UCAL turns consolidated profit of ₹8.2 Cr in Q2 FY27, reversing year-ago net loss

UCAL Limited swung to a consolidated net profit of ₹8.18 Cr in Q2 FY27 (quarter ended September 30, 2026), reversing a ₹4.47 Cr net loss in the year-ago quarter and up 40% sequentially from ₹5.84 Cr in Q1 FY27. Consolidated revenue from operations rose 9.1% YoY to ₹230.59 Cr (from ₹211.30 Cr) and 13.5% QoQ (from ₹203.15 Cr). Consolidated EPS was ₹3.70 against a loss per share a year ago; standalone PAT came in marginally higher at ₹8.78 Cr (EPS ₹3.97), with the roughly ₹0.6 Cr gap to consolidated attributable to the two subsidiaries — UCAL Polymer Industries and its step-down unit UPIL USA — UCAL Polymer alone posted a ₹0.64 Cr net loss for H1 FY27 per the auditors' note. No exceptional items were recorded in either the current or year-ago quarter, so the swing to profit reflects operating performance rather than a one-off.

The operating margin gain is the primary driver: consolidated OPM (EBITDA margin, excluding other income) improved to 9.92% this quarter from 7.09% a year ago and 9.54% in Q1 FY27, while NPM moved to 3.53% from -2.12% YoY and 2.85% QoQ — a swing of over 5.6 percentage points on the net line year-on-year. Finance cost eased to ₹6.43 Cr from ₹6.99 Cr in Q1 FY27 while depreciation held near ₹6.43 Cr, so the margin recovery came from the operating line rather than lower financing or non-cash charges. Tax expense of ₹2.88 Cr on pre-tax profit of ₹11.06 Cr gives an effective rate of about 26%, close to the standalone rate of 23%.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters.

No analyst consensus or brokerage preview for this print could be located — UCAL is a micro-cap (sub-₹300 Cr market cap at current prices) with no visible sell-side coverage, so the print cannot be graded against street expectations. The company also has no formal guidance on record in our database, and none was found in public filings or commentary, so there is no prior outlook to grade this result against either. Within the quarter's event window, the company closed its trading window from October 1 ahead of these results and separately disclosed receipt of a Show Cause Notice from the Maharashtra Tax Office on September 25, 2026; no provision or contingent-liability quantification against this notice appears in the reviewed financial statements, so its financial impact, if any, remains unresolved. The quarter also followed the FY25-26 annual report/AGM filing (Aug 31, 2026) and the appointment of Adithya Srivatsa Jayakar as CEO (Aug 13, 2026); these results are signed by Managing Director Jayakar Krishnamurthy, so the CEO role appears distinct from the MD signing authority on this filing. No separate management press release accompanied the filing, so there is no company commentary to reconcile against the numbers.