SGR Q2FY27: PAT -67% YoY to ₹1.63 Cr, OPM halves despite Block-7-led revenue rebound
PAT -67.13% YoY · revenue -23.16% · margins compressing
₹23.29 Cr
-23.16% YoY
₹1.63 Cr
-67.13% YoY
6.6%
-9.4pp YoY
₹1.27
Shree Ganesh Remedies' consolidated Q2 FY27 revenue was ₹23.29 Cr, down 23.2% YoY from ₹30.32 Cr but up 62.2% QoQ from ₹14.36 Cr. Consolidated PAT was ₹1.63 Cr, down 67.1% YoY from ₹4.96 Cr (EPS ₹1.27 vs ₹3.86), though up 45.5% QoQ from ₹1.12 Cr. Standalone PAT was near-identical at ₹1.63 Cr (EPS ₹1.28), confirming the consolidated group adds negligible scale beyond the Section 8 Kamalam Foundation. Neither period carries an exceptional item, so reported and adjusted YoY PAT decline are the same at -67%.
Q2 FY-2027 vs prior quarters
The operating margin (EBITDA/revenue) compressed sharply to 16.9% this quarter from 31.7% a year ago and 23.3% last quarter, even as revenue recovered sequentially; net margin fell to 7.0% from 16.0% YoY. The squeeze sits on materials and other operating costs, which did not scale down in proportion to the still-subdued revenue base, while depreciation (₹2.50 Cr) and finance costs (₹0.58 Cr) stayed broadly flat — consistent with fixed-cost drag from newly commissioned capacity running below full utilisation.
The stock went into the print at ₹610.1, down 8.7% over the past month of trading.
What the summary numbers don't show
H1 FY27 consolidated PAT ₹2.75 Cr vs ₹8.40 Cr in H1 FY26 (-67.3%), on revenue of ₹37.65 Cr vs ₹54.98 Cr
Management projects a gradual improvement in momentum through FY27, driven by the new Block-7 capacity commencing production in Q2 and the CRAMS business gaining traction later in the year. While no specific revenue targets were given, they expect to break out of their historical revenue plateau from FY28 onwards, afte
— This quarter: met
On the May 2026 concall, management guided a 'gradual improvement in momentum through FY27' anchored on Block-7 capacity starting commercial production in Q2 and CRAMS traction building later in the year; external reporting confirms Block-7 did commence commercial output in Q2 FY27, and this quarter's 62% QoQ revenue jump lines up with that start — guidance is met on timing, but the reiterated 26-28% long-term EBITDA margin target is far from this quarter's 16.9%, suggesting ramp-up costs are still being absorbed. No analyst consensus estimates for this quarter turned up in search (small-cap, thin coverage), so the print cannot be benchmarked against street expectations. The company issued no separate press release or management commentary with this filing. Among the quarter's event record, the board closed the trading window ahead of results (Sep 26) and appointed a new Company Secretary (Oct 3); neither bears on the numbers above.
W1
Whether OPM recovers toward management's reiterated 26-28% long-term EBITDA margin target from this quarter's 16.9% as Block-7 utilisation ramps
W2
Whether the 62% QoQ revenue recovery sustains into Q3 FY27 or proves a low-base rebound
W3
CRAMS traction, which management guided to build 'later in the year' — watch for order/revenue disclosure in Q3-Q4 FY27
Consolidated and standalone are near-identical (only Kamalam Foundation, a Section 8 non-profit with no profit share, adds to consolidation); no exceptional items line in either statement; clean, legible tables on pp.3-4.