Technocrats Plasma H1 FY27 standalone: revenue +97% YoY, margin compresses to 11.5%

Technocrats Plasma Systems reported standalone revenue of ₹103.55 Cr for the half year ended September 30, 2026 (H1 FY27), up 97.3% YoY from ₹52.47 Cr in H1 FY26 — note the company discloses results half-yearly rather than quarterly, so this print covers the combined April-September 2026 period rather than a standalone Q2. PAT came in at ₹11.95 Cr, up 50.8% YoY from ₹7.92 Cr, with basic EPS of ₹8.56 (non-annualised) against ₹6.15 a year ago. There is no analyst consensus or brokerage coverage available for this BSE SME-listed micro-cap, so vs-street cannot be assessed; management has not issued formal numerical guidance either — its FY26 annual report flagged qualitative priorities (product-portfolio expansion into automated solutions, deeper domestic distribution, and entry into South Asian, African and Middle Eastern export markets) but no targets to grade this half against.

Profit growth trailed revenue growth by roughly half, and the gap sits squarely in margins: net profit margin compressed to 11.54% from 15.10% a year earlier (-356 bps), continuing the compression already visible in the FY26 annual numbers (NPM fell 504 bps that year per management's own FY26 disclosures). The primary driver is raw material cost — cost of materials consumed, net of the inventory build recognised through the "change in inventories" line, rose to roughly 79.8% of revenue from 75.6% in H1 FY26. The effective tax rate also increased, to 25.2% from 13.0%, further denting PAT-to-PBT conversion even though PBT itself grew a healthy 75.5% YoY to ₹15.98 Cr. Sequentially (H1 FY27 vs the preceding H2 FY26 half), revenue grew 31.3% to ₹103.55 Cr but PAT grew only 4.4% to ₹11.95 Cr, with margin slipping further from 14.5% in H2 FY26 — a signal of cost pressure building across consecutive periods rather than a one-off.

The stock went into the print at ₹410, up 1% over the past month of trading.

The half's defining corporate event was the company's BSE SME listing: paid-up equity capital rose to ₹17.50 Cr from ₹12.88 Cr, and the cash flow statement shows ₹52.63 Cr raised through issuance of share capital. That dilution (weighted average shares rose to 1.40 Cr from 1.29 Cr) meant EPS grew only 39.2% YoY versus 50.8% PAT growth. Employee benefit expense jumped to ₹1.55 Cr from ₹0.20 Cr (+678% YoY), consistent with post-listing scale-up in headcount and compliance infrastructure, though it remains a small fraction of the cost base next to materials. Capital expenditure on fixed assets was minimal in the half (₹1.94 lakh per the cash flow statement), so the capacity-expansion priority flagged in the FY26 annual report has not yet shown up on the balance sheet.