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NSE: DATAPATTNSISIN INE0IX101010

Data Patterns (India) Ltd.

Capital GoodsNifty 500Statement-builtHigh risk
₹4,073.00
+34.10 (+0.84%)
Close 2026-10-16
52-week range
₹2,183−17.4% from high₹4,932
Last 6 months +16.6%
Trend
vs 50-DMA −6.5%vs 200-DMA +3.7%Volatility 50%
Analyst view from the market data feed
9% bullish
8 analystsmean rating 1.88
Price
₹4,073.00
Mkt cap
₹22,836 cr
P/E (TTM)
94.1xexcl. exceptional items
P/B
13.03x
Book value
₹309.6
ROE
16.1%
Op margin
36.9%
Net margin
28.5%
D/E
0.00
Div yield
0.25%
Q2 FY27 results2 questions to askHide
Revenue₹133 cr▼ 56.7%on the year▲ 14.8%on the quarter
EBITDA₹31.4 cr▼ 54.2%on the yearmargin 23.5% (+126 bps)
Net profit₹21.8 cr▼ 55.6%on the year▼ 1.1%on the quarter
EPS₹3.86▼ 56.1%on the year
  1. Revenue ₹133 cr, −56.7% on the year (this quarter has averaged +111.1% over the last 2 years); EBITDA margin 23.5%, +126 bps.
  2. Part of the profit growth came from outside the business: reported −55.6%, core −64.9%. Other income, exceptional items or tax added 9 points.
  3. Customers are taking much longer to pay. Is revenue being booked ahead of cash? Receivables at 366 days of sales, against 287 days at the last year end (₹500 cr now, ₹728 cr then).
!Customers are taking much longer to pay. Is revenue…?Inventory is piling up against sales. Slow demand, or…✓Profit is backed by cash: operating cash flow exceeded…
Management said
  • The business momentum during H1FY27 has been encouraging, particularly on the order inflow front. We received fresh orders worth Rs. 929 crores in Q2FY27, taking H1FY27 inflows to Rs. 1,046…press release
  • Our current order book, including orders received and negotiated, stands at approximately Rs. 2,698 crores, providing healthy revenue visibility.press release
  • With several programs milestones progressing and deliveries expected to pick up, we expect H2FY27 to be stronger than H1FY27, supported by our healthy order book and execution momentum.press release
Market today: Funded rallyBhav 58 · Dhan 70 · 6 NovBhav Dhan Index →
Consolidatedstandalone figures are read separately and never mixed into these tables
What this company actually does

A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.

  • Business model in plain language
  • The revenue engine — what actually generates cash
  • Segment revenue, PBIT, margin and capital employed
  • Operating KPIs — volumes, capacity, utilisation
Live once this company's filings, calls and disclosures have been read.

What's newsince the last filing we processed

Annual report Annual Report 2026 Open
Earnings call Oct 2022 Open
Announcement 9 Sep - Independent Director Sastry Venkata Rama Vadlamani ceases effective September 9, 2026. Open
Credit rating 9 Jun 2025 Open

Price in context split-adjusted

1M−5.7%
6M+17.5%
1Y+49.1%49.1% a year
From high−17.4%worst -30%
vs Nifty, 1Y+51.3 ptsNifty −2.2%
Beta0.97vs Nifty 50
Volatility50%a year

Trading at 83.7x earnings against its own median of 73.4x: 0.7 standard deviations above its usual range. This compares the company with its own history, not with other companies.

How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.

What you must understand

The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.

  • Reported profit vs operating profit
  • Management narrative vs the numbers
  • Standalone vs consolidated divergence
  • Audit opinion vs headline optimism
Live once this company's filings, calls and disclosures have been read.

Reading the Statements forensic interpretation

What the numbers mean when read together — computed from the filings, not a score.

Profit repeatedly fails to become cash

Operating cash is only 30% of profit, and operating cash has been negative in 3 of the last 12 years — this is a pattern, not a one-off timing gap.

Why this reading: Flagged because the shortfall is persistent (3 weak years), material, and unexplained by a single year of working-capital movement.

Full read

Latest operating cash ₹80 cr vs trailing profit ₹271 cr. A repeated gap between profit and cash points to structural earnings quality issues rather than benign timing.

