Q2 FY27 results, CRISIL rating upgrade to AA, warrant allotment; auditor sees no material misstatement
Board met on November 5, 2026 and approved the Q2 and H1 FY27 results.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,034.58 | 783.92 | +32% | 773.72 | +33.7% |
| Total income | 1,075.59 | 803.26 | +33.9% | 808.47 | +33% |
| Profit before tax | 351.17 | 125.65 | +179% | 121.69 | +189% |
| Profit after tax | 295.55 | 98.08 | +201% | 56.36 | +424% |
| Total comprehensive income | 293.45 | 99.49 | +195% | 56.57 | +419% |
| Basic EPS | 21.45 | 6.61 | +225% | 3.43 | +525% |
- Total income YoY growth
- +33.9%
- Profit after tax YoY growth
- +201%
- Period
- Quarter ended 30 September 2026
Auditor's review
Conclusion: Unmodified
Notes to the results
- Balance 51% stake in NXT-Infra MCP Highways divested; consideration of Rs. 339.38 crores received on 5th November 2026 and income of Rs. 194.27 crores recognised as Other Operating revenue.
- SSPA dated July 29, 2026 with BIIF Infrastructure II Private Limited to divest entire stake in Welspun Aunta-Simaria Project Private Limited; final NHAI approval awaited.
- Loss from discontinued operations of (3.43) crores for the quarter (34.10 loss in previous quarter).
- Exceptional item in previous year: share of loss of Rs. 48.86 crores (35% share) in an associate that relinquished its 25% interest in a block.
The headline numbers, consolidated
The board approved the unaudited consolidated and standalone results for the quarter and half year ended September 30, 2026 at its meeting on November 5, 2026.
- 'Revenue from operations' for the quarter was Rs. 1,035 crore.
- 'Profit after tax' for the quarter was Rs. 296 crore.
- A large part of that profit came from a transaction, not day-to-day work: the completed sale of a 51% stake in the Mukarba Chowk Panipat Road project added a Rs. 194 crore capital gain.
- Excluding that gain, the company's business update puts EBITDA at Rs. 231 crore.
Other decisions and developments reported with the results
- Preferential allotment: 1,90,47,619 warrants, convertible into an equivalent number of equity shares, allotted at Rs. 525 per warrant. The company has received Rs. 250.00 crore as subscription and allotment money, and says the entire amount has been utilised for the object of the issue.
- Credit rating: CRISIL upgraded the company's long-term rating from 'AA-' to 'AA', with a 'Stable' outlook.
- Order book: the business update places the order book at Rs. 18,708 crore.
- Divestments: a Securities Subscription and Purchase Agreement with BIIF Infrastructure II Private Limited for the entire shareholding in Welspun Aunta-Simaria Project Private Limited, subject to NHAI and lender approvals; and an agreement with Actis Highway Infra Limited to divest a 49% equity stake in NXT-Infra MCP Highways Private Limited, with the balance 51% also agreed to be divested on fulfilment of conditions.
- Oil and gas: the Directorate General of Hydrocarbons passed an order approving Adani Welspun Exploration Limited's use of ONGC's existing facilities to evacuate and process gas from its Mumbai block on a toll basis.
- Insider trading window: it re-opens from Sunday, November 08, 2026.
What the auditor said
Suresh Surana & Associates LLP issued a limited review report on the consolidated results. It stated that nothing came to its attention that causes it to believe the statement contains a material misstatement. For the interim financial information of certain subsidiaries and a trust, certain joint operations and certain associates that were reviewed by other auditors, it relied on those reports, and said its conclusion is not modified for that reliance. A limited review involves enquiries and analytical procedures and gives less assurance than a full audit.
How a retail reader might read it
Two different things sit side by side in this quarter. One is the operating business, which the company discusses through revenue, order book and the ex-gain EBITDA figure. The other is a set of one-time gains and sale agreements involving road projects. Because the Rs. 194 crore capital gain is inside the reported 'Profit after tax' of Rs. 296 crore, the Rs. 231 crore EBITDA excluding the gain is the cleaner yardstick for the ongoing business. The rating upgrade and the order book are forward-looking inputs, and the divestment agreements still depend on approvals and conditions being met.
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More numbers
- Revenue from operations, Q2 FY27 (consolidated)1,035
- Profit after tax, Q2 FY27 (consolidated)296
- Capital gain on 51% stake divestment₹194 crore
- EBITDA excluding divestment gain₹231 crore
- Order book₹18,708 crore
- Warrants allotted1,90,47,619
- Price per warrantRs. 525
- Subscription and allotment money receivedRs. 250.00 crores
- Total income, latest quarter1,075.59 (Rupees in crores)
- Total income, year-ago quarter803.26 (Rupees in crores)
- Total income, previous quarter808.47 (Rupees in crores)
- Total comprehensive income, latest quarter293.45 (Rupees in crores)
- Total comprehensive income, year-ago quarter99.49 (Rupees in crores)
- Total comprehensive income, previous quarter56.57 (Rupees in crores)
- Profit after tax, latest quarter295.55 (Rupees in crores)
- Profit after tax, year-ago quarter98.08 (Rupees in crores)
- Profit after tax, previous quarter56.36 (Rupees in crores)
- Revenue from operations, latest quarter1,034.58 (Rupees in crores)
- Revenue from operations, year-ago quarter783.92 (Rupees in crores)
- Revenue from operations, previous quarter773.72 (Rupees in crores)
- Profit before tax, latest quarter351.17 (Rupees in crores)
- Profit before tax, year-ago quarter125.65 (Rupees in crores)
- Profit before tax, previous quarter121.69 (Rupees in crores)
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