Debut quarter strong: consolidated PAT +95% YoY to ₹9.86 Cr, margin expands to 6.5%
PAT +95.07% YoY · revenue +41.75% · margins expanding
₹151.42 Cr
+41.75% YoY
₹9.86 Cr
+95.07% YoY
6.5%
₹1
Manika Plastech's first results as a listed company show consolidated revenue of ₹151.42 Cr (+41.8% YoY from ₹106.83 Cr) and PAT of ₹9.86 Cr (+95.1% YoY from ₹5.05 Cr) for Q2 FY27, the quarter in which the company listed on NSE/BSE on September 21, 2026. The standalone print is nearly identical (PAT ₹9.87 Cr), since the sole subsidiary, Manika Automotive Private Limited, adds little. Neither this quarter nor the year-ago quarter carried exceptional items, so the growth is on a clean base — no adjustment is needed to the reported YoY numbers.
Q2 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
The PAT growth outpacing revenue reflects margin expansion: consolidated net margin rose to 6.52% from 4.74% a year ago, and PBT margin to 8.74% from 6.35%, as standalone total expenses grew slower (+37.9% YoY to ₹138.43 Cr) than revenue (+41.8%). But the YoY strength masks a sequential cooldown — revenue fell 6.8% and PAT fell 24.6% versus the stronger June quarter (₹162.45 Cr revenue, ₹13.07 Cr PAT, 8.04% NPM), so part of the YoY optics also comes from a soft year-ago base rather than a one-way improving trend; next quarter will show whether June or September is the outlier.
The stock went into the print at ₹51, up 18.6% over the past month of trading.
What the summary numbers don't show
EPS basic/diluted ₹1.00 for the quarter vs ₹1.38 in Q1 FY27 and ₹0.53 in Q2 FY26 — partly diluted by enlarged post-IPO share base
There is no consensus or prior guidance to measure this against: a web search for Q2 FY27 previews/estimates returned none, consistent with the stock being newly listed (IPO closed September 16, allotment September 17, 2026), and the filing carries no management press release or outlook commentary — so vsStreet and vsGuidance are both genuinely unknown rather than omitted.
W1
Whether the QoQ slowdown (revenue -6.8%, PAT -24.6% vs June quarter) persists into Q3 FY27 or reverses
W2
Pace of IPO-proceeds deployment — ₹8.06 Cr of ₹54.93 Cr planned capex and ₹3.61 Cr of ₹15 Cr debt repayment used so far (per Annexure-B)
W3
Margin trajectory: PBT margin at 8.74% this quarter vs 10.81% in Q1 FY27 — watch for normalization post-listing
No exceptional items in current or year-ago quarter (both bases). Standalone and consolidated nearly identical — lone subsidiary Manika Automotive Pvt Ltd contributes marginally. Quarter column marked 'Reviewed', not audited. Source in ₹ Million, converted ÷10 to ₹ Crore. IPO listing costs (₹8.07 Cr this half) charged to securities premium, bypassing P&L.