Net margin compressing

Net margin has narrowed from 33.5% to 28.5% year-on-year — profitability per rupee of sales is shrinking.

Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.

Full read

Quarter net margin 28.5% vs 33.5% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.

Capital work-in-progress is sticky

Capital work-in-progress has stayed high (28% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.

Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.

Full read

CWIP ₹74 cr vs ₹48 cr two years earlier, against fixed assets ₹260 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.

Borrowing is funding real capacity

Debt rose over 3 years, and most of it (7367%) has turned into fixed assets and projects under construction — the borrowing is building the business.

Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.

Full read

New borrowing ₹3 cr largely matched by an asset build of ₹221 cr. Debt that funds capacity is a different thing from debt that funds nothing.

Profit growing with revenue

Both revenue and profit grew over the last year (33.9% and 24.2%) — growth is translating to the bottom line.

Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.

Full read

Trailing revenue ₹941 cr, trailing profit ₹267 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.

Free cash flow is variable

Free cash flow swings between positive and negative across the cycle.

Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.

Full read

Latest ₹8 cr, negative in 3 of 12 years.

Forensic modelscomputed from the filed statements

Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.

Altman Z″

Needs current assets and current liabilities.

Piotroski F

7 / 8 1 not testable
  • Profitable this year
  • Operating cash positive
  • Return on assets improved
  • Cash exceeds profit
  • Leverage reduced
  • Liquidity improved
  • No share dilution
  • Margin improved
  • Assets working harder
What is this, and how do I read it?

Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.

Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?

Profitability (4 tests)
Positive profit, positive operating cash, improving return on assets, and cash exceeding profit. The last is the quality test — profit that outruns cash is the one to question.
Leverage and liquidity (3 tests)
Falling debt, improving current ratio, no new shares issued. Growth funded by dilution scores zero here.
Operating efficiency (2 tests)
Improving margin and improving asset turnover.

How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.

Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.

Beneish M

Needs trade receivables, current assets, other expenses.

Cash vs profit

0.26× 12-year cumulative

Accruals are 10.1% of assets. Free cash flow negative in 3 of 12 years.

DuPont — return on equity FY2026

Net margin29.3%× Asset turnover0.48×× Leverage1.11×= ROE15.6%
What is this, and how do I read it?

DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.

Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.

Net margin
What the company keeps from each rupee of sales. High margin points to pricing power or a genuine cost advantage.
Asset turnover
Sales generated per rupee of assets. High turnover points to efficiency — a retailer earns this way, a utility never will.
Leverage (equity multiplier)
Assets divided by equity. This multiplies whatever the first two produce, in both directions.

How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.

Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.

Leverage & coverage FY2026

Debt / equity0.00×
Interest coverage31.33×
ROCE22.0%

Capital that builds FY2023 → FY2026

Capital deployed+196%
Revenue produced+104%
Still in CWIP₹74 cr

Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.

The formula notebook — every number above, worked out
Cash vs profit cumulative operating cash flow ÷ cumulative net profit ₹253 cr ÷ ₹984 cr, over 12 years 0.26× Below 1.0 and persistent means profit is being recognised before the cash arrives.
Accruals (Sloan) (net profit − operating cash flow) ÷ average total assets (₹271 − ₹80) cr ÷ average assets 10.1% The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.
DuPont — return on equity net margin × asset turnover × leverage 29.3% × 0.48 × 1.11 15.6% Splits ROE into whether returns come from operations or from borrowing.
Interest coverage EBIT ÷ finance cost ₹376 cr ÷ ₹12 cr 31.33× How many times operating profit covers the interest bill.
Debt to equity borrowings ÷ net worth ₹5 cr ÷ ₹1,736 cr 0.00× Read against the sector — infrastructure carries more than software.
Capital that builds growth in fixed assets + CWIP, against growth in revenue capital +196% vs revenue +104%, FY2023 to FY2026 91pp gap Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.

Going deepersame statements, harder questions

Montier C-Score

Needs more balance-sheet detail (only 3 of 6 flags testable).

Return on invested capital FY2026

ROIC16.2%
On new capital since FY2023 26.6%
Capital employed₹1,741 cr

NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.

What is this, and how do I read it?

Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.

ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?

