Indo Count Q2 FY27: consolidated PAT soars 238% YoY to ₹132 Cr, OPM expands to ~13.9%

Indo Count Industries' consolidated Q2 FY27 (quarter ended 30 Sep 2026) PAT jumped 237.9% YoY to ₹131.88 Cr (EPS ₹6.66) from ₹39.03 Cr (EPS ₹1.97) in Q2 FY26, on revenue growth of 57.5% YoY to ₹1,672.65 Cr from ₹1,062.14 Cr. This is a clean YoY beat — none of the growth is inflated by one-offs. Sequentially PAT rose 108.6% QoQ and revenue 38.6% QoQ over Q1 FY27 (₹1,206.96 Cr revenue, ₹63.22 Cr PAT), but per the YoY-primary read, the near-tripling of profit over the year-ago quarter is the real story, not the sequential jump.

Margins expanded on both counts: OPM rose to ~13.9% from 9.76% YoY (11.88% QoQ) and NPM to 7.88% from 3.61% YoY (5.17% QoQ), consistent with operating leverage as revenue scaled faster than costs (total expenses grew 57.1% YoY to ₹1,522.62 Cr, roughly tracking the topline). Note 7 discloses that the Bhilad, Gujarat facility was hit by flooding during the quarter, with an inventory loss of ₹45.02 Cr (net of salvage) exactly offset by a matching ₹45.02 Cr insurance claim (₹14.99 Cr already received as an interim payment, final assessment pending) — the exceptional-items line in the P&L nets to zero, so the margin expansion and profit growth above are not being flattered by this event.

The stock went into the print at ₹477.7, up 7.1% 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 2 consecutive quarters; revenue is at a 6-quarter high.

Management's FY27 guidance (from the Q1 FY27 concall) called for ₹5,500 Cr revenue (₹4,000 Cr core + ₹1,500 Cr new business) at ~13% blended EBITDA margin, core volumes of 105-110 million meters, and non-US revenue growth of 20%+. H1 FY27 consolidated revenue of ₹2,922.90 Cr is already 53% of that full-year target and this quarter's OPM is running above the guided blended margin, so the print is tracking ahead of plan — though volume and non-US-mix detail needed to confirm those specific sub-targets isn't disclosed in this statement. No verified Street consensus specific to Q2 FY27 turned up in a search; the closest data point is a full-year FY27 consensus of ~₹5,010 Cr revenue (+21%) and EPS of ₹16.40 (+156%), which the H1 run-rate is broadly consistent with. Management's prior tone was 'cautiously optimistic' near-term with an overall 'cautious' tenor; this quarter's growth and margin expansion read as consistent with, not contradicting, that stance, though no separate management press release accompanied this filing to quote directly. On the corporate side, the Bhilad facility was restored within the quarter (per the Sep 18, 2026 update) without evident drag on consolidated numbers, and the company appointed Pankaj Saxena as President – Retail on Aug 12, 2026, consistent with the branded-retail 'new business' plank of the FY27 plan. Standalone (India) PAT was ₹124.15 Cr on revenue of ₹1,138.66 Cr — about 68% of consolidated revenue — with the gap reflecting the US/UK/China subsidiary base (Indo Count Global Inc., Fluvitex USA, Modern Home Textiles, Indo Count Shanghai, Indo Count UK, Indo Count Global FZCO, Indo Count Retail Ventures).