Aptech Q2FY27: consolidated PAT +42% YoY to ₹9.2 Cr (~74% ex GST one-off), margins up

Aptech's consolidated PAT rose 42.3% YoY to ₹9.19 Cr on revenue of ₹147.68 Cr, up 9.5% YoY and 10.4% QoQ. The reported PAT growth understates the underlying quarter: it includes a ₹2.05 Cr exceptional charge tied to a September 2026 GST department review, where the company paid ₹4.15 Cr in GST liability plus ₹0.75 Cr interest and can claim back ₹2.09 Cr as input tax credit, leaving ₹2.05 Cr expensed as one-off. Stripping that out, adjusted PAT is ~₹11.24 Cr, putting adjusted YoY growth at roughly 74% — a materially stronger print than the headline number suggests. Standalone PAT of ₹6.77 Cr (+43.7% YoY) tracks the consolidated growth rate closely, so the two bases tell the same story this quarter with no material divergence. Net margin expanded to 6.22% from 4.64% a year ago and 5.56% last quarter, with revenue growth outrunning opex growth even after absorbing the GST charge; pre-exceptional PBT margin was 9.3% of revenue. Operating margin held roughly steady versus Q1 FY27's 6.81% and improved from 5.66% a year ago. There is no prior guidance on record from the company and no management press release in hand for this result, so neither can be graded against the print. A web search turned up no quarter-specific Street consensus for Aptech's Q2 FY27 (only a full-year FY27 consensus of ₹574 Cr revenue and ₹7.29 EPS), so the result cannot be benchmarked against analyst expectations this quarter. The quarter's corporate activity leans toward the institutional/B2G exam-services side that likely cushioned the GST hit: Aptech won a ₹19.05 Cr computer-based exam contract (Oct 9), a ₹3.9 Cr CBT contract (Sep 29), a ₹3.21 Cr online exam services order (Oct 28), and struck a content partnership with FTII for film and creative education (Oct 23) — together pointing to an active order pipeline into H2 FY27. Separately, shareholders approved reclassification of promoter Utpal Sheth (Oct 30), a governance change unrelated to this quarter's operating numbers. The board approved these results on Nov 4, 2026 as scheduled.