NOPAT
Operating profit after a notional tax charge, so the figure is independent of how the company is financed. We use 25%.
Invested capital
Equity plus borrowings less cash — the money actually at work.
Incremental ROIC
Change in NOPAT divided by change in invested capital. If it sits below the cost of capital, growth is destroying value however fast revenue rises.

How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.

Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.

Earnings quality ladder FY2026

Cash ÷ EBITDA0.21×
Cash ÷ profit0.30×
Free cash ÷ profit0.03×

Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.

What is this, and how do I read it?

The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.

Three ratios read in order, each stricter than the last.

Cash ÷ EBITDA
Does operating profit arrive as cash? Below 0.8 points to working capital absorbing it.
Cash ÷ profit
Does bottom-line profit arrive as cash? Below 1.0 persistently is the classic warning.
Free cash ÷ profit
Does anything survive capex? This is where capital-hungry businesses reveal themselves — a company can pass the first two and still never generate spendable cash.

How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.

Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.

What the price implies

60.0% free cash flow growth, every year for ten years

The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.

What is this, and how do I read it?

Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.

Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.

Discount rate
The return required for the risk taken. We use 11.5%, roughly the long-run cost of equity in India.
Terminal growth
Growth beyond the explicit ten years. We use 4%, near long-run nominal GDP.
The output
The free-cash-flow growth rate, every year for a decade, that makes the discounted total equal today's market value.

How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.

Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.

Reading the numbers on this pagetwo bases, both shown

Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.

Operating margin
Trailing twelve months, live feed36.9%
FY2026, as filed40.4%
3.6% apart

Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.

What the filings we hold do not give

Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.

Published screening frameworksrules applied, not opinions quoted

Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.

Graham — defensive investor

3 / 5
  • Debt below net worth ₹5 cr vs ₹1,736 cr
  • Positive earnings every year 12 of 12 years
  • Earnings growth over the period 188% since FY2022
  • P/E below 15 94.1×
  • P/E × P/B below 22.5 1,225.9

Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.

Greenblatt — magic formula

1 / 2
  • Return on capital above 20% 21.6%
  • Earnings yield above 8% 1.1%

Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.

O'Neil — CAN SLIM growth tests

2 / 4
  • Annual earnings growth above 25% 22%
  • Revenue growth above 20% 31%
  • Return on equity above 17% 15.6%
  • Share count not expanding equity capital ₹11 cr

The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.

Quality — compounder tests

3 / 4
  • Cash conversion above 0.9× 0.26× over 12 years
  • ROCE above 15% 22.0%
  • Interest covered more than 4× 31.33×
  • Debt below half of equity 0.00×

The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.

Against the sector63 companies

Median of the companies we hold in the same sector (Capital Goods). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.

P/E
94.1×
52.0×
+81%
P/B
13.0×
7.2×
+81%
Return on equity
16.1%
17.5%
-8%
Operating margin
36.9%
12.4%
+198%
Net margin
28.5%
11.2%
+155%
Dividend yield
0.3%
0.4%
-36%
this companysector median

The page in pictures

Revenue and what it leaves behind

Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.

FY19 · 131FY19FY20 · 156FY20FY21 · 224FY21FY22 · 311FY22FY23 · 453FY23FY24 · 520FY24FY25 · 708FY25FY26 · 925FY26
Revenue (₹ cr)Net margin %

Where the year's cash went — FY2026

Operating cash first, then what the business spent and raised.

80Operating cash−3Investing−58Financing

Quality over time

One year is a snapshot. These are the two lines that matter across a cycle.

4.42.60.8-1.0FY19FY20FY21FY22FY23FY24FY25FY26
Cash ÷ profit (×)ROCE (÷10)

Where cash gets stuck

Rising debtor or inventory days against flat sales is the earliest visible sign of stress.

905594283-28FY19FY20FY21FY22FY23FY24FY25FY26
Debtor daysInventory daysPayable daysCash cycle
Growth & valuation workspace

Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.

User-driven scenario tool. Implied value and CAGR follow only from the assumptions you set — not a FinMinutes forecast, recommendation, or target price.

Valuation & quality

One canonical set of figures — the same numbers used everywhere else on this page and on the screener.

