SMT Q2 FY27: record revenue, EBITDA and PAT in first results as a listed company
Q2 FY27 revenue up 24.7% to ₹3,734 mn, EBITDA up 36.6% and PAT up 26.6% in its best quarter yet.
By ScoutQuest · · 1 min read
- Q2 FY27 Revenue
- ₹3,734 mn (up 24.7% YoY)
- Q2 FY27 EBITDA
- ₹656 mn (up 36.6%, 17.6% margin)
- Q2 FY27 PAT
- ₹265 mn (up 26.6%)
- Period
- Q2 and H1 FY27
- Positioning
- A listed interventional cardiology medtech with three plants in India and Thailand, commercial presence in 70 countries in H1 FY27, stents and balloons at 58% of H1 revenue and RoW its largest region at 40%.
📈 Q2 FY27, the latest period reported, delivered revenue of ₹3,734 mn (up 24.7% YoY), EBITDA of ₹656 mn (up 36.6%, 17.6% margin) and PAT of ₹265 mn (up 26.6%) on a consolidated basis; the company calls it its highest-ever quarterly revenue, EBITDA and PAT. H1 FY27 revenue was ₹7,251 mn (up 24.9%), EBITDA ₹1,141 mn (up 43.4%) and PAT ₹416 mn, up 7.5% as reported or 38.8% excluding the ₹87 mn one-off tax credit in H1 FY26 that the deck flags.
📉 Not everything improved: Q2 gross margin fell 197 bps to 74.4% (H1 down 170 bps to 74.3%) and the H1 PAT margin slipped to 5.7% from 6.7%. Net working capital rose to ₹5,003 mn from ₹4,285 mn at 31-Mar-26 and borrowings to ₹3,017 mn from ₹2,695 mn, even as annualised ROCE is printed at 16.7% versus 12.2%.
🌍 Mix is shifting: stents and balloons were 57.9% of H1 FY27 revenue, up 16.1%; TAVI and occluders 17.2%, up 24.7%; trading and other products 24.9%, up 52.0%. By region RoW is now the largest at 40.0% of H1 revenue and grew 37.1%, Europe at 36.2% grew 23.4% and India at 23.7% grew 10.4%.
🏭 Management says it will keep improving margins through a richer product mix, vertical integration of critical components, better plant utilisation and tighter overhead control, with priorities unchanged: disciplined execution, sustained R&D and clinical evidence investment and better cash flow quality. It also reports Sironity, its sirolimus drug-coated balloon, commercialised in India and the TAVI platform advanced with Hydra Elevate and the redesigned AVDC 1.5.
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More numbers
- Revenue from operations, Q2 FY27₹3,734 mn
- EBITDA, Q2 FY27₹656 mn
- Profit after tax, Q2 FY27₹265 mn
- EBITDA margin, Q2 FY2717.6%
- Revenue from operations, H1 FY27₹7,251 mn
- EBITDA, H1 FY27₹1,141 mn
- Profit after tax, H1 FY27₹416 mn
- Gross margin, Q2 FY2774.4%
- Borrowings, 30-Sep-263,017 (₹ mn)
- ROCE (annualised), 30-Sep-2616.7%
- Countries with commercial presence, H1 FY2770
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