Oswal Greentech Q2 FY27: PAT +56% YoY to ₹8.6 Cr as real estate swings to profit

Oswal Greentech's standalone PAT for Q2 FY27 rose 55.7% year-on-year to ₹8.56 Cr (from ₹5.50 Cr in Q2 FY26), with net margin expanding to 30.9% of total income from 23.1% a year ago. This came even as revenue from operations — the real estate segment's project-linked topline — fell 19.5% YoY to ₹13.88 Cr; total income (which folds in investment gains) still grew 16.3% YoY to ₹27.69 Cr because the Investment Activities segment's PBT jumped 209% YoY to ₹12.91 Cr, the primary driver of the bottom line. Sequentially, revenue from operations surged 194.9% QoQ to ₹13.88 Cr (from ₹4.71 Cr in Q1 FY27) on lumpy real-estate revenue recognition, but PAT was up just 1.6% QoQ since Q1 already carried a large investment-income base — the QoQ revenue jump is a timing artifact, not a trend, and YoY remains the relevant read. The margin picture is mixed depending on the lens: NPM expanded YoY, but the company-wide EBITDA margin on revenue from operations was -11.0% this quarter versus +11.1% a year ago (though better than -79.9% in Q1), because employee costs (₹1.92 Cr), professional fees (₹0.54 Cr) and other overhead stayed broadly fixed against a small, lumpy real-estate topline. Segment-level PBT tells a more constructive story: the Real Estate segment itself swung to +₹1.68 Cr from a loss of ₹2.81 Cr a year ago and a loss of ₹0.66 Cr last quarter. Management gives no formal guidance or outlook on record, and no prior concall commentary exists in our records, so there is nothing to grade the print against; a web search found no analyst coverage (0 estimates per Simply Wall St) for this ~₹500-900 Cr micro-cap, so street expectations don't apply. Two corporate developments tie into the numbers: the Board is incorporating a wholly-owned Dubai LLC (AED 40 Mn capital) for real estate, still mid-incorporation as of this filing; and new statutory auditor BGMG & Associates issued an unmodified review conclusion, following a qualified FY26 annual opinion from the predecessor auditor. Separately, the company chose not to recognize ₹10.71 Cr of disputed ICD arbitration interest income this quarter while it contests an adverse award at the Delhi High Court — a conservative accounting choice, not a loss.