Tara Chand Q2 FY27 Results: Revenue Up 27% YoY Growth

Quarterly performance at a glance

Tara Chand Infralogistic Solutions Ltd reported revenue from operations of ₹83.1 crore for the second quarter of FY27, up 27% from ₹65.7 crore in Q2 FY26. The figures were presented in the company’s Q2 FY27 investor presentation published on October 29, 2026. The company operates in equipment hiring, industrial projects, steel handling, warehousing and related logistics activities. Its fleet and services are used across infrastructure-linked sectors including steel, cement, metro, renewable energy and power projects. The quarter showed higher revenue and profit from the year-earlier period, although the EBITDA margin was below the previous year’s level.

The presentation is the basis for the reported figures because an earnings-call transcript for the quarter has not been published. Consequently, the financial metrics and outlook discussed here reflect what the company reported in its presentation, rather than additional management commentary. The company also reported an executable order book for FY27 of ₹163 crore.

Revenue rises 27% year on year

Revenue from operations increased to ₹83.1 crore in Q2 FY27 from ₹65.7 crore a year earlier. This represented a year-on-year increase of 27%. For the first half of FY27, revenue from operations was ₹150.7 crore, compared with ₹126.7 crore in H1 FY26. The half-year revenue growth was 19% year on year.

The Q2 result followed a first quarter in which the company reported revenue from operations of ₹67.6 crore. Revenue growth across the first half indicates continued activity in the company’s infrastructure-linked operating segments. However, the investor presentation does not provide a quarter-on-quarter comparison for every operating segment in the supplied data. It also does not provide a detailed revenue split by customer, project or geography.

Equipment hiring drives the quarter

Equipment Hiring & Projects was the key growth segment in the quarter. Revenue from this segment rose 57% year on year and accounted for more than 70% of total revenue, according to the presentation. The segment includes specialised equipment and project services used in industrial and infrastructure construction activity.

The company reported that its equipment hiring EBITDA margin was in the 55% to 56% range during H1 FY27. This segment-level figure highlights the importance of equipment utilisation and project deployment to the company’s overall profitability. The presentation did not provide a separate Q2 revenue amount for Equipment Hiring & Projects in the supplied information. Still, its share of total revenue shows that it remained the principal contributor during the period.

EBITDA grows but margin moderates

Tara Chand reported Q2 FY27 EBITDA of ₹29.2 crore, up 11% year on year. EBITDA margin was 34.7%, compared with 39.2% in Q2 FY26. The margin decline came despite the increase in revenue and EBITDA in absolute terms.

The company has indicated that its FY27 operating margin is expected to be around 35%. It attributed the level being below its 37% to 38% target band to the impact of the first quarter. The company expects to exit FY27 closer to the 37% to 38% operating-margin band. This is an outlook stated in the investor presentation and should not be treated as a reported financial result.

Profit after tax increases 21%

Profit after tax for Q2 FY27 was ₹9.1 crore, an increase of 21% from the corresponding quarter a year earlier. PAT margin was 10.8%, compared with 11.1% in Q2 FY26. The change in PAT margin was therefore limited relative to the movement in EBITDA margin.

The increase in profit after tax alongside a lower EBITDA margin is a notable feature of the quarter’s reported numbers. But the supplied presentation data does not provide a detailed reconciliation of finance costs, depreciation, taxes or other below-EBITDA items. Investors assessing earnings quality would need the complete financial statements and related disclosures for that level of detail.

Steel volumes remain an operating indicator

The company handled 1.95 million metric tonnes of steel in Q2 FY27. Steel handling is relevant to Tara Chand’s operating profile because the business provides handling and logistics support for industrial customers. Volume data offers an indicator of activity, although it should not be directly equated with revenue because the company also earns from equipment hiring and projects.

The broader operating mix has been changing as equipment is deployed in infrastructure-related sectors. Earlier FY27 disclosures said renewable energy and power together contributed more than 50% of equipment rental revenue in Q1, compared with about 25% a year earlier. That earlier-quarter disclosure provides context for the company’s sector exposure, but it is not a Q2 segment split.

Order book stands at ₹163 crore

The investor presentation reported an executable FY27 order book of ₹163 crore. An executable order book represents work that the company expects to undertake during the financial year, subject to project execution and related conditions. It provides a view of the work pipeline available to support operations during FY27.

The reported order book was lower than the ₹204.82 crore executable FY27 order book disclosed as of July. The two figures were reported at different points in time and may reflect execution, additions, revisions or changes in the classification of orders. The supplied information does not provide a detailed bridge between the July figure and the ₹163 crore figure in the Q2 presentation.

Capex plans focus on fleet additions

Tara Chand had earlier guided for FY27 capital expenditure of ₹80 crore to ₹100 crore. The programme includes equipment additions for its operating fleet. Earlier disclosures stated that the company completed purchases of an 800-tonne crawler-mounted crane, a 700-tonne all-terrain crane and two 58-metre aerial working platforms under the FY27 capital-expenditure programme.

Those equipment purchases took reported FY27 capital expenditure to about ₹74.2 crore on an unaudited basis, according to the supplied information. The Q2 investor-presentation excerpt does not state a separate quarter-specific capex figure. Therefore, the ₹74.2 crore amount should be read as a reported FY27 programme update rather than as Q2 capex alone.

Key reported figures

What the results mean for investors

The Q2 presentation shows that Tara Chand delivered revenue growth in its core operating areas, led by Equipment Hiring & Projects. The company also reported growth in EBITDA and profit after tax. At the same time, the decline in EBITDA margin means revenue growth did not translate into a higher margin percentage.

For investors, the main disclosed indicators are the ₹163 crore executable order book, the contribution of equipment hiring to revenue and the stated margin outlook for FY27. Capital expenditure remains another important factor because fleet additions can support capacity and future project execution, while also requiring funding and utilisation. The company had announced an earnings call for October 30, 2026, which may provide further detail after the Q2 and H1 FY27 results announcement.

Conclusion

Tara Chand Infralogistic Solutions reported Q2 FY27 revenue of ₹83.1 crore, EBITDA of ₹29.2 crore and PAT of ₹9.1 crore. Equipment Hiring & Projects remained the largest revenue contributor, while EBITDA margin declined to 34.7%. The company’s next scheduled earnings call is expected to be the key forum for additional context on margins, order execution and FY27 capital expenditure.