Tara Chand InfraLogistic Solutions LimitedQ2 FY27 Results & Financial Update
Tara Chand InfraLogistic Solutions Limited: Q2 FY27 consolidated results and company financials – revenue ₹83.11 Cr, PAT ₹9.05 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Tara Chand InfraLogistic Solutions Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Tara Chand InfraLogistic Solutions reported consolidated revenue from operations of ₹83.11 crore for Q2 FY27, representing a 27% year-on-year increase compared to ₹65.7 crore in Q2 FY26, driven by robust activity across its equipment rental and infrastructure deployment verticals.
Profit after tax for the quarter reached ₹9.05 crore, marking a 21% year-on-year expansion from ₹7.5 crore in the corresponding period of the previous year and standing as the highest quarterly profit reported by the company to date.
Total income for the quarter stood at ₹84.02 crore, up 25% from ₹67.1 crore in Q2 FY26, while EBITDA reached ₹29.2 crore with an operating margin of 34.7%, recovering by four percentage points sequentially from a challenging first quarter.
Management noted that the equipment rentals business grew 57% year-on-year and now accounts for over 70% of total revenue, with power and renewable energy sectors together comprising 53% of equipment rental revenue during the first half.
Capital expenditure during the first half of FY27 accelerated to ₹106.6 crore—surpassing the initial full-year planned outlay of ₹80 to ₹100 crore—to capture surging demand in power and renewable energy projects, with most of the new fleet scheduled for commercial commissioning through the third quarter.
The aggressive fleet expansion pushed the net debt-to-equity ratio toward the upper boundary of management's internal threshold, while incremental manpower costs, heavy transport expenses, and higher depreciation charges exerted temporary pressure on operating margins.
The company closed the quarter with an executable order book of ₹163 crore for FY27, keeping it aligned with the lower end of its targeted annual revenue growth range of 20% to 25%.
01 · Business model
What does Tara Chand InfraLogistic Solutions do?
Tara Chand InfraLogistic Solutions Limited operates as an integrated infra-logistics platform with a four-decade operating history, providing specialized equipment rental, heavy lifting, warehousing, and steel processing and distribution services across India.
The company's core operating divisions include Equipment Hiring and Projects, which deploys large-tonnage crawler and all-terrain cranes, piling rigs, and aerial working platforms across sectors such as power, renewable energy, urban infrastructure, railways, and steel.
Through its Warehousing and Transportation segment, the company manages five steel stockyards across India, offering customized handling solutions including self-owned Rubber Tyre Gantries and magnet attachments tailored for primary steel producers.
The business model leverages a modern fleet of owned machines and long-term service contracts with marquee corporate clients, supported by in-house maintenance teams and pan-India regional deployment hubs.
02 · Historical context
What shaped the business before this quarter
Commenced operations in 1980 with steel trading and distribution in Jalandhar, Punjab, before securing a major stockyard management contract from SAIL in Chandigarh in 1991 and establishing its equipment rental division in 2003.
Expanded heavy-lift capabilities between 2019 and 2022 by adding high-capacity crawler cranes up to 450 MT, deploying ten RTG cranes for steel logistics, and executing specialized packages for major national infrastructure projects.
Migrated to the NSE Main Board in 2024 following multi-year warehousing and handling contracts, and expanded into eastern India in 2026 by initiating operations at the SAIL Dankuni stockyard in West Bengal.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹83.11 Cr |
| Total income | ₹84.02 Cr |
| Profit before tax | ₹12.09 Cr |
| Profit after tax | ₹9.05 Cr |
| EPS | ₹1.15 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Segment revenue surged to ₹59.5 crore in Q2 FY27 from ₹38.0 crore in Q2 FY26, propelled by a 57% expansion in equipment rentals driven by heavy demand from the power and renewable energy sectors.
Contributed ₹23.3 crore in revenue during Q2 FY27 compared to ₹27.3 crore in Q2 FY26, with the warehousing division returning to profitable operations as steel handling activity picked up.
Generated ₹0.3 crore in Q2 FY27, supported by a total steel volume handling figure of 1.95 million metric tonnes during the quarter.
What drove margins
Standalone equipment rental EBITDA margin remained robust at 55% in Q2 FY27, underpinned by stable fleet utilization averaging approximately 82%.
Consolidated EBITDA margin stood at 34.7% in Q2 FY27 compared to 39.2% in Q2 FY26, reflecting higher operational costs for specialized services, incremental salary expenses for new crane deployment, and elevated transportation outlays for heavy-tonnage equipment.
Average gross monthly rental yield held steady at 2.83% as of the first half of FY27.
05 · Demand, customers & order book
Where demand is coming from
The company's executable order book for FY27 stands at ₹163 crore (or ₹1,637 million total order visibility), with Equipment Hiring & Projects comprising 74% and Warehousing & Transportation making up 26%.
Services over 50 major institutional clients across sectors, including Reliance Industries, Larsen & Toubro, Adani, JSW Energy, Tata Steel, BHEL, and NTPC.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Accounts for over 70% of total revenue, deploying specialized high-capacity equipment including 900 MT crawler and all-terrain cranes across diverse infrastructure verticals.
