The call ran from 3:57 PM to 4:53 PM IST (55 min).

Key takeaways

Q2 FY27 revenue was flat at +2.5% YoY, and EBITDA margin fell 479 bps to 10.6% on power, fuel and competition. Management reiterated 20-25% FY27 growth guidance without margin numbers, and H2 depends on welded capacity not yet commissioned.

Guidance and delivery
Management target	Revenue 20.0% FY27

Highlights
Revenue growth	Q2 revenue +2.5% YoY to ₹148.9 Cr; H1 +12.6% to ₹273.3 Cr.
Margins	EBITDA margin 10.6%, down 479 bps YoY; H1 11.6%; no guidance.
Order book	Order book ~₹185 Cr, ~4-5 months execution; 40% exports.
Demand visibility	Weak; oil and gas slowdown; power sector and BHEL demand cited.
Management confidence	Defensive; reiterates 20-25% FY27 guidance despite flat quarter.

Growth

Q2 revenue ₹148.9 Cr, +2.5% YoY; exports 37%. Q2 EBITDA ≈₹15.8 Cr vs ₹22.3 Cr last year. H1 revenue ₹273.3 Cr, +12.6%.

Outlook

FY27 revenue guided at 20-25%, implying ~30-35% H2 growth (analyst math). No margin guidance. Welded trial Q4 FY27; 21,000 MT capacity by H1 FY28.

Risks

Margin compression of 479 bps; inventory-led working capital stress; debt rising toward ₹250 Cr; EU duties; oil and gas weakness.

Last quarter's promises, checked

Delivered

Order book ₹175 Cr, 3-4 mo → ~₹185 Cr, 4-5 mo execution (= BEAT)

Partly delivered

FY27 revenue +25% → H1 +12.6% (= PARTIAL)
Export mix 40% → 37% in Q2 (= PARTIAL)
FY27 capex ~₹100 Cr → ~₹40 Cr in H1 (= PARTIAL)

Missed

Welded trial start Q2 FY27 → Q4 FY27 trial (= MISS)
FY27 EBITDA margin 14-15% → H1 11.6%, Q2 10.6% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 13 Nov 2026, 9:29 PM IST. Open it on ALFA Filings ›

The results behind this call

6 Nov 2026 16:13 IST BSE

Financial Results

Scoda Tubes Q2 FY27 Results: Net Profit ₹4.8 Cr, Down 65.7% YoY

Scoda Tubes approved unaudited standalone results for Q2 and H1 FY27. Half-year revenue was ₹2,732.93 million and profit for the period ₹100.35 million.