TTK Healthcare Q2 FY27: PAT soars on brand-sale gain, core profit down ~8% YoY

Standalone PAT of ₹222.97 Cr (EPS ₹157.80) is up ~994% YoY and ~948% QoQ, but the entire jump is a ₹248.20 Cr exceptional net gain booked on completing, on September 4, 2026, the sale of the EVA (personal care) and Good Home (home-care) brands to Wipro Enterprises for a headline ₹256 Cr plus GST. Strip that out and pre-exceptional PBT was ₹19.74 Cr — down ~7.3% YoY from ₹21.30 Cr and down ~31.6% sequentially from Q1 FY27's ₹28.86 Cr. On a tax-adjusted basis, core PAT is estimated at ~₹14.6 Cr versus an adjusted ~₹15.8 Cr a year ago (the year-ago quarter's reported ₹20.39 Cr PAT itself carried a ₹4.62 Cr one-off tax credit from AY16-17/17-18 refunds) — an adjusted YoY decline of roughly 7.7%, the figure the quarter should really be judged on.

Revenue from operations grew 14.6% YoY to ₹233.38 Cr but fell 9.4% QoQ from ₹257.56 Cr, and the core operating margin compressed to roughly 6.2% of revenue from ~7.8% a year ago and ~8.3% last quarter. By segment, Consumer Products — which houses the now-divested brands alongside Woodward's Gripe Water — swung to a ₹0.41 Cr loss from a ₹9.55 Cr profit YoY, since EVA/Good Home stopped contributing after the Sep 4 sale instead of running the full quarter; Protective Devices (male contraceptives) narrowed its loss sharply to ₹0.76 Cr from ₹10.25 Cr; Medical Devices profit fell 17.3% YoY to ₹5.01 Cr; Animal Welfare dipped 9.6% to ₹2.86 Cr; Foods was the bright spot, up 18.8% YoY to ₹4.52 Cr. Current tax expense jumped to ₹44.65 Cr from ₹5.35 Cr YoY, largely reflecting tax on the brand-sale gain.

The stock went into the print at ₹1,024.4, down 1.5% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records.

Standalone-only filing — company has no subsidiary, associate or joint venture as of Sep 30, 2026.

No quarter-specific Street consensus or formal management guidance is on record for this print — management gives no formal guidance, and no prior concall read or press release was available for this analysis. Separately, analysts backing a roughly ₹1,100 price target for the stock have been assuming 15-20% PAT growth for FY27; the H1 core-profit trend (down YoY, down sharply QoQ) currently runs counter to that bar, though the full-year read depends on H2. The sale also strengthened the balance sheet: cash and equivalents rose to ₹89.84 Cr from ₹21.88 Cr at FY26-end and total bank balances to ₹962.51 Cr, with no use-of-proceeds plan disclosed yet.