Apar Industries Q2 FY27: consolidated PAT surges 78% YoY to Rs447 Cr as margins expand

Apar Industries' consolidated PAT for Q2 FY27 (quarter ended Sep 30, 2026) came in at Rs447.32 Cr, up 77.7% YoY from Rs251.70 Cr, on revenue of Rs6,931.19 Cr, up 21.3% YoY. Profit growth running well ahead of revenue growth is the headline: consolidated NPM expanded to ~6.40% from 4.38% a year ago and OPM to ~10.4% from ~8.1%, with no exceptional items in either period to distort the comparison. Sequentially, PAT eased 4.3% and OPM gave back ground from Q1's standout ~11.5%, off a record base (Q1 PAT Rs467.45 Cr) rather than any trend reversal. Standalone told a slightly different story: PAT grew 71.4% YoY to Rs435.19 Cr on 25.2% revenue growth, a touch below consolidated's 77.7%/21.3% split −a >3-point growth-rate divergence, with subsidiaries contributing disproportionately to the consolidated profit beat even as standalone revenue grew faster.

Against the Street, the pickup was asymmetric: PL Capital's pre-result estimates had pencilled in consolidated revenue of ~Rs7,330 Cr and PAT of ~Rs321 Cr (27% YoY) off the strong Q1 base; the actual print missed revenue by ~5% but beat PAT by ~39%, meaning the margin/cost line, not volume, drove the surprise. Management gave no quantified FY27 revenue, margin or capex guidance on this call, continuing the stance from the Q1 FY27 call, which it attributes to a regulatory restriction on forward-looking statements tied to the company's capital-raise process −so there is no formal number to grade this print against; the only concrete marker carried over is the ~Rs1,500 Cr FY27 capex plan flagged after FY26, which the Aug 13, 2026 QIP (Rs2,500 Cr raised via 16.89 lakh shares) now appears positioned to fund, alongside H1 capex spend of ~Rs503 Cr on property, plant and equipment. A company press release accompanying this result was not available for this extraction, so management's own framing of the quarter could not be checked against the numbers.

The stock went into the print at ₹15,942, down 7.7% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

No exceptional items this quarter in either period being compared — other expenses are stated net of a Rs42.75 Cr US tariff refund booked over Q2+H1, a favourable one-off embedded in opex

Basic EPS (consolidated) Rs110.10 vs Rs62.66 YoY and Rs116.37 QoQ

Other quarter developments were mostly incidental to the print: 9,484 shares were allotted against ESAR exercise, the Brazilian subsidiary was renamed (APAR Latam to APAR Brazil) alongside a Rs5.76 Cr capital infusion into it, and the company paid out its FY25-26 final dividend of Rs60/share during the quarter −none of which bear materially on the P&L move.