Sukhjit Starch Q2FY27: consolidated PAT ₹15.3 Cr on margin expansion, OPM hits 8.6%

The Sukhjit Starch & Chemicals consolidated statement — the primary basis — for Q2 FY27 (quarter ended 30 September 2026) reported revenue from operations of ₹408.08 Cr, up 29.7% YoY from ₹314.61 Cr and 3.1% QoQ from ₹395.65 Cr. Consolidated PAT came in at ₹15.27 Cr, well above the ₹4.30 Cr reported a year ago and up 25.7% sequentially from ₹12.15 Cr; EPS was ₹4.89 against ₹1.38 YoY and ₹3.89 QoQ. Neither period carries an exceptional item, so the growth is operating in nature rather than a one-off skewing the base. Standalone tracks closely — PAT ₹15.80 Cr on revenue ₹410.11 Cr, within 1% of the consolidated print — so there is no standalone/consolidated divergence worth flagging. The lift is margin-led. Consolidated OPM (EBITDA/revenue) rose to 8.60% from 5.79% a year ago and 7.62% last quarter — a third straight quarter of expansion — while NPM climbed to 3.74% from 1.37% YoY. Net material cost (cost of material consumed adjusted for the inventory movement) eased to roughly 68.8% of revenue from about 71.7% a year ago, consistent with the softer maize prices management flagged on the last concall. The Maize Processing segment, which is effectively the whole business, drove this: segment PBIT was ₹28.77 Cr versus ₹22.55 Cr QoQ and ₹12.95 Cr YoY, while the Infrastructure division stayed marginal (a ₹0.68 Cr segment loss). Management's November 2025 concall guided to sequential margin improvement in H2 FY26 on softening maize costs, plus a hoped-for export-competitiveness revival, without quantitative targets. This quarter's margin expansion continues that trajectory into FY27, so the print reads as on-track against that qualitative guidance rather than a clean beat or miss. No sell-side consensus estimate could be found for this small-cap name for this specific quarter, so the result cannot be benchmarked against street numbers. No management press release had been extracted for this filing at analysis time, so commentary rests on the regulatory financials and segment note alone. The quarter's other notable development — the September 8, 2026 MoU for a new maize processing unit with ₹500 Cr planned capex — is not yet reflected in the ₹1,076.97 Cr consolidated balance sheet or the ₹218.03 Cr current borrowings, but is a marker for funding and capacity disclosures to track from here.