Rajputana Stainless Q2 FY27: PAT up 79% YoY to ₹23.7 Cr, revenue grows 33%, margins expand

Rajputana Stainless Limited's standalone revenue from operations rose 33.3% YoY to ₹359.81 Cr in Q2 FY27 (quarter ended September 30, 2026), with standalone PAT up 79.3% YoY to ₹23.70 Cr — profit growth comfortably outpacing revenue growth. Sequentially, revenue grew 17.4% and PAT 17.3% over Q1 FY27's ₹306.54 Cr revenue / ₹20.20 Cr PAT. EPS was ₹2.84 (not annualised) versus ₹1.92 a year earlier and ₹2.42 in Q1. The filing carries only standalone figures — the company has no subsidiaries and reports a single operating segment, so there is no consolidated statement to reconcile against. Results are unaudited and subject to limited review by the statutory auditor; the year-ago comparative was board-approved but not statutory-audited, per the company's own note. Net profit margin expanded to 6.55% of total income from 4.89% a year ago, and operating margin (PBT plus finance costs, over total income) widened to 9.21% from 8.30% YoY — both driven by cost of materials consumed falling to 62.1% of revenue from 71.3% in the year-ago quarter. Sequentially the picture is more mixed: NPM was flat versus Q1's 6.54%, while OPM slipped from Q1's 9.38% as the materials-cost ratio rose from 58.7% to 62.1% quarter-on-quarter — a reminder that the YoY margin expansion reflects a high cost base a year ago more than a structural step-up this quarter. Finance costs fell to ₹1.45 Cr from ₹1.72 Cr in Q1 and ₹5.00 Cr a year ago, helped by the company using IPO proceeds to cut short-term borrowings to ₹1.43 Cr as of September 30, 2026 from ₹66.01 Cr at March 31, 2026. There is no prior management guidance or concall commentary on record to grade this print against, and no formal sell-side coverage or consensus estimates turned up in a search — Rajputana listed only in March 2026 and remains a micro-cap without broad analyst tracking, so both vs-Street and vs-guidance read as unknown rather than a beat or miss. Per the company's IPO-proceeds monitoring note filed alongside results, ₹18.57 Cr earmarked for capacity expansion at the Panchmahal facility remains fully unutilised as of September 30, 2026, even as ₹96.01 Cr of the ₹98 Cr borrowings-repayment allocation and ₹44.46 Cr of the ₹44.64 Cr general-corporate-purposes allocation have been spent. The board has scheduled an earnings call for November 3, 2026. Working capital moved against the company this quarter: trade receivables rose to ₹232.34 Cr from ₹137.51 Cr at March 31, 2026, and H1 FY27 operating cash flow fell to ₹4.47 Cr from ₹23.52 Cr in H1 FY26 even as half-year PBT rose to ₹59.13 Cr from ₹32.32 Cr; cash and equivalents fell to ₹2.01 Cr from ₹102.43 Cr, reflecting the debt repayment, a ₹4.18 Cr dividend payout, and ₹12.16 Cr of H1 capex.