Veegaland Q2 EBITDA margin expands 550 bps to 20.9% YoY

Veegaland Homes reported a Q2 FY27 earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 20.9%, up 550 basis points from Q2 FY26, after EBITDA rose 77.76% to Rs 22.78 crore and profit after tax increased 92.34% to Rs 15.99 crore on Rs 106.34 crore of revenue.

How did Veegaland’s Q2 FY27 revenue and profit change?

Veegaland recorded Q2 FY27 revenue from operations of Rs 106.34 crore, up 28.66% from Rs 82.66 crore in Q2 FY26 and 43.08% from Rs 74.32 crore in Q1 FY27. The sequential increase was Rs 32.02 crore, compared with a year-on-year increase of Rs 23.68 crore.

Veegaland’s Q2 FY27 profit after tax (PAT) was Rs 15.99 crore, compared with Rs 8.31 crore a year earlier and Rs 9.72 crore in Q1 FY27. PAT therefore rose 92.34% year on year and 64.43% quarter on quarter, while profit before tax increased 88.60% year on year to Rs 21.47 crore from Rs 11.38 crore.

Veegaland reported earnings per share of Rs 4.46 in Q2 FY27, up 54.86% from Rs 2.88 in Q2 FY26. The presentation shows PAT growth exceeded revenue growth in the quarter, with PAT up 92.34% against revenue growth of 28.66%.

What drove Veegaland’s Q2 FY27 margin expansion?

Veegaland’s EBITDA margin expanded to 20.9% in Q2 FY27 from 15.4% in Q2 FY26, a 550-basis-point increase, as EBITDA rose 77.76% to Rs 22.78 crore. The company calculates EBITDA including other income, and 100 basis points equal one percentage point.

Veegaland’s gross profit increased 50.26% to Rs 32.88 crore from Rs 21.88 crore, while gross margin rose to 30.9% from 26.4%, an expansion of 445 basis points. PAT margin reached 14.7% from 10.0%, a 470-basis-point increase, showing that reported profit growth outpaced the 28.66% rise in revenue.

Veegaland also reported faster sequential growth in profit measures than in sales. From Q1 FY27 to Q2 FY27, EBITDA increased 59.18% from Rs 14.31 crore, while PAT rose 64.43% from Rs 9.72 crore; revenue increased 43.08% from Rs 74.32 crore over the same period.

How did Veegaland perform in H1 FY27?

Veegaland generated H1 FY27 revenue from operations of Rs 180.66 crore, up 45.51% from Rs 124.16 crore in H1 FY26, while EBITDA increased 96.10% to Rs 37.09 crore from Rs 18.92 crore. The resulting H1 FY27 EBITDA margin was 20.1%, compared with 15.1% a year earlier, a 500-basis-point expansion.

Veegaland’s H1 FY27 PAT rose 123.08% to Rs 25.71 crore from Rs 11.53 crore, and profit before tax increased 119.82% to Rs 34.45 crore from Rs 15.67 crore. PAT margin was 14.2%, up 490 basis points from 9.3%, while earnings per share increased 72.43% to Rs 7.38 from Rs 4.28.

Veegaland’s Q2 EBITDA-margin expansion of 550 basis points was 50 basis points higher than the 500-basis-point expansion reported for H1 FY27. H1 gross margin increased 240 basis points to 29.8% from 27.4%, compared with the Q2 increase of 445 basis points to 30.9%.

What order book supports Veegaland’s revenue visibility?

Veegaland reported a contracted order book of Rs 1,086.79 crore at 30 September 2026, including Rs 501.35 crore of unrecognised revenue, or 46% of the total. The remaining Rs 585.44 crore, or 54%, had been recognised to date.

Veegaland said the Rs 501.35 crore of unrecognised revenue will enter the profit and loss account as construction progresses under the percentage-of-completion method. The company had 18.58 lakh square feet under development across 12 ongoing projects, comprising 994 units.

Veegaland’s three upcoming projects, Sarovar, Fortune and East Fort, comprise 212 units and 4.62 lakh square feet across Kochi and Kozhikode. Management cited estimated gross development value of Rs 450 crore for these projects, for which land had been acquired and approvals were in progress.

Veegaland also highlighted Amora in Kochi, launched in June 2026, where 53 of 78 units, or 68%, were pre-sold within four months. Amora recorded 13 unit pre-sales in June, 18 in July, 11 in August and 11 in September; Veegaland defines pre-sales as bookings supported by a customer advance, regardless of sale-agreement execution.

What do Veegaland’s leverage and return metrics show?

Veegaland reported a debt-equity ratio of 0.15 times, compared with 0.32 times in FY26. The disclosed ratio was therefore 0.17 times below the FY26 figure, although the presentation did not provide debt, cash or interest-cost amounts alongside the measure.

Veegaland reported return on equity of 6.85% and return on capital employed of 6.66% for H1 FY27. Both measures were stated as not annualised, and they were reported alongside H1 FY27 EBITDA of Rs 37.09 crore and PAT of Rs 25.71 crore.

Conclusion

Veegaland’s Q2 FY27 results showed revenue growth of 28.66% alongside EBITDA growth of 77.76% and PAT growth of 92.34%, lifting EBITDA margin to 20.9% and PAT margin to 14.7%. The H1 FY27 comparison followed the same pattern, with revenue up 45.51%, EBITDA up 96.10% and PAT up 123.08%.

The next disclosed developments to watch are the recognition of Rs 501.35 crore of order-book revenue as construction advances, progress on the three upcoming projects with estimated gross development value of Rs 450 crore, and sales at Amora after 53 of its 78 units were pre-sold within four months of its June 2026 launch.