CMPDI Q2: standalone PAT ₹195 Cr, +10% YoY; OPM ~41% tops preview's 34-36% band

CMPDI's standalone Q2 FY27 (quarter ended Sep 30, 2026) revenue came in at ₹593.31 Cr, up 7.5% YoY from ₹551.87 Cr, while PAT rose 10.0% YoY to ₹194.84 Cr from ₹177.13 Cr — a sharp deceleration from Q1 FY27's 17.6% revenue and 53.9% PAT surge, though both metrics still grew and comfortably exceeded the ₹485–500 Cr revenue run-rate flagged in our pre-result preview. EPS came in at ₹2.73 against ₹1.63 last quarter and ₹2.48 a year ago. Sequentially, revenue jumped 23.3% and PAT 67.6% over Q1 FY27 — a billing-cycle effect typical of this project-consultancy model rather than a trend change, since the YoY pace is the real signal for a non-seasonal government-consulting business. Margins were the standout. EBITDA-equivalent operating margin held near 41.1% of revenue — roughly flat against 41.7% a year ago and sharply up from 30.2% last quarter — comfortably clearing the 34-36% band flagged in our preview. Net margin (on total income) ticked up to 31.6% from 30.9% YoY and 23.1% QoQ. The QoQ expansion traces to revenue outgrowing costs: total expenses rose just 3.95% QoQ (₹343.88 Cr to ₹357.47 Cr) against a 23.3% revenue jump, even as Other Expenses (₹177.70 Cr) and Cost of Materials (₹8.78 Cr) both ticked higher; Employee Benefit expense, the largest cost line, was nearly flat at ₹162.93 Cr. No management guidance is on record for this company, so there is nothing formal to grade the print against on that front. Street coverage remains thin — MarketsMOJO carried a Sell rating pre-result on technical and valuation concerns, and no consensus estimate is publicly tracked; against that backdrop and our own preview range, the print is a clear beat on both revenue level and margin. This quarter's corporate actions included the board approving a second interim dividend of ₹1.05/share (record date Oct 29, 2026), the September MoUs for clean-energy and coal-gasification consulting work, and senior management changes (Rajesh Kumar Gupta appointed SMP) — none of which register as P&L one-offs this quarter. Cash and bank balances rose to ₹1,591.49 Cr (48% of total assets) from ₹1,449.09 Cr at FY26-end, despite ₹150.65 Cr of dividend payouts in H1. No standalone management press release or commentary was available to cross-check against the filing.