Revenue recovered QoQ, but Gammon India still posted Rs 365.51 cr loss
Lower expenses helped narrow the operating loss from Q1FY27, but interest remained the main drag and the year-on-year cost trend worsened.
Filed 06 Nov 2026, 12:56 IST · GAMMONIND (GAMMONIND)
Key takeaways
- Consolidated revenue rose 236.99% QoQ to Rs 7.38 cr, but operating margin remained negative at -110.84%.
- The company reported a consolidated net loss of Rs 365.51 cr as interest rose 9.49% YoY to Rs 358.13 cr.
- Year-on-year revenue fell 32.11% while expenses rose 142.37%, pushing operating margin down 151.78 percentage points.
Sequential recovery did not reach operating profit
Consolidated revenue increased 236.99% QoQ, while expenses fell 38.4%, narrowing the operating loss to Rs 8.18 cr from Rs 23.07 cr. That lifted operating margin by 942.58 percentage points, but it remained negative at -110.84%. The improvement therefore reflects a low Q1FY27 base rather than a return to operating profitability.
Year-on-year costs overwhelmed lower revenue
The year-on-year picture was weaker: revenue declined 32.11% while expenses increased 142.37%, causing operating margin to fall 151.78 percentage points from Q2FY26. Interest also rose 9.49% YoY to Rs 358.13 cr, keeping the pre-tax loss at Rs 365.25 cr. Other income was only -0.39% of pre-tax profit, so it did not provide a meaningful offset.
Quarterly profitability remains highly volatile
Operating margin moved from -156.85% in Q1FY26 to 40.94% in Q2FY26, then to -134.48%, -1053.42% and -110.84% in the following quarters. The latest quarter was better than Q1FY27, but the sequence shows no sustained operating-profit trend. The Rs 0.26 cr tax charge, equivalent to a -0.07% tax rate, had little effect on the net loss.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹7 cr | ₹2 cr | +236.99% | -32.11% |
| Other income | ₹1 cr | ₹1 cr | +108.82% | -77.28% |
| Expenses | ₹16 cr | ₹25 cr | -38.40% | +142.37% |
| Operating profit | ₹-8 cr | ₹-23 cr | +64.54% | — |
| Operating margin (%) | -110.84% | -1053.42% | — | — |
| Interest | ₹358 cr | ₹349 cr | +2.54% | +9.49% |
| Depreciation | ₹0 cr | ₹0 cr | -10.00% | -12.20% |
| Profit before tax | ₹-365 cr | ₹-372 cr | +1.83% | -15.29% |
| Tax | ₹0 cr | ₹1 cr | -63.38% | +136.36% |
| Net profit | ₹-366 cr | ₹-373 cr | +1.94% | -15.34% |
| EPS (₹) | ₹-9.91 | ₹-10.04 | +1.29% | -15.10% |
What to watch
- Whether revenue remains above Rs 7.38 cr next quarter.
- Whether operating margin improves from -110.84% without another sharp quarterly swing.
- Whether interest falls below Rs 358.13 cr.