Yuken India Q2 FY27: consolidated PAT up 36% YoY, but standalone profit dips 9%

Yuken India's consolidated (primary basis) Q2 FY27 revenue came in at ₹160.39 Cr, up 42.5% YoY and 19.4% QoQ, with PAT of ₹6.97 Cr, up 36.2% YoY and 33.9% QoQ; basic EPS rose to ₹5.14 from ₹3.82 a year ago. No analyst/street coverage was found for the stock (a search turned up zero covering analysts), so vsStreet is unknown, and neither our records nor the filing carry any prior management guidance for the quarter — management gives no formal guidance on record. The margin story is more mixed than the topline suggests. Consolidated PBT margin was essentially flat YoY (5.93% vs 5.87%), but the effective tax rate jumped to 26.7% from 22.6%, which is why PAT grew slower than revenue and net margin compressed to 4.35% from 4.55% YoY. On a QoQ basis net margin actually expanded (from 3.88% in Q1 FY27), so the YoY softening is specifically a tax-rate effect this quarter, not an operating one. The standalone (parent-only) numbers tell a materially different story and are worth flagging explicitly: standalone revenue also grew strongly, +40.1% YoY to ₹135.38 Cr, but standalone PAT fell 8.5% YoY to ₹3.79 Cr as the parent entity's own PBT margin compressed sharply to 3.75% from 5.69% a year ago. That means the consolidated growth is being carried by subsidiaries rather than the core standalone hydraulics business. Segment data bear this out: the foundry business (run through subsidiaries such as Kolben Hydraulics) grew segment revenue 32.8% YoY to ₹31.29 Cr and segment PBT 44.4% to ₹4.88 Cr, outpacing the hydraulics segment's 23.7% PBT growth to ₹18.51 Cr. On corporate context, the company clarified on October 7, 2026 that its recent volume increase is market-driven, consistent with the strong topline this quarter, while an HR head transition (resignation in August, new appointment in October) is unrelated to the print. No management commentary accompanied this result to corroborate or contest these figures.