Mardia Samyoung Q2FY27: standalone PAT ₹0.98 Cr, revenue ₹23.4 Cr, down ~6% QoQ
PAT +5622.8% YoY · revenue +5618.2% · margins compressing
₹23.38 Cr
+5618.2% YoY
₹0.98 Cr
+5622.8% YoY
4.19%
0pp YoY
₹0.12
Mardia Samyoung Capillary Tubes reported standalone revenue of ₹23.38 Cr and PAT of ₹0.98 Cr (NPM 4.19%, EPS ₹0.12) for Q2 FY27 — a sequential (QoQ) dip of 5.9% on revenue and 6.9% on PAT from Q1 FY27's ₹24.84 Cr revenue / ₹1.05 Cr PAT (NPM 4.23%). Year-on-year, both lines are up roughly 56x against Q2 FY26 (₹0.41 Cr revenue, ₹0.02 Cr PAT), but that comparison is not meaningful: the year-ago quarter sat on a near-zero base before the company's trading business scaled up in Q1 FY27, so the headline YoY percentage is a base-effect artifact, not organic growth. The more informative read is sequential: margins held broadly flat around 4.2% NPM and ~5.5% pre-tax (OPM proxy, down from 5.72% in Q1 FY27), consistent with a low-margin agri-trading operation (the company's only reportable segment per Note 4 is 'Trading of Agriculture Product', a notable disconnect from the capillary-tubes name). For H1 FY27, PAT was ₹2.03 Cr against a ₹(0.21) Cr loss in H1 FY26.
Q2 FY-2027 vs prior quarters
The company has no analyst/street coverage (a web search for Q2 FY27 previews or consensus estimates returned no analyst estimates for this stock — only prior-quarter actuals), so vsStreet is unknown; management has issued no formal guidance or concall commentary on record, so vsGuidance cannot be assessed either, and there is no press release beyond the standard board-outcome letter.
The stock went into the print at ₹46.06, down 19.8% over the past month of trading.
The more notable angle this quarter is working-capital quality rather than the P&L print: trade receivables rose to ₹79.08 Cr as of 30-Sep-26 from ₹55.72 Cr at 31-Mar-26 — a jump roughly matching the half-year's ₹48.22 Cr revenue — while net cash from operating activities for H1 was negative ₹12.01 Cr despite a H1 accounting profit of ₹2.03 Cr. The statutory auditors' Emphasis of Matter again notes that trade receivables, trade payables, loans/advances and borrowings are unconfirmed and unreconciled with counterparties, a recurring caveat on this filing. Paid-up equity capital also rose to ₹79.46 Cr from ₹67.75 Cr at 31-Mar-26 on warrant conversions (per the Q1 FY27 filing, ~₹15.82 Cr raised), which is dilutive to per-share metrics even as absolute profit holds up.
W1
Whether the QoQ softening (-5.9% revenue, -6.9% PAT) continues into Q3 FY27 or reverses.
W2
Resolution of the auditor's unconfirmed receivables/payables/borrowings (₹79.08 Cr trade receivables) in the next quarter's limited review.
W3
Cash conversion: H1 FY27 operating cash flow was -₹12.01 Cr against H1 PAT of ₹2.03 Cr — watch for improvement as receivables are collected.
Standalone only, no consolidated statement; source in ₹ Lakhs (converted to Cr); figures are Un-Audited, Limited Review only. Tax sub-items (31.51+0.04=31.55) vs stated total 31.54 is a minor rounding gap in the filing. Company's sole reportable segment is 'Trading of Agriculture Product' (Note 4) — not capillary-tube manufacturing implied by the name. YoY swings are a base-effect artifact: the year-ago quarter had only ₹0.41 Cr revenue, so %YoY is not economically meaningful. Auditor's Emphasis of Matter flags unreconciled trade receivables/payables/loans/borrowings.