DATAPATTNS · Capital Goods · filed 6 Nov 2026
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.
Customers are taking much longer to pay. Is revenue being booked ahead of cash?
Source: Balance sheet
Inventory is piling up against sales. Slow demand, or stocking ahead?
Source: Balance sheet
Profit is backed by cash: operating cash flow exceeded profit.
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.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| 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 date | This year | Last 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).
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 full
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 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
₹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)”
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)
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)
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Order book (₹ cr) | 1,742 | 926.48 |
| 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)
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 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).
not disclosed
Bank guarantee outstanding details are omitted from the quarterly results filing.
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.
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.
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.
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.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| H2 FY27 Performance Outlook | Stronger than H1FY27 | H2 FY2027 | unchanged or first given |
| Full-Year FY27 Growth Targets Status | Unchanged | FY2027 | unchanged or first given |
Held for next quarter's said-then-did check.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 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 margin | 42.9% | 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 PBT | 17% | 13% | 28% | 30% | 19% | 7% | 32% | 9% | 4% | 3% | 25% | 28% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 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 | · | · | ✓ | ✓ | ✓ | 2 | 1 | 1 | ✓ | ✓ | 1 | 2 |
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.
Data Patterns (India) Ltd. reported revenue of ₹133 cr (−56.7% on the year) and net profit of ₹21.8 cr (−55.6% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −64.9% on the year, against −55.6% for reported profit.
2 checks raised a question: Customers are taking much longer to pay. Is revenue being booked ahead of cash?
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