Sedemac Q2 FY27: standalone PAT +30% YoY to ₹39 Cr, revenue +40%, but margins slip

Sedemac Mechatronics reported standalone revenue of ₹400.64 Cr (+39.9% YoY, +29.3% QoQ) and PAT of ₹39.18 Cr (+30.0% YoY, +17.6% QoQ) for Q2 FY27, with EPS at ₹8.87 versus ₹7.06 a year ago. Growth was driven almost entirely by the Mobility segment, up 52.6% YoY to ₹366.35 Cr on record quarterly ECU shipments of 1.45 million units (+37.5% YoY, per company disclosure), while the smaller Industrial segment slipped to ₹34.29 Cr from ₹46.46 Cr. Profitability growth trailed revenue growth: net profit margin contracted to 9.78% from 10.52% a year ago (and from 10.72% last quarter), while operating margin eased to 18.86% from 21.32% YoY. The squeeze sits on finance costs, which more than doubled YoY to ₹5.87 Cr, and depreciation, up 34% YoY to ₹19.78 Cr — both tied to the new Pune manufacturing facility that began commercial production on 25 September 2026; right-of-use assets jumped to ₹144.16 Cr from ₹19.95 Cr at FY26-end as the company added lease-funded capacity. Segment profitability diverged sharply: Mobility PBT grew 28.1% YoY to ₹49.42 Cr while Industrial PBT fell 33.9% to ₹5.19 Cr. The company has issued no formal guidance on record, and no quarter-specific Street consensus for Q2 FY27 revenue or PAT could be located, so the print cannot be scored against a published estimate. Public full-year FY27 revenue consensus sits near ₹1,490 Cr; against that, H1 FY27 revenue of ₹710.41 Cr implies roughly ₹780 Cr is needed in H2, plausible given the new capacity ramp. This quarter's other disclosed developments — SBI Mutual Fund's 5.26% stake purchase and the 82,400 ESOP grant — have no direct P&L tie-in beyond equity-settled share-based payments of ₹0.90 Cr for H1; the filing carries no separate management commentary or press release to cross-check against the numbers. With the Pune facility now live, the next readout is whether elevated finance costs (short-term borrowings up to ₹153.19 Cr from ₹20.75 Cr at FY26-end) and depreciation normalize as a share of revenue, and whether the Industrial segment recovers from its YoY profit decline.