KRBL Q2 FY27: consolidated PAT up 50% YoY to ₹259 Cr, margin eases above guided band

KRBL's consolidated PAT came in at ₹258.9 Cr versus ₹172.1 Cr a year ago, up 50.4% YoY, on revenue of ₹1,727.4 Cr versus ₹1,511.1 Cr, up 14.3% YoY — profit growth clearly outpacing topline growth. Sequentially, revenue rose 15.5% over Q1 FY27's ₹1,495.9 Cr, but PAT was essentially flat (-0.7%) against Q1's ₹260.7 Cr print. EPS was ₹11.31, against ₹7.52 a year ago and ₹11.39 in Q1. Neither period carried exceptional items, so this is a clean reported comparison; standalone PAT of ₹259.0 Cr tracked the consolidated number almost exactly, with no divergence between the two bases worth flagging. Net margin expanded to roughly 15.0% of revenue from 11.2% a year ago, and the operating (EBITDA) margin came in near 19.2% — above the 17-18% band management guided at its August 2026 concall, when it explicitly flagged Q1's 20.6% OPM as unsustainable and signalled normalization. That is exactly what played out: OPM eased roughly 130 bps QoQ from Q1's 20.6% while still clearing the top of its own guided range, making this a beat-and-normalize quarter rather than a miss. By segment, Agri (the core rice business) carried a PBT margin of about 19.3% on revenue of ₹1,715.3 Cr, up 14.9% YoY, while the much smaller Energy segment grew revenue 28.4% YoY to ₹74.0 Cr at a richer ~30.6% PBT margin. No management press release was extracted for this result, so there is nothing from the company's own words to cross-check against the numbers this quarter. The other disclosed developments — the AGM and FY26 annual report release, and the September trading-window closure — were procedural and don't bear on the P&L. The one live overhang is the ED's PMLA case tied to the JMD and the Agusta Westland allegations: the auditors have qualified their review report on it again this quarter, as they have in prior periods, with management's independent-firm review finding no conclusive evidence requiring adjustment. No analyst consensus estimate for this specific quarter could be confirmed via search, so the print is not graded against a street number here. Management's other FY27 targets from the last concall — 10% domestic volume growth, 25% regional rice growth, and a ₹25 Cr annualized masala run-rate by year-end — aren't verifiable from this filing, which breaks revenue out only by Agri and Energy segments.