09-Nov-2026 08:24:53
GS on Data Patterns ; Neutral TP Rs 4165
Q2FY27 performance was a miss across all key operating parameters, with revenue, EBITDA and PAT below our estimates by 10%, 47% and 52%, respectively. On positive side, order inflows were strong at INR 9.3bn in Q2FY27, taking H1FY27 inflows to INR 10.5bn (nearly 3x YoY) Confirmed order book stood at INR 17.4bn, with an additional INR 9.6bn of negotiated orders awaiting formalization, implying a combined order book and pipeline of INR 27bn. Management maintained its FY27 guidance of 25% revenue growth and 35-40% EBITDA margin, implying a sharp H2FY27 execution ramp-up At current market price, believe that risk-reward is balanced as sharp uptick in order accretion is offset by weak execution/margins in past two quarters.
DATA PATTERNS INDIA LTD