SAL Steel standalone PAT nearly triples YoY to ₹10.4 Cr as revenue surges 119%

SAL Steel's standalone Q2 FY27 revenue from operations jumped 118.9% YoY to ₹143.90 Cr (₹65.73 Cr a year ago) and 64.7% QoQ (₹87.37 Cr in Q1 FY27), with standalone PAT up 179.1% YoY to ₹10.41 Cr (₹3.73 Cr) and 236.9% QoQ (₹3.09 Cr), taking basic EPS to ₹0.72 from ₹0.44 a year ago. Neither the current nor the year-ago quarter carries an exceptional item, so the growth is on a clean base and needs no adjustment. There is no analyst consensus or brokerage preview available for this stock, and the company has issued no formal prior guidance or outlook on record, so the print cannot be benchmarked against street or management expectations — both remain unknown. The margin picture is two-sided: net profit margin expanded to 7.23% from 5.67% YoY and 3.54% QoQ as profit scaled faster than revenue, but EBITDA margin (PBT plus finance cost and depreciation, over total revenue) compressed to 15.61% from 19.73% a year ago, broadly flat versus Q1's 15.51%. Cost of materials consumed, power cost and stores consumption all rose in step with the volume increase, eating into the operating margin even as the bottom line grew. The balance sheet shows why revenue jumped: Property, Plant and Equipment nearly doubled to ₹265.43 Cr from ₹141.70 Cr at FY26-end, while Capital work-in-progress fell to ₹125.10 Cr from ₹173.77 Cr — consistent with a capacity expansion being commissioned during the quarter. This was funded in part by the ₹75 Cr term loan from Kotak Mahindra Bank availed October 1, 2026; total borrowings rose to ₹503.13 Cr from ₹349.20 Cr at FY26-end, and finance costs for the quarter were ₹5.68 Cr, up from ₹5.14 Cr a year ago. H1 FY27 standalone PAT of ₹13.51 Cr reverses a H1 FY26 loss of ₹5.95 Cr, and follows a full FY26 that closed in a standalone loss of ₹6.43 Cr (which included a ₹4.16 Cr exceptional item recorded elsewhere in that year, not in this quarter or its year-ago comparator). Separately, Vora Financial Services acquired a 5.05% stake in the company on October 7, 2026, ahead of this result, and the same November 6 board meeting that approved these results also accepted the resignation of independent director Nipa Jairaj Shah for personal reasons — a governance item unrelated to the operating numbers. No management press release or earnings commentary accompanies this filing, so there is no company framing of the quarter to reconcile against the figures.