The call ran from 2:29 PM to 3:32 PM IST (1 h 3 min).

Key takeaways

Record Q2 revenue of ₹4,432 Cr (+30% YoY), EBITDA +49% to ₹153 Cr, PAT +44% to ₹70 Cr, net cash ₹154 Cr. Management stays cautious and gives no numeric FY27 revenue guidance.

Highlights
Revenue growth	Q2 revenue ₹4,432 Cr, +30% YoY, +29% QoQ; H1 +23%.
Margins	EBITDA margin 3.5% in Q2, +44 bps YoY; gross margin flat at 20%.
Order book	₹5,670 Cr as of October, +13% YoY; no new mandate revenue yet.
Demand visibility	Order book ₹5,670 Cr, +13% YoY; US retail demand rising.
Management confidence	Balanced; explicitly cautious despite strong H1 execution.

Growth

Q2 revenue +30% YoY and +29% QoQ; H1 +23%. EBITDA +49% YoY at 3.5% margin, helped by lower-cost mix. Q2 employee costs were inflated by incentive preponement.

Outlook

Targets 50-70 bps annual EBITDA margin expansion and ~3% PAT margin in 2-3 years. FY27 new-vertical P&L spend around ₹80 Cr.

Risks

Ted Baker still loss-making at 22% gross margin. Manufacturing revenue flat in H1. Minority interest ~39% of PAT. Other expenses +33% QoQ.

Last quarter's promises, checked

Delivered

Q2 'same trend' as Q1 → Rev +30% YoY, PAT +44% (= BEAT)
EBITDA margin up each quarter → 2.8% Q1 to 3.5% Q2 (= BEAT)

Partly delivered

Ted Baker FY loss ≤$2-3M → Q1 ~$2M; Q2 still loss-making, $ undisclosed (= PARTIAL)
Scale without adding costs → Opex +17-33% QoQ vs revenue +29% (= PARTIAL)

Missed

$330M SaaS contracts profitable from Q1 → French mandate not yet in revenue (= MISS)
Order book growth +23% YoY (₹6,095 Cr) → +13% YoY (₹5,670 Cr) (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 11 Nov 2026, 8:17 PM IST. Open it on ALFA Filings ›