Supreme Petrochem Q2 FY27: consol PAT doubles YoY to ₹97 Cr, margins cool off Q1 spike

Supreme Petrochem's consolidated PAT for Q2 FY27 (quarter ended September 30, 2026) came in at ₹97.15 Cr, up 100.4% year-on-year from ₹48.47 Cr, on revenue of ₹1,983.51 Cr, up 77.5% YoY from ₹1,117.76 Cr. Standalone tracks closely — PAT ₹94.93 Cr on revenue ₹1,956.70 Cr — so there is no material standalone-consolidated divergence this quarter. Neither period carries an exceptional item, so the YoY jump is organic: a genuine volume and spread recovery off a weak year-ago base (Q2 FY26 sentiment was bearish per the prior concall), not a one-off accounting swing.

Sequentially the picture is different: PAT fell 59.1% QoQ from Q1 FY27's ₹237.57 Cr, even as revenue rose 15.7% QoQ. The gap is entirely margin-driven — NPM compressed to 4.87% from Q1's 13.72%, and OPM to 7.66% from Q1's 19.39%. Both margins are actually a touch above the year-ago quarter's levels (NPM 4.30%, OPM 7.04%), so this reads as Q1 being the outlier (an unusually wide styrene-polymer spread) rather than Q2 being weak — Q2's margin profile is close to what this company has historically printed.

The stock went into the print at ₹712.6, down 17.1% over the past month of trading.

For context: revenue is at a 6-quarter high.

Consolidated basic EPS ₹5.12, up from ₹2.57 YoY, down from ₹12.62 QoQ

This is exactly what management flagged on the Q1 call: with no quantified FY27 revenue or margin guidance on record (the earlier 8-10% volume growth target was already abandoned after Q1's volume decline), management's one concrete call was that margins would compress as global styrene-polymer deltas normalize — and that is precisely what happened this quarter. No analyst consensus estimate specific to Q2 FY27 PAT or revenue could be sourced in a web search (only full-year FY27 estimates and historical quarterly prints turned up), so the print cannot be graded against Street on a beat/miss basis this quarter. The quarter's other corporate action is the Board's ₹2.50/share interim dividend (record date October 30, 2026), declared alongside results; the 80,000 TPA polystyrene capacity expansion announced in July remains the main capacity lever behind the revenue recovery, though the filing gives no segment-level volume breakdown to size its contribution directly. No separate management press release was available to cross-check against the raw numbers.