Steel Exchange India Q2 FY27: revenue +48% YoY to ₹343 Cr, PAT 7x to ₹17.6 Cr

Steel Exchange India's consolidated (= standalone, since sole subsidiary SEIL Infra Logistics remains pre-operational) Q2 FY27 revenue from operations came in at ₹343.16 Cr, up 48.1% YoY from ₹231.76 Cr and up 27.2% QoQ from ₹269.71 Cr, confirming the company's own 8 October provisional update of ~₹340 Cr revenue and 45% YoY growth. No formal brokerage PAT estimates for the quarter turned up in public previews, so vsStreet is unknown; the closest available benchmark is that provisional figure, which the filed number essentially matched, landing marginally ahead of it. PAT came in at ₹17.62 Cr against ₹2.11 Cr a year ago (+734%, off a thin base) and ₹15.03 Cr in Q1 FY27 (+17.3% QoQ); net profit margin expanded to 5.1% from 0.9% YoY (and was roughly flat versus 5.55% in Q1). That bottom-line expansion was not driven by operating leverage: the filing's own operating EBITDA margin fell to ~10% this quarter from 12.7% in Q1 FY27 and 11.85% a year ago, as employee costs (₹13.22 Cr vs ₹10.99 Cr) and other expenses (₹30.18 Cr vs ₹20.02 Cr) rose faster than revenue. PAT growth instead came from below-the-line relief — finance costs fell to ₹14.11 Cr from ₹19.28 Cr YoY, depreciation fell to ₹6.47 Cr from ₹7.23 Cr, and the bad-debt impairment charge dropped to ₹0.24 Cr from ₹0.71 Cr. No tax was recognized in either quarter, so PBT and PAT are identical. Management's FY27 guidance from the Q4 FY26 concall centred on doubled production volumes and improved EBITDA margins from a new reheating furnace commissioning by Q2 FY27, alongside debt reduction to sub-9% interest cost. The volume and debt legs are tracking: the quarter delivered a record 69,465 MT of re-bar production, and the debt-equity ratio improved to 0.27x from 0.46x a year ago, with the new ECLGS working-capital term loan priced at 9% and asset coverage up to 3.49x from 2.91x at FY26-end — consistent with the 24 September Infomerics rating upgrade and the 13 October 'record production, credit upgrade, debt repaid' update. The margin leg has not yet shown up: operating EBITDA margin is down both sequentially and YoY, suggesting the furnace's cost benefit has not flowed through the P&L this quarter. Separately, the board on 4 November approved converting 8.04 Cr of the 31.75 Cr warrants held by promoter-group entities India Coke and Power and IMR Steel into equity at ₹9.45/share, lifting paid-up capital from ₹127.55 Cr to ₹135.59 Cr — a step toward the ₹300 Cr IMR Group investment flagged in the prior concall, though the bulk of warrants (23.70 Cr) remain unconverted. No standalone management press release was available for this result beyond the provisional production/revenue update already cited.