Himadri Q2 FY27: Consolidated PAT +31% YoY to ₹231 Cr, Margins Slip on 58% Revenue Jump

Himadri Speciality Chemical's consolidated PAT rose 31.3% YoY to ₹231.32 Cr (EPS ₹4.60 vs ₹3.58) on revenue of ₹1,691.43 Cr, up 57.9% YoY and 18.1% QoQ from ₹1,431.88 Cr in Q1 FY27. Against our pre-result preview (consolidated revenue ₹1,350–1,400 Cr, PAT ₹210–230 Cr), the top line beat by roughly 21% above the high end while PAT landed just above the top of the range — a clear revenue beat that only partially converted to the bottom line.

The gap is a margin story: operating margin (per the filing's own ratio, PBT + depreciation + finance costs − other income, over revenue) came in at 17.93%, down from 22.21% in the year-ago quarter and 21.87% last quarter; net profit margin fell to 13.68% from 16.45% YoY and 15.95% QoQ. In absolute terms that operating-profit measure works out to roughly ₹303 Cr — squarely inside the preview's ₹300–310 Cr EBITDA-band despite revenue running ~21% ahead of what the preview assumed, meaning the incremental revenue carried materially lower margin than the base business. Finance costs held flat YoY (₹27.72 Cr) and the tax rate was unremarkable (24.7% of PBT), so the squeeze sits upstream, in cost of materials and other expenses, consistent with a richer mix from newly consolidated, lower-margin units.

The stock went into the print at ₹660.7, up 1.2% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 4 consecutive quarters; revenue is at a 6-quarter high.

Standalone (parent-only) tells a milder version: revenue of ₹1,542.67 Cr grew 44.1% YoY and PAT of ₹239.77 Cr grew 28.3% YoY — both well short of the consolidated growth rates. The divergence traces to the "Others" segment (₹144.14 Cr this quarter, nil in the year-ago quarter), which reflects Himadri Integrated Minerals and Resources (consolidated from February 2026) and Ardent Impex Fzco, Dubai (from June 2026) — businesses with no footprint in the September-2025 base, so part of the headline consolidated growth is a consolidation effect rather than organic expansion. Street coverage remains thin, as flagged pre-result (effectively one analyst on record, Hold rating, targets split ₹480–720), so there is no independent quarterly consensus to check against beyond that FY27 full-year estimate (+34.8% revenue, +23.8% EPS, per Trendlyne) — this quarter's growth pace is broadly consistent with that trajectory. Management issued no press release alongside this filing (none available in our records), so there is no fresh management framing to reconcile against the numbers this quarter.