Ratnaveer Q2FY27: consolidated PAT +56% YoY to ₹24.1 Cr, revenue +35%, margins expand
PAT +55.98% YoY · revenue +35.46% · margins expanding
₹387.24 Cr
+35.46% YoY
₹24.07 Cr
+55.98% YoY
6.13%
+0.8pp YoY
₹3.24
Ratnaveer Precision Engineering's consolidated Q2 FY27 (quarter ended September 30, 2026) revenue rose 35.5% YoY to ₹387.24 Cr (₹285.87 Cr in Q2 FY26) and 23.1% QoQ (₹314.64 Cr in Q1 FY27); consolidated PAT climbed 56.0% YoY to ₹24.07 Cr (₹15.43 Cr) and 32.0% QoQ (₹18.24 Cr), with diluted EPS at ₹3.16 versus ₹3.07 a year ago. Standalone and consolidated figures are nearly identical because the sole subsidiary, Ratnaveer Stainless Inox LLC, logged nil revenue and profit this quarter — it remains pre-commercial. No exceptional items feature in either statement, so growth is on a clean, reported-equals-adjusted basis both YoY and QoQ.
Q2 FY-2027 vs prior quarters
Net profit margin (PAT/total revenue) expanded to 6.13% from 5.36% a year ago and 5.73% last quarter, aided by other income rising to ₹5.60 Cr (₹2.04 Cr YoY) even as finance costs grew 15.8% QoQ to ₹7.79 Cr on higher borrowings funding the CCL capex. H1 FY27 PAT margin stands at 5.95% — still well short of the 9% full-year PAT-margin target management has cited for FY27 (web-sourced company commentary; the May-2026 concall on record carries a higher 10.5% PAT-margin goal tied to the combined FY28 entity), so the margin story is still ahead of it even as revenue growth already runs ahead of the 30%+ FY27 guide.
The stock went into the print at ₹360.25, up 8.8% 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; revenue is at a 6-quarter high.
Management reiterated guidance for a consolidated top line of ₹2,500 crore by FY28, with ₹750 crore expected from the new CCL business. They project EBITDA margins of 13% and PAT margins of 10.5% for the combined entity. The existing stainless steel business is expected to grow at a 25% CAGR, reaching ₹1,800 crore in t
— This quarter: met
The quarter closed alongside a ₹330 Cr rights issue (1.25 Cr shares at ₹264, 111% subscribed, allotted September 10, 2026) that helped fund a near-doubling of capital work-in-progress to ₹148.08 Cr (₹82.38 Cr at FY26-end), consistent with the CCL project build-out. Company commentary since quarter-end (October 2026) points to CCL order bookings starting October 31, 2026 and trial production in the second week of December 2026 — a modest slip from the "production by November 2026" line cited on the May-2026 call, though commercial production is still described as on track. We found no specific Street consensus estimate for this quarter's revenue or PAT to benchmark against, and no separate management press release accompanied this filing beyond the standard board-outcome intimation.
W1
CCL trial production in December 2026 and ramp toward the guided 69% initial capacity utilization
W2
FY27 exit-rate PAT margin trending toward management's 9% full-year target, from 5.95% in H1
W3
European acquisition management guided (May-2026 call) to close in 10-12 months — due by roughly March 2027
Source stated 'Rs. in Million'; converted ÷10 to ₹ Cr. Sole subsidiary (Ratnaveer Stainless Inox LLC) had nil revenue/profit this quarter, so standalone and consolidated PAT differ by only ₹0.03 Cr. No exceptional items; auditor's emphasis of matter notes tax provisions/deferred tax are management-estimated (unmodified conclusion).
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