Plastiblends Q2 FY27: PAT +43% YoY to ₹10.65 Cr, margins expand YoY, cool QoQ
PAT +43.28% YoY · revenue +18.81% · margins expanding
₹228.84 Cr
+18.81% YoY
₹10.65 Cr
+43.28% YoY
4.6%
+0.8pp YoY
₹4.1
Plastiblends India's standalone results (its sole reporting basis — the company has no subsidiaries, associates or JVs, so consolidated statements don't apply) show Q2 FY27 revenue up 18.81% YoY to ₹228.84 Cr, while PAT climbed 43.3% YoY to ₹10.65 Cr, outpacing topline growth as margins expanded: EBITDA margin gained 72bps to 8.18%, PBT margin 115bps to 6.35%, and net margin 80bps to 4.66%, all on a YoY basis. Neither period carried exceptional items, so the growth is clean with no raw-vs-adjusted split needed. Better price realisations and export performance — helped by the rupee's slide to about ₹96/USD from ₹88 a year ago (~8% depreciation), which aided export competitiveness while raising import costs — drove the topline even as raw-material, power and freight costs stayed elevated through the quarter.
Q2 FY-2027 vs prior quarters
Sequentially the picture is softer: PAT fell 28.7% QoQ from ₹14.95 Cr in Q1 FY27, and EBITDA margin compressed 280bps QoQ from 10.98%, as Gujarat power costs rose further on a fuel-surcharge hike and the company chose to absorb part of the elevated input costs to protect long-standing customer relationships and market share rather than pass them on immediately — management says the pass-through will happen in ensuing quarters. There is no formal management guidance or analyst consensus estimate on record for this small-cap name (no street previews turned up in search), so vs-street and vs-guidance both read as unknown rather than beat or miss. CMD S.N. Kabra's press-release framing — a testing cost environment on raw material, freight, energy and the rupee, against a broader manufacturing backdrop he called 'supportive' — matches the print: solid YoY growth with margin gains, but QoQ costs visibly bit into profitability. The September 2026 commissioning of a 5.2 MW solar open-access power project in Gujarat is aimed at offsetting future fuel surcharges, and the Engineering Plastics division, which management expects to keep gaining momentum, is the other line to watch into H2 FY27.
The stock went into the print at ₹204.45, up 8% over the past month of trading.
What the summary numbers don't show
EPS ₹4.10 (basic & diluted) vs ₹2.86 YoY and ₹5.75 in Q1 FY27
H1 FY27 revenue ₹450.45 Cr (+13.1% YoY), PAT ₹25.60 Cr (+56.5% YoY)
W1
Pass-through of absorbed raw-material/power/freight cost increases management says will happen in ensuing quarters — watch PBT/EBITDA margin recovery from Q2's 6.35%/8.18%
W2
Ramp-up and margin contribution from the newly commissioned 5.2 MW Gujarat solar project against ongoing fuel-surcharge pressure
W3
Engineering Plastics division momentum, which management says is 'expected to remain strong' — track its contribution to revenue growth in H2 FY27