Consol PAT +78% YoY to ₹14.3 Cr as margins expand; UAE arm drives profit, India thin
PAT +77.9% YoY · revenue +32.8% · margins expanding
₹138.09 Cr
+32.8% YoY
₹14.28 Cr
+77.9% YoY
10.21%
+3.4pp YoY
₹12.52
Sejal Glass's consolidated (primary) PAT came in at ₹14.28 Cr for Q2 FY27, up 78% year-on-year from ₹8.03 Cr and nearly double the ₹7.14 Cr of Q1 FY27; consolidated revenue rose 32.8% YoY (and 17.1% QoQ) to ₹138.09 Cr, with EPS at ₹12.52 versus ₹7.95 a year ago. Profit growing faster than revenue reflects genuine margin expansion rather than a one-off: operating margin (OPM) rose to 17.3% from 16.3% YoY (and 14.0% last quarter), and owners'-PAT margin reached 10.3% versus 7.7% a year ago. Neither period carries exceptional items, so the reported growth is also the underlying growth.
Q2 FY-2027 vs prior quarters
The margin story has a sharp geographic split. Per the auditors' limited-review report, the foreign (UAE) subsidiary alone generated ₹13.65 Cr of net profit this quarter — effectively the entire consolidated PAT — while the standalone India business posted just ₹0.67 Cr of profit on ₹41.28 Cr of revenue (1.6% NPM), aided by a zero tax charge on carried-forward depreciation/losses. Consolidated capital work-in-progress jumped to ₹26.21 Cr from ₹9.41 Cr at FY26-end, consistent with management's guided AED15 Mn third tempering line (fire-rated) in the UAE targeted for completion by Q3 FY27.
The stock went into the print at ₹725.1, up 7.6% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records.
FY27 revenue growth 25% minimum (potential 40%); EBITDA margin improvement ~1% over quarters; PAT margin 9-10% by year-end. UAE capex AED15 Mn (third tempering line, fire-rated) by Q3; internal accruals + AED7 Mn debt funding. Order book ₹225 Cr (India ₹50+ Cr, UAE AED72 Mn ~₹175 Cr); execution 6-9 months.
— This quarter: beat
No formal analyst/street consensus for this print turned up in search — Sejal Glass is a micro-cap with no visible brokerage preview coverage this quarter, so vsStreet is unknown rather than estimated. Against management's own prior guidance (Q1 FY27 concall), the quarter tracks ahead: H1 FY27 consolidated revenue is up 41.4% YoY, above the guided 'minimum 25%, potential 40%' FY27 revenue growth, and this quarter's 10.3% owners'-PAT margin already sits inside the 9-10% year-end PAT-margin target management had flagged for 'by year-end,' not Q2. Order book (₹225 Cr guided last quarter: India ₹50+ Cr, UAE ~₹175 Cr) was not refreshed in this filing's notes. Separately, a bulk deal saw Dilesh Roadlines sell a 0.88% stake in September, and the promoter appeared on business media (NDTV Profit, and an earlier entrepreneurial-journey interview) around results — developments noted for completeness but not tied to the print's numbers. No press release/management commentary was available with this filing to cross-check against the reported figures.
W1
UAE third tempering line (AED15 Mn, fire-rated) guided for completion by Q3 FY27 — confirm commissioning and its revenue contribution
W2
9-10% year-end PAT-margin target already hit this quarter (10.3%) — watch H2 prints to see if it holds rather than being a single-quarter peak
W3
India standalone business guided toward ~₹200 Cr FY27 revenue (roughly doubling); H1 FY27 standalone revenue is ₹77.71 Cr — watch H2 run-rate
Figures in source are ₹ Lakhs, converted to Cr (÷100). Consolidated PAT of ₹14.28 Cr is attributable to owners (matches reported EPS ₹12.52); total PAT incl. non-controlling interest is ₹14.42 Cr (NCI ₹0.13 Cr), and PBT already includes the Group's ₹0.15 Cr share of associate (Sejal Glass Ventures LLP) profit. Standalone carries zero tax provision on account of carried-forward depreciation/losses (Note 8). No exceptional items in this quarter or the year-ago quarter. Our stored 'year-ago quarter' comparison record (revenue ₹181.14 Cr, PAT ₹12.53 Cr) is mislabeled — it actually matches the consolidated H1 FY26 half-year column, not the Q2 FY26 quarter column (₹103.99 Cr revenue / ₹8.03 Cr owners' PAT per the filing itself); this extraction uses the filing's true quarter-ended-30.09.2025 column for YoY, corroborated by third-party reports of Q2 FY26 PAT ₹8.03-8.12 Cr. Auditor's limited-review report (para 6) discloses the foreign (UAE) subsidiary alone contributed PAT of ₹13.65 Cr this quarter — i.e. almost the entire consolidated profit — while standalone (India) PAT was a thin ₹0.67 Cr on ₹41.28 Cr revenue. Note 5 flags H1 non-comparability from the Glasstech business acquisition (BTA dated 10 Apr 2025), but since that deal closed just before the prior-year H1 began, the Q2-vs-Q2 comparison used here is like-for-like.