Crompton Q2 FY27: PAT ₹124 Cr, +30% YoY adj.; margins expand but ease from Q1 peak

Crompton Greaves Consumer Electricals reported consolidated revenue of ₹2,263.29 Cr for Q2 FY27 (quarter ended September 30, 2026), up 18.2% YoY and a modest 1.2% QoQ. Consolidated PAT was ₹124.39 Cr, up 64.9% YoY on a reported basis — but that comparison is skewed by a ₹20.36 Cr exceptional charge booked in the year-ago quarter; stripping it out, adjusted YoY PAT growth is a steadier ~29.9%, still a clear improvement. Sequentially, PAT fell 12.8% from Q1 FY27's ₹142.70 Cr, consistent with the seasonally softer September quarter the Street had flagged going in. Against our pre-result preview range (revenue ₹2,200-2,300 Cr, PAT ₹100-125 Cr, EBITDA margin 9-10%), the print lands inline, with PAT at the top end of the expected band.

Profitability improved YoY: net profit margin expanded to 5.45% from 3.91% a year ago, consistent with the operating leverage and resolved supply-chain issues management flagged on the Q1 call. QoQ, NPM eased from 6.32% as the Electric Consumer Durables segment (72% of revenue) — skewed toward the summer season — normalized after Q1's peak, with segment profit down to ₹189.48 Cr from ₹237.17 Cr even as it still grew 30.7% YoY. Butterfly (kitchen appliances) moved the other way, with segment profit nearly tripling QoQ to ₹24.58 Cr from ₹8.95 Cr (+11.4% YoY) on early festive-season demand. Lighting was the soft spot: segment profit fell 4.9% YoY to ₹38.53 Cr despite 13.5% YoY revenue growth, pointing to margin pressure in that business even as topline held up.

The stock went into the print at ₹216.46, down 3.1% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

Management's Q1 concall gave no formal numeric FY27 revenue or margin target, only a confident, optimistic tone and a note that supply issues were largely resolved by end-Q1 with pricing actions accepted — this quarter's 18.2% YoY revenue growth and YoY margin expansion are broadly consistent with that framing, so guidance is read as met rather than checked against a hard number. The ₹500 Cr solar rooftop order book (₹450 Cr to execute over 6-8 months) flagged last quarter saw no update in this filing. No separate management press release was available for this result, so interpretation rests on the regulatory financial statements alone. Same-day as the results, the company disclosed two senior management changes — a new Company Secretary/Compliance Officer and a new Head of Internal Audit — alongside routine items (a Golden Peacock ESG award, a new kettle launch, and Bandhan Mutual Fund raising its stake to 5.02%), none of which bear directly on the quarter's numbers.