Mold-Tek Tech Q2 FY27: consolidated PAT +197% YoY to ₹9.6 Cr on margin expansion

Mold-Tek Technologies delivered its highest-ever quarterly consolidated PAT of ₹9.62 Cr in Q2 FY27, up 197.3% YoY from ₹3.24 Cr and 6.8% QoQ from ₹9.00 Cr, on consolidated revenue of ₹60.81 Cr (+51.2% YoY, +2.1% QoQ). There is no sell-side coverage or consensus estimate on record for this stock, so the print cannot be benchmarked against street expectations. Against the company's own FY27 outlook — revenue of ₹240-250 Cr and EBITDA margin of 20%+ — the quarter tracks broadly on target to ahead: H1 FY27 consolidated revenue of ₹120.35 Cr annualises close to the guided range, while Q2 EBITDA margin of ~24% comfortably clears the 20%+ target, continuing the trend from Q1 (~23.4%). Margin expansion was broad-based: consolidated NPM (PAT/total income) rose to 15.6% from 7.8% a year ago and 14.6% last quarter, while operating margin (PBT plus finance cost and depreciation, less other income, over revenue) widened to ~22.5% from 11.0% YoY and 19.9% QoQ. CMD J. Lakshmana Rao separately flagged that operating profit excluding forex gains/losses rose a more modest 9.9% YoY to ₹11.42 Cr (from ₹10.39 Cr) — a reminder that part of the headline EBITDA improvement this quarter is forex-driven rather than purely operational, even as the underlying growth drivers (execution, Beryl ramp-up, US diversification) remain intact. The consolidated and standalone stories diverge: domestic standalone PAT grew faster, +222.5% YoY to ₹10.17 Cr on revenue of ₹46.65 Cr (+25.2% YoY), while US subsidiary Beryl Engineering Inc (with step-down Beryl Project Engineering LLC) posted a net loss of ₹0.64 Cr on revenue of ₹10.11 Cr for the quarter — missing management's prior guidance of a Q2 FY27 break-even for Beryl, with profitability now pushed to Q3 onward as originally flagged. The other US arm, Mold-Tek Technologies Inc., stayed marginally profitable (₹0.08 Cr net profit on ₹47.97 Cr revenue). This quarter's corporate actions — the 1:1 bonus share issue (record date 9 October 2026, 2,88,05,118 shares allotted) and the appointment of Ms. Chetana Attal as Company Secretary effective 4 November 2026 — are governance/capital items with no bearing on the operating print; EPS is restated accordingly, with basic EPS of ₹3.34 pre-bonus (₹1.67 post-bonus) against ₹1.12 a year ago. Segment commentary points to continuity: Civil & Structural work-on-hand stood at ~USD 4.00 million as of the release date, with two data-centre wins and a Dubai convention-centre project (~USD 0.5 million each) secured in the quarter, while the Mechanical division's order book was described as 'stable', with management guiding improved growth and profitability only from H2 FY27 as T&D and Plant Engineering diversification progresses.