Sathlokhar Q2 revenue doubles and EBITDA margin reaches 14.9%

Sathlokhar Synergys E&C Global Limited reported revenue from operations of Rs 297 crore in Q2 FY27, up from Rs 148 crore in Q2 FY26, while earnings before interest, tax, depreciation and amortisation (EBITDA) margin rose to 14.9% from 12.6%. The 232-basis-point increase accompanied 100% year-on-year revenue growth in the quarter ended September 30, 2026.

How much did Sathlokhar’s Q2 FY27 revenue grow?

Sathlokhar’s Q2 FY27 revenue from operations rose 100% year on year to Rs 297 crore from Rs 148 crore in Q2 FY26. The Rs 149 crore increase was reported in the company’s profit and loss statement, while management described quarterly revenue as having nearly doubled. The comparison covers the quarter ended September 30, 2026, against the corresponding prior-year quarter.

First-half revenue also increased, although at a lower rate than the Q2 comparison. H1 FY27 revenue from operations was Rs 502 crore, versus Rs 271 crore in H1 FY26, an 85% increase. Q2 FY27 therefore represented Rs 297 crore of the Rs 502 crore reported in H1 FY27, compared with Rs 148 crore of Rs 271 crore in H1 FY26.

How did Sathlokhar’s EBITDA margin change in Q2 FY27?

Sathlokhar’s EBITDA margin increased to 14.9% in Q2 FY27 from 12.6% in Q2 FY26, a 232-basis-point change disclosed in its presentation. A basis point is one-hundredth of a percentage point. The higher margin was reported alongside revenue rising from Rs 148 crore to Rs 297 crore, rather than with revenue remaining flat.

EBITDA rose to Rs 44 crore in Q2 FY27 from Rs 19 crore a year earlier. The financial-performance table recorded EBITDA growth of 137%, while management described it as 136%. Gross profit increased to Rs 62 crore from Rs 29 crore, and gross margin rose to 21.1% from 19.7%, although the presentation did not quantify the individual drivers of the margin movements.

Raw-material cost was Rs 234 crore in Q2 FY27, against Rs 119 crore in Q2 FY26, while employee cost increased to Rs 14 crore from Rs 8 crore. Other expenses were Rs 4 crore, compared with Rs 2 crore. These reported cost lines accompanied the Rs 25 crore rise in EBITDA and the move in EBITDA margin to 14.9%.

Did Sathlokhar improve profitability across the first half?

Sathlokhar improved all three stated profitability margins in H1 FY27. Gross margin reached 21.6% from 18.8% in H1 FY26, EBITDA margin rose to 14.8% from 11.8%, and profit-after-tax margin increased to 10.1% from 8.5%. The EBITDA-margin change for the half year was 296 basis points, larger than the 232-basis-point Q2 expansion.

H1 FY27 EBITDA was Rs 74 crore, compared with Rs 32 crore in H1 FY26, and profit after tax (PAT) increased to Rs 51 crore from Rs 23 crore. The presentation recorded EBITDA growth of 131% and PAT growth of 120%, while management described the respective increases as 132% and 120%. Earnings per share increased to Rs 19.5 in H1 FY27 from Rs 9.6 in H1 FY26.

What supports Sathlokhar’s project execution pipeline?

Sathlokhar reported H1 FY27 order inflow of Rs 624.73 crore and said it secured 19 orders during the six months. Its order book stood at Rs 1,139 crore as of September 30, 2026, excluding goods and services tax. Management attributed the first-half inflow to repeat orders from established customers and new project wins.

Q2 FY27 order inflow was Rs 352.68 crore, compared with Rs 272.05 crore of orders listed for Q1 FY27. The presentation’s detailed Q2 order list includes work for Carrier Airconditioning & Refrigeration Ltd valued at Rs 94.11 crore and orders from Grand Atlantia totalling Rs 100.40 crore. These order figures include goods and services tax, unlike the Rs 1,139 crore order-book figure.

Sathlokhar also reported a Rs 23,505 crore bid pipeline and more than 20 ongoing projects as of September 30, 2026. Management described the pipeline as an opportunity pool across industries and geographies, not as secured work. The presentation gives no conversion rate, timing or expected revenue contribution for the bid pipeline, distinguishing it from order inflow and the order book.

What is Sathlokhar planning with its new PEB facility?

Sathlokhar inaugurated a pre-engineered building (PEB) manufacturing facility at Pullivallam, Tamil Nadu, during Q2 FY27. Management said the facility has designed production capacity of 1,200 metric tonnes per month at optimum utilisation. It described the facility as a step towards backward integration in PEB fabrication.

Management said the Pullivallam unit is intended to improve control over fabrication, quality and delivery timelines. The facility is planned to serve internal project requirements and potential external demand, but the presentation does not state its Q2 FY27 revenue, utilisation level or profit contribution. Management also said it would progressively scale PEB manufacturing capabilities.

The company’s stated order focus includes manufacturing, warehousing and industrial capital expenditure, while its Q2 FY27 orders covered civil, PEB, mechanical, electrical and plumbing work. For example, the Rs 40.59 crore order from High Glory Footwear India Pvt Ltd was for mechanical, electrical and plumbing work, while the Rs 7.86 crore TAFE order covered civil and PEB work. The presentation does not assign these projects to output from the new facility.

Conclusion

Sathlokhar’s Q2 FY27 performance combined revenue growth with higher reported margins: revenue rose from Rs 148 crore to Rs 297 crore, EBITDA increased from Rs 19 crore to Rs 44 crore, and EBITDA margin reached 14.9%. The H1 comparison showed the same direction, with revenue of Rs 502 crore, EBITDA of Rs 74 crore and PAT of Rs 51 crore, each above the H1 FY26 level.

The next measures to watch are execution against the Rs 1,139 crore order book at September 30, 2026, conversion of the Rs 23,505 crore bid pipeline, and management’s planned progressive scaling of the Pullivallam PEB facility. Its 1,200-metric-tonne monthly capacity is stated at optimum utilisation, while the presentation provides no timetable for utilisation or financial target for the unit.