Pakka posts ₹2.67 Cr consol PAT vs year-ago loss as revenue jumps 63%; one-off dents print

Pakka Limited's consolidated Q2 FY27 revenue from operations came in at ₹124.04 Cr, up 62.5% YoY (₹76.32 Cr in Q2 FY26) and 5.9% QoQ (₹117.19 Cr in Q1 FY27), driven almost entirely by the Paper & Pulp segment (₹107.46 Cr of the quarter's ₹126.25 Cr total income). Consolidated PAT was ₹2.67 Cr against a ₹2.11 Cr loss a year ago — a genuine YoY turnaround — but that reported figure absorbs a ₹4.66 Cr exceptional loss on disposal of property, plant and equipment; adjusting it out, PAT would have been closer to ₹7.34 Cr, well above both the Q1 FY27 print (₹5.89 Cr) and the year-ago loss. Standalone PAT of ₹2.88 Cr runs ~8% above the consolidated number, a gap wide enough to flag — it reflects losses/costs sitting at the subsidiary level, including the Guatemala unit under emphasis-of-matter in the auditors' review. The margin story is a bridge, not a straight read: reported consolidated NPM compressed to 2.12% of total income from 4.93% in Q1 FY27, but that compression is fully explained by the one-off — adjusted NPM would be roughly 5.8%, an improvement QoQ. At the operating level (EBITDA on revenue from operations, excluding the exceptional item), margin actually expanded to ~14.1% from 13.05% in Q1 FY27 and just 2.26% a year ago, consistent with new capacity ramping up profitably. Segment-wise, Paper & Pulp delivered PBT of ₹10.49 Cr (vs ₹10.64 Cr in Q1, vs a ₹0.55 Cr loss a year ago), while Moulded Products stayed loss-making at ₹1.20 Cr, narrower than Q1's ₹1.62 Cr loss but worse than the ₹1.06 Cr loss a year ago. The quarter's financing and capex activity line up with the print: the company drew a ₹50 Cr third NCD tranche on October 8 (part of ₹425 Cr raised via secured NCDs in H1) and allotted 38.8 lakh shares on warrant conversion on October 17 (part of a ₹51.10 Cr preferential raise), funding the ongoing Jagriti capacity expansion — consolidated capital work-in-progress rose to ₹766.9 Cr from ₹586.7 Cr at FY26-end, and consolidated non-current borrowings rose to ₹450.9 Cr from ₹309.9 Cr. Manoj Kumar Maurya, appointed interim CFO on September 29, signs this filing. There is no prior management guidance on record in our data and no web-searched analyst consensus or brokerage preview for this small-cap filing, so both vsGuidance and vsStreet are unknown rather than assumed; the company issued no separate press release in the context provided, so management's own framing of the print cannot be cross-checked here beyond the notes in the results statement itself.