Panchmahal Steel standalone PAT more than 9x YoY to ₹5.04 Cr as margins recover sharply
PAT +808.72% YoY · revenue +15.24% · margins expanding
₹106.75 Cr
+15.24% YoY
₹5.04 Cr
+808.72% YoY
4.68%
+4.1pp YoY
₹2.64
Panchmahal Steel's standalone revenue from operations rose 15.2% YoY to ₹106.75 Cr (₹92.63 Cr in Q2 FY26) and 13.6% QoQ (₹93.97 Cr in Q1 FY27). Net profit climbed to ₹5.04 Cr, up from just ₹0.55 Cr a year ago and up 16.2% sequentially from ₹4.34 Cr in Q1 FY27. EPS was ₹2.64 against ₹0.29 YoY and ₹2.27 QoQ. No analyst estimates for this stock turned up in a web search, and neither our records nor the filing carry any formal management guidance — the print cannot be benchmarked against a consensus or stated outlook bar.
Q2 FY-2027 vs prior quarters
The gain was margin-led rather than volume-led: net margin (PAT/total income) expanded to about 4.68% from 0.59% a year ago and 4.58% last quarter, while cost of materials consumed fell to 60.0% of revenue from 73.3% YoY (₹64.07 Cr vs ₹67.93 Cr) even as revenue grew — the key swing factor behind PBT rising to ₹6.64 Cr from ₹0.79 Cr YoY. This more than offset a 32.8% YoY jump in power & fuel costs (₹13.96 Cr vs ₹10.52 Cr) and a 9.8% rise in other expenses. Tax of ₹1.60 Cr (current tax ₹1.92 Cr net of a ₹0.31 Cr deferred tax credit) left PAT tracking PBT closely.
The stock went into the print at ₹288.7, down 4.4% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.
What the summary numbers don't show
Shares admitted for trading on NSE (Oct 10, 2026), in addition to the existing BSE listing
The quarter coincided with two BHEL orders for stainless steel wire to its Boiler Auxiliaries Plant at Ranipet — an L1 bid worth ₹38.70 Cr (Sept 19) followed by a confirmed ₹25.25 Cr purchase order (Oct 16) — alongside the stock's admission to NSE trading (Oct 10). Neither order's revenue has flowed through this quarter's numbers yet. The company also filed a GST appeal with GSTAT Ahmedabad (Sept 30), a legal matter whose financial impact is not quantified in this filing. This extends a recovery that followed a ₹2.2 Cr net loss in Q4 FY26 and a ₹4.34 Cr profit in Q1 FY27 — the third straight quarter of sequential improvement.
W1
Whether the ₹25.25 Cr BHEL purchase order (and the related ₹38.70 Cr L1 bid) begin converting to revenue in Q3 FY27
W2
Whether the materials-cost ratio (60.0% of revenue this quarter vs 73.3% YoY) holds or reverts, as it is the primary driver behind the PAT jump
W3
Outcome and any provisioning impact of the GSTAT Ahmedabad appeal filed September 30, 2026
Standalone only (single-segment entity, no consolidated statement in filing); tax = current tax ₹1.92 Cr net of ₹0.31 Cr deferred tax credit; no exceptional items in current or comparison periods; figures converted from lakhs to crore.