What you payHow the price compares with earnings, book and sales.
P/E (TTM)
94.1x
trailing 12m, live feed
P/B
13.03x
P/S
24.02x
PEG
3.15
Dividend yield
0.25%
What it earnsMargins and returns as the live feed reports them, on a rolling twelve months. The models above compute the same measures from the last audited statements, so the two can differ.
Operating margin
36.9%
trailing 12m, live feed
Net margin
28.5%
trailing 12m, live feed
Return on equity
16.1%
trailing 12m, live feed
How it is fundedLeverage and what is returned to shareholders.
Debt / equity
0.00
conservative
Payout ratio
20.9%
Book value / share
₹309.6
Return on equity of 16.1% is built on a 28.5% net margin and debt of 0.00x equity. The full DuPont breakdown sits in the forensic models above.

Ownership & Skin in the Game

How the register has moved over recent quarters — the direction matters more than the level.

Promoter ― 0.00
Dec '2542.41% Mar '2642.41% Jun '2642.41% Sep '2642.41%

Promoter held steady from 42.41% to 42.41% across these quarters.

FII ▼ 0.20
Dec '2511.54% Mar '2612.47% Jun '2612.50% Sep '2611.34%

FII trimmed from 11.54% to 11.34% across these quarters.

MF ▲ 3.23
Dec '257.61% Mar '269.20% Jun '269.85% Sep '2610.84%

MF rose from 7.61% to 10.84% across these quarters.

Other ▼ 3.03
Dec '2538.44% Mar '2635.92% Jun '2635.24% Sep '2635.41%

Other trimmed from 38.44% to 35.41% across these quarters.

Working capital12-year series

Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.

MeasureFY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Debtor days
How long customers take to pay
287270254233308280307287
Inventory days
How long stock sits before it sells
646517382508412590421294
Payable days
How long the company takes to pay suppliers
118112621629211111182
Cash conversion cycle
Debtor + inventory − payable days
815675574579628759618499
Working capital days262227295281409278359357
ROCE %
Return on capital employed
13.0%20.0%39.0%33.0%20.0%20.0%21.0%22.0%

Defence vitalsthe numbers this business is run on

Quarter by quarter

MetricQ2 FY27Q2 FY26
Order book (₹ cr)1,742926.48
Order inflow (₹ cr)929—
Book to bill (×)13.07—
Customer advances (₹ cr)99.51—

From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.

Read using the Defence and aerospace framework (named in the filing read). Primary valuation lens: P/E against order book quality.

3 standard reads withheld or marked as expected here, and why
  • Government and large-contract payment cycles run long by design.
  • Performance and bank guarantees are mandatory on every contract.
  • Milestone and percentage-of-completion revenue makes quarters uneven.

Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed · Single-programme concentration · Indigenisation content.

Trends

The shape of the business over time (annual) — read the direction, not the single print.

Revenue (₹ cr)
FY2021224FY2022311FY2023453FY2024520FY2025708FY2026925
Net profit (₹ cr)
FY202156.0FY202294.0FY2023124FY2024182FY2025222FY2026271

Annual Profit & Loss ₹ cr

LineFY2021FY2022FY2023FY2024FY2025FY2026
Revenue from operations224311453520708925
Other income349464625
Depreciation678161423
Finance cost1411891212
Profit before tax75127165242295364
Net profit (owners)5694124182222271
EPS (₹)11.8718.1122.1532.4539.6248.47

Exceptional items, total income and EBITDA are read from the filed statements.

Quarterly Financials ₹ cr

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue1081401821049111739699307173345116
Other Income11111212121111116367
Expenses687989675763247672399315285
Depreciation337333456666
Finance cost223333332253
Profit before tax46669543405915334667518829
Net Profit34517133304511426495813822
EPS6.049.1012.705.865.417.9820.384.558.7910.4124.723.94

Balance Sheet ₹ cr, annual

ItemFY2021FY2022FY2023FY2024FY2025FY2026
Equity Capital21011111111
Reserves2065641,1561,3131,4971,725
Borrowings3792465
Net block3347112150247260
CWIP0171484974
Investments0056262327329
Total Assets3297071,4351,6921,8391,929

Cash Flow ₹ cr

LineFY2021FY2022FY2023FY2024FY2025FY2026
Cash from operations5550-17139-9080
Cash from investing-3-118-383-22489-3
Cash from financing-45236438-43-50-58
Free cash flow5012-5752-1968
Net change in cash716838-127-5019

Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.

