PAT up 54% YoY to ₹9.5 Cr on 48% revenue growth, but margins cool from Q1 FY27 peak

Pyramid Technoplast's standalone revenue for Q2 FY27 (quarter ended September 30, 2026) came in at ₹238.04 Cr, up 48.0% year-on-year from ₹160.82 Cr and up 6.99% sequentially from ₹222.49 Cr in Q1 FY27. Standalone PAT rose 54.3% YoY to ₹9.50 Cr (from ₹6.15 Cr) but fell 9.1% QoQ from ₹10.45 Cr, with EPS at ₹2.57 versus ₹1.67 a year ago and ₹2.85 last quarter. OPM (EBITDA margin) expanded to 8.21% from 7.42% YoY but eased from Q1 FY27's 9.11%; NPM was 3.98% versus 3.81% YoY and 4.67% QoQ. No exceptional items or prior-period adjustments appear in either comparison period, so these are clean, unadjusted figures. The YoY margin expansion was driven by operating leverage on employee costs (2.59% of revenue versus 3.87% a year ago) and other expenses (12.11% versus 15.18%), which more than offset a higher raw-material cost ratio (77.08% versus 74.47%) and a 147% YoY jump in finance costs (₹3.93 Cr versus ₹1.59 Cr) tied to higher borrowings. The QoQ margin dip instead came from a rise in other expenses (12.11% versus 11.02% in Q1) and slightly higher finance costs, not materials, which held flat sequentially. Against the FY27 guidance management gave on the Q1 concall — ~15% revenue growth and an 11-12% EBITDA margin — H1 FY27 revenue of ₹460.53 Cr (up 41.9% YoY from ₹324.63 Cr) is running well ahead of the growth target, but this quarter's 8.21% EBITDA margin remains short of the 11-12% band — a miss on the profitability target even as the topline outperforms. There is no analyst consensus to benchmark against; searches found no brokerage previews or estimates on this stock. Corporate developments this quarter were largely administrative: the GPCB authorization for waste recycling (September 23) supports the previously guided ₹2 Cr FY28 recycling-savings initiative, and the company appointed Desai Saksena & Associates as its new statutory auditor (September 22), who issued this quarter's unqualified limited-review report; no management press release accompanied the filing. Working capital grew alongside revenue — trade receivables rose to ₹176.43 Cr from ₹142.96 Cr at March-26, and total borrowings rose to ₹198.90 Cr from ₹183.39 Cr — while PP&E and CWIP were little changed from March-26 (₹243.17 Cr combined non-current assets versus ₹246.61 Cr), suggesting the guided ₹20-25 Cr Kutch expansion capex has yet to show up meaningfully on the balance sheet.