Kalyani Steels Q2 FY27: consolidated PAT up 28% YoY to ₹79.9 Cr on margin expansion

Kalyani Steels' consolidated Q2 FY27 (quarter ended Sept 30, 2026) net profit rose 27.7% YoY to ₹79.87 Cr (₹62.54 Cr a year ago) on revenue of ₹494.38 Cr, up 8.4% YoY (₹456.07 Cr) — profit growth running well ahead of topline growth for the second straight quarter after Q1 FY27's +10.6% YoY PAT print. Sequentially, PAT rose 17.0% QoQ (from ₹68.25 Cr) on revenue up 6.4% QoQ (from ₹464.58 Cr). EPS came in at ₹18.30 against ₹14.33 a year ago and ₹15.61 last quarter (not annualised). Standalone PAT of ₹79.22 Cr is within 1% of the consolidated number, so the two bases tell the same story this quarter. Net margin expanded to 15.62% of total income from 13.27% a year ago and 14.21% last quarter; operating margin (PBT before exceptional items/revenue) rose to ~21.9% from ~18.7% YoY and ~19.7% QoQ. The expansion came despite raw-material cost rising to 53.1% of revenue (51.6% in Q1 FY27) — the offset was a favourable swing in the finished-goods/WIP inventory line, which added back ₹4.29 Cr this quarter versus an inventory-related cost addition of ₹7.06 Cr in Q1, a swing of roughly ₹11.3 Cr that accounts for most of the ~2.1pp drop in the total-expense-to-revenue ratio (81.5% vs 83.6% in Q1). There were no exceptional items in either statement this quarter, so the YoY comparison is clean on both sides. No analyst consensus or brokerage estimates for this specific quarter turned up in the public domain (checked Univest's Q2 FY27 preview page and Sharpely's forecast page), so vsStreet is unknown; the company also carries no formal prior guidance or concall commentary on record, so vsGuidance cannot be assessed either way. The result lands alongside a same-day board overhaul: founder-promoter B.N. (Baba) Kalyani, Chairman since the company's 1973 incorporation, resigned as Chairman and non-executive director effective close of business Oct 28, 2026, and was appointed Chairman Emeritus; Amit B. Kalyani — Vice-Chairman & Joint MD of Bharat Forge — takes over as Chairman effective Oct 29, 2026. The board separately appointed Geeta Shamrao Jadhav as CHRO. None of this is a numbers story, but it is the dominant corporate-governance event of the filing; no management press release accompanying the results was available to cross-check framing against the print. H1 FY27 consolidated PAT stands at ₹148.12 Cr, up 19.3% YoY from ₹124.22 Cr, with the acceleration concentrated in Q2 — the next print will show whether the inventory-aided margin gain and the step-up from Q1's +10.6% YoY to Q2's +27.7% YoY growth both hold into H2, or whether rising raw-material cost intensity catches up with margins once the inventory effect normalises.