Rentomojo Q2 FY27: revenue, core profit up ~52% YoY; reported PAT dips on tax base effect

Consolidated revenue from operations came in at ₹142.1 Cr, up 52.8% YoY and 12.5% QoQ. Reported consolidated PAT was ₹18.2 Cr, down 62.6% YoY from ₹48.6 Cr — but that decline is a tax-base effect, not an operating one: profit before exceptional items and tax (the company's own "normalised" profit measure) rose 52.2% YoY to ₹24.0 Cr from ₹15.8 Cr, growing in line with revenue. Standalone tracks consolidated almost exactly (PAT ₹18.19 Cr vs ₹18.19 Cr), confirming the sole subsidiary and employee benefit trust are immaterial to the group. Pre-exceptional operating margin held at ~16.9% of revenue, versus ~17.0% a year ago and ~17.4% last quarter — essentially flat, with no sign of compression or expansion as employee and other operating costs scaled alongside growth; depreciation roughly doubled YoY to ₹25.9 Cr, tracking the larger rental asset base. The reported bottom-line swing instead sits entirely on the tax line: a ₹32.8 Cr deferred-tax credit booked in the year-ago quarter versus a ₹6.2 Cr tax expense this quarter is a ~₹39 Cr turnaround that mechanically depresses the YoY PAT comparison. QoQ, reported PAT jumped 132% from ₹7.8 Cr, but Q1 FY27 had carried an ₹11.4 Cr exceptional fire-related warehouse loss that depressed that base; on a like-for-like pre-exceptional footing, QoQ profit growth is a more modest 9.4%, roughly tracking the 12.5% revenue growth. There is no analyst consensus or management guidance on record for this quarter — our database has none, and a web search surfaced no Q2-specific street estimates (coverage found was for the Q1 FY27 print, where the company's own pre-tax, pre-exceptional "normalised PAT" rose 71.8% YoY to ₹21.9 Cr, the same convention applied here). vsStreet and vsGuidance are accordingly both unknown rather than assumed, and no management press release was available to cross-check company framing on this filing. Within the quarter the Board also approved KMP/SMP remuneration revisions effective April 1, 2026, appointed Price Waterhouse Chartered Accountants LLP as statutory auditor, and confirmed via CRISIL Ratings (IPO monitoring agency) that there was no deviation in use of the ₹150 Cr fresh-issue IPO proceeds — none of this affects the P&L above. A separate legal proceeding was adjourned to December 1, 2026, with no financial impact disclosed yet.