Apcotex Q2 FY27: PAT ₹34.8 Cr, +38% YoY; margin at 11.7% misses own 15-16% guide

Apcotex's standalone Q2 FY27 (quarter ended September 30, 2026) revenue came in at ₹498.92 Cr, up 48.2% YoY from ₹336.69 Cr, and PAT rose 37.7% YoY to ₹34.84 Cr from ₹25.30 Cr — though the year-ago quarter's base included a ₹5.75 Cr one-off gain on the sale of an office premise; stripping that out, underlying YoY PAT growth was closer to ~64%, a stronger read on core profitability than the headline number suggests. Sequentially, both lines fell — revenue down 5.1% and PAT down 55.9% from Q1 FY27's ₹525.63 Cr / ₹78.94 Cr — because Q1's 22.3% EBITDA margin was a pricing/inventory-driven spike that management itself called a 'non-recurring timing benefit' on the August 2026 concall, guiding to a 15-16% 'sustainable' EBITDA margin band going forward. This quarter's margin came in at 11.7% (NPM 6.9%, down from 14.9% in Q1 and 7.4% a year ago) — below even that guided floor, so while the margin normalised as flagged, it normalised further than management's own target range implied. No analyst consensus or brokerage preview for this specific quarter could be located via web search, so vsStreet is marked unknown rather than guessed. On revenue, the company is tracking its FY27 guidance of ~40% growth off a ₹220 Cr capex cycle (adding ~₹600 Cr of revenue) reasonably well — H1 FY27 revenue of ₹1,024.56 Cr is up 43.8% YoY, slightly ahead of plan — with the NBR line still slated for Q1 FY28 and SB latex two months after, both unchanged from prior commentary and not yet contributing. The quarter carries no exceptional items (versus the ₹5.75 Cr gain booked a year ago), and the results — audited and board-approved on October 28, 2026 — remain standalone-only as the company has no subsidiary, associate or JV to consolidate. Apcotex separately disclosed a minor ₹72 Lakh stake purchase in Amplus Ampere (1.275%) on October 22, 2026, immaterial to the P&L. Going into Q3, the key markers are whether margins stabilise near the guided 15-16% band or keep drifting lower, and progress on the NBR/SB latex commissioning timeline.