From the filings, calls & disclosures

The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.

  • Buried in the footnotes — what the notes disclose and the summary does not
  • Risk register — every dispute, probe and contingent liability with its amount
  • Audit & governance — opinion type, emphasis of matter, going concern, subsidiary coverage
  • Guidance & forward view
  • Narrative vs numbers
  • Segment intelligence
Live once this company's filings, calls and disclosures have been read.
The analyst grilling

Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.

  • The question, and who asked it
  • Management's answer, in their own framing
Live once this company's filings, calls and disclosures have been read.

Disclosure & evidencewhat the filings actually show

These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.

Capital discipline

2 of 4 disclosed weighted 4 of 10
What was looked for
  • Profit converts to cash — 0.26× over 12 years
  • Free cash flow not persistently negative — 3 of 12 years negative
  • Capital converts into revenue — capital +196% vs revenue +104%
  • Interest comfortably covered — 31.33×

Others in Capital Goods

The same read, applied to the companies this one competes with.

Results · Q2 FY27July to September 2026

Open the full results page ↗
!1 serious?1 question to ask✓1 positive14 of 19 checks ran · read from the filing
Revenue₹133 cr▼ 56.7%on the year▲ 14.8%on the quarter
EBITDA₹31.4 cr▼ 54.2%on the yearmargin 23.5% (+126 bps)
Net profit₹21.8 cr▼ 55.6%on the year▼ 1.1%on the quarter
EPS₹3.86▼ 56.1%on the year

What changed

  1. Revenue ₹133 cr, −56.7% on the year (this quarter has averaged +111.1% over the last 2 years); EBITDA margin 23.5%, +126 bps.
  2. Part of the profit growth came from outside the business: reported −55.6%, core −64.9%. Other income, exceptional items or tax added 9 points.
  3. Customers are taking much longer to pay. Is revenue being booked ahead of cash? Receivables at 366 days of sales, against 287 days at the last year end (₹500 cr now, ₹728 cr then).

The quarter, explainedfrom the filing and the statements

Data Patterns (India) Ltd. reported revenue of ₹133 cr for July to September 2026, −56.7% on the year and +14.8% on the quarter. That is slower than this quarter has grown in recent years (+111.1% on average). Over the last four quarters revenue comes to ₹767 cr, −16.6% on the four before.

Operating profit (EBITDA) was ₹31.4 cr, a margin of 23.5%, +126 bps on the year and −350 bps on the quarter. Over the last 8 quarters the margin has ranged from 22.3% to 55.9%, averaging 36.5%. Operating costs grew −57.4% against revenue growth of −56.7%, so more of each rupee of sales reached operating profit.

Net profit was ₹21.8 cr, −55.6% on the year and −1.1% on the quarter, with earnings per share of ₹3.86. Profit before other income, one-offs and tax fell 64.9%, so 9 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹240 cr, +2.4% on the four before.

Defence revenue is lumpy and weighted to the fourth quarter, when deliveries are booked; the order book is the better gauge of the year.

On earnings per share of ₹42.93 over the last four quarters, the stock at ₹4,073.00 trades at 94.9 times trailing earnings.

Questions to askeach one with its numbers and source

!Serious

Customers are taking much longer to pay. Is revenue being booked ahead of cash?

Receivables at 366 days of sales, against 287 days at the last year end (₹500 cr now, ₹728 cr then).

Source: Balance sheet

?Question

Inventory is piling up against sales. Slow demand, or stocking ahead?

Inventory at 263 days of sales, against 108 days at the last year end (₹360 cr now, ₹274 cr then).

Source: Balance sheet

Also worth knowing

✓Positive

Profit is backed by cash: operating cash flow exceeded profit.

Operating cash flow for the first half ₹110 cr against profit of ₹43.9 cr.

Source: Cash flow statement

Could not run on this quarter: Exceptional items that recur, Borrowing while holding cash, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.

Where the profit change came fromSep '25 → Sep '26

₹49.2 crSep'25−₹37.1 crBusiness(EBITDA)−₹1.4 crDepreciation−₹0.6 crFinancecost+₹2.2 crOtherincome+₹9.6 crTax₹21.8 crSep'26

Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.

