Raghav Productivity Q2 FY27: consolidated PAT up 56% YoY to ₹21.6 Cr, margins expand

Raghav Productivity Enhancers' consolidated Q2 FY27 (quarter ended 30-Sep-2026) revenue came in at ₹92.81 Cr, up 46.0% YoY and 6.8% QoQ, with net profit of ₹21.63 Cr, up 56.3% YoY and 10.5% QoQ. Neither the current nor the year-ago quarter carries exceptional items, so the YoY growth is clean — there is no one-off to strip out, and reported growth is also the adjusted growth. Consolidated basic EPS was ₹4.71 against ₹3.02 a year ago and ₹4.26 last quarter. The growth, however, is almost entirely a subsidiary story. Standalone (parent) revenue grew a faster 70.8% YoY to ₹39.21 Cr, but standalone PAT actually fell 9.0% YoY to ₹8.24 Cr and 33.7% QoQ, because the standalone effective tax rate jumped to ~24.5% this quarter from ~14.6% a year ago even as standalone PBT grew just 3.0% YoY. The QoQ decline is further exaggerated by the Q1 base, which included a ₹4.56 Cr one-time intercompany dividend from the wholly-owned subsidiary Raghav Productivity Solutions that didn't repeat in Q2 (standalone other income fell from ₹5.79 Cr to ₹1.44 Cr sequentially). That subsidiary now contributes roughly 58% of group revenue (₹53.60 Cr of the ₹92.81 Cr consolidated top line) and is driving the group-level numbers: consolidated OPM expanded to ~30.0% from ~29.4% YoY and consolidated NPM to 23.0% from 21.6% YoY, both on operating leverage rather than a tax benefit — the group effective tax rate was flat at ~20.2% in both periods. Management gives no formal guidance or outlook on record, and the available context carries no prior concall read for this company; a web search for Street/consensus estimates on this quarter turned up no formal analyst previews or consensus figures for this small-cap name, so vsStreet is marked unknown rather than inferred. No management press release or commentary accompanied this filing beyond the regulatory outcome letter. On the corporate-action side, the company incorporated a joint venture, RPEL TRLK Silicatech Private Limited, with TRL Krosaki Refractories on 25-September-2026 for a silica ramming mass plant in Odisha — shares have been subscribed but the subscription consideration remains unpaid as of the 30-September balance sheet date, so it has no P&L impact yet. The subsidiary also secured two patents during the quarter (announced 12-Sep and 14-Sep-2026), underscoring the IP base behind its outsized contribution to group growth.