Paramount Comms Q2: consolidated PAT +83% YoY to ₹24.2 Cr as margins expand

Paramount Communications' consolidated Q2 FY27 (quarter ended 30.09.2026) revenue rose 30.9% YoY to ₹560.40 Cr (+5.9% QoQ from ₹529.40 Cr), while PAT jumped 82.9% YoY to ₹24.24 Cr (+23.1% QoQ from ₹19.70 Cr) and basic EPS rose to ₹0.74 from ₹0.43 a year ago. Standalone PAT was effectively identical at ₹24.24 Cr, so the consolidated print is not distorted by subsidiary contribution this quarter. The margin story is the bigger shift: EBITDA margin (PBT + finance cost + depreciation, on revenue) expanded to ~7.98% this quarter from ~6.04% a year ago and ~7.15% last quarter. The driver is operating leverage on the cost line rather than raw materials — other expenses fell to 15.87% of revenue from 23.19% YoY (flat versus Q1FY27's 15.81%, so the bulk of the gain had already shown up by Q1 and simply held into Q2), while material costs stayed roughly steady as a share of revenue. That margin gain was partly offset below the line by finance costs nearly doubling YoY to ₹7.89 Cr (from ₹4.11 Cr) as borrowings rose to fund capacity expansion; PAT still outran PBT growth on a ₹1.20 Cr deferred-tax credit. No street/consensus estimates for this specific quarter turned up in search — Paramount is a small-cap wires-and-cables name without visible broker Q2 FY27 previews, so vsStreet is unknown rather than inferred. Against the company's own Q1 FY27 concall guidance (FY27 revenue growth of 15-20%, EBITDA margins toward ~8% FY25 levels by Q4 FY27), the print is running ahead: H1 FY27 consolidated revenue grew 23.97% YoY (₹1,089.80 Cr vs ₹879.12 Cr), already above the top of the full-year range, and the ~7.98% EBITDA margin this quarter is effectively at the ~8% target two quarters before the Q4 FY27 checkpoint management set. No company press release accompanied this filing, so the framing here rests on the numbers rather than management commentary. During the quarter the company also completed a ₹97.67 Cr capital raise via preferential equity shares and convertible warrants (₹92.39 Cr and ₹7.56 Cr respectively), of which ₹73.39 Cr has been utilised and ₹26.66 Cr remains parked in mutual funds — consistent with funding the ongoing capacity build-out (H1 PP&E additions of ₹41.30 Cr vs ₹25.01 Cr a year ago) rather than distress borrowing. Going into Q3, the open questions are whether the other-expenses ratio can compress further or has plateaued near 15.8-15.9%, whether finance costs keep climbing as the Narmadapuram capex ramps, and whether the targeted US export run-rate (₹700-800 Cr FY27 guided, from ₹155 Cr in Q1) shows up in disclosed numbers — this filing carries no segment-level export breakout to verify it.