H1 FY27 results: Revenue up 22% to ₹6,414 crore, EBITDA

has shared a press release on its unaudited consolidated results for the quarter and half year ended September 30, 2026. Consolidated revenue for H1 FY27 was ₹6,414 crore, up 22% year-on-year; EBITDA was ₹721 crore, up 17%; and profit after tax was ₹364 crore, up 9%. For Q2 FY27, revenue was ₹3,253 crore and profit after tax ₹180 crore. Profit grew slower than sales as margins came off, which the release links to higher brand investment and the remodelling of the organic business. Top-line acceleration (22% H1 growth) confirms demand momentum; however PAT growth (9%) lagging revenue signals margin compression. EBITDA growth (+17%) shows operating scale but increased brand spends and segment restructuring have diluted margin conversion to PAT. Operating cash flow nearly doubled to ₹910 Cr (from ₹462 Cr) — a material improvement that strengthens liquidity and funding flexibility. Return metrics are reasonable (ROCE ~17.6%, ROE ~14.7%); margin recovery would meaningfully lift these and improve capital efficiency. Valuation context: P/E ~20.6 with market cap ~₹13,216 Cr — market is pricing moderate growth; sustained margin recovery required to justify higher multiples.