TTK Prestige Q2 FY27: consolidated PAT +65% YoY to ₹104 Cr, margins expand sharply

On a consolidated basis (primary), TTK Prestige's revenue rose 21.0% YoY and 24.0% QoQ to ₹1,008.96 Cr, while PAT climbed 65.3% YoY (≈68.4% on an adjusted basis, stripping a ₹2 Cr one-off investment impairment) and 77.1% QoQ to ₹104.44 Cr. NPM expanded to 10.35% from 7.44% a year ago and 7.25% last quarter; EPS was ₹8.11 versus ₹4.69 YoY. Standalone PAT was ₹108.02 Cr, +54.1% YoY — a divergence of over 10 points from the consolidated growth rate, driven by the foreign subsidiary's ₹17.88 Cr quarterly net loss (which consolidation absorbs) partly offset by NCI sharing ₹6.67 Cr of the Ultrafresh loss; readers should note both numbers rather than treat the standalone print as the complete picture. The margin expansion did not come from gross cost ratios, which were roughly flat YoY (materials plus traded goods, net of inventory change, at ~42% of revenue in both periods). Instead it came below the gross line: consolidated other expenses actually fell 8% YoY to ₹163.60 Cr even as revenue grew 21%, helped materially by the parent's 'business excellence' cost-savings programme, whose spend dropped to ₹0.70 Cr this quarter from ₹17.89 Cr a year ago (Note 5b) — a swing worth roughly 1.7 points of revenue on its own. Employee costs grew 19.2% YoY, broadly tracking the topline. The quarter also carried the ₹2 Cr GramyaHaat CCD impairment in both statements and, in standalone only, the ₹13.53 Cr exceptional loss on the Ultrafresh divestment. No Q2-specific Street estimate could be located; full-year FY27 analyst consensus pegs PAT growth at 15-20%, a pace this quarter's YoY print comfortably exceeds, though a single quarter can't be fairly graded against an annual figure. Management gave no formal quarter-specific guidance; the only outlook on record is from the Q4 FY26 concall — cautiously optimistic near-term, flagging geopolitical and raw-material headwinds, with a long-term goal of returning to 13-14% EBITDA margins within two years. This quarter's double-digit revenue growth and NPM expansion run ahead of that cautious near-term framing, reading as a beat against the tone set then, though whether margins durably reach the 13-14% EBITDA band needs more quarters to confirm. Two corporate actions this quarter tie directly to the P&L: the October 1 sale of the 51% Ultrafresh stake (settled via the acquirer's equity shares) and the October 26 redemption of the GramyaHaat CCD — both already reflected in this quarter's exceptional items and in held-for-sale reclassifications on the balance sheet. Separately, the board appointed R Srinivasan as a non-executive director (Sep 11) and the August AGM approved a dividend, with ₹102.72 Cr paid out in H1 per the cash-flow statement. Going into Q3, the key question is whether the other-expense relief is structural (the cost programme largely done, per the ₹0.70 Cr residual spend) or still has one-off step-downs left to unwind, and whether the margin gains hold through the non-festive back half toward management's stated 13-14% EBITDA goal.