Tarachand Metallix Limited, incorporated as a wholly-owned subsidiary in January 2026, focuses on high-frequency beams, fabrication, and value-added metal solutions.
Geography and market mix
Operations span 22 states and union territories, supported by branch offices located in Nagpur, Visakhapatnam, Bangalore, Jamnagar, and Dankuni.
Strengthened logistical presence in eastern India through the commencement of operations at the SAIL Dankuni stockyard in West Bengal.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total owned and operated fleet reached 436 machines as of September 2026, featuring 139 large cranes (50-900 MT capacity), 124 trailers, 56 pick-and-carry cranes, 27 aerial platforms, and specialized stockyard equipment.
Maintains specialized heavy-lift assets including two 900 MT crawler cranes, two 800 MT crawler-mounted cranes, one 700 MT all-terrain crane, and 68-meter aerial working platforms.
Projects, capex and execution
Invested ₹106.6 crore in fleet expansion during H1 FY27, exceeding the initially planned full-year capex of ₹80 to ₹100 crore to capture emerging opportunities in power and renewable energy.
Gross block increased to ₹6,622 crore as of September 2026 from ₹5,581 crore a year ago, with newly acquired equipment entering commercial commissioning phases through the third quarter.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Maintains a strategic policy to focus exclusively on specialized service contracts across equipment rentals and warehousing while consciously avoiding commoditized, run-of-the-mill EPC construction projects.
09 · Reported developments
What changed operationally
Achieved the highest-ever quarterly profit after tax of ₹9.05 crore in Q2 FY27, backed by a 27% increase in operating revenue.
Secured strong deployment visibility across power and renewable energy sectors, which together account for over half of equipment rental revenues.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash flow from operating activities stood at ₹30.3 crore for the half year ended September 2026, while cash profit for Q2 FY27 reached ₹23.3 crore.
Net trade receivables stood at ₹1,021 crore as of September 2026, with net-of-GST receivable days standing at 105 days for H1 FY27 compared to 85 days in H1 FY26.
Capital allocation & funding
Secured term loans stood at ₹1,701 million as of September 2026, with total secured loans at ₹1,22.7 crore and short-term borrowings at ₹58.1 crore.
Debt-to-equity ratio reached 1.14x as of September 2026, reflecting the funding impact of the accelerated H1 capex cycle against a net worth of ₹1,580 million.
11 · Management guidance & targets
What management is targeting from here
Management remains on course for the lower end of its annual revenue growth target of 20% to 25% for FY27.
Management expects the operating margin for FY27 to land around 35%—moderated from its historical 37% to 38% band due to first-quarter pressures—with expectations to exit the fiscal year closer to the target band as new fleet utilization ramps up.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Fleet Scale Milestone
Total equipment fleet expanded to 436 operating units, reinforced by strategic additions of ultra-heavy crawler cranes ranging from 500 MT to 900 MT capacity.
13 · Previous-quarter changes
What changed since the previous quarter
Operating margin recovered by 4 percentage points sequentially in Q2 FY27 compared to a difficult first quarter, supported by rebounding activity in warehousing and equipment rentals.
14 · Key Q&A
The quarter, answered directly
What does Tara Chand InfraLogistic Solutions do?
Tara Chand InfraLogistic Solutions Limited operates as an integrated infra-logistics platform with a four-decade operating history, providing specialized equipment rental, heavy lifting, warehousing, and steel processing and distribution services across India.
What is the clearest takeaway from Q2 FY27?
Tara Chand InfraLogistic Solutions reported consolidated revenue from operations of ₹83.11 crore for Q2 FY27, representing a 27% year-on-year increase compared to ₹65.7 crore in Q2 FY26, driven by robust activity across its equipment rental and infrastructure deployment verticals.
What drove revenue or demand?
Segment revenue surged to ₹59.5 crore in Q2 FY27 from ₹38.0 crore in Q2 FY26, propelled by a 57% expansion in equipment rentals driven by heavy demand from the power and renewable energy sectors.
What mattered most for margins or profitability?
Standalone equipment rental EBITDA margin remained robust at 55% in Q2 FY27, underpinned by stable fleet utilization averaging approximately 82%.
What changed operationally beyond the headline numbers?
Total owned and operated fleet reached 436 machines as of September 2026, featuring 139 large cranes (50-900 MT capacity), 124 trailers, 56 pick-and-carry cranes, 27 aerial platforms, and specialized stockyard equipment.
What is management guiding or targeting from here?
Management remains on course for the lower end of its annual revenue growth target of 20% to 25% for FY27.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Fleet Commissioning and Revenue Run-Rate: Monitor the commercial deployment and revenue contribution of the ₹106.6 crore capex invested during H1 FY27 as units ramp up through the third quarter.
- 02
Leverage and Margin Trajectory: Track whether operating margins return toward the targeted 37%-38% band by the end of FY27 and observe net debt-to-equity stabilization following peak capex deployment.
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