HCP Plastene: Consolidated PAT jumps YoY as margins expand sharply, revenue up 38%

HCP Plastene Bulkpack's consolidated (group, including subsidiary KP Woven Private Limited) revenue for the quarter ended June 30, 2026 rose to ₹174.19 Cr, up 38.5% YoY (₹125.75 Cr) and 22.0% QoQ (₹142.79 Cr). Consolidated PAT for the period was ₹18.35 Cr, up 157.5% YoY (₹7.12 Cr) and 120.4% QoQ (₹8.32 Cr) — profit growth well outpacing revenue growth on both counts, making this a margin story rather than a pure scale story. Basic consolidated EPS was ₹17.19 versus ₹6.70 a year ago and ₹7.82 last quarter (calculated on total period profit including the non-controlling share, per the company's own presentation). Of the ₹18.35 Cr total group profit, only ₹13.80 Cr is attributable to HCP's own shareholders — ₹4.55 Cr (24.8%) went to non-controlling interests in KP Woven, a sharp jump from just ₹0.11 Cr of NCI in Q4 FY26, so the headline profit surge is meaningfully diluted for HCP shareholders specifically. Operating margin (operating profit before other income and finance costs, as a % of revenue) expanded to roughly 18.9% this quarter from 7.3% a year ago and about 11.5% last quarter, while net margin (PAT on total income) rose to 10.5% from 5.4% YoY and 5.75% QoQ. There were no exceptional items in the current quarter (Q4 FY26 had a trivial ₹0.18 Cr exceptional gain, Q1 FY26 a ₹0.03 Cr JV-profit share) — both immaterial relative to the swing — so the margin expansion is operating, not one-off. Standalone (parent-only) numbers, revenue ₹115.26 Cr and PAT ₹9.00 Cr on EPS ₹8.42, show the same directional strength, but subsidiary KP Woven contributed ₹9.35 Cr of PAT this quarter (per the auditors' review report) — more than half of group profit — making it the larger swing factor behind the consolidated print. There is no prior management guidance or concall commentary on record for this company, and a web search found no formal Street/analyst consensus estimate for this specific quarter — HCP Plastene is a micro-cap with only sporadic brokerage coverage (MarketsMojo carried a Hold rating on valuation grounds as of June 2026, without a numeric Q1 FY27 estimate) — so both vsStreet and vsGuidance are unknown rather than beat or miss. No management press release accompanied this filing to independently frame the results. The corporate actions taken alongside the results are worth flagging for governance continuity rather than as a driver of the print: the Board took note of CFO Dhrumil Shah's resignation effective the same day as results (12 Aug 2026, cited as 'further career opportunity'), following the newly appointed internal auditor S.A. Gadhia & Co. withdrawing consent on 17 Jul 2026, and the company's audited FY26 financials having been resubmitted in June 2026 after an 'oversight' — a cluster of finance-function turnover that doesn't affect this quarter's numbers but bears watching into Q2.