Sambhv Steel Tubes Q2 FY27: consolidated PAT +99% YoY to ₹60.9 Cr on record volumes

Sambhv Steel Tubes posted consolidated revenue of ₹835.99 Cr for Q2 FY27, up 44.1% YoY from ₹580.17 Cr and 14.2% QoQ from ₹732.17 Cr, with consolidated PAT of ₹60.95 Cr, up 99.2% YoY from ₹30.60 Cr and 7.8% QoQ from ₹56.52 Cr (EPS ₹2.07 vs ₹1.04 YoY, ₹1.92 QoQ). Standalone PAT was near-identical at ₹61.29 Cr, confirming the wholly-owned Sambhv Tubes subsidiary (vehicle for the under-construction Kesda stainless project) has no material P&L impact yet. There were no exceptional items in either the current or year-ago quarter, so the YoY jump is a clean operating comparison, not a base-effect artefact. Operating EBITDA came in at ~₹100.99 Cr with an OPM of 12.08%, up from 10.38% a year ago (margin expansion) but down from 12.99% last quarter (a sequential dip). NPM followed the same pattern: 7.29% vs 5.26% YoY, vs 7.67% QoQ. The margin story is volume- and mix-led: total sales volume hit a record 1,22,662 tonnes, up 26.8% YoY and 12.3% QoQ, with value-added products (structural + GP pipes/coils) at 1,13,591 tonnes — 92.6% of the mix. EBITDA per tonne works out to roughly ₹8,233, squarely inside management's guided ₹7,500-8,500/ton band from the Q1 FY27 call, even as the sequential OPM dip suggests some pricing softness absorbed within that band rather than a mix deterioration. Against management's FY27 guidance (10-15% revenue/volume growth, EBITDA margin ~12% ±1-2%, PAT margin 6% ±1%, set out on the August 2026 concall), the quarter runs ahead: H1 FY27 revenue of ₹1,568.16 Cr is up 37.7% YoY against a full-year target of 10-15%, OPM at 12.08% sits mid-band, and NPM at 7.29% is above the guided 7% upper bound — a beat on profitability, not just an in-line print. No specific analyst consensus estimates for this quarter's PAT/revenue turned up in public previews, so vsStreet is marked unknown rather than guessed; no separate management press release accompanied the filing to cross-check against. The same board meeting approved a new greenfield Stainless Steel Seamless Pipes & Tubes facility (14,400 MTPA, ₹148 Cr capex, ~₹100 Cr via debt and the balance from internal accruals) via the subsidiary, alongside the existing Kesda Phase 1 (360k ton stainless) still on track for Q4 FY27 commissioning — both layered onto a capex funding base that now includes the ₹115/share convertible warrant tranche (86.95 lakh warrants, ₹25 Cr upfront of a ~₹100 Cr total issue) allotted October 7, 2026. Next quarter is the real checkpoint: whether the ~₹8,200/ton EBITDA run-rate holds as volumes scale further, and whether Kesda Phase 1 commissioning stays on its guided Q4 FY27 timeline. Debt should also be watched — consolidated borrowings stand near ₹556 Cr against a guided FY27-end peak of ₹800-850 Cr term plus ₹200-300 Cr working capital, with two capex projects now running concurrently.