HCP Plastene Q2 FY27: consolidated PAT +95% YoY on margin rebound, -47% QoQ off Q1 peak

HCP Plastene Bulkpack's Q2 FY27 (quarter ended September 30, 2026) print is a consolidated profitability story: PAT of ₹9.76 Cr is up 95.5% year-on-year against a weak ₹4.99 Cr base, with operating margin (OPM) nearly tripling to 18.07% from 5.69% a year ago — the clearest sign that the raw-material cost pressure that depressed Q2 FY26 has eased (cost of materials consumed fell to roughly 71.9% of revenue from 76.1% a year earlier). Revenue growth was far more modest at 9.9% YoY (₹217.25 Cr), confirming margin recovery rather than volume growth is driving the year-on-year jump — there are no exceptional items in either period, so this is a clean, unadjusted comparison.

Sequentially, though, the quarter cooled off a strong Q1 FY27: PAT fell 46.8% QoQ even as revenue rose 24.7% QoQ, because OPM eased to 18.07% from Q1's 18.86% and NPM dropped more sharply to 4.46% from 10.49% — Q1 had benefited from a larger favourable swing in finished-goods inventory (a ₹20.6 Cr adjustment versus ₹17.3 Cr this quarter) that is not a repeatable tailwind. The standalone (parent-only) numbers tell a different pace: revenue +62.6% YoY and PAT +148% YoY to ₹7.12 Cr, both well ahead of the consolidated growth rates, because the subsidiary KP Woven Private Limited's contribution to the group shrank over the same year — the two statements diverge materially even though they reconcile (parent ₹7.12 Cr + subsidiary ₹2.64 Cr ≈ consolidated ₹9.76 Cr).

The stock went into the print at ₹293, down 10.5% 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.

Woven Sacks segment (>99% of group revenue) PBIT up 65.2% YoY to ₹18.15 Cr but down 42.4% QoQ to ₹18.15 Cr from ₹31.52 Cr

There is no prior guidance or concall commentary on record for this company, and no management press release was available for this filing, so neither can be checked against the print. A web search for street/analyst estimates turned up no consensus coverage for this micro-cap — HPBL does not appear on broker preview trackers — so the result cannot be benchmarked against the Street either.