Marsons Q2 FY27: consolidated PAT up 45% YoY, OPM expands ~500bps as revenue surges 61%

Marsons' consolidated Q2 FY27 revenue rose 61.4% YoY to ₹96.55 Cr (from ₹59.80 Cr) and 96.0% QoQ (from ₹49.26 Cr), with PAT up 44.7% YoY to ₹13.31 Cr (from ₹9.20 Cr) and 124.4% QoQ (from ₹5.93 Cr). Standalone and consolidated numbers are identical this quarter since the UK subsidiary is immaterial, so there is no basis divergence to flag. No analyst consensus or brokerage preview for this small-cap name's Q2 FY27 PAT/revenue could be found, so vs-street is unknown; management has also not issued formal quarter-specific financial guidance — the only outlook on record from company commentary is a strategic target for renewable-energy (RE) orders to reach 30-40% of revenue in FY27, with RE already said to exceed half of the current order book. This result does not break out segment revenue, so that target cannot be graded against this print, but the strong topline growth and continued EHV/RE capacity build-out (expansion to 500 MVA, 400 kV class) are directionally consistent with it. The operating margin (EBITDA/revenue, excluding other income) expanded to ~19.3% from 14.3% a year ago (+~500bps) and from 14.7% last quarter (+~460bps), pointing to better operating leverage and/or product mix as volumes scaled. Net margin, however, eased to 13.8% from 15.1% YoY even as PBT nearly doubled (+94.9% YoY to ₹17.92 Cr from ₹9.20 Cr lacs-equivalent... ₹9.20 Cr PBT a year ago) — the gap between PBT growth and PAT growth is explained by tax: the year-ago quarter carried a nil tax charge, while this quarter's effective tax rate normalized to ~25.7% (₹4.61 Cr). This is a tax-normalization effect, not an operating one-off, and is the main reason the adjusted bottom-line story (sharp operating-margin expansion) looks stronger than the reported 44.7% PAT growth alone suggests. Alongside the results, the board declared a 1st interim FY27 dividend of 5 paise per Re 1 share (record date 20 Nov 2026), and the filing confirms ₹74.37 Cr of the ₹80.25 Cr raised via the April 2024 preferential allotment has now been utilized for working capital/general corporate purposes with no deviation — consistent with the ongoing capacity expansion. Separately (just after quarter-end, on 6 Oct 2026) the company announced a JV with Cleanhill Partners for North America transformer manufacturing, extending its export/EHV push; this did not affect Q2 numbers but sets up a watch item for H2. No company press release was available to quote management's own framing of the quarter.