HCCHindustan Construction Company Ltd.
Hindustan Construction Company Q2 FY27 Results: Consolidated Net Profit ₹22.56 Crore on Total Income of ₹925 Crore
- Earnings
- construction
Reviewed byKeshav SehgalBlacklitt Research
Hindustan Construction Company (NSE: HCC) reported a consolidated total income of ₹925.15 crore and a consolidated net profit of ₹22.56 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. Standalone total income was ₹923.67 crore and standalone net profit ₹36.78 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹925.15 crore, down 5.9% YoY and 12.3% QoQ
- Net profit and EPS: ₹22.56 crore, down 52.8% YoY; basic EPS ₹0.09 against ₹0.23
- Finance costs: ₹89.47 crore, down 25.4% YoY from ₹119.88 crore
Standalone
The company on its own, without its subsidiaries
- Total income: ₹923.67 crore, down 5.3% YoY and 8.8% QoQ
- Net profit and EPS: ₹36.78 crore, up 0.3% YoY; basic EPS ₹0.14 against ₹0.18
- EBITDA margin: 12.2% against 16.1% in the year-earlier quarter, per the company
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 925.15 | 983.25 | -5.9% | 1,055.50 | -12.3% | |
| Revenue from operations | 896.83 | 960.74 | -6.7% | 993.42 | -9.7% |
| Other income | 28.32 | 22.51 | +25.8% | 62.08 | -54.4% |
| 22.56 | 47.78 | -52.8% | 51.08 | -55.8% | |
| Profit before tax | 35.24 | 42.30 | -16.7% | 74.40 | -52.6% |
| Finance costs | 89.47 | 119.88 | -25.4% | 86.84 | +3.0% |
| Depreciation | 6.45 | 5.85 | +10.3% | 5.96 | +8.2% |
| Tax expense | 12.68 | -5.48 | n/a | 23.32 | -45.6% |
| Net profit margin | 2.44% | 4.86% | -2.42 pp | 4.84% | -2.40 pp |
| EPS, basic (₹) | 0.09 | 0.23 | -60.9% | 0.19 | -52.6% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell more than total income. Net profit dropped 52.8% YoY while total income fell 5.9%, and profit before tax fell 16.7%. The tax line moved from a credit of ₹5.48 crore in Q2 FY26 to a charge of ₹12.68 crore, which took the tax rate on profit before tax to 36.0%.
Other income is a larger part of the result than before. Consolidated other income of ₹28.32 crore is 80.4% of profit before tax of ₹35.24 crore, and it rose 25.8% YoY while revenue from operations fell 6.7%. Finance costs of ₹89.47 crore are 9.7% of total income, against ₹119.88 crore a year earlier.
The auditor's consolidated review report is qualified on the deferred tax assets of ₹152.54 crore. It also draws attention to ₹62.58 crore of unbilled work-in-progress and ₹24.21 crore of current trade receivables for closed projects, which the company says it is confident of recovering. The company says the quarterly results may not be strictly comparable because its business is seasonal.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 923.67 | 975.53 | -5.3% | 1,012.71 | -8.8% | |
| Revenue from operations | 895.82 | 957.79 | -6.5% | 981.73 | -8.8% |
| Other income | 27.85 | 17.74 | +57.0% | 30.98 | -10.1% |
| 36.78 | 36.68 | +0.3% | 37.08 | -0.8% | |
| Profit before tax | 48.58 | 55.12 | -11.9% | 50.31 | -3.4% |
| Finance costs | 82.60 | 112.21 | -26.4% | 79.80 | +3.5% |
| Depreciation | 5.92 | 4.64 | +27.6% | 5.38 | +10.0% |
| Tax expense | 11.80 | 18.44 | -36.0% | 13.23 | -10.8% |
| Net profit margin | 3.98% | 3.76% | +0.22 pp | 3.66% | +0.32 pp |
| EPS, basic (₹) | 0.14 | 0.18 | -22.2% | 0.14 | 0.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit was flat, rising 0.3% YoY to ₹36.78 crore, while total income fell 5.3%. Revenue from operations fell 6.5%, but other income rose 57.0% to ₹27.85 crore, which is 57.3% of profit before tax of ₹48.58 crore.
The standalone tax expense of ₹11.80 crore is 24.3% of profit before tax, against a year-earlier charge of ₹18.44 crore. Finance costs fell 26.4% to ₹82.60 crore. Depreciation rose 27.6% to ₹5.92 crore.
The statutory auditor's review of the standalone results is qualified on the carrying value of the investment in HCC Infrastructure Company Limited of ₹1,032.26 crore and on net deferred tax assets of ₹152.54 crore. The company says the investment is fully recoverable on the basis of an independent valuation at 31 Mar 2026.
Inference
The company says its total balance value of work on hand was ₹12,901 crore as at 30 Sep 2026, against ₹12,971 crore at 31 Mar 2026. It says it secured a new order of about ₹524 crore in the quarter and was the lowest bidder for projects of about ₹2,010 crore (HCC share about ₹1,557 crore), and that bids of about ₹34,805 crore remain under evaluation.
The company says it prepaid about ₹100 crore of debt in Q2 FY27 and has begun a further pre-payment of about ₹108 crore by December 2026. Consolidated debt equity ratio is 0.45 times and consolidated net worth is ₹2,128.05 crore. The filing does not say why consolidated net profit fell, why consolidated other income moved as it did between the June and September quarters, or when the receivables under dispute will be recovered.
Filed with BSE on . Reference: Original filing (PDF)
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