SBC Exports Q2 FY27: consolidated PAT up 37% YoY to ₹11.4 Cr, margins compress on costs

SBC Exports Ltd reported consolidated Q2 FY27 (quarter ended September 30, 2026) revenue of ₹164.33 Cr, up 94% YoY from ₹84.70 Cr and up 36% QoQ from ₹121.08 Cr, with consolidated PAT of ₹11.38 Cr, up 37% YoY from ₹8.30 Cr (EPS ₹0.24 vs ₹0.17) and up 18% QoQ from ₹9.60 Cr. Both lines grew sharply year-on-year, but profit growth trailed revenue growth by a wide margin and net profit margin compressed to 6.7% from 9.4% a year ago (7.7% last quarter). The squeeze sits on the cost-of-goods line: raw material consumed rose to 73.9% of consolidated revenue from 59.9% a year ago, pulling operating margin down to roughly 8.7% from ~11.7% YoY. It isn't purely a consolidation mix effect — the core Garments segment's own PBT margin fell to 14.4% from 23.2% YoY even as its revenue surged 146% to ₹99.36 Cr on export order momentum; IT Support Services grew revenue 59% YoY to ₹38.95 Cr with its margin roughly steady. The Tour & Travel subsidiary (Mauji Trip) added ₹26.42 Cr revenue (+32% YoY) at just a 2.8% segment PBT margin, further diluting the blend. On a standalone (Garments+IT only) basis, revenue grew an even sharper 113% YoY to ₹138.31 Cr and PAT grew 41% YoY to ₹10.80 Cr. The print beat our pre-result preview's expected range of ₹120-130 Cr revenue and ₹9-10 Cr net profit on both counts. With H1 FY27 consolidated revenue at ₹285.40 Cr (+82% YoY), the company is already running well ahead of its stated 40-50% full-year FY27 growth guidance tied to Dubai and Middle East export opportunities. This filing carries no separate press release or management commentary, so the specific Dubai repeat-order and BHU contract-extension watch items flagged pre-result remain unconfirmed from these numbers alone — segment data is consistent with continued export momentum but doesn't isolate those two orders.