Sahyadri Q2 FY27 standalone PAT up 353% YoY to ₹12.3 Cr, NPM triples to 8.3%
PAT +353.1% YoY · revenue +17.47% · margins expanding
₹146.79 Cr
+17.47% YoY
₹12.28 Cr
+353.1% YoY
8.27%
+6.1pp YoY
₹11.22
Sahyadri Industries' standalone PAT for Q2 FY27 (quarter ended 30 September 2026) rose 353% year-on-year to ₹12.28 Cr from ₹2.71 Cr, with revenue from operations up 17.5% YoY to ₹146.79 Cr from ₹124.96 Cr — a clean, one-off-free print, since neither this quarter nor the year-ago quarter carried any exceptional item, so the reported and adjusted YoY growth numbers are the same. Net profit margin nearly quadrupled to 8.27% from 2.15% and operating margin (EBITDA excluding other income, over revenue) expanded to 14.07% from 7.15% a year earlier. On a half-year basis H1 FY27 PAT is ₹38.80 Cr against ₹13.48 Cr in H1 FY26, up 188% YoY.
Q2 FY-2027 vs prior quarters
The margin expansion is broad-based rather than driven by a single line: cost of materials net of inventory movement eased to roughly 48.7% of revenue from about 51.6% a year ago, employee cost fell to 8.4% of revenue from 9.3%, and other expenditure fell to 28.8% of revenue from 32.0% — all pointing to better cost absorption as volumes recovered from a weak year-ago base. By segment, Building Material PBIT jumped to ₹12.22 Cr from ₹1.50 Cr YoY on ₹143.14 Cr of segment revenue, while Power Generation contributed ₹3.37 Cr PBIT (vs ₹2.75 Cr) on ₹6.66 Cr revenue — the core building-material business drove nearly all of the YoY profit gain.
The stock went into the print at ₹315.1, down 9.7% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
What the summary numbers don't show
EPS (basic, not annualised) ₹11.22 vs ₹2.48 YoY and ₹24.22 QoQ
Sequentially, revenue fell 43.2% and PAT fell 53.7% versus Q1 FY27 (₹258.58 Cr revenue, ₹26.52 Cr PAT), with NPM easing to 8.27% from 10.15% and OPM to 14.07% from 15.10% quarter-on-quarter. For a roofing-sheet and building-material maker this is a seasonal pattern — Q1 (April-June) is the peak pre-monsoon construction season and Q2 (July-September) the monsoon lull — and should not be read as a deterioration; the YoY comparison is the more reliable signal here. Management gives no formal guidance or outlook on record, and no press release accompanying this result was available to cross-check management's own framing of the quarter. Analyst coverage of the stock is thin (reportedly around two analysts); a web check found no quarter-specific consensus estimate for Q2 FY27, only generic secondary-source commentary citing an implied ~15-20% full-year FY27 PAT growth expectation tied to broader sector re-rating — not a verified quarterly print estimate, so vsStreet is recorded as unknown rather than guessed.
W1
Whether NPM (8.27%) and OPM (14.07%) hold into the seasonally stronger H2 FY27 (Oct-Mar) construction season — no formal management guidance on record
W2
Capex deployment and timeline updates on the 1,20,000 MT Orissa and 72,000 MT Maharashtra expansion units, both still pre-construction as of this quarter
W3
Full-year FY27 PAT trajectory against the ~15-20% growth pace implied by secondary market sources (not company guidance) — H1 FY27 PAT already up 188% YoY to ₹38.80 Cr
Company has no subsidiary/associate/JV (Note 5) — standalone is the only statement, consolidated not applicable. No exceptional items this quarter or in the year-ago quarter (unlike FY26 full-year, which carried a ₹0.64 Cr Labour Code exceptional provision), so raw and adjusted YoY growth are identical. revenueFromOperations includes other operating income (₹0.14 Cr) to match the segment note's 'Net sales/Income from operations' convention used in our comparison records.