Kokuyo Camlin Q2 FY27 Results (NSE: KOKUYOCMLN)
Signal: Margin pressure
The read
The key inflection is sequential rather than annual: gross margin recovered to 38.5% from 35.2% in Q1FY27, but remained 550bps below the year-ago 44.0% level; revenue still grew 6.5% YoY while EBITDA margin fell 210bps to 5.9% and PAT fell 67.4% to ₹256.73 lakh, so the earnings trajectory remains margin-led and under pressure.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹185.02 Cr | +6.5% | -19.0% |
| EBIT | ₹5.82 Cr | +8.8% | |
| Net profit | ₹2.57 Cr | -67.4% | |
| EPS | ₹0.26 | -66.7% | |
| EBIT margin | 5.9% |
P&L walk
Revenue grew 6.5% YoY to ₹18,502.27 lakh, but gross margin compressed 550bps to 38.5% and EBITDA margin fell 210bps to 5.9%, driving PAT down 67.4% to ₹256.73 lakh.
Key positives
- Revenue from operations grew 6.5% YoY to ₹18,502.27 lakh despite a 19.0% QoQ decline.
- Gross margin recovered 330bps QoQ to 38.5% from 35.2% in Q1FY27.
- Trade receivables declined to 5815.60 lakh from 7487.19 lakh at 31 March 2026, while short-term borrowings reduced to 0 lakh from 2607.98 lakh.
Key concerns
- Gross margin compressed 550bps YoY to 38.5%, and the filing does not disclose whether the deterioration was caused by pricing, mix or input-cost changes.
- EBITDA margin fell 210bps YoY to 5.9% and PAT declined 67.4% YoY to 256.73 lakh despite 6.5% revenue growth.
- EPS fell 66.7% YoY to ₹0.26, leaving the earnings recovery dependent on a sustained restoration of gross margin.
Research and educational content only. Not investment advice.