Haldyn Glass Q2 FY27 Results (NSE: HALDYNGL)
Signal: Margin expansion
The read
The trajectory improved as consolidated revenue grew 20.8% YoY and EBITDA margin expanded 134bps to 16.7%, but the 87.5% PAT increase was led disproportionately by joint-venture profit of ₹793.33 lakh, up 297.6% YoY; core standalone PAT rose 122.3% to ₹956.13 lakh, while rising CWIP has yet to lift depreciation.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹139.74 Cr | +20.8% | +0.8% |
| EBIT | ₹23.38 Cr | +31.3% | |
| Net profit | ₹12.75 Cr | +87.5% | |
| EPS | ₹2.37 | +86.6% | |
| EBIT margin | 16.7% |
P&L walk
Consolidated revenue rose 20.8% YoY to ₹13,973.71 lakh and EBITDA margin improved to 16.7%, but the dominant PAT driver was joint-venture profit of ₹793.33 lakh, up 297.6% YoY, rather than the operating business alone.
Segments
The company reports one operating segment, but the consolidated-versus-standalone gap is material: consolidated PAT of ₹1,275.15 lakh exceeded standalone PAT of ₹956.13 lakh because the joint venture contributed ₹793.33 lakh in the quarter.
Key positives
- Consolidated revenue increased 20.8% YoY to ₹13,973.71 lakh, maintaining growth around the 20% level seen in Q1FY27.
- EBITDA margin expanded 134bps YoY to 16.7%, with EBITDA growth of 31.3% outpacing revenue growth of 20.8%.
- Raw-material intensity declined to 5.5% of revenue from 6.8% YoY, while finance cost fell 20.0% to ₹273.46 lakh.
- H1FY27 operating cash flow rose 91.7% YoY to ₹5,122.98 lakh, ahead of H1FY27 profit before tax of ₹2,951.43 lakh.
Key concerns
- Joint-venture profit of ₹793.33 lakh rose 297.6% YoY and is now a major driver of consolidated PAT, making reported profit quality more dependent on non-core earnings.
- CWIP increased 355.6% to ₹710.19 lakh while depreciation declined 4.0% in H1FY27, so the current capex cycle has not yet produced corresponding operating-asset earnings.
- Consolidated net debt increased ₹335.46 lakh from March 31, 2026 to ₹10,554.71 lakh while PPE declined ₹534.00 lakh.
Research and educational content only. Not investment advice.