Jyoti Resins Q2 FY27: revenue +31% YoY, margin compression caps PAT growth at 8%

Jyoti Resins' standalone revenue grew 31.3% YoY to ₹97.67 Cr (from ₹74.38 Cr in Q2 FY26), but net profit rose only 7.7% YoY to ₹18.48 Cr (from ₹17.16 Cr), as margins compressed: OPM fell to 23.04% from 27.52% a year ago, and NPM to 18.38% from 22.13%. The squeeze traces mainly to raw-material cost — cost of materials consumed plus the change in inventories (the two lines together approximate the true input-cost run-rate) rose to ₹36.20 Cr from ₹20.28 Cr a year ago, a 78.5% jump that outpaced revenue growth by a wide margin. Sequentially the picture improved — PAT is up 57.3% QoQ and OPM/NPM both expanded sharply from Q1 FY27's trough (OPM 14.43%→23.04%, NPM 12.92%→18.38%) — but that recovery is off a weak base: Q1 FY27 itself had posted a 32% YoY PAT decline, so this quarter's sequential bounce is a partial recovery rather than fresh strength, and YoY remains the harder read — profit growth trailing revenue growth by roughly 24 points is the real story. No street/consensus estimates for this micro-cap turned up in a search, so vsStreet is unknown; no management press release accompanied this filing beyond the regulatory board-outcome letter, so there is no fresh management commentary to reconcile against the numbers. Against the FY29 targets laid out in the August 2026 concall (₹500 Cr revenue, 23-25% EBITDA margin, 15-20% volume growth, a new 3,500-tonne/month line targeted for Q2 FY27, and normalizing 120-day receivables within two quarters), this quarter's OPM of 23.04% sits at the low end of the margin band — on-track but not yet comfortably inside it — while the filing gives no update on the new capacity's commissioning status. Trade receivables stood at ₹161.66 Cr at September 30, 2026, up 25.6% YoY from ₹128.70 Cr, with no sign yet of the stated normalization; the two-quarter window set in August points to Q3 FY27 as the checkpoint. Separately, the company secured NSE listing approval on October 7, 2026, a liquidity/visibility milestone unrelated to this quarter's operating numbers.