Innova Captab: Consol PAT +43% YoY, margin expands YoY but cools to 14.1% QoQ

Innova Captab's consolidated revenue rose 30.5% YoY to ₹496.3 Cr (Q2 FY26: ₹380.4 Cr) for the quarter ended 30 September 2026, with consolidated PAT up 43.0% YoY to ₹42.4 Cr (Q2 FY26: ₹29.7 Cr; EPS ₹7.41 vs ₹5.18). Sequentially growth cooled — revenue +5.4% QoQ and PAT actually down 3.9% QoQ from Q1 FY27's ₹44.1 Cr — a normalisation after Q1's outsized 34% YoY sprint. No exceptional items appear in either the standalone or consolidated statements, and auditor B S R & Co. issued an unmodified review conclusion on the unaudited numbers. Margin is the real swing factor. Consolidated OPM (EBITDA margin) was 14.09%, up YoY from 13.63% — since total expenses grew only 28.1% YoY, slower than the 30.5% revenue growth — but it fell from 15.53% in Q1 FY27. The sequential squeeze wasn't a single cost line blowing out; the main driver was a smaller inventory build this quarter (the inventory-change line added back ~₹12.5 Cr of cost versus Q1), pushing total expenses up 6.9% QoQ against 5.4% revenue growth. NPM eased similarly, to 8.51% from 9.33% in Q1 FY27, while still ahead of the year-ago 7.72%. Revenue of ₹496.3 Cr landed inside the ₹495-510 Cr range our pre-result preview had modeled, so the topline was in line with Street expectations; the margin outcome (14.1% vs the previewed 16-17% EBITDA band) is the more consequential miss, since the preview had explicitly flagged margin durability as the quarter's key tell. Against management's own FY27 guidance — 20%+ volume growth and 15-16%(±2%) consolidated margin, improving to 17-18% once the Jammu facility matures — the growth leg is comfortably beaten (H1 FY27 revenue +32.1% YoY to ₹967.2 Cr) while margin only marginally meets the band, sitting at its lower end with no visible progress yet toward the post-Jammu 17-18% target. Standalone (parent-only) PAT grew a much sharper 123% YoY to ₹32.0 Cr on ₹404.8 Cr revenue (+39.7% YoY); the consolidated-standalone divergence traces to subsidiaries Univentis Medicare and Sharon Bio-Medicine, whose net contribution to group PAT fell to roughly ₹10.5 Cr this quarter from an estimated ₹15.3 Cr a year ago, diluting group-level growth even as the parent business accelerated. No management press release or concall commentary accompanied this filing yet, so there is no fresh management quote to weigh against the numbers. The quarter's other disclosed developments — board approval of the results on 13 November, the Q2/H1 trading-window closure from 28 September, and promoter Gian Parkash Aggarwal's 18-lakh-share sale on 5 October — are governance/procedural items with no direct read-through to this quarter's P&L.