Q2 & H1 FY26-27 earnings call: revenue up over 20%, PAT up over 10%, FY27 disbursement guidance intact
Transcript shared of the Q2 & H1 FY26-27 earnings call held on 16 October 2026.
By ScoutQuest · · 2 min read
- H1 Revenue Growth
- H1 revenue rose more than 20%
- H1 PAT Growth
- PAT more than 10%
- Prior Year Disbursement
- INR35,000 crores was disbursed last year, all non-Indian Railways
What this update is: the transcript of the Q2 and H1 FY26-27 earnings conference call held on 16 October 2026, discussing the unaudited financial results for the quarter and half year ended 30 September 2026. The call was hosted by Phillip Capital, with the management team led by Chairman, Managing Director and CEO Manoj Kumar Dubey, Director (Finance) Ranjay Choudhary and Executive Director (Finance) and CFO Deepa Kotnis.
Key outcomes management highlighted
- For H1, revenue rose more than 20% and profit after tax rose more than 10%.
- In five of the last six quarters, profit after tax grew in double digits. The exception was Q4 of the last financial year, when provisions were made for new businesses: 1% for greenfield and 0.4% for brownfield as per RBI norms.
- Last year the company disbursed INR35,000 crores, and that entire amount was non-Indian Railways disbursement. Management said this trend will continue for this financial year.
- Nil comment report from RBI as well as C&AG for the third consecutive year.
- Headcount has grown almost doubled in the last one year, with senior personnel brought in as mentors for risk, borrowing, compliance and appraisal.
Guidance given on the call
- FY27 disbursement is expected to surpass the disbursement done last year. Management said this guidance remains intact.
- In H2, lending is planned to metros, ports, renewable energy, thermal power and Gencos that have linkages with the Railways, plus a few road linkages. These are described as in the pipeline and almost ready to be disbursed in Q3 or early Q4.
- Current funding transactions carry ticket sizes of not more than INR20,000 crores or INR10,000 crores.
Railway opportunity cited by management
- Sanction of a Dedicated Freight Corridor from Dankuni in the eastern part to Surat in the western part, over 2,000 kilometer, costing around more than INR3 lakh crores.
- Seven high-speed rail corridors already sanctioned and being actively pursued.
- Six freight lines announced on a joint venture or PPP model.
- Management put the overall opportunity at more than INR20 lakh crores.
How to read it
- The transcript records management describing growth in revenue and profit, a lending pipeline built around diversification beyond the single-client model, and an intention to exceed last year's disbursements in FY27.
- These are statements made by management on an investor call about unaudited results; the disbursement outlook is a forward-looking guidance statement rather than a reported figure.
- The provisions referred to for greenfield and brownfield businesses are the reason management gave for the one quarter in the last six that did not show double-digit profit growth.
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More numbers
- H1 revenue growth (as stated on call)20%
- H1 PAT growth (as stated on call)10%
- Provision for greenfield business as per RBI norms1%
- Disbursement last year, all non-Indian RailwaysINR35,000 crores
- Current funding ticket size (not more than)INR20,000 crores
- Dedicated Freight Corridor Dankuni to Surat, length2,000 kilometer
- Dedicated Freight Corridor Dankuni to Surat, costINR3 lakh crores
- Overall railway opportunity citedINR20 lakh crores
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