Sanghvi Movers Q2 FY27: Consol PAT +11% YoY ₹40.3 Cr, margins slip on 32% revenue growth

Sanghvi Movers' consolidated PAT rose 11.21% YoY to ₹40.34 Cr (from ₹36.27 Cr) on revenue up 31.95% YoY to ₹276.97 Cr (from ₹209.90 Cr) — a quarter where the topline outran the bottom line, and margins tell the real story. Sequentially, both lines pulled back sharply from an outsized Q1 FY27 (revenue -27.05% QoQ from ₹379.67 Cr, PAT -38.18% QoQ from ₹65.25 Cr), consistent with the lumpy, execution-timed nature of the Wind E&C and EPC segments rather than a demand problem. Basis matters here: standalone (the core crane-hiring entity) PAT was actually down 1.76% YoY to ₹22.30 Cr on revenue up a modest 8.32% YoY to ₹147.84 Cr, and fell 45.8% QoQ — all of the group's YoY growth is coming from the wholly-owned Wind E&C subsidiary, whose revenue jumped 74.86% YoY to ₹97.78 Cr and now makes up 35% of group revenue versus 27% a year ago, while Project EPC shrank to ₹4.41 Cr from ₹11.04 Cr. Margins compressed on both measures versus both comparison periods: operating margin fell to 31.33% from 38.49% a year ago and 33.05% last quarter, and net margin to 13.62% from 16.67% YoY and 16.60% QoQ. The driver is on the financing and depreciation lines, not operations — consolidated finance costs nearly doubled YoY to ₹14.76 Cr (from ₹7.38 Cr) and depreciation rose 18.7% to ₹37.17 Cr (from ₹31.30 Cr), the direct cost of the capex-led fleet build-out (non-current assets grew to ₹1,706.24 Cr from ₹1,501.23 Cr at FY26-end) running ahead of full utilisation on the newer assets. Against management's FY27 guidance of ₹1,400-1,500 Cr consolidated revenue and ₹525-575 Cr EBITDA (20-30% growth over FY26's ₹429 Cr base), H1 FY27 revenue of ₹656.64 Cr is 45% of the guided midpoint, and H1 EBITDA of ₹244.91 Cr is up 25.3% YoY (from ₹195.42 Cr) — squarely inside the guided growth band even though the quarterly margin ratio slipped. Hitting the full-year revenue range needs H2 of roughly ₹793-843 Cr, a 21-28% step-up over H1's pace, after a Q2 that already slowed from Q1. No analyst consensus or brokerage preview for this specific quarter could be confirmed via search, and no management press release was available in the record to cross-check framing against — this reading rests on the filed statements alone. Non-financial items this quarter were governance housekeeping: the board added Aditya Bhartia as an Additional Independent Director effective November 2, 2026, and the September-October promoter-group share movements (Rishi and Maithili Sanghvi) were intra-family gift transfers with no change in total promoter holding.