Advit Jewels: standalone PAT +28% YoY to ₹12.76 Cr; EPS dips 9% on IPO-led dilution

Advit Jewels' standalone revenue for Q2 FY27 (quarter ended September 30, 2026) rose 23.3% YoY to ₹58.81 Cr (₹47.69 Cr) and 66.5% QoQ from ₹35.32 Cr in Q1 FY27, with standalone PAT up 28.0% YoY to ₹12.76 Cr (₹9.97 Cr) and 55.9% QoQ from ₹8.19 Cr — matching the company's own board-meeting disclosure of "PAT +28% YoY." The sharp sequential jump is consistent with the festive/wedding-season demand build jewellery retailers typically see heading into Diwali rather than a step-change in run-rate, so YoY is the more reliable read of underlying growth. There are no exceptional or prior-period items in either the current or year-ago quarter, so these are clean, unadjusted growth rates. Operating margin compressed to 27.4% from 29.0% a year ago and from 33.0% in Q1 FY27, as cost of materials consumed (₹65.10 Cr) grew faster than revenue — a gold-cost/sourcing-mix effect typical of the category. Net margin held up better, at 21.6% versus 20.9% a year ago, because finance costs fell 68% YoY to ₹0.51 Cr (from ₹1.60 Cr) after the company used its ₹165.16 Cr IPO and ₹22.90 Cr preferential-placement proceeds to fully retire the ₹65.00 Cr of borrowings earmarked for repayment — short-term debt is down to ₹1.10 Cr from ₹61.54 Cr at FY26-end, with ₹39.42 Cr of total proceeds still unutilised. Basic/diluted EPS fell 9.0% YoY to ₹2.83 (from ₹3.11) despite the PAT growth — purely a dilution effect, as paid-up capital rose from ₹32.01 Cr to ₹45.81 Cr (~43% more shares) after the June 2026 IPO and May 2026 preferential allotment, both already reflected in the Q1 FY27 base. EPS is up 15.0% QoQ (₹2.83 vs ₹2.46) against that already-diluted base, a cleaner read of sequential improvement. Management's only guidance on record — a franchise partner's commitment to 30 stores over three years with a minimum of 3 stores targeted for FY27, alongside DRHP-era FY27 revenue/EBITDA targets not restated on the last call — has no quantified progress disclosed in this filing, so it cannot yet be graded beat/met/missed. No street estimates were found for the quarter (TipRanks shows no analyst coverage on the stock), consistent with its recent SME-to-mainboard listing, so a street comparison isn't available. The company also disclosed routine promoter/shareholder stake movements this quarter (a 16.98% gift transfer to Abhishek Gilara and open-market purchases by Ramesh Saraogi) that are ownership reshuffles unconnected to the operating numbers.