Q2FY27 · Consolidated

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.

By Ashutosh

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 itemQ2FY27Q1FY27QoQYoY
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.