P&G Health Q2 FY27: Standalone PAT Up 26% YoY to ₹111.5 Cr, Margins Expand, Tops Own Preview Range

Procter & Gamble Health's standalone PAT for Q2 FY27 (quarter ended September 30, 2026) came in at ₹111.51 Cr, up 25.9% YoY from ₹88.54 Cr and up 16.0% QoQ from ₹96.15 Cr. Revenue from operations rose 17.7% YoY to ₹382.49 Cr (from ₹324.92 Cr) and 5.2% QoQ (from ₹363.71 Cr). This quarter carries no exceptional item, unlike Q1 FY27 which had a ₹31.80 Cr one-off gain on the sale of the Worli office property — so the YoY comparison (also clean of one-offs on the Q2 FY26 side) is the cleanest read, and it shows a genuinely strong, non-one-off print rather than a base-effect illusion. The margin story is operating leverage: total expenses grew only 12.1% YoY (₹210.85 Cr to ₹236.33 Cr) against 17.7% revenue growth, with cost of materials consumed actually flat-to-down and employee costs the main absolute increase. Net profit margin (PAT/total income) expanded to 28.9% from 26.8% a year ago and 26.2% last quarter — consistent expansion on both axes, pointing to price/mix holding up rather than the raw-material headwinds our pre-result preview had flagged as the key swing factor. Against our own pre-result preview — which pencilled in revenue of ₹350–365 Cr, an EBITDA margin watch of 26–27%, and normalized PAT growth of 8–12% off a soft Q1 (+7% revenue growth, margin pressure) — the actual print beats on every count: revenue above the range, and 25.9% YoY PAT growth roughly 2-3x the normalized growth the Street-thin preview had penciled in. The preview's watch items are resolved in the company's favour: revenue growth reaccelerated rather than stayed muted, and margins expanded rather than stayed under pressure. On the third watch item — full-year guidance — the company gives none on record, as before; management offers no formal outlook in this filing, consistent with its historical pattern of not guiding. A web search for hard analyst consensus specific to this print found none (PGHL has only sparse coverage, per the preview's own note of a single analyst rating), so vsStreet is marked unknown rather than inferred. No management press release/commentary beyond the regulatory filing was available to cross-check against print. The quarter's other corporate developments (trading window closure, AGM, director reappointment, dividend record date) are governance/calendar items unrelated to the operating print.