Alphalogic Techsys Q2 FY27: consolidated PAT +44% YoY to ₹3.24 Cr as OPM expands to 19.5%

Alphalogic Techsys's consolidated Q2 FY27 revenue came in at ₹21.24 Cr, up 26.4% YoY and 109.8% QoQ, with PAT of ₹3.24 Cr, up 43.9% YoY and 90.3% QoQ — matching the company's own board-meeting disclosure of "+44% YoY" growth. EPS was ₹0.52 against ₹0.36 a year ago and ₹0.27 in Q1 FY27. Neither period carries exceptional items, so this is clean, unadjusted growth. No analyst coverage or consensus estimate could be found for the stock, and neither our records nor the filing carry formal management guidance, so the print cannot be benchmarked against a street number or a stated outlook — both were checked and came up empty; no separate management press release accompanied this filing either. Nearly all of the growth, and the entire QoQ surge, came from the Manufacturing of Racks segment — about 94% of consolidated revenue this quarter. Its revenue jumped to ₹20.05 Cr from ₹8.92 Cr in Q1 FY27 (+124.9% QoQ) and from ₹15.40 Cr a year ago (+30.2% YoY), with segment result up to ₹3.11 Cr from ₹1.84 Cr YoY. That lifted consolidated OPM (EBITDA margin) to 19.47%, from 15.93% YoY and 18.24% in Q1. NPM told a more mixed story: it expanded YoY (12.98% to 14.91%) but slipped QoQ from 15.78%, as the effective tax rate rose to roughly 25.3% from about 23.3% in Q1 — the operating-level expansion didn't fully flow through to the bottom line this quarter. The small Biofuels segment swung to a marginal loss (₹2.46 Lakh) from a ₹1.82 Lakh profit a year ago, immaterial to the overall print. The basis divergence is worth flagging explicitly: standalone (parent-only) PAT was nearly flat at ₹0.58 Cr (+2.5% YoY) on revenue that actually fell 10.3% YoY to ₹1.46 Cr — readers comparing the two will see very different stories, and both are correctly stated, just scoped differently. Separately, a non-promoter warrant holder in subsidiary Alphalogic Industries exercised conversion rights, diluting the parent's stake from 51.18% to 49.57% and technically ending its status as a Section 2(46) holding company from 29 September 2026; management states it retains effective control under Ind AS 110 and continues full consolidation, so this quarter's consolidated numbers are unaffected by the technicality. The Board also allotted 18 lakh convertible warrants to non-promoter investors in September, receiving ₹1.35 Cr upfront (25% of issue price), and capital work-in-progress rose 73% sequentially to ₹40.25 Cr — consistent with ongoing capacity expansion in the Racks manufacturing line that is now driving the group's growth.