Dhoot Q2 FY27: Revenue +61% YoY, Consolidated PAT Flat as Margins Compress on One-Offs

Dhoot Transmission's consolidated Q2 FY27 (quarter ended September 30, 2026) revenue grew 60.7% YoY to ₹1,827 Cr (from ₹1,137 Cr), but consolidated PAT was effectively flat YoY at ₹117.8 Cr (vs ₹118.2 Cr), as a ₹54.8 Cr pre-tax exceptional charge (₹45.0 Cr advisory/consulting fees to Bain Capital Advisors + ₹9.7 Cr IPO expenses) absorbed what would otherwise have been a strong profit print. Stripping out exceptionals on both sides, adjusted PAT rose to roughly ₹172.6 Cr from ~₹125.6 Cr a year ago, up about 37.4% YoY — the cleaner read on underlying earnings power. Basic EPS was ₹5.98 versus ₹7.33 a year ago, a decline that is largely a dilution effect from the August 2026 IPO (16.08 million fresh shares) and the prior bonus issue rather than weaker earnings. OPM (EBITDA margin) compressed to 14.3% from 17.6% a year ago — below management's own guided 15-16% band — while reported NPM fell to 6.4% from 10.4% (adjusted NPM ~9.4% vs ~11.1%, still down). The squeeze sits on cost of materials and the newly consolidated Multilink two/three-wheeler electricals business, which carries a different margin mix than the base wiring-harness operation. Sequentially, adjusted PAT grew ~27% QoQ (₹172.6 Cr vs ~₹135.7 Cr adjusted in Q1) and adjusted NPM was roughly flat quarter on quarter, so the YoY compression — not a sequential slide — is the real signal; QoQ optics are also flattered by Q1 having only a partial quarter of Multilink in it. Against our pre-result preview (revenue ₹1,850-1,950 Cr, PAT ₹160-180 Cr), revenue landed just under the floor while reported PAT missed the range outright — though adjusted PAT (~₹173 Cr) lands inside it, suggesting the street range likely didn't fully price the one-off advisory/IPO costs. Against management's FY27 guidance (25-30% revenue growth, 15-16% EBITDA margin, reaffirmed on the Q1 call), revenue growth of 60.7% clears the bar comfortably — consistent with the extra 25-30% uplift management said Multilink would add on top of organic growth — but EBITDA margin at 14.3% sits below the guided band, making this a partial miss on the margin leg even as the growth leg is beaten. Standalone PAT tells a much weaker story (₹13.6 Cr, down from ₹54.1 Cr a year ago) because nearly all the exceptional costs sit at the standalone entity while Multilink and the overseas (UK/Thailand/Korea/Vietnam/Germany) subsidiaries that carry the growth book their earnings below that line — consolidated is the number that matters here. Separately, only ₹13.07 Cr of the ₹150 Cr IPO proceeds earmarked for the new wiring-harness plant has been deployed as of quarter-end (8.7% utilized), a slow start against the capacity plan cited in guidance. No updated FY27 guidance accompanied this result and no management press release/quote was available for this filing, so the framing here rests on the results table and notes alone. H1 FY27 consolidated EPS stands at ₹12.99 against a Street FY27 full-year EPS estimate of ₹29, meaning H2 needs to roughly match H1's pace to stay on track.