Pashupati Cotspin: consol. PAT +18% YoY to ₹4.77 Cr on margin gains as revenue slips 26%

Pashupati Cotspin's consolidated net profit for the quarter ended September 30, 2026 (Q2 FY27) came in at ₹4.77 Cr, up 17.97% from ₹4.05 Cr a year earlier, even as consolidated revenue from operations fell 25.75% YoY to ₹178.36 Cr from ₹240.21 Cr in Q2 FY26. There is no analyst coverage of this micro-cap (a web search found zero tracked consensus estimates for the stock), and the company has no formal guidance on record, so there is no street or management benchmark to grade this print against — the comparison here rests purely on the company's own YoY and QoQ history. The profit growth came entirely from margin expansion rather than volume: net profit margin (PAT/total income) improved to roughly 2.63% from 1.67% a year ago, and operating margin (EBITDA/revenue) rose to about 4.89% from 3.91%, as cost of material consumed and purchase of stock-in-trade fell faster than revenue — consistent with a cotton-trading business benefiting from lower input costs even as topline, largely a pass-through of cotton value, contracted. Sequentially, PAT fell 34.18% and revenue rose 37.19% versus Q1 FY27, but the filing's own notes state the cotton ginning and spinning business is seasonal, running October through April, and that results for the 1st and 2nd half-years are "strictly not comparable" — so neither the QoQ profit drop nor the QoQ revenue jump should be read as a trend signal. An accounting quirk in the consolidated numbers is worth flagging: profit attributable to owners was ₹5.10 Cr, higher than the ₹4.77 Cr total consolidated net profit, because non-controlling interest in subsidiaries Pashupati Cotyarn LLP and Sarjak Infra LLP recorded a combined ₹0.33 Cr loss for the quarter. Standalone PAT, at ₹5.10 Cr, matches the owners'-attributable consolidated figure almost exactly, meaning the parent entity drove essentially all group profit this quarter. Alongside the results, the board declared an interim dividend of ₹0.02/share (2% of face value, record date November 23, 2026), and the print follows the board's October 3, 2026 approval of a 3:2 bonus share issue that will expand the equity base once implemented. Going into the seasonally stronger second half (Oct-Apr), the markers worth tracking are whether the YoY margin expansion holds as ginning volumes pick up, and whether the subsidiary-level non-controlling interest loss reverses.