Consol PAT +78% YoY to ₹14.3 Cr as margins expand; UAE arm drives profit, India thin

Sejal Glass's consolidated (primary) PAT came in at ₹14.28 Cr for Q2 FY27, up 78% year-on-year from ₹8.03 Cr and nearly double the ₹7.14 Cr of Q1 FY27; consolidated revenue rose 32.8% YoY (and 17.1% QoQ) to ₹138.09 Cr, with EPS at ₹12.52 versus ₹7.95 a year ago. Profit growing faster than revenue reflects genuine margin expansion rather than a one-off: operating margin (OPM) rose to 17.3% from 16.3% YoY (and 14.0% last quarter), and owners'-PAT margin reached 10.3% versus 7.7% a year ago. Neither period carries exceptional items, so the reported growth is also the underlying growth. The margin story has a sharp geographic split. Per the auditors' limited-review report, the foreign (UAE) subsidiary alone generated ₹13.65 Cr of net profit this quarter — effectively the entire consolidated PAT — while the standalone India business posted just ₹0.67 Cr of profit on ₹41.28 Cr of revenue (1.6% NPM), aided by a zero tax charge on carried-forward depreciation/losses. Consolidated capital work-in-progress jumped to ₹26.21 Cr from ₹9.41 Cr at FY26-end, consistent with management's guided AED15 Mn third tempering line (fire-rated) in the UAE targeted for completion by Q3 FY27. No formal analyst/street consensus for this print turned up in search — Sejal Glass is a micro-cap with no visible brokerage preview coverage this quarter, so vsStreet is unknown rather than estimated. Against management's own prior guidance (Q1 FY27 concall), the quarter tracks ahead: H1 FY27 consolidated revenue is up 41.4% YoY, above the guided 'minimum 25%, potential 40%' FY27 revenue growth, and this quarter's 10.3% owners'-PAT margin already sits inside the 9-10% year-end PAT-margin target management had flagged for 'by year-end,' not Q2. Order book (₹225 Cr guided last quarter: India ₹50+ Cr, UAE ~₹175 Cr) was not refreshed in this filing's notes. Separately, a bulk deal saw Dilesh Roadlines sell a 0.88% stake in September, and the promoter appeared on business media (NDTV Profit, and an earlier entrepreneurial-journey interview) around results — developments noted for completeness but not tied to the print's numbers. No press release/management commentary was available with this filing to cross-check against the reported figures. Going into H2 FY27, the quarter sets up two checks: whether the UAE capacity addition commissions on the guided Q3 timeline and adds incremental volume, and whether the 10.3% consolidated PAT margin holds for a full quarter rather than reflecting one strong print, given management's own target was for margins to build 'by year-end.'