Vakrangee Q2 FY27: consol PAT dips ~10% YoY as ATM arm swings to loss, tax rate jumps

Vakrangee's consolidated (primary) revenue fell 10.7% YoY to ₹61.68 Cr in Q2 FY27, though it rose 10.3% sequentially from ₹55.92 Cr in Q1. Consolidated PAT (group, including minority interest) declined 9.9% YoY to ₹2.73 Cr — adjusted for the small exceptional items on both sides (a ₹2.6 lakh charge this quarter versus a ₹13.97 lakh gain a year ago), the adjusted YoY decline narrows to roughly 6.0%. Sequentially, group PAT rose 20.9% QoQ. The company remains profitable — this is a YoY decline, not a loss or a turnaround. The softness traces entirely to the ATM/managed-services segment (run through subsidiary Vortex Engineering), where revenue nearly halved YoY to ₹14.31 Cr from ₹23.20 Cr and the segment swung to a ₹1.33 Cr loss from a ₹0.54 Cr profit a year ago. The core Vakrangee Kendra (business-correspondent) segment moved the other way — revenue was flat YoY at ₹50.64 Cr while segment PBT jumped 58% YoY to ₹5.64 Cr from ₹3.57 Cr, lifting standalone (parent-only) PAT 70.7% YoY to ₹3.86 Cr. At the group level, total PBT still grew a modest 4.8% YoY to ₹4.31 Cr and OPM expanded to ~11.4% from ~10.7% a year ago, but a sharply higher effective tax rate (36.7% vs 26.3% a year ago) erased that gain at the PAT line — the main reason group net profit fell YoY even as operating margins improved. A related wrinkle: minority interest flipped from a ₹0.17 Cr profit-share a year ago to a ₹0.30 Cr loss-share this quarter as Vortex absorbed losses, so PAT attributable to owners of the parent actually rose 5.9% YoY to ₹3.03 Cr even as total group PAT fell — the two "PAT" figures tell opposite YoY stories depending on which is read. Standalone and consolidated results diverge materially this quarter: standalone PAT of ₹3.86 Cr (+70.7% YoY) is the parent-only, Kendra-business number, while consolidated owners' PAT of ₹3.03 Cr and group PAT of ₹2.73 Cr both carry the ATM segment's loss — consolidated is primary and should be the reference figure. Management gives no formal guidance on record, and no analyst/street estimates for this quarter could be located — Vakrangee has no identified brokerage coverage for Q2 FY27, so the print cannot be graded against a street number. Vortex's ₹37.79 Cr ATM order win on August 7, 2026 had not yet lifted the ATM segment back to profit as of this print; whether it does so is the segment's key swing factor into Q3.