PAT up 54% YoY to ₹9.5 Cr on 48% revenue growth, but margins cool from Q1 FY27 peak
PAT +54.31% YoY · revenue +48.02% · margins expanding
₹238.04 Cr
+48.02% YoY
₹9.5 Cr
+54.31% YoY
3.98%
+0.2pp YoY
₹2.57
Pyramid Technoplast's standalone revenue for Q2 FY27 (quarter ended September 30, 2026) came in at ₹238.04 Cr, up 48.0% year-on-year from ₹160.82 Cr and up 6.99% sequentially from ₹222.49 Cr in Q1 FY27. Standalone PAT rose 54.3% YoY to ₹9.50 Cr (from ₹6.15 Cr) but fell 9.1% QoQ from ₹10.45 Cr, with EPS at ₹2.57 versus ₹1.67 a year ago and ₹2.85 last quarter. OPM (EBITDA margin) expanded to 8.21% from 7.42% YoY but eased from Q1 FY27's 9.11%; NPM was 3.98% versus 3.81% YoY and 4.67% QoQ. No exceptional items or prior-period adjustments appear in either comparison period, so these are clean, unadjusted figures.
Q2 FY-2027 vs prior quarters
The YoY margin expansion was driven by operating leverage on employee costs (2.59% of revenue versus 3.87% a year ago) and other expenses (12.11% versus 15.18%), which more than offset a higher raw-material cost ratio (77.08% versus 74.47%) and a 147% YoY jump in finance costs (₹3.93 Cr versus ₹1.59 Cr) tied to higher borrowings. The QoQ margin dip instead came from a rise in other expenses (12.11% versus 11.02% in Q1) and slightly higher finance costs, not materials, which held flat sequentially. Against the FY27 guidance management gave on the Q1 concall — ~15% revenue growth and an 11-12% EBITDA margin — H1 FY27 revenue of ₹460.53 Cr (up 41.9% YoY from ₹324.63 Cr) is running well ahead of the growth target, but this quarter's 8.21% EBITDA margin remains short of the 11-12% band — a miss on the profitability target even as the topline outperforms. There is no analyst consensus to benchmark against; searches found no brokerage previews or estimates on this stock. Corporate developments this quarter were largely administrative: the GPCB authorization for waste recycling (September 23) supports the previously guided ₹2 Cr FY28 recycling-savings initiative, and the company appointed Desai Saksena & Associates as its new statutory auditor (September 22), who issued this quarter's unqualified limited-review report; no management press release accompanied the filing. Working capital grew alongside revenue — trade receivables rose to ₹176.43 Cr from ₹142.96 Cr at March-26, and total borrowings rose to ₹198.90 Cr from ₹183.39 Cr — while PP&E and CWIP were little changed from March-26 (₹243.17 Cr combined non-current assets versus ₹246.61 Cr), suggesting the guided ₹20-25 Cr Kutch expansion capex has yet to show up meaningfully on the balance sheet.
The stock went into the print at ₹149.84, down 0.9% over the past month of trading.
For context: revenue is at a 6-quarter high.
FY27 revenue targeting ~15% growth; EBITDA margins of 11-12% (up from near-prior 10%+); capex ₹20-25 Cr for Kutch expansion; solar ₹15 Cr annual savings and recycling ₹2 Cr by FY27 (both starting FY28); capacity utilization to reach 70-75% by year-end.
— This quarter: missed
W1
EBITDA margin trajectory toward management's 11-12% FY27 target — at 8.21% this quarter, down from 9.11% in Q1 FY27.
W2
Kutch capacity expansion (₹20-25 Cr guided capex) — PP&E/CWIP barely moved this half (₹243.17 Cr vs ₹246.61 Cr at March-26); execution timeline to confirm.
W3
Capacity utilization progress toward the 70-75% year-end target flagged in the Q1 FY27 concall — not disclosed in this filing.
Standalone only — company has no subsidiary, consolidation under Ind AS 110 not applicable (filing note 6); no exceptional/prior-period items either period; figures converted from Rs. Lakhs; arithmetic checks tie exactly before rounding.