Nilkamal Q2 FY27: consolidated PAT +101% YoY to ₹67.8 Cr as margins expand, B2B leads

Nilkamal's consolidated PAT rose 101.5% YoY to ₹67.83 Cr (from ₹33.66 Cr) on revenue of ₹1,125.85 Cr, up 16.3% YoY — profit growth running roughly 6x ahead of revenue growth, with no exceptional items on either side of the comparison, so this is a clean YoY print. Sequentially PAT was up 178% and revenue 37.4% over Q1 FY27, but that jump is largely seasonal (Q2 covers the pre-festive ramp-up for furniture/plastics demand) and is supporting detail, not the headline. Standalone tells the same story — PAT up 102.4% YoY to ₹66.53 Cr on revenue up 16.7% — so there is no material divergence between the two bases this quarter. The margin expansion is the real driver: consolidated OPM moved to roughly 11.97% from 8.81% a year ago (and 9.10% last quarter), and NPM to 6.01% from 3.47%. Raw-material cost held roughly flat as a share of revenue (~57%), and employee cost ticked down modestly (7.76% of revenue vs 8.10%); the bulk of the improvement came from other expenses/overheads shrinking to 22.87% of revenue from 25.92% a year ago — classic operating leverage as revenue grew faster than largely fixed overhead. By segment, B2B (industrial/channel) revenue grew 17.4% YoY to ₹1,007.24 Cr with segment profit more than doubling to ₹106.72 Cr; Retail & e-commerce revenue grew a slower 7.9% YoY to ₹118.61 Cr but swung to a ₹3.51 Cr segment loss from a ₹1.40 Cr profit a year ago, so the headline strength is entirely a B2B story. The JV, Cambro Nilkamal, added ₹3.05 Cr to consolidated PBT, up from ₹1.84 Cr. There is no prior management guidance or concall outlook on record to grade this against, and management's press release text was not available for this filing, so neither can be checked against the print here. Formal sell-side coverage of Nilkamal also looks thin — a scraped consensus (₹863 Cr revenue, ₹9.70 EPS) found via search is inconsistent with the company's actual scale and is not used as a comparison. Two shareholding disclosures this quarter are worth flagging alongside the print: Madanlal Jain & PACs acquired a 5.42% stake (Sep 23) and Seetha Kumari separately disclosed a shareholding change the same day — both ahead of the trading-window closure (Sep 28) for these results. Separately, an appeal on a ₹7.22 Lakh GST demand was rejected (Sep 10) — immaterial to the P&L.