Vascon Q2 FY27: PAT ₹13 Cr (+14% YoY), margin recovers QoQ but trails 8–10% guided band

Vascon Engineers' consolidated Q2 FY27 (quarter ended September 30, 2026) revenue was ₹252.1 Cr, up 11.7% YoY from ₹225.6 Cr and up 65.9% QoQ from a weak ₹151.9 Cr in Q1 FY27. Consolidated PAT was ₹13.0 Cr, up 13.9% YoY from ₹11.4 Cr and sharply higher than Q1's ₹2.0 Cr; EPS was ₹0.56 versus ₹0.50 a year ago. Standalone PAT of ₹13.1 Cr tracked consolidated almost exactly, the only gap being the ₹0.9 Cr JV/associate share-of-loss sitting below the consolidated PBT line. There were no exceptional items on either statement, so these are clean, unadjusted comparisons. Net profit margin was roughly flat YoY at ~5.1% of total income (vs 5.0% a year ago) but jumped from 1.3% in Q1 — the QoQ move reads mainly as operating leverage: combined materials cost (construction expense net of inventory movement) held near 84-87% of revenue across all three quarters, while employee cost, finance cost and depreciation stayed roughly flat in absolute terms, so the 66% QoQ jump in execution volume fell through to the bottom line. PBT margin for the quarter was 6.9% (₹17.4 Cr PBT on ₹252.1 Cr revenue) — below the 8-10% PBT margin band management guided for FY27 at a ₹1,000 Cr annual execution run-rate. H1 FY27 revenue stands at ₹404.0 Cr, about a third of the ₹1,200 Cr full-year target, meaning H2 would need to roughly double H1's pace to get there — a back-loaded profile that's plausible for an EPC book but not yet evidenced in this print. No formal brokerage estimates were found for this result — Vascon has only one analyst on record and no submitted consensus numbers, so the print can't be graded against the Street. The order book was the more notable development this quarter: a ₹660.8 Cr project from Qualcomm India (Sept 25), a ₹198 Cr SBI construction order (Oct 16), a ₹126.4 Cr hospital project (Aug 12), and a ₹72 Cr Mumbai residential project announced alongside results (Nov 3) — together ~₹1,057 Cr, a large step toward the ₹1,500-2,000 Cr FY27 EPC order-intake target laid out on the Q1 concall. The Board also approved raising authorized share capital to ₹285 Cr, an ESOP 2026 pool of up to 1.2 Cr options, and ₹85 Cr of NCDs the same day — capital-structure moves with no P&L impact this quarter. Statutory auditor Sharp & Tannan Associates converted to an LLP during the quarter (Oct 16); the review opinion is unmodified, carrying forward the same emphasis-of-matter on the unresolved Almet Corporation divestment dispute first flagged in the quarter ended June 2025. No separate management press release accompanied this filing — the board outcome letter and unaudited P&L are the only source for this print. The next print needs to show whether the fresh order intake starts converting into revenue fast enough to close the gap to the ₹1,200 Cr FY27 target, and whether PBT margin moves up toward the guided 8-10% band from this quarter's 6.9%.