National Peroxide Q2FY27: revenue +64% YoY, but margin collapse sinks PAT 87% QoQ

National Peroxide's standalone revenue rose 64.1% YoY to ₹112.04 Cr (and +16.6% QoQ from ₹96.07 Cr in Q1FY27), but profit after tax of just ₹0.87 Cr tells a much weaker story than the topline suggests. PAT is up nominally from a thin ₹0.39 Cr a year ago, but that YoY comparison is off a near-zero base and is dwarfed by the sequential collapse — PAT fell 86.8% quarter-on-quarter from ₹6.61 Cr in Q1FY27, even as revenue grew. There were no exceptional items in either the current or year-ago quarter, so this is a clean, like-for-like comparison, not a one-off distortion. The real story is margin compression on the operating line: OPM nearly halved to 4.46% from 6.59% a year ago, and fell sharply from 12.74% in Q1FY27 — cost of raw materials and packing materials consumed rose to ₹59.47 Cr from ₹52.99 Cr sequentially, outpacing the revenue increase. Net margin actually ticked up YoY (0.78% vs 0.55%) only because lower finance costs (₹0.24 Cr vs ₹0.35 Cr) cushioned the thin operating profit against last year's even thinner base — it still fell steeply from 6.73% in Q1FY27. Effective tax rate was ~25.2%, unremarkable. There is no management guidance or prior concall commentary on record to grade this print against, and no formal management press release accompanied this filing beyond the routine board-outcome letter — management gives no outlook to assess met/missed. No analyst previews or consensus estimates for this quarter turned up in a search, consistent with this being a thinly covered micro-cap (vsStreet unknown). The results coincide with corporate change: Vinay Jayade, appointed CEO effective October 1, 2026 after Rajiv Arora's resignation, signed this result as CEO & Director, and the board separately approved Amit Shah as Head–Sales & Marketing the same day — neither development has numbers attached yet but both land right as the cost base is under pressure.