Sharda Cropchem Q2 FY27: consol PAT +23% YoY to ₹91.7 Cr on margin gains, revenue +13%

Sharda Cropchem's consolidated Q2 FY27 (quarter ended September 30, 2026) revenue rose 13.2% YoY to ₹1,051.68 Cr, while PAT grew faster at 23.4% YoY to ₹91.73 Cr (EPS ₹10.17 vs ₹8.24 a year ago), with revenue growth landing comfortably inside management's 10-15% FY27 guided band. Sequentially, revenue dipped 2.1% and PAT rose a modest 4.2% — consistent with the company's own disclosure that its Agrochemicals segment is seasonal and quarterly figures aren't representative of the full year. No quarter-specific street consensus for this print turned up in search; the only available read is a full-year FY27 analyst consensus of roughly ₹6,000 Cr revenue (+14%), against which this quarter's YoY pace is broadly tracking.

Net profit margin expanded to 8.37% of total income from 7.76% a year ago and 7.94% last quarter, but a meaningful part of that improvement is a lower effective tax rate — tax worked out to about 14.7% of PBT this quarter, below the 18-20% rate management guided for FY27, rather than being a tax headwind. On operating margins, management's FY27 guide is 18-20% EBITDA margin; a like-for-like EBITDA calculation from this filing (PBT plus finance cost and depreciation, less other income) puts the quarter at roughly 17% of revenue — an improvement from about 15.6% a year ago but still short of the guided band, so the bottom-line beat leans more on tax than on fully hitting the targeted operating margin yet.

The stock went into the print at ₹689.9, down 4.4% over the past month of trading.

The growth this quarter was concentrated outside the core business: Non-agrochemicals (belts, dyes and dye intermediates, general chemicals) revenue jumped 67.7% YoY to ₹212.0 Cr, while Agrochemicals — still roughly 80% of sales — grew just 4.6% YoY to ₹839.7 Cr. Standalone PAT of ₹61.48 Cr grew faster YoY (+39.5%) than the consolidated number (+23.4%), a divergence worth flagging: it implies profit from the overseas subsidiary network was roughly flat YoY even as the India parent's own profitability improved. Capex intensity stayed high: H1 FY27 spend on intangible assets/registrations (consolidated) ran to about ₹419 Cr, already close to the full ₹480-550 Cr FY27 capex guidance just six months in.