27 revenue and profit change?

Prizor’s revenue, EBITDA and PAT each increased by more than 150% year on year in H1 FY27, with EBITDA growing faster than revenue. Revenue from operations rose from Rs 42.01 crore in H1 FY26 to Rs 106.50 crore in H1 FY27, an increase of Rs 64.49 crore. EBITDA rose from Rs 9.56 crore to Rs 25.09 crore, while PAT increased from Rs 5.91 crore to Rs 15.34 crore.

Prizor reported earnings before interest and tax (EBIT) of Rs 23.17 crore in H1 FY27, up 149.5% from Rs 9.29 crore in H1 FY26. EBITDA growth exceeded revenue growth by 8.9 percentage points, but EBIT growth trailed revenue growth because depreciation rose to Rs 1.94 crore from Rs 28.90 lakh.

What changed in Prizor’s profitability margins?

Prizor’s EBITDA margin increased to 23.6% in H1 FY27 from 22.8% in H1 FY26, while its PAT margin rose to 14.4% from 14.1%. The EBITDA margin improvement was 80 basis points, where one basis point equals one-hundredth of a percentage point, and the PAT margin improvement was 30 basis points.

Not every reported profitability measure increased. EBIT margin declined by 30 basis points to 21.8% from 22.1%, alongside the rise in depreciation. Finance cost increased to Rs 2.54 crore from Rs 1.35 crore, while tax rose to Rs 5.29 crore from Rs 2.03 crore as profit before tax increased to Rs 20.63 crore.

The main operating cost lines also grew with revenue. Cost of materials consumed rose to Rs 72.27 crore from Rs 25.07 crore, employee expenses increased to Rs 4.80 crore from Rs 1.87 crore, and other expenses rose to Rs 3.89 crore from Rs 1.26 crore. The income statement recorded a Rs 1.62 crore reduction in inventory in H1 FY27, compared with a Rs 4.26 crore inventory increase in H1 FY26.

Which products accounted for Prizor’s H1 FY27 sales?

Prizor reported that CCTV cameras accounted for 96% of its H1 FY27 category mix, while display products accounted for 4%. The category data show that cameras represented nearly all sales during the half year in which revenue reached Rs 106.50 crore. The presentation does not disclose category revenue in rupees or a comparable H1 FY26 category split.

Management said Prizor added 22 Bureau of Indian Standards Electronics and Information Technology Goods Requirements (BIS-ER) certified camera models during the period, taking its total to 34 certified models. It also said it was pursuing further certifications. The presentation describes PRIZOR PLUS artificial intelligence camera models from 3 megapixels to 12 megapixels or 4K, with face recognition, automatic number plate recognition and behaviour analysis features.

Management said a new assembly line was commissioned, increasing annual capacity by 50% to 24 lakh units. The disclosed actions therefore combined added product models with a capacity increase, although the presentation does not state utilisation, production volumes or the H1 FY27 revenue contribution of the new models.

What changed in Prizor’s balance sheet and cash flow?

Prizor’s total assets rose to Rs 176.52 crore in Sept-26 from Rs 140.76 crore in Mar-26, while net cash from operating activities was negative Rs 4.57 crore at Sept-26. Current assets increased to Rs 118.90 crore from Rs 91.63 crore, including inventories of Rs 58.68 crore and trade receivables of Rs 51.00 crore at Sept-26.

Inventories were Rs 8.70 crore higher than at Mar-26, and trade receivables were Rs 12.37 crore higher. Cash and cash equivalents fell to Rs 17.30 lakh from Rs 1.11 crore. The cash flow statement shows operating profit before working-capital changes of Rs 25.76 crore at Sept-26, followed by a Rs 30.27 crore working-capital outflow and Rs 4.51 crore of cash used from operations before direct taxes.

Total equity increased to Rs 89.58 crore at Sept-26 from Rs 74.24 crore at Mar-26. Long-term borrowings rose to Rs 17.49 crore from Rs 9.89 crore, and short-term borrowings increased to Rs 40.79 crore from Rs 31.82 crore. Working-capital days were 171 in H1 FY27, compared with 90 days in FY26, according to Prizor’s key financial ratios.

What is Prizor planning after H1 FY27?

Management said Prizor will focus on product innovation, deeper market penetration, stronger distribution partnerships and disciplined execution after H1 FY27. During the half year, management said it opened zonal offices in Kolkata and Noida to strengthen its East and North India presence and engaged with more than 450 channel partners through dealer programmes.

The presentation states that Prizor has more than 13,000 dealers and more than 175 distributors and retailers across 25 states. It also identifies in-house printed circuit board manufacturing at the Gandhinagar factory as part of backward integration. Management expects this step to provide operational leverage and supply-chain resilience, but has not quantified the expected financial effect.

Prizor reported return on equity of 17.1% and return on capital employed of 21.5% in H1 FY27, compared with 35.5% and 37.2%, respectively, in FY26. The company said these ratios were affected by a preferential allotment of Rs 119.45 crore involving 13.63 lakh additional shares, approved on 27 August 2026, which increased the equity base and capital employed.

Conclusion

Prizor’s H1 FY27 performance combined a 153.5% increase in revenue to Rs 106.50 crore with an 80-basis-point rise in EBITDA margin and a 30-basis-point rise in PAT margin. EBITDA and PAT grew faster than sales, while EBIT margin declined as depreciation increased. CCTV cameras accounted for 96% of the reported category mix, concentrating the half-year result in that product category.

The next areas to watch are management’s pursuit of further BIS-ER certifications, the commercial utilisation of annual capacity now stated at 24 lakh units, and working-capital development after days increased to 171 in H1 FY27. Management has also identified product innovation, deeper market penetration and distribution partnerships as its stated execution priorities.