Prostarm Info Systems Q2 FY27: PAT ₹5 & Rev ₹76

Investor Takeaways

38% YoY revenue growth to ₹76 crores in Q1 FY27

PAT margin expanded to 6.05% with 156% YoY PAT growth

Order book stands at ₹1,090 crores including ₹5 crores under L1 status

Working capital days improved to 168 days from 185 days

Operating cash flow narrowed to ₹16 crores negative

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹76 Cr	+38%
Net Profit	₹5 Cr	+156%
EBITDA Margin	8.55%	—
EPS	[amount context mismatch]	—
OPM	7.48%	—

What Changed

The filing reveals significant margin improvement and order execution momentum. Revenue growth of 38% YoY to ₹76 crores in Q1 FY27 was driven by execution of ₹36 crores in deferred orders from Q4 FY26, with remaining billing expected in Q2/Q3. PAT margin rose sharply to 6.05% (from 2.38% in Q1 FY26), supporting 156% YoY PAT growth to ₹5 crores. The order book of ₹1,090 crores provides visibility into future revenue, including ₹165 crores from Solarium Green Energy with most revenue to be recognized in FY27. Management targets 25% revenue growth for FY27 and EBITDA margins of 12-13%, up from 8.55% in Q1. Utilization is expected to rise from 20-25% in FY27 to 40-50% in FY28 as the company shifts focus from utility-scale BESS to C&I projects. Working capital days improved to 168 days, though operating cash flow remains negative at ₹16 crores. Capital allocation prioritizes debt tied to project cash flows with no equity dilution planned. Delays at the Jhajjar facility persist due to cost pressures, but commissioning is expected by end of Q2.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Prostarm Info Systems	21.31	12.46%	14.31%	797.75
Hindustan Aeronautics Ltd	35.08	22.71%	30.31%	3,27,030.97
Bharat Electronics Ltd	48.49	25.46%	34.08%	2,97,727.29
Solar Industries India Ltd	91.2	32.66%	38.01%	1,81,613.99

Prostarm trades at a discount to peers on P/E, with lower ROE and ROCE but improving margins and order book momentum.

Risks & Concerns

Operating cash flow remains negative at ₹16 crores

Delays in Jhajjar facility due to cost pressures

Utilization target of 40-50% in FY28 depends on project execution

No specific risks identified beyond execution and cash flow timing

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q1FY27	76.05	4.58	7.48
Q4FY26	104.45	7.95	9.48
Q3FY26	160.49	14.91	12.13
Q2FY26	65.92	8.27	15.87

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About Prostarm Info Systems Limited (PROSTARM)

Capital Goods · Capital Goods - Electrical Equipment · Listed on NSE

Market Cap: ₹775.97 Cr P/E: 20.7 ROE: 12.5% ROCE: 14.3%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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