The half year: balance sheet and cashfiled with Q2

Balance sheetSep '26Last year endChange
Trade receivables₹500 cr₹728 cr▼ 31.3%
Inventory₹360 cr₹274 cr▲ 31.4%
Cash₹69.3 cr₹56.9 cr▲ 21.8%
Bank balances₹24.6 cr₹37.0 cr▼ 33.5%
Long-term borrowings₹2.2 cr——
Short-term borrowings₹0.3 cr——
Trade payables₹72.1 cr₹76.8 cr▼ 6.1%
Net block₹192 cr₹161 cr▲ 19.7%
Capital work in progress₹17.2 cr₹13.2 cr▲ 30.4%
Equity₹1,724 cr₹1,736 cr▼ 0.7%
Total assets₹1,961 cr₹1,929 cr▲ 1.7%
Cash flow, year to dateThis yearLast year
Operating cash flow₹110 cr−₹49.8 cr
Capital expenditure−₹65.6 cr−₹37.0 cr
Investing cash flow−₹34.8 cr₹86.5 cr
Financing cash flow−₹62.9 cr−₹50.3 cr
Dividends paid−₹56.0 cr−₹44.2 cr

Operating cash flow was 2.50× profit. Receivables at 366 days of sales (+79 days against the last year end). Inventory at 263 days of sales (+155 days).

From the filingauditor, IPO money, related parties, promoters

✓Auditor's reviewUnmodified conclusion · Deloitte Haskins & Sells

Other matter: “

We did not review the financial information of a subsidiary included in the consolidated unaudited financial results, whose interim financial information reflect total assets of Rs. 11.90 crores as at September 30, 2026, total revenues of Rs. Nil for the… Read in fullWe did not review the financial information of a subsidiary included in the consolidated unaudited financial results, whose interim financial information reflect total assets of Rs. 11.90 crores as at September 30, 2026, total revenues of Rs. Nil for the quarter and half year ended September 30, 2026, total net loss after tax of Rs. 0.15 crores for the quarter and half year ended September 30, 2026, total comprehensive loss of Rs. 0.15 crores for the quarter and half year ended September 30, 2026 and net cash flows of Rs. (0.71) crores for the half year ended September 30, 2026, as considered in the Statement. These interim financial results have been reviewed by other auditor whose report have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the subsidiary, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above.
”

Filing p. consolidated limited review report p.1-2

✓IPO moneyUsed as stated

₹21.9 cr still unused. “Total QIP proceeds of ₹487.74 crore net of expenses; ₹465.89 crore utilised up to Sept 30, 2026, leaving ₹21.85 crore unutilised (₹20.25 crore for product development and ₹1.60 crore for EMI-EMC testing facility)”

?Governance eventsOther

Acquired 100% equity stake in ST Advanced Composites Private Limited (STAC) effective September 17, 2026, for a cash consideration of Rs 1.50 Crore. (p. note 3 to consolidated financial results)

Inside the profitother income, one-offs, tax

Other income, line by line

  • Profit on sale of investments (6M consolidated): 12.76 crore (recurring)consolidated cash flow statement
  • Interest Income from bank deposits (6M consolidated): 4.4 crore (recurring)consolidated cash flow statement
  • Fair value loss on re-measurement of investment valued through FVTPL (6M consolidated): -2.54 crore (recurring)consolidated cash flow statement

Tax: Consolidated tax expense of ₹7.57 crore on Profit before tax of ₹29.39 crore for Q2 FY27 (Standalone ETR: 25.60% with tax expense of ₹7.56 crore on PBT of ₹29.53 crore)

Defence vitalsthe numbers this business is run on

MetricQ2 FY27Q2 FY26
Order book (₹ cr)1,742926.48
Order inflow (₹ cr)929—
Book to bill (×)13.07—
Customer advances (₹ cr)99.51—

Worked out from filed numbers. Book to Bill Ratio: Orders on hand (₹1,742.07 crore) / Q2 FY27 Consolidated Revenue from Operations (₹133.25 crore) = 13.07x (20.25x including negotiated orders ₹2,697.83 crore)

Checks this sector needs

✓Unbilled revenue growing faster than billed receivables

Billed trade receivables decreased from ₹727.77 crore as of March 31, 2026 to ₹500.13 crore as of September 30, 2026, reflecting healthy cash collections.

