The Quarter story
The two most recent quarterly results, compared side-by-side.
Revenue and order book growth remain strong, but rising costs and higher debt are compressing profit margins.
Consolidated order book grew from ₹22,086 Cr to ₹30,926 Cr from Q1 FY26 to Q3 FY26 — securing a strong project pipeline
PAT margin fell from 17.0% to 12.38% from Q1 FY26 to Q1 FY27 — signaling profit compression
EPC revenue climbed from ₹1,962 Cr to ₹3,030 Cr from Q1 FY26 to Q1 FY27 — confirming strong project execution
Finance cost rose from ₹70 Cr to ₹145 Cr from Q1 FY26 to Q1 FY27 — reflecting higher debt burden
Annuity revenue rose from ₹64 Cr to ₹87 Cr from Q1 FY26 to Q1 FY27 — providing a steady income stream
Employee benefit expenses surged from ₹152 Cr to ₹246 Cr from Q1 FY26 to Q1 FY27 — indicating rapid hiring and rising payroll costs
O&M revenue grew from ₹91 Cr to ₹109 Cr from Q1 FY26 to Q1 FY27 — confirming stable recurring operations
EBITDA margin slipped from 26.65% to 21.07% from Q1 FY26 to Q1 FY27 — showing pricing and cost pressures
EBITDA expanded from ₹642 Cr to ₹757 Cr from Q1 FY26 to Q1 FY27 — showing resilience despite margin pressure
Raw material costs increased from ₹1,549 Cr to ₹2,476 Cr from Q1 FY26 to Q1 FY27 — weighing on overall profitability
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