Sigachi Q2: PAT -17% YoY on one-off comp; adjusted profit +50%, margins expand

Sigachi's consolidated revenue rose 18.1% YoY and 7.6% QoQ to ₹130.46 Cr, but reported consolidated PAT of ₹8.78 Cr looks like a 16.6% YoY decline against last year's ₹10.53 Cr. That comparison is distorted: the year-ago quarter (Q2 FY26) booked a ₹4.66 Cr exceptional gain tied to the June 2025 Hyderabad Pashamylaram fire (a partial reversal of the ~₹121 Cr exceptional loss booked in Q1 FY26), while this quarter has no exceptional item at all. Strip that one-off from the base and adjusted YoY PAT growth is +49.5% (standalone adjusted growth is a smaller +26.4%, with the gap explained by the subsidiary swinging from a larger net-loss drag last year to a much smaller one now) — the real story is a solid profit recovery, not a decline. Margins back this up: operating margin (EBITDA/revenue) expanded to ~14.65% this quarter from 13.62% in Q1 FY27 and roughly 6.8% in Q2 FY26 (confirmed against external reporting of that quarter's 6.78% EBITDA margin, since the fire aftermath was still depressing margins then). Net margin was roughly flat sequentially at 6.73% versus 6.66% in Q1, but down from 9.32% a year ago purely because of the exceptional-gain-inflated base. The quarter therefore delivered the sequential revenue-and-margin improvement management flagged for "Q2 and beyond" on the August 2026 call. Against the full FY27 guidance of ₹650-675 Cr revenue and 18% EBITDA margin (both maintained since that call), H1 FY27 revenue of ₹251.73 Cr means H2 must run at roughly double H1's pace to clear even the low end — a material stretch not yet evidenced in this print. H1 OPM of ~14.2% also trails the 18% full-year target, so margin needs to keep climbing through Q3-Q4. No analyst consensus or brokerage preview for this specific quarter could be found via web search, so vsStreet is marked unknown rather than guessed; no standalone management press release was available either to cross-check the company's own framing of the quarter, so this summary relies on the filing itself. Separately, the company's 12,000 MTPA MCC expansion and 1,800-ton CCS facility remain pushed to Q2 FY28 (previously Q1 FY28), and a September 9 EGM corrigendum on a preferential issue points to capital-raising likely tied to funding that delayed capacity build-out.