Snowman Logistics standalone turns profitable YoY in Q2FY27; revenue growth below guidance

Snowman Logistics' standalone revenue came in at ₹163.56 Cr, up 5.1% YoY but down 7.9% QoQ, while PAT swung to a ₹0.96 Cr profit from a ₹2.91 Cr loss in Q2FY26 — though it fell 79% from ₹4.55 Cr in Q1FY27. No analyst estimates for this micro-cap's Q2FY27 print turned up in a search, so the result is best benchmarked against the company's own FY27 guidance of 10-15% revenue growth: H1FY27 revenue grew only 7.2% YoY, trailing that range even as profitability recovered. EBITDA of ₹25.25 Cr (+22.6% YoY) lifted OPM to ~15.4% from 13.2% a year ago, but the improvement was driven mainly by a 15.4% YoY drop in finance costs (₹6.27 Cr vs ₹7.41 Cr) rather than operating leverage — depreciation was flat YoY. Sequentially, OPM eased from ~16.7% in Q1FY27 and PAT fell 79% QoQ; Q1's number was flattered by a ₹1.62 Cr one-off exceptional income (reversal of a labour-code related provision), but even stripping that out, core pre-exceptional PBT fell from ₹5.41 Cr to ₹1.50 Cr quarter on quarter, so the QoQ slide is largely operational rather than just a base effect. All three segments grew YoY but at a similarly muted pace — warehousing +7.6% (₹65.65 Cr), transportation +5.6% (₹33.72 Cr), trading & distribution +2.4% (₹64.18 Cr) — none close to the double-digit guided range. Concurrent with the results, the company disclosed a ₹2.07 Cr penalty levied this quarter under Section 270A after the tax officer disallowed a ₹4.64 Cr Section 35AD deduction on the Mumbai and Hyderabad cold-storage units; an appeal and a rectification application (which could cut the penalty by ₹0.34 Cr) are pending, and no P&L provision has been taken as management expects a favourable outcome. Separately, ₹7.62 Cr of GST demands remain under litigation across states, against which ₹1.50 Cr is already provided as a precaution. No separate management press release accompanied this filing, so there is no company commentary to reconcile against the print. The Board also appointed Arun Goyal as a new independent director as Anil Aggarwal completes his second term — a governance refresh alongside, but unrelated to, the financial result. With H1FY27 revenue growth at 7.2% against a 10-15% full-year guide, the company needs a stronger H2 — including the guided Pune and Patna facility launches — to reach even the lower end of its own target, while next quarter's margin will show whether the YoY OPM gain holds without the help of lower finance costs or one-off items.