Menon Pistons Q2 FY27: consolidated PAT +26% YoY to ₹8.77 Cr, margins expand

Menon Pistons' consolidated PAT rose 26.3% YoY to ₹8.77 Cr (from ₹6.95 Cr in Q2 FY26) on consolidated revenue of ₹92.98 Cr, up 24.7% YoY (₹74.54 Cr); sequentially, revenue grew 11.7% and PAT 6.6% over Q1 FY27 (₹83.26 Cr revenue, ₹8.23 Cr PAT). Consolidated EPS rose to ₹1.72 from ₹1.36 a year ago. Neither this quarter nor the year-ago quarter carried any exceptional items (the ₹30.93 Lakh consolidated / ₹27.40 Lakh standalone statutory Labour Code impact sits only in the FY26 full-year column), so reported and underlying YoY growth are identical at roughly +26%. We have no record of prior management guidance or a prior concall for this company, and a web search turned up no analyst or consensus estimates for this quarter — Menon Pistons carries no visible street coverage, so vs-guidance and vs-street are both unknown rather than a miss or beat.

Margins expanded on a YoY basis: consolidated OPM (EBITDA/revenue, ex-other income) rose to 17.52% from 16.90% a year ago and 17.30% last quarter. Net margin improved to 9.38% from 9.22% YoY but slipped from 9.82% in Q1, because the effective tax rate jumped to 28.0% this quarter from 24.4% in Q1 (and 27.2% a year ago) — the QoQ tax swing, not operating performance, is what capped the sequential profit gain. Standalone PAT of ₹5.62 Cr on ₹73.76 Cr revenue is ₹3.15 Cr below the consolidated figure; the gap comes from the two consolidated subsidiaries, Rapid Machining Technologies and Lunar Enterprise, which are expanding the group's scale beyond the parent entity.

The stock went into the print at ₹62.1, down 13.2% 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 2 consecutive quarters; revenue is at a 6-quarter high.

On the balance sheet, consolidated short-term borrowings nearly tripled to ₹13.99 Cr from ₹4.53 Cr at FY26-end, funding a ₹10.38 Cr H1 capex spend on property, plant and equipment and a ₹19.81 Cr increase in trade receivables — a working-capital build worth tracking into Q3 alongside the associated rise in finance costs (₹1.17 Cr this quarter vs ₹0.73 Cr in Q1). Separately, the board used the same meeting to approve Dr. Digambar Tukaram Shirke's appointment as an additional independent director, replacing Ms. Neha Marathe whose three-year term concluded — a governance item unconnected to the quarter's operating numbers. No management press release accompanied the filing.