Vimta Labs Q2 FY27 (standalone): PAT grows just 3% YoY as depreciation outpaces revenue

Vimta Labs' standalone revenue from operations rose 9.95% YoY to ₹111.98 Cr (+2.67% QoQ from ₹109.07 Cr), but net profit grew just 3.48% YoY to ₹20.61 Cr and actually slipped 2.03% QoQ from ₹21.04 Cr — a clear case of profit growth lagging topline growth rather than tracking it. No formal Q2-specific street consensus was found (the result was approved and filed same-day, 30 October 2026), but analyst FY27 full-year revenue consensus sits at ₹470.8 Cr, itself below management's own ₹500 Cr (20-25% CAGR) target set on the Q1 call. Measured against that guidance, this quarter falls short again: revenue growth of 9.95% YoY (H1 FY27 growth is 10.85% YoY on ₹221.06 Cr) remains well under the guided range, continuing the shortfall management itself flagged after Q1 ("11.8% revenue growth, below target"). The margin story is the real driver of the soft bottom line. EBITDA-level margin held up at 33.82% of revenue, roughly flat against 33.61% a year ago (though down from 34.21% in Q1), so the operating business is not the problem. The squeeze sits below that line: depreciation & amortisation jumped 25.66% YoY to ₹12.87 Cr (from ₹10.24 Cr), consistent with the ₹80 Cr FY27 capex programme (₹70 Cr routine, ₹10 Cr biologics) management guided, dragging PBT growth down to 4.76% YoY despite the steady EBITDA margin. A higher effective tax rate (25.11% vs 24.19% a year ago) then widened the gap further, leaving PAT growth of 3.48% YoY — half the pace of revenue growth. Net profit margin accordingly compressed to 17.95% from 19.06% YoY (-111 bps). On corporate developments, the Board used this meeting to formally note the incorporation of Vimta Labs LLC, the wholly-owned US subsidiary first flagged in a May 2026 intimation — an early step in the company's stated US expansion, with no revenue or cost impact visible yet in these numbers. Separately, the August 2026 cybersecurity incident disclosure ("operations unaffected") is borne out by this quarter's numbers showing no disruption. No standalone management press release accompanied this filing in our records, so there is no company commentary to cross-check against the print beyond the board outcome letter itself. H1 FY27 capex (PP&E + CWIP) of ₹27.14 Cr is tracking at roughly a third of the full-year ₹80 Cr plan, implying a second-half capex ramp and likely continued elevated depreciation — the key swing factor for whether margins stabilise as management previously guided ("expects margins to stabilize with volume growth") or compress further.