Meenakshi India Q2 FY27: PAT +228% YoY to ₹2.50 Cr, operating margin triples to ~10%

Meenakshi India's standalone (sole, no consolidated statement) Q2 FY27 revenue was ₹30.66 Cr, roughly flat YoY (+0.6%) and down 4.9% QoQ. PAT came in at ₹2.50 Cr, up a sharp 228% YoY from ₹0.76 Cr in Q2 FY26, but down 65% from Q1 FY27's ₹7.13 Cr — a QoQ comparison that is misleading on its face. NPM was 7.94% (vs 2.39% YoY, 18.11% in Q1). There is no formal analyst/street coverage found for this micro-cap, so vsStreet is unknown; management's prior guidance (from the Q1 FY27 concall) targeted 70% capacity utilization and margins moving toward pre-tariff levels for FY27, and a 17% EBITDA margin by FY28 — capacity utilization isn't disclosed in this filing, so that leg is unverifiable, but margin progress is directionally supportive and not yet conclusive against either target.

The real story sits in the margin bridge, not the headline PAT swing. Stripping out Other Income to isolate operating performance, operating EBITDA was ₹3.10 Cr this quarter (OPM ~10.1% of revenue) versus ₹1.10 Cr in Q1 FY27 (OPM 3.41%, matching our DB record) and just ₹0.61 Cr a year ago (OPM ~2.0%) — operating profit nearly tripled QoQ and roughly quintupled YoY. Q1's ₹7.13 Cr PAT was inflated by an unusual ₹7.11 Cr Other Income line (vs ₹0.81 Cr this quarter and ₹1.41 Cr a year ago) that the filing does not explain; once that one-off base effect is excluded, the underlying trend across the last three quarters is consistent margin expansion, not a sequential slowdown.

The stock went into the print at ₹187, down 0.8% over the past month of trading.

Alongside the result, the Board recorded Mr. Vivek Bahety's resignation as CFO effective 4-Nov-2026 and appointed Mr. T Parthasarathi as CFO the same day, alongside reconstitution of the Audit and Nomination & Remuneration Committees and the induction of Mr. K N Mahesh Kumar as an independent director — governance changes concurrent with, but not directly tied to, this quarter's numbers. The 1:2 stock split (face value ₹10→₹5) approved in late September/October 2026 has already been reflected in this filing's restated EPS figures. No management press release or commentary accompanies this filing (none in our records) — the only company-authored text is the regulatory outcome letter, so there is no management framing of the quarter to compare against the numbers.