Kanpur Plastipa. Q2 FY27 Results (NSE: KANPRPLA)
Signal: Growth reaccelerated
The read
The trajectory remains upward for the third consecutive quarter of year-on-year margin expansion, with consolidated EBITDA margin at 9.46%, +16bps YoY, and PAT at ₹1,606.14 lakh, +107.7%; however, the quality of growth is mixed because Trading Division revenue rose 372.5% while gross margin compressed 685bps and borrowings increased ₹5,022.73 lakh since 31.03.2026 to fund the capex build-out.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹236.34 Cr | +43.0% | +15.7% |
| EBIT | ₹19.6 Cr | +58.1% | |
| Net profit | ₹16.06 Cr | +107.7% | |
| EPS | ₹6.54 | +96.4% | |
| EBIT margin | 9.46% |
P&L walk
Revenue from operations increased to ₹23,633.56 lakh, +43.0% YoY and +15.7% QoQ, led by the Trading Division; gross margin compressed to 33.19% from 40.04% YoY, but EBITDA margin improved to 9.46% from 9.30%, lifting PAT to ₹1,606.14 lakh, +107.7% YoY.
Segments
Trading Division drove the consolidated acceleration, with revenue up 372.5% YoY to ₹7,975.40 lakh and segment result up 185.5% to ₹210.32 lakh, while Manufacturing Division revenue grew only 7.2% to ₹16,046.70 lakh but remained the dominant profit contributor with ₹2,137.90 lakh of segment result.
Key positives
- Consolidated revenue from operations reached ₹23,633.56 lakh, +43.0% YoY and +15.7% QoQ, with Trading Division revenue up 372.5% YoY.
- PAT rose to ₹1,606.14 lakh, +107.7% YoY, while finance costs fell 19.5% YoY to ₹256.88 lakh.
- EBITDA margin improved to 9.46% from 9.30% YoY, and employee costs grew 24.6% versus revenue growth of 43.0%.
- Manufacturing Division segment result increased 64.8% YoY to ₹2,137.90 lakh, preserving the core manufacturing profit base.
Key concerns
- Gross margin compressed 685bps YoY to 33.19% as raw material, stock-in-trade and inventory costs rose to 66.81% of revenue from 59.96%.
- Borrowings increased to ₹16,261.20 lakh from ₹11,238.47 lakh at 31.03.2026, while cash flow from operations was ₹1,106.31 lakh against ₹5,398.70 lakh of H1 capex.
- Trading Division revenue grew 372.5% YoY but its segment result margin was only 2.64%, below Manufacturing Division's 13.32%.
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