Ecoreco Q2 FY27: consolidated PAT +34% YoY to ₹7.49 Cr on margin expansion

Eco Recycling (Ecoreco) posted consolidated PAT of ₹7.49 Cr for Q2 FY27, up 33.8% YoY from ₹5.60 Cr, on revenue from operations of ₹16.42 Cr, up 13.9% YoY from ₹14.42 Cr — profit growing well ahead of the topline. Sequentially, though, PAT fell 18.3% QoQ from ₹9.17 Cr even as revenue grew 1.4% QoQ, so the quarter reads strong on a YoY basis but softer than the immediately preceding quarter. Standalone PAT came in at ₹7.53 Cr, up a smaller 22.0% YoY — the standalone-vs-consolidated growth gap stems from the two subsidiaries (Ecoreco Enviro Education and Ecoreco Park) dragging consolidated profit down more in the year-ago quarter than they do now. The margin picture is genuinely improving on the operating line: operating margin (PBT plus finance cost and depreciation, less other income, over revenue) expanded to 56.5% from 49.9% a year earlier, and held roughly flat against 56.3% last quarter — the core e-waste business is more profitable than it was a year ago. Net margin followed the same YoY arc (45.6% vs 38.7%), but the QoQ net-margin dip (45.6% vs 47.9%) and the sequential PAT fall are explained almost entirely by Other Income, which swung from a ₹2.94 Cr gain in Q1 FY27 to a ₹0.77 Cr loss this quarter — a fair-value/investment item sitting below the operating line, not a change in the recycling business itself. No exceptional items appear in either statement. Management gives no formal guidance on record, and no brokerage consensus or preview for this quarter turned up in a search, so vs-street and vs-guidance are both unknown rather than estimated. The results announcement itself carries no separate management commentary beyond the standard board-outcome letter. In the same window, the Board incorporated a 50:50 joint venture, ERI India Private Limited (Oct 28, 2026), and held the results board meeting on Nov 4, 2026 (originally scheduled Nov 3) — the JV carries no numbers in this quarter's print and is the clearest near-term item to track going forward.