Trade receivables reduced by 31.3% during H1 FY27, improving working capital cash flow.

✓Order inflow against execution

Order inflows in Q2 FY27 stood at ₹929.00 crore (H1 FY27: ₹1,046.00 crore), significantly exceeding Q2 revenue execution of ₹133.25 crore.

Order inflows exceeded execution by 7.0x in Q2 FY27, expanding total order book to ₹2,697.83 crore (including negotiated orders).

iBank guarantees outstanding growing faster than the order book

not disclosed

Bank guarantee outstanding details are omitted from the quarterly results filing.

iLiquidated damages or cost overruns disclosed

Liquidated damages (LD) written off during H1 FY27 stood at ₹2.12 crore (compared to ₹0.11 crore in H1 FY26).

Liquidated damages of ₹2.12 crore were written off in H1 FY27 operating cash flow adjustments.

✓Single-programme concentration

Product portfolio and project involvement are spread across Radars, Electronic Warfare, Communications, Avionics, Small Satellites, ATE, Tejas LCA, LUH, and BrahMos.

Broad program diversification across multiple defense domains prevents single-program reliance.

✓Indigenisation content

Maintains 100% in-house design, development, and manufacturing capabilities across hardware, software, firmware, and mechanical domain solutions.

Full vertical integration supports high indigenous content for Make in India defense programs.

Order book 1742.07 crore at quarter end, after inflows of 929 crore in the quarter (13.07× trailing revenue).

Read using the Defence and aerospace framework (named in the filing read). Primary valuation lens: P/E against order book quality.

1 standard read withheld or marked as expected here, and why
  • Quarters swing with the season or with project milestones here; read the year, not the quarter.

Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed · Single-programme concentration · Indigenisation content.

What management saidquoted, with source

  • The business momentum during H1FY27 has been encouraging, particularly on the order inflow front. We received fresh orders worth Rs. 929 crores in Q2FY27, taking H1FY27 inflows to Rs. 1,046 crore.press release, release p.1
  • Our current order book, including orders received and negotiated, stands at approximately Rs. 2,698 crores, providing healthy revenue visibility.press release, release p.1
  • With several programs milestones progressing and deliveries expected to pick up, we expect H2FY27 to be stronger than H1FY27, supported by our healthy order book and execution momentum.press release, release p.1
  • Looking ahead, we remain confident in our business outlook... We remain on track to achieve our full-year targets, and our FY27 guidance remains unchanged.press release, release p.2

Guidance given this quarter

MetricGuidanceForAgainst earlier guidance
H2 FY27 Performance OutlookStronger than H1FY27H2 FY2027unchanged or first given
Full-Year FY27 Growth Targets StatusUnchangedFY2027unchanged or first given

Held for next quarter's said-then-did check.

Every quartersame rules, every quarter

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
Revenue₹140 cr₹182 cr₹104 cr₹91.0 cr₹117 cr₹396 cr₹99.0 cr₹307 cr₹173 cr₹345 cr₹116 cr₹133 cr
YoY——+16%−16%−16%+118%−5%+238%+48%−13%+17%−57%
EBITDA margin42.9%51.1%35.6%37.4%46.2%37.6%32.3%22.3%46.8%55.9%27.0%23.5%
Other income, % of PBT17%13%28%30%19%7%32%9%4%3%25%28%
Exceptional items————————————
Tax rate22%25%25%24%24%25%25%26%23%26%25%26%
Net profit₹51.0 cr₹71.0 cr₹33.0 cr₹30.0 cr₹45.0 cr₹114 cr₹26.0 cr₹49.2 cr₹58.0 cr₹138 cr₹22.1 cr₹21.8 cr
YoY——+27%−12%−12%+61%−21%+64%+29%+21%−15%−56%
Core profit YoY——+35%−20%−13%+71%−26%+116%+50%+28%−4%−65%
EPS₹9.10₹12.70₹5.86₹5.41₹7.98₹20.38₹4.55₹8.79₹10.41₹24.72₹3.94₹3.86
Flags··✓✓✓211✓✓12

Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.

DISCLAIMER: FinMinutes is a financial data and analytics platform, not a registered investment adviser. Everything here is for educational and informational purposes. Forensic interpretations are computed from disclosed data and are not recommendations. Do your own due diligence.
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