Ravita Engineering Services Limited reports 72.1% revenue growth

Ravita Engineering Services Limited reported H1 FY27 revenue of ₹198.4 crore, up 72.1% year-on-year, supported by project execution, while its order book stood at ₹411.8 crore across 19 projects. Net profit was ₹20.5 crore and EBITDA margin was 14.47%, below the comparable prior-year level.

What did Ravita report for H1 FY27?

Ravita reported revenue from operations of ₹198.4 crore for H1 FY27, representing growth of 72.1% year-on-year. EBITDA rose 42.7% to ₹28.7 crore, while profit after tax reached ₹20.5 crore. The presentation's key takeaways put PAT growth at 45.8% year-on-year, while another summary in the available material cites 45.4% growth.

Earnings per share rose to ₹7.51 from ₹6.00 in the earlier period. The figures indicate that revenue and profit increased materially during the first half, although profit growth lagged revenue growth as operating margins were lower than a year earlier. Ravita filed the investor presentation with the NSE on November 13, 2026.

Why did Ravita's EBITDA margin decline year-on-year?

Ravita's EBITDA margin was 14.47% in H1 FY27, compared with 17.45% in the year-earlier period, a decline of 298 basis points. EBITDA grew in absolute terms because revenue increased, but the margin movement shows that operating profitability did not keep pace with the expansion in revenue.

The presentation also showed a 220-basis-point improvement in EBITDA margin on a half-on-half basis. The available material does not provide a detailed cost breakup or identify specific reasons for the year-on-year contraction. Investors therefore have a clear view of the reported margin change, but not a disclosed explanation of the cost, pricing, or project-mix factors behind it.

How strong is Ravita's order book?

Ravita had an order book of ₹411.8 crore across 19 projects, equivalent to 1.48 times FY26 revenue, according to the presentation. This order book provides a disclosed measure of work under execution or scheduled for execution, offering visibility into the company's near-term project pipeline.

Maharashtra accounted for 44.6% of the order book, making it the largest stated geographic concentration. The company works in onshore, offshore and data-centre projects, providing engineering, procurement, installation and commissioning services for HVAC, temperature-control and allied electromechanical systems. It also provides operations and maintenance services for systems installed by Ravita and third parties.

What does the working-capital position show?

Ravita reported operating cash flow of negative ₹7.4 crore, compared with positive ₹35.1 crore, as working capital increased. Receivables rose 44%, according to the investor presentation. This contrast between reported profit and operating cash flow is relevant because project businesses often require funding for execution before collections are received.

The company identified long-term working capital as a major intended use of IPO proceeds. Of the stated deployment, ₹70 crore has been allocated to long-term working capital and ₹25.5 crore to capital expenditure for heavy equipment. These allocations indicate that the company is directing capital towards funding project operations and building equipment capacity.

What has changed since Ravita's NSE EMERGE listing?

Ravita was listed on NSE EMERGE on October 22, 2026. Its IPO, which opened on October 13, 2026, aimed to raise ₹116.05 crore at the upper price band. The November investor presentation is one of the company's early detailed updates to the public market following that listing.

For investors, the presentation links the listed company's first-half financial performance with its project pipeline, cash-flow position and planned capital deployment. The material does not provide a share-price movement or a forward financial forecast. It instead supplies operating indicators that can be assessed alongside subsequent exchange filings and periodic results.

Conclusion

Ravita's H1 FY27 update shows rapid revenue growth, a sizeable order book and higher absolute EBITDA and profit. At the same time, the 298-basis-point year-on-year EBITDA margin decline, negative operating cash flow and 44% increase in receivables show the importance of monitoring execution quality and working-capital discipline alongside sales growth.

The next disclosures to watch are progress in deploying ₹70 crore of IPO proceeds for long-term working capital and ₹25.5 crore for heavy equipment, along with changes in order-book conversion, receivables and operating cash flow. These measures will provide further context on how the reported ₹411.8 crore project pipeline translates into financial performance.