United Polyfab Q2 FY27: consolidated PAT up 47% YoY on margin gains as revenue stays flat
PAT +46.64% YoY · revenue -1.3% · margins expanding
₹182.8 Cr
-1.3% YoY
₹11.15 Cr
+46.64% YoY
6.07%
₹0.49
United Polyfab Gujarat's consolidated PAT (identical to standalone — no subsidiary/NCI effect) came in at ₹11.15 Cr for Q2 FY27, up 46.6% YoY from ₹7.60 Cr and 42.7% QoQ from ₹7.82 Cr, even as revenue from operations was effectively flat at ₹182.80 Cr — down 1.3% YoY and up 1.6% QoQ. EPS was ₹0.49 versus ₹0.33 a year ago. Net profit margin expanded to 6.10% from 4.11% YoY (4.35% in Q1 FY27), and EBITDA margin rose to roughly 9.6% from about 6.8% YoY — this quarter's profit story is cost efficiency, not volume or pricing growth, since the top line barely moved.
Q2 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
The margin bridge sits mainly below the material line: finance costs fell 18% YoY to ₹2.22 Cr (from ₹2.71 Cr) and depreciation fell 35% YoY to ₹2.23 Cr (from ₹3.40 Cr), while material cost net of inventory build eased to 87.4% of revenue from 88.4% a year earlier. Other income — which often flatters small-cap prints — actually moved the wrong way, falling to ₹0.74 Cr from ₹3.78 Cr YoY, so the entire YoY improvement in PBT (₹13.81 Cr vs ₹10.34 Cr) came from core operating and financing efficiency rather than one-off income; no exceptional items are flagged in the filing's notes, so no raw/adjusted split is needed.
The stock went into the print at ₹55.4, up 19.2% over the past month of trading.
Management's own release characterises the quarter as neutral with no stated outlook, and there is no prior formal guidance on record in our database or found via search, so there is no guidance bar to grade this print against. No analyst or brokerage preview for this specific quarter could be located — the stock carries limited institutional coverage — so vsStreet is unknown rather than estimated. Separately, in the two weeks before this result the company saw six board/auditor-level exits (three independent directors on Oct 12, 2026, three more directors on Oct 13, 2026, and the secretarial auditor on Sept 29, 2026) ahead of an EGM scheduled for Nov 18, 2026; the statutory auditor (SBSG & Co.) issued an unqualified limited-review report on both standalone and consolidated numbers, but the governance churn sits as a separate overhang alongside the operating print.
W1
Whether the ~9.6% EBITDA margin posted this quarter holds into Q3 FY27 or reverts toward the ~6.8-6.9% seen in Q1 FY27/Q2 FY26, with no formal management guidance on record to anchor expectations
W2
Resolution of the six board/auditor resignations (3 independent directors Oct 12, 3 directors Oct 13, secretarial auditor Sept 29) at or before the Nov 18, 2026 EGM
W3
Whether revenue — down 1.3% YoY this quarter — returns to growth, given FY26 full-year revenue was ₹682.03 Cr and H1 FY27 is running at ₹362.65 Cr