Pasupati Acrylon PAT nearly doubles YoY to ₹32 Cr on margin gains; revenue dips 2%

Pasupati Acrylon's standalone Q2 FY27 (quarter ended 30 Sep 2026) print is a profitability story, not a growth one: revenue from operations fell 1.97% YoY to ₹274.74 Cr (₹280.25 Cr a year ago) even as PAT nearly doubled, up 97.6% YoY to ₹32.01 Cr (₹16.20 Cr), with EPS at ₹3.59 versus ₹1.82. Sequentially, revenue rose 15.3% QoQ (₹238.26 Cr) and PAT grew 16.9% QoQ (₹27.39 Cr), extending the margin recovery that began in Q1 FY27 — net margin expanded to 11.58% from 5.75% a year ago (11.35% in Q1 FY27), and segment operating margin (PBIT/revenue) rose to roughly 16.1% from ~9.1% YoY. No consensus estimate for this print turned up on brokerage or financial-portal searches — Pasupati Acrylon carries no formal analyst coverage — so the result cannot be graded against Street expectations, and management has issued no formal guidance on record against which to measure the quarter either.

The margin gain is almost entirely a segment-mix and cost story. Fibre revenue grew 23.7% YoY to ₹170.71 Cr with segment PBT nearly tripling to ₹28.78 Cr (₹10.66 Cr), and CPP Film revenue rose 25.7% YoY to ₹33.65 Cr with PBT up 171% to ₹4.42 Cr (₹1.63 Cr) — both aided by lower input costs, with cost of materials consumed falling to 64.3% of revenue from operations versus 69.5% a year ago. That more than offset a 39.1% YoY decline in Distillery revenue to ₹70.38 Cr and a 16.6% drop in its segment PBT to ₹10.92 Cr (₹13.10 Cr). Finance costs nearly halved YoY to ₹1.64 Cr (₹3.63 Cr), adding further to the bottom line. There were no exceptional items in either the current or year-ago quarter, so the YoY PAT growth needs no one-off adjustment. The company secured UP Excise consent in October 2026 to expand its ethanol plant to 240 KLPD — relevant given the Distillery segment's revenue decline this quarter, though the filing itself gives no update on project cost or timeline. H1 FY27 PAT of ₹59.40 Cr (versus ₹17.95 Cr in H1 FY26) on revenue of ₹513.00 Cr (versus ₹496.30 Cr) confirms the margin improvement held across the half, not just the quarter.

The stock went into the print at ₹71.65, down 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 5 consecutive quarters.

No exceptional items this quarter (vs ₹0.57 Cr in full FY26) — net tax expense ₹10.47 Cr (₹10.96 Cr current tax less ₹0.49 Cr deferred-tax credit).