Carysil Q2 FY27: revenue +14.6% YoY on guidance pace, but margin dip limits PAT to +5.8%

Consolidated revenue came in at ₹275.73 Cr, up 14.6% YoY and 5.2% QoQ, while consolidated PAT was ₹29.01 Cr, up only 5.8% YoY and down 9.5% from Q1's ₹32.05 Cr. H1 FY27 revenue of ₹537.87 Cr is up 15.0% YoY — landing almost exactly on management's 15% FY27 revenue-growth guidance from the Q1 concall — but profit growth trailed well behind topline this quarter, a reversal from Q1 when PAT had grown faster than revenue. Operating margin (EBITDA/revenue, computed consistently with the 20.37% figure implied by Q1's numbers) eased to 18.78% from 20.37% in Q1 and 19.16% a year ago — now mid-band versus the 18-20% FY27 guidance, having run at management's cited "upper band" of 21.2% in Q1. Net margin fell more sharply, to 10.35% from 12.04% (Q1) and 11.18% (YoY), because the effective tax rate jumped to ~27.6% from ~23.9% in Q1 and ~24.6% a year ago. Notably, PBT itself grew a healthier 10.3% YoY to ₹40.09 Cr, so the tax line — not operations — did most of the damage to the bottom line this quarter. Depreciation also stepped up to ₹11.48 Cr from ₹9.54 Cr YoY as the ₹80-90 Cr FY27 capex program (quartz, steel, faucets/appliances capacity) continues to come onto the books. Standalone (parent-only) numbers tell a notably stronger story than consolidated: standalone revenue grew 19.4% YoY and PAT 13.9% YoY to ₹19.82 Cr, a 5-8 point gap over the consolidated growth rates, pointing to a softer quarter from the twelve reviewed overseas subsidiaries (combined H1 net profit of ₹22.23 Cr) relative to the parent. No management press release accompanied this filing, so there is no fresh commentary beyond the numbers; the standing guidance (15% revenue growth, 18-20% EBITDA margin, 15% volume growth) remains the only outlook on record, and this quarter sits within — not ahead of — that band. No quarter-specific street consensus for Q2 FY27 was found in public previews, so the beat/miss call versus analyst expectations is unknown; the only available forward estimate is a full-year FY27 PAT consensus of roughly ₹117 Cr, against which H1's ₹61.06 Cr consolidated PAT is just over half, implying H2 needs to be meaningfully stronger. Separately, the Board disclosed the resignation of Executive Director & Group CFO Anand H. Sharma, effective November 16, 2026, on the same day as results — the company states it is unrelated to the financials, but it is a leadership transition to track into Q3.