Sumeet Industries Q2 FY27: consolidated PAT down 42% YoY to ₹5.67 Cr as OPM nearly halves

Sumeet Industries' consolidated PAT fell 42.5% YoY to ₹5.67 Cr in Q2 FY27 (quarter ended 30 September 2026), down from ₹9.86 Cr a year ago, even as revenue from operations grew 35.2% YoY to ₹364.18 Cr. The gap between strong topline growth and a shrinking bottom line sits on margins: operating profit margin (EBITDA/revenue) nearly halved to 2.53% from 5.39% YoY, and net profit margin fell to 1.56% from 3.64% YoY — cost pressure outrunning revenue gains in the textile business. Sequentially, PAT jumped off an unusually weak ₹1.14 Cr Q1 FY27 base, which flatters the QoQ comparison; revenue grew 33.7% QoQ but OPM still slipped further, from 3.11% in Q1 to 2.53% now, confirming margin compression is a YoY and sequential trend, not a one-quarter blip. Against management's own Q1 FY27 call guidance — FY27 revenue growth >30% YoY, EBITDA margin ~6%, PAT margin 3.5-4% — this quarter misses on margins by a wide gap (OPM at 2.53% is under half the ~6% target, NPM at 1.56% is under half the 3.5-4% band), and H1 FY27 revenue growth of 22.9% YoY is tracking below the full-year >30% target pace despite the strong single-quarter print. No brokerage consensus specific to this quarter turned up in public coverage (only one analyst tracks the stock, rated Hold), so vs-street is unknown. The quarter's corporate actions were capital-raising and inorganic: a ₹199.75 Cr rights issue (16.84 Cr shares at ₹11.86, subscribed 2.5x) lifted paid-up capital and funded ₹169 Cr of net financing inflows, while subsidiary SSCL used ₹27.78 Cr of that capital to acquire Nakoda Limited's Phase-3 chips manufacturing plant out of liquidation under the IBC — a plant that contributed nil revenue this quarter, so all of this quarter's growth remains from the legacy textile business. Standalone PAT was ₹4.40 Cr against a ₹1.27 Cr tax charge while consolidated tax was nil, that gap being the main driver of consolidated PAT running ahead of standalone; no management press release accompanied this filing, so there is no company framing to check the numbers against. The result reads as confirmation, not contradiction, of the bearish/defensive tone management struck on the Q1 FY27 call — the cost pressures flagged then have not eased, and the raw-material stabilisation, 30 TPA ramp-up and solar-commissioning levers management cited remain pending rather than delivered.