IC Electricals Company Limited announced its unaudited financial results for the first half of FY27 (H1 FY27), reporting changes in revenue, EBITDA and profit across its standalone and consolidated financial statements compared with the corresponding period of the previous financial year.
On a standalone basis, revenue from operations stood at ₹73.22 crore, compared with ₹55.48 crore in H1 FY26. Profit after tax (PAT) was ₹7.56 crore, against ₹3.53 crore in the corresponding period. On a consolidated basis, revenue was ₹75.47 crore, while PAT stood at ₹8.03 crore.
IC Electricals H1 FY27 Financial Results
The following table presents the company's reported financial highlights for H1 FY27 and H1 FY26. All financial figures are in ₹ crore, except earnings per share (EPS), margins and percentage or basis-point changes.
Standalone Financial Results
| Particulars | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from Operations | 73.22 | 55.48 | +32.0% |
| EBITDA | 15.61 | 7.89 | +97.8% |
| EBITDA Margin | 21.3% | 14.2% | +710 bps |
| Profit Before Tax (PBT) | 10.76 | 4.85 | +122.1% |
| Profit After Tax (PAT) | 7.56 | 3.53 | +114.2% |
| PAT Margin | 10.3% | 6.4% | +396 bps |
| Basic EPS | ₹4.82 | ₹2.63 | +83.3% |
Consolidated Financial Results
| Particulars | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from Operations | 75.47 | 55.46 | +36.1% |
| EBITDA | 16.28 | 8.05 | +102.3% |
| EBITDA Margin | 21.6% | 14.5% | +706 bps |
| Profit Before Tax (PBT) | 11.40 | 5.00 | +128.1% |
| Profit After Tax (PAT) | 8.03 | 3.57 | +124.7% |
| PAT Margin | 10.6% | 6.4% | +419 bps |
| Basic EPS | ₹5.00 | ₹2.62 | +90.8% |
Note: Basic EPS figures are not annualised. Percentage growth rates and basis-point changes are reproduced as disclosed by the company. Minor differences may arise when recalculating these figures using the rounded amounts and margins displayed in the tables.
Standalone Financial Performance
During H1 FY27, IC Electricals reported standalone revenue from operations of ₹73.22 crore, compared with ₹55.48 crore in H1 FY26, representing a reported increase of 32.0%.
Standalone EBITDA increased to ₹15.61 crore from ₹7.89 crore. EBITDA margin stood at 21.3%, compared with 14.2% in the corresponding period, representing an increase of 710 basis points.
Profit before tax was ₹10.76 crore, compared with ₹4.85 crore in H1 FY26. Profit after tax stood at ₹7.56 crore, against ₹3.53 crore. Basic EPS was ₹4.82, compared with ₹2.63 in the year-ago period.
Consolidated Financial Performance
On a consolidated basis, revenue from operations stood at ₹75.47 crore in H1 FY27, compared with ₹55.46 crore in H1 FY26, a reported increase of 36.1%.
Consolidated EBITDA was ₹16.28 crore, compared with ₹8.05 crore in the corresponding period. EBITDA margin stood at 21.6%, against 14.5% in H1 FY26.
Consolidated profit before tax increased to ₹11.40 crore from ₹5.00 crore, while profit after tax stood at ₹8.03 crore, compared with ₹3.57 crore. Basic EPS was ₹5.00, against ₹2.62 in the year-ago period.
Operating and Segment Details
According to the company's H1 FY27 financial highlights, standalone gross margin was 44.3%, representing an increase of 616 basis points. Material costs accounted for 55.7% of revenue, compared with 61.9% in the corresponding period.
Employee costs increased by 10.2%, while revenue increased by 32.0% during the period, as disclosed by the company.
Segment Revenue and EBIT Margin
| Segment | Revenue in H1 FY27 (₹ crore) | Share of Standalone Revenue | H1 FY27 EBIT Margin | FY26 EBIT Margin |
|---|---|---|---|---|
| Manufacturing | 49.20 | Approximately 67% | 27.4% | 24.6% |
| Contract | 24.02 | — | 13.1% | 12.9% |
The manufacturing segment reported revenue of ₹49.20 crore, accounting for approximately 67% of standalone revenue. Its EBIT margin was 27.4%, compared with 24.6% in FY26. The contract segment reported revenue of ₹24.02 crore and an EBIT margin of 13.1%, compared with 12.9% in FY26.
Net Worth, Borrowings and Financial Ratios
As of September 30, 2026, the company's standalone net worth stood at ₹112.15 crore, compared with ₹65.74 crore as of March 31, 2026. The company reported a 70.6% increase in net worth over this period.
Standalone borrowings stood at ₹64.45 crore, compared with ₹74.14 crore as of March 31, 2026. The debt-equity ratio was 0.57x, compared with 1.13x at the end of FY26.
The company also reported a current ratio of 2.05x and an interest coverage ratio of 3.25x.
| Particulars | As of September 30, 2026 | As of March 31, 2026 |
|---|---|---|
| Net Worth (₹ crore) | 112.15 | 65.74 |
| Borrowings (₹ crore) | 64.45 | 74.14 |
| Debt-Equity Ratio | 0.57x | 1.13x |
| Current Ratio | 2.05x | — |
| Interest Coverage Ratio | 3.25x | — |
Order Book Position
IC Electricals reported a pending order book of ₹231.06 crore as of September 30, 2026, compared with ₹175.62 crore as of March 31, 2026. The company disclosed an increase of 31.6% in its pending order book during this period.
According to the company, the September 2026 order book was approximately 1.6 times its FY26 revenue.
Management Commentary
Commenting on the H1 FY27 results, Sunil Kumar Verma, Managing Director of IC Electricals Company Limited, referred to the company's reported revenue and profit figures, including the increase in standalone revenue and the change in PAT during the period.
He attributed the reported financial performance to factors including material efficiency, operating leverage and the manufacturing segment's EBIT margin. He also referred to the company's net worth, IPO proceeds and debt-equity ratio.
Regarding the order book, the Managing Director stated that pending orders stood at approximately ₹231 crore as of September 30, 2026, representing an increase of nearly 32% from March 31, 2026.
He also outlined the company's areas of focus, including railway electronics, rotating machines and electrification solutions, supported by its in-house research and development facilities and manufacturing operations in Haridwar.
About IC Electricals Company Limited
IC Electricals Company Limited designs and manufactures electrical and electronic equipment for railway applications, rotating machines and electrification solutions. The company has more than two decades of experience in its business.
It operates three manufacturing facilities in Haridwar and has in-house research and development facilities. The company serves domestic and international markets.