Unimech Q2 FY27: consolidated PAT up 103% YoY to ₹31.8 Cr as OPM expands to ~40%

Unimech Aerospace's consolidated PAT came in at ₹31.8 Cr for Q2 FY27, up 102.8% YoY from ₹15.7 Cr and 14.0% QoQ from ₹27.9 Cr, on consolidated revenue of ₹123.0 Cr (+98.4% YoY, +14.3% QoQ). Against our pre-result preview's on-plan band (revenue ~₹125 Cr, EBITDA margin 30-32%, PAT ₹28-32 Cr, EPS ₹3.0-3.3), the print landed essentially in line on revenue (-1.6%) and at the top of the PAT band, while EPS of ₹6.24 — roughly double the preview's ₹3.0-3.3 estimate — reflects that the preview's per-share math was already stale against Q1's reported ₹5.48 base; no independent post-print analyst estimates for this specific quarter turned up in search, so the grade rests on our own preview and the thin two-analyst consensus (100% Buy, avg target ₹1,535) already on record. The clearer beat is on margins: OPM (EBITDA/revenue) expanded to ~39.8% from 36.5% last quarter and 29.9% a year ago, running well above management's own FY27 guidance of 34-35% EBITDA margins given on the Q1 call; NPM similarly expanded to ~25.8% from 24.2% QoQ and 21.8% YoY. Gross margin (revenue less materials, inventory change and subcontracting) was ~69.4%, above the 65% management had called "sustainable." By that measure the quarter beats its own guidance rather than merely meeting it. One caveat tempers the headline 98% YoY revenue jump: per the filing's own notes, Hobel Bellows Pvt Ltd and Uniflux Renewable Energy joined the consolidated group only from April 27, 2026 — goodwill on the balance sheet jumped from nil at March 2026 to ₹322.0 Cr at September 2026, consistent with this. Q2 FY26 (the year-ago base) predates that entirely, while Q1 FY27 already carried nearly the full quarter of these entities, so the QoQ comparison is like-for-like while the YoY figure is inflated by scope, not purely organic growth — this release does not provide enough segment detail to split the two precisely. Standalone (parent-only) numbers are far smaller — revenue ₹16.95 Cr, PAT ₹8.53 Cr — underscoring how much of the group's scale now sits in subsidiaries; per the hard basis rule, consolidated is the primary figure used here. The quarter's corporate actions tie into the print without changing it: the board approved bringing Hobel Bellows under direct company ownership (from Innomech Aerospace Toolings) to simplify the holding structure — a structural move, not new revenue; the Saudi JV (Kanoo Unimech Advanced Manufacturing Solutions) completed its first tranche of a SAR 15.3M / ₹39.36 Cr ODI for a 51% stake on October 1, 2026, which sits outside this quarter's P&L; and the company's stake in associate Dheya Engineering rose to 27.24% via a ₹2.99 Cr secondary purchase, whose ₹0.75 Cr quarterly loss is the drag between PBT-less-tax and reported PAT. No separate management press release was available with this filing to cross-check tone or framing beyond the regulatory intimation letter.