Vidhi Specialty Q2 FY27: revenue up 82% YoY, PAT +67% to ₹17.6 Cr; margins compress

Vidhi Specialty Food Ingredients posted consolidated revenue of ₹136.51 Cr for Q2 FY27 (quarter ended September 30, 2026), up 82.0% YoY from ₹74.99 Cr, with consolidated PAT of ₹17.62 Cr, up 66.8% YoY from ₹10.56 Cr (EPS ₹3.52 vs ₹2.11). Standalone tells essentially the same story (PAT ₹17.63 Cr, EPS ₹3.53) — the subsidiary's contribution is too small to create a material standalone/consolidated divergence. Sequentially, revenue fell 6.7% QoQ from ₹146.28 Cr, while PAT still edged up 2.9% QoQ from ₹17.12 Cr, so the quarter reads as a strong YoY growth print riding a soft base, not a continuation of Q1's momentum. The YoY margin picture is the one qualifier on an otherwise strong headline: NPM compressed to 12.91% from 13.95% a year ago, and operating margin (EBITDA/revenue) fell more sharply to roughly 19.3% from 23.57%. The main driver is a working-capital swing rather than cost inflation — the year-ago quarter carried a large ₹24.05 Cr inventory build (a negative "changes in inventories" line that flatters reported margins), while this quarter shows a much smaller ₹3.55 Cr inventory movement, removing that prior-year boost. Purchases of stock-in-trade also jumped to ₹17.06 Cr from just ₹3.35 Cr a year ago, pointing to a bigger mix of lower-margin traded goods this quarter; core manufacturing input costs (cost of materials consumed, up only 10.5% YoY) grew far slower than revenue and were not the squeeze. QoQ, both OPM (17.79%→19.32%) and NPM (11.69%→12.91%) actually expanded, as Q1's unusually large ₹38.39 Cr stock-in-trade purchases normalized to ₹17.06 Cr this quarter. We could not source a formal analyst consensus or brokerage preview for this specific quarter — Vidhi is a small-cap with no visible institutional coverage publishing Q2 FY27 estimates — so vs-street is unknown rather than a confirmed beat or miss. Likewise, there is no management guidance on record (neither in our database nor turned up by search) and no management press release accompanying this filing to frame the quarter in their own words, so this print cannot be graded against a stated target; both gaps are noted rather than silently skipped. The only other item from today's board meeting is the resignation of independent director Ashit K. Doshi, effective close of business October 26, 2026, for personal reasons — a governance disclosure bundled with the results, not a numbers-linked development. Going into Q3 FY27, the quarter sets up two things to verify: whether the QoQ revenue dip was a one-off base effect or the start of a softer trend after Q1's elevated trading-goods volume, and whether margins continue recovering now that the unusual year-ago inventory build has fully rolled out of the YoY comparison.