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Shankara Group delivered strong financial results for Q2 & H1 FY26.
1. **Business Performance:** Q2 sales rose 26% YoY to ₹1,681 Cr, with H1 sales reaching ₹3,325 Cr, up 27% YoY. The steel business showed robust growth, with Q2 volumes up 31% YoY and revenue up 28% YoY. Non-steel revenue grew 10% YoY in Q2, driven by Sanitaryware, Plumbing, Electricals, and Paints, despite broader industry headwinds. Retail sales increased 22% YoY in Q2.
2. **Growth Drivers or Strategy:** The company completed its demerger, creating separate marketplace (SBL) and manufacturing (SBPL) entities. SBL aims to boost steel volumes, expand non-steel categories like Electricals and Paints, and leverage its 94 stores and 36 fulfillment centers. SBPL focuses on operational restructuring to improve margins and capacity utilization.
3. **Recent Developments:** A new non-steel store opened in Vijayawada, alongside three new fulfillment centers. The listing of Shankara Buildpro Limited is expected by November-end.
4. **Key Financial Metrics:** Q2 Profit After Tax (PAT) jumped 65% YoY to ₹25 Cr, with Basic EPS at ₹10.38. H1 PAT increased 84% YoY to ₹58 Cr, and Basic EPS reached ₹23.75. EBITDA margins stood at 3.03% for Q2 and 3.31% for H1.
5. **Management Commentary / Outlook:** Shankara is on track to achieve over 1.0 million tonnes in steel volume for FY26, targeting sustained top-line growth and margin improvement.