Ravita H1 revenue rises 72% while EBITDA margin falls 298 bps

Ravita Engineering Services Limited reported H1 FY27 revenue from operations of Rs 198.44 crore, up 72.1% year on year, while earnings before interest, tax, depreciation and amortisation (EBITDA) margin fell 298 basis points to 14.47%, as construction and other direct expense grew 76.1% and other expenses increased 144.0%.

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

Ravita increased revenue from operations to Rs 198.44 crore in H1 FY27 from Rs 115.32 crore in H1 FY26. Total income rose 72.3% to Rs 198.76 crore, including Rs 0.32 crore of other income, compared with Rs 115.35 crore in the prior-year half. The presentation states that EBITDA excludes other income.

EBITDA rose 42.7% to Rs 28.71 crore from Rs 20.13 crore, growing more slowly than revenue. Profit before tax increased 45.8% to Rs 27.41 crore, and profit after tax (PAT) rose by the same rate to Rs 20.51 crore from Rs 14.07 crore. Basic earnings per share, not annualised, was Rs 7.51, compared with Rs 6.00 in H1 FY26.

Why did Ravita’s EBITDA margin fall in H1 FY27?

Ravita’s EBITDA margin fell to 14.47% in H1 FY27 from 17.45% in H1 FY26, a decline of 298 basis points. Construction and other direct expense increased 76.1% to Rs 158.46 crore from Rs 89.99 crore, exceeding the 72.1% increase in revenue, while other expenses rose 144.0% to Rs 9.44 crore from Rs 3.87 crore.

Employee benefit expenses increased 37.0% to Rs 1.83 crore from Rs 1.33 crore, below the rate of revenue growth. PAT margin also declined, to 10.34% from 12.20%, or 186 basis points, although PAT increased by Rs 6.44 crore. A basis point is one-hundredth of a percentage point.

How does Ravita’s H1 FY27 compare with H2 FY26?

Ravita’s H1 FY27 revenue was 22.3% above Rs 162.32 crore in H2 FY26, while EBITDA was 44.1% higher than Rs 19.92 crore. EBITDA margin improved by 220 basis points from 12.27% in H2 FY26 to 14.47% in H1 FY27, contrasting with the year-on-year margin decline.

Profit before tax rose 46.8% from Rs 18.68 crore in H2 FY26 to Rs 27.41 crore in H1 FY27, while PAT rose 46.8% from Rs 13.97 crore to Rs 20.51 crore. Finance costs increased to Rs 0.73 crore from Rs 0.34 crore, whereas depreciation and amortisation declined 15.5% to Rs 0.89 crore from Rs 1.05 crore.

The Rs 198.44 crore of H1 FY27 revenue also exceeded the Rs 115.32 crore reported in H1 FY26 and the Rs 162.32 crore reported in H2 FY26. Full-year FY26 revenue was Rs 277.63 crore, with the two FY26 halves together showing a lower first-half revenue base and a lower second-half EBITDA margin than H1 FY27.

What do Ravita’s working capital, cash flow and order book show?

Ravita reported total assets of Rs 219.14 crore at 30 September 2026, compared with Rs 162.96 crore at 31 March 2026. Trade receivables rose to Rs 105.47 crore from Rs 73.26 crore and inventories rose to Rs 54.44 crore from Rs 37.43 crore. Current liabilities increased to Rs 96.36 crore from Rs 62.49 crore, including Rs 28.61 crore of short-term borrowings.

Net cash used in operating activities was Rs 7.42 crore in H1 FY27, compared with an outflow of Rs 41.39 crore in H1 FY26. Operating profit before working-capital changes increased to Rs 28.89 crore from Rs 20.17 crore, but working-capital changes used Rs 35.06 crore. Financing activities generated Rs 10.54 crore, resulting in a Rs 2.97 crore increase in cash and cash equivalents.

Ravita’s order book was Rs 411.84 crore across 19 projects at 30 September 2026. Maharashtra accounted for Rs 183.73 crore, or 44.6%, across 12 projects; Gujarat represented Rs 95.78 crore across three projects; and Karnataka represented Rs 91.65 crore through one project. The balance sheet excludes initial public offering proceeds received in October 2026.

Conclusion

Ravita combined H1 FY27 revenue growth of 72.1% with EBITDA growth of 42.7%, leaving EBITDA margin at 14.47% versus 17.45% a year earlier. Direct expense rose 76.1% and other expenses rose 144.0%, faster than revenue, while PAT increased 45.8% to Rs 20.51 crore and operating cash flow remained negative at Rs 7.42 crore.

The next reported developments to watch are how the October 2026 initial public offering proceeds appear in the balance sheet and whether Rs 105.47 crore of receivables and Rs 54.44 crore of inventories convert into cash. The Rs 411.84 crore order book, including Rs 183.73 crore in Maharashtra, provides the disclosed work base against which subsequent revenue and margin reporting can be assessed.