Standalone PAT up 6.8x YoY to ₹44.4 Cr as OPM hits 15.8%; revenue +31% YoY

Emami Paper Mills' standalone PAT for Q2 FY27 came in at ₹44.43 Cr, up 575% YoY from ₹6.58 Cr a year ago and up 15% sequentially from ₹38.61 Cr in Q1 FY27. Revenue from operations grew 30.9% YoY to ₹589.78 Cr (+5.3% QoQ). The YoY profit jump looks extreme in percentage terms because Q2 FY26 was a weak base, but the underlying driver is real and continuing: OPM (EBITDA margin) has now expanded for three straight quarters — 8.05% in Q2 FY26, to 14.81% in Q1 FY27, to 15.76% this quarter — so this reads as sustained operating improvement rather than a one-quarter base effect. No exceptional items appear in either the current or comparative quarters, so the growth is entirely operational and no raw-vs-adjusted split is needed. The margin expansion sits on the cost of materials consumed line, which eased to 64.4% of revenue from 65.6% a year ago, alongside power & fuel costs falling to ₹33.95 Cr from ₹35.50 Cr despite higher volumes — consistent with better realizations and/or softer input costs for a paper and paperboard producer. NPM followed through to 7.53% from 1.44% YoY (6.89% QoQ). EPS (basic) rose to ₹7.18 from ₹1.02 a year ago and ₹6.21 last quarter. There is no verified analyst consensus or brokerage estimate publicly available for this quarter, and the company has issued no formal forward guidance on record, so vsStreet and vsGuidance are both marked unknown pending a management press release or concall transcript — none was available with this filing to cross-check management's own framing. The quarter's other notable development is a full exit from convertible preference capital: ₹79.57 Cr of OCRPS outstanding at FY26-end was entirely redeemed during H1 FY27 (including an ₹11.25 Cr tranche on 16 September 2026), with the cash flow statement showing ₹123.75 Cr paid out for preference redemption. Over the same half, total borrowings (current + non-current) rose by roughly ₹124 Cr versus 31 March 2026, suggesting the redemption was largely debt-funded rather than from internal accruals — a capital-structure swap worth watching rather than straightforward deleveraging. Going into Q3 FY27, the key markers are whether OPM can hold above 15% without any public cost or pricing explanation from management, and how the higher debt load — now effectively standing in for the retired preference capital — develops from here.