TARIL Q2 FY27: consolidated PAT jumps 118% YoY to ₹81.4 Cr as margins expand sharply

Consolidated revenue rose 60.7% YoY (and 29.2% QoQ) to ₹739.44 Cr, while consolidated PAT more than doubled, up 117.9% YoY (and 26.6% QoQ) to ₹81.38 Cr, with basic EPS at ₹2.66 against ₹1.13 a year ago and ₹2.05 last quarter. Standalone (parent-only) revenue was ₹709.04 Cr and PAT ₹75.01 Cr; both statements are unaudited and were reviewed by Manubhai & Shah LLP.

Operating margin expanded to 17.4% from 11.2% a year ago and 16.3% last quarter, and net margin to 11.0% from 7.9% YoY, consistent with better operating leverage as cost of materials eased as a share of revenue. Notably, standalone PAT grew a much sharper 346% YoY (₹16.80 Cr to ₹75.01 Cr) than the consolidated 118% — implying the group's subsidiaries' net contribution to profit fell to roughly ₹6.4 Cr this quarter from about ₹20.6 Cr a year ago, so it is the core transformer business, not the subsidiary portfolio, driving this quarter's strength. The consolidated statement also shows a memo 'Exceptional Items' line (₹131.49 Cr this quarter) that leaves reported PBT unchanged in every period presented, so it is not booked here as an adjusting one-off.

The stock went into the print at ₹304.7, up 5.1% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

Against management's own FY27 guidance from the last concall — 25% revenue growth (cut from 35-40%), ~16% EBITDA margin and 9-10% PAT margin — this quarter beats on all three counts (YoY revenue +60.7%, OPM 17.4%, NPM 11.0%), and H1FY27 consolidated revenue of ₹1,311.78 Cr is roughly 41% of the company's reported ~₹3,200 Cr FY27 revenue target. No Street consensus estimate specific to this quarter could be located (searches surfaced only Q1 FY27 and FY27 full-year analyst notes, none previewing Q2), so vsStreet is left unknown rather than guessed. Management's prior cautious concall tone is not contradicted by this print — the numbers simply run ahead of the guided pace. The quarter also saw large order wins from GETCO and Damodar Valley Corporation (Oct 2) and TARIL's entry into the nuclear sector via an NPCIL order (late August), plus incorporation of a UK subsidiary, Maxwell Grid Transformers (Sep 4), which per the filing's notes has not yet received capital or commenced operations. No separate management press release or MD&A commentary accompanied this filing beyond the board-meeting cover letter and financial statements.