Esab India Q2 FY27 results: Revenue Rs 424.03 crore, PAT Rs 48.94 crore

What the numbers show

• Net margin was 11.54% of revenue, down 921 bps from 20.76%.

• Total expenses rose 14.7% while revenue rose 11.1%.

• Cost of materials accounted for Rs 29.18 cr of the Rs 46.22 cr rise in total expenses (63%).

• Cost of materials took 41.8% of revenue, against 38.8% a year earlier.

• Basis: Standalone statement of unaudited financial results for the quarter ended September 30, 2026.

• Quarter reported: Quarter ended September 30, 2026 (unaudited).

• Comparative quarter: Quarter ended September 30, 2025 (unaudited), from the same statement of financial results.

Key P&L figures (quarter ended September 30, 2026 vs September 30, 2025)

• Revenue from operations: Rs 424.03 cr vs Rs 381.55 cr
• Other income: Rs 2.26 cr vs Rs 2.34 cr
• Total Income: Rs 426.29 cr vs Rs 383.89 cr
• Cost of raw materials and components consumed: Rs 177.39 cr vs Rs 148.21 cr
• Purchase of stock-in-trade: Rs 67.43 cr vs Rs 60.32 cr
• Changes in inventories of finished goods, stock-in-trade and work-in-progress: Rs 8.62 cr vs Rs 15.69 cr
• Employee benefits expense: Rs 42.24 cr vs Rs 33.09 cr
• Finance costs: Rs 0.45 cr vs Rs 0.40 cr
• Depreciation and amortisation expense: Rs 4.84 cr vs Rs 4.04 cr
• Other expenses: Rs 59.02 cr vs Rs 52.02 cr
• Total Expenses: Rs 359.99 cr vs Rs 313.77 cr
• Profit before exceptional items and taxes: Rs 66.30 cr vs Rs 70.12 cr
• Exceptional items: Rs – vs Rs 30.91 cr
• Profit after exceptional items and before taxes: Rs 66.30 cr vs Rs 101.03 cr
• Tax expense (total): Rs 17.36 cr vs Rs 21.83 cr
• Profit after tax: Rs 48.94 cr vs Rs 79.20 cr
• Total Other comprehensive income/(loss): Rs (0.06) cr vs Rs (0.05) cr
• Total comprehensive income: Rs 48.88 cr vs Rs 79.15 cr
• Paid up equity share capital (Face value of Rs.10 each): Rs 15.39 cr vs Rs 15.39 cr
• Earnings per equity share – Basic and diluted (in Rs.): Rs 31.80 vs Rs 51.46 (Not annualised in both periods)

According to the statement of unaudited financial results for the quarter and six months ended September 30, 2026, Esab India’s standalone revenue from operations for the quarter ended September 30, 2026 was Rs 424.03 cr, higher than the Rs 381.55 cr reported in the corresponding quarter ended September 30, 2025. Total Income for the quarter rose to Rs 426.29 cr from Rs 383.89 cr over the same comparison.

Total Expenses increased to Rs 359.99 cr in the quarter ended September 30, 2026 from Rs 313.77 cr a year earlier. Within this, cost of raw materials and components consumed rose to Rs 177.39 cr from Rs 148.21 cr, purchase of stock-in-trade moved to Rs 67.43 cr from Rs 60.32 cr, and employee benefits expense increased to Rs 42.24 cr from Rs 33.09 cr. Depreciation and amortisation expense was Rs 4.84 cr versus Rs 4.04 cr, while other expenses were Rs 59.02 cr compared with Rs 52.02 cr. Finance costs were Rs 0.45 cr against Rs 0.40 cr in the prior-year quarter.

Profit before exceptional items and taxes for the quarter ended September 30, 2026 stood at Rs 66.30 cr, compared with Rs 70.12 cr in the quarter ended September 30, 2025. The prior-year quarter included exceptional items of Rs 30.91 cr, whereas the current quarter shows no exceptional items. Profit after exceptional items and before taxes was Rs 66.30 cr in the current quarter versus Rs 101.03 cr a year earlier.

Total tax expense (including current tax, tax relating to earlier years and deferred tax) was Rs 17.36 cr for the quarter ended September 30, 2026, compared with Rs 21.83 cr in the corresponding quarter of the previous year. Profit after tax for the quarter was Rs 48.94 cr, down from Rs 79.20 cr in the quarter ended September 30, 2025. Total comprehensive income for the quarter was Rs 48.88 cr versus Rs 79.15 cr a year earlier. Earnings per equity share (basic and diluted, face value Rs 10 each) for the quarter were Rs 31.80, compared with Rs 51.46 in the corresponding quarter, both stated as not annualised in the statement of financial results.