Nahar Spinning turns profitable in Q2 FY27, PAT ₹71 Cr vs year-ago loss as margins triple

Nahar Spinning Mills posted standalone PAT of ₹71.05 Cr in Q2 FY27, reversing a ₹4.64 Cr loss in Q2 FY26 — the YoY read that matters most for a spinner emerging from a margin-compression cycle. Revenue grew 14.8% YoY to ₹894.44 Cr, but profit grew far faster than revenue: NPM swung from -0.59% to 7.82% and OPM expanded from 3.28% to 13.17%, a near-4x margin improvement on a modest topline gain, pointing to better yarn realisations and cost absorption rather than volume-led growth. Sequentially, revenue fell 7.4% from ₹966.10 Cr in Q1 FY27, but PAT still edged up 1.7% to ₹71.05 Cr (from ₹69.88 Cr) as OPM held flat at ~13.2% and finance costs eased to ₹13.04 Cr from ₹18.63 Cr — the business is managing the softer quarter without giving back margin. The company has zero formal analyst coverage, so there is no street consensus to grade this print against, and no company guidance is on record for this quarter either. The nearest external benchmark is CRISIL's August 2026 rating rationale, which flagged sustaining operating margin above the 13% mark as a key trigger for the sector's fiscal 2027 recovery — this quarter's 13.17% OPM clears that bar, matching the agency's expected trajectory of improving yarn realisations. No management press release or concall commentary accompanied this filing beyond the standard regulatory cover letter, so there is no company framing to reconcile against the numbers. The quarter's other corporate developments — AGM re-appointment of directors and MOA alteration, routine monthly dematerialisation updates, and the insider-trading window closure ahead of results — are procedural and have no bearing on the operating turnaround. More telling is the half-year trajectory: H1 FY27 PAT of ₹140.92 Cr already runs more than 6x the ₹21.82 Cr PAT booked for all of FY26, underscoring how weak the FY26 base was and how much of this year's story is base-effect recovery rather than a new growth phase.