GP Petroleums Q2 FY27 Results (NSE: GULFPETRO)
Signal: Steady quarter
The read
The key inflection is mix-driven scale rather than clean margin expansion: consolidated revenue rose 122.94% YoY to ₹34075.19 lakh and PAT rose 167.94% to ₹1465.35 lakh, but gross margin compressed 303bps to 12.7% as trading became a much larger contributor, while negative H1 operating cash flow of ₹529.10 lakh highlights working-capital risk.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹340.75 Cr | 122.94% | 47.95% |
| Net profit | ₹14.65 Cr | 167.94% | |
| EPS | ₹2.87 | 168.22% |
P&L walk
Consolidated revenue was ₹34075.19 lakh, +122.94% YoY and +47.95% QoQ, led by manufacturing and a trading surge; gross margin fell to 12.7% from 15.7% as cost intensity rose, while PAT increased to ₹1465.35 lakh, +167.94% YoY, despite a 61.97 lakh joint-venture loss.
Segments
Trading was the main incremental driver, with revenue rising to 11992 lakh from 1788 lakh and segment result turning profitable at 442 lakh from a loss of 18 lakh; manufacturing remained the larger profit pool at 1662 lakh, although its result fell 35.66% QoQ.
Key positives
- Revenue increased 122.94% YoY to ₹34075.19 lakh, with manufacturing up 64.22% and trading up 570.47%.
- Trading turned profitable at 442 lakh from a loss of 18 lakh YoY, adding a new contributor to consolidated earnings.
- PAT grew 167.94% YoY to ₹1465.35 lakh and EPS grew 168.22% to ₹2.87, with the pat-to-eps cross-check clean.
- Employee and other expenses grew 60.53% YoY versus 122.94% revenue growth, providing partial operating-cost absorption despite the absence of a disclosed EBITDA margin.
Key concerns
- Gross margin compressed 303bps YoY to 12.7% as raw material, purchase and inventory-related costs rose to 87.3% of revenue.
- H1 operating cash flow was negative at ₹529.10 lakh versus positive ₹1330.74 lakh a year earlier, despite H1 PAT rising to ₹3645.82 lakh from ₹1191.22 lakh.
- Trade receivables increased to 22325.95 lakh from 14467.04 lakh at March 31, 2026, absorbing working capital.
- Finance costs increased 143.47% YoY to ₹117.74 lakh, although the absolute amount remains modest.
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