Swastika Infra Q2 FY27: Profit up 80%, order book ₹1,420 cr

Results headline: strong YoY growth in Q2 FY27

Swastika Infra Limited reported a sharp year-on-year rise in earnings for the quarter ended September 30, 2026 (Q2 FY27). Standalone net profit rose 80% YoY to ₹16.38 crore, while revenue from operations increased 42% YoY to ₹147.89 crore. The company attributed the revenue momentum to robust execution in its EPC contracts. Alongside the quarterly performance, Swastika Infra disclosed that its unexecuted order book more than doubled to ₹1,420 crore. The Board of Directors approved the unaudited standalone results for the quarter and half-year ended September 30, 2026 at its meeting held on October 21, 2026. The financial results were also published in newspapers on October 22, 2026, in Financial Express (English) and Nafa Nuksan (Hindi). These are the company’s first set of results following its IPO listing on NSE and BSE on September 30, 2026.

Key financials: revenue, profit, and EPS

For Q2 FY27, net revenue from operations stood at ₹147.89 crore versus ₹104.34 crore in Q2 FY26, reflecting a 42% YoY increase. Total income for the quarter was ₹148.51 crore, supported by other income of ₹0.62 crore. Profit before tax (PBT) rose to ₹21.91 crore from ₹12.16 crore a year earlier, implying about 80.3% YoY growth. Net profit came in at ₹16.38 crore compared with ₹9.10 crore in Q2 FY26. Earnings per share (basic and diluted, not annualised) increased to ₹6.01 from ₹3.47. The combination of higher revenue and higher profit suggests improved operating leverage during the quarter, as reflected in the reported EBITDA rise.

Expenses and cost structure in Q2 FY27

Total expenses for the quarter ended September 30, 2026 were ₹126.60 crore. The company disclosed major expense line items including finance cost of ₹4.94 crore, employee benefit expense of ₹4.29 crore, and depreciation and amortisation of ₹0.26 crore. Other expenses were ₹5.52 crore, while changes in inventories of work-in-progress and finished goods were ₹0.37 crore. The tax expense for Q2 FY27 was ₹5.53 crore, comprising current income tax of ₹5.54 crore, a prior period adjustment of -₹0.08 crore, and a deferred tax credit of -₹0.01 crore. Total other comprehensive income was ₹0.06 crore, taking total comprehensive income to ₹16.44 crore. These numbers align with the company’s filing of unaudited results under Regulation 33 and the related limited review report.

Order book: unexecuted orders double to ₹1,420 crore

Swastika Infra said its unexecuted order book more than doubled to ₹1,420 crore from ₹687 crore as of March 31, 2026. It also reported order inflows during the year of around ₹950 crore. The order book disclosure matters for EPC contractors because it signals the volume of contracted work available for execution in future quarters. Compared with FY 2025-26 revenue of ₹505.57 crore, the unexecuted order book of ₹1,420 crore is roughly 2.8 times the last full-year revenue base. While an order book does not directly translate to revenue in a single year, the scale provides visibility on the pipeline. The company’s Q2 performance and order book update were disclosed alongside the quarterly results announcement.

Sequential trend: Q2 FY27 versus Q1 FY27

Sequentially, Swastika Infra’s quarter-on-quarter performance strengthened sharply. Revenue from operations rose to ₹147.89 crore in Q2 FY27 from ₹58.74 crore in Q1 FY27. Net profit increased to ₹16.38 crore in Q2 FY27 from ₹3.60 crore in Q1 FY27. Total income was ₹148.51 crore in Q2 versus ₹59.33 crore in Q1, as other income was ₹0.62 crore in Q2 compared with ₹0.58 crore in Q1. PBT moved up to ₹21.91 crore in Q2 from ₹4.93 crore in Q1. The company’s quarterly snapshot also reported an operating profit margin (excluding other income) of 17.91% in Q2 versus 15.13% in Q1. Interest cost increased to ₹4.94 crore from ₹4.31 crore over the same period.

Board approval and post-IPO context

The board met on October 21, 2026 to consider and approve the unaudited standalone financial results for the quarter and half-year ended September 30, 2026. Swastika Infra’s Q2 FY27 update is also notable because it is the first set of results after its IPO listing on September 30, 2026. For listed companies, post-listing quarterly reporting typically draws higher investor attention because it sets an early benchmark for execution and disclosure practices. In a separate compliance step, the company closed its trading window from October 1, 2026 until 48 hours after the announcement of the unaudited financial results, in line with insider trading regulations. The company also communicated results publication as part of Regulation 47 requirements.

Regulatory filings: Regulation 30, 33, and newspaper publication

Swastika Infra disclosed multiple compliance updates around the results. Under Regulation 33 of SEBI (LODR), the company submitted the unaudited financial results for the quarter ended June 30, 2026 and for the quarter and half-year ended September 30, 2026, along with limited review reports. Under Regulation 47, it published extracts of unaudited financial results in Financial Express and Nafa Nuksan on October 22, 2026. The company also disclosed board meeting outcomes relating to the approval of the unaudited standalone results. These steps are standard for listed entities and are intended to ensure timely dissemination of material information. Taken together, the sequence of filings, approvals, and publication indicates the company followed the prescribed disclosure pathway around quarterly results.

Auditor limited review: no material misstatement flagged

The statutory auditors, A. Bafna & Co., issued a limited review report on the unaudited financial statements. The auditors stated that nothing had come to their attention that caused them to believe the statements contained material misstatements. A limited review is narrower than a statutory audit, but it is the required assurance process for quarterly unaudited results for many listed companies. The mention of the auditor’s conclusion is important because it addresses the reliability of the unaudited numbers released to exchanges. The report was included along with the financial results filed for the quarter and half-year ended September 30, 2026.

Summary table: Q2 FY27 performance versus prior periods

Timeline: key dates around the Q2 FY27 disclosure

Why the update matters for investors tracking EPC companies

The combination of faster revenue growth, higher quarterly profitability, and a larger order book is central to how investors evaluate EPC contractors. In Q2 FY27, Swastika Infra’s revenue and profit increased meaningfully on a year-on-year basis, while sequential performance also improved from Q1 FY27. The order book increase to ₹1,420 crore from ₹687 crore provides a measurable indicator of the scale-up in contracted work. FY 2025-26 revenue was ₹505.57 crore and PAT was ₹41.43 crore, offering context for the company’s latest quarterly run-rate. At the same time, the company’s finance cost and other operating expenses remain key line items to watch as execution scales. The next quarters will show how quickly the current order book converts to revenue under ongoing project timelines.

Conclusion

Swastika Infra’s Q2 FY27 results show 42% YoY revenue growth to ₹147.89 crore and an 80% rise in net profit to ₹16.38 crore, supported by an order book that has doubled to ₹1,420 crore. The board approval on October 21, 2026 and newspaper publication on October 22, 2026 complete the formal disclosure cycle for the quarter. With the company newly listed as of September 30, 2026, investors are likely to track subsequent quarterly filings for consistency in execution and order inflows, including updates tied to the half-year results disclosures already submitted under SEBI (LODR) rules.