Mangalam Global Q2 FY27 Results (NSE: MGEL)
Signal: Growth reaccelerated
The read
The trajectory improved on revenue growth, with Q2FY27 revenue up 39.21% to ₹982.56 crore versus 10.9% YoY growth in Q1FY27, while adjusted EBITDA margin held at 2.35% versus 2.36% a year earlier; the key unresolved question is whether NEAT Everyday and agro-processing value addition can lift margins beyond the current low-margin scale-up model.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹982.56 Cr | 39.21% | N/A |
| EBIT margin | 2.35% |
P&L walk
Consolidated revenue increased 39.21% YoY to ₹982.56 crore and adjusted EBITDA increased 38.57% to ₹23.10 crore, while adjusted EBITDA margin was broadly stable at 2.35% versus 2.36%, indicating strong scale-up without material operating-margin expansion; PBT grew faster at 41.85% to ₹12.27 crore.
Key positives
- Revenue increased 39.21% YoY to ₹982.56 crore, accelerating from Q1FY27's 10.9% YoY growth, with the company continuing to expand agro-processing across castor oil, wheat and rice.
- Adjusted EBITDA rose 38.57% YoY to ₹23.10 crore and H1 adjusted EBITDA rose 32.57% YoY to ₹44.28 crore, showing that operating profit broadly kept pace with the larger revenue base.
- PBT grew 41.85% YoY to ₹12.27 crore, ahead of revenue growth by 2.64 percentage points.
- NEAT Everyday expanded its presence across Mumbai, Ahmedabad and Indore, broadening the business beyond core agro-processing.
Key concerns
- Adjusted EBITDA margin was 2.35%, down 1bp from 2.36% despite 39.21% YoY revenue growth, so the quarter did not demonstrate meaningful margin expansion.
- The filing does not disclose PAT, EPS, depreciation, finance cost, tax, cash flow or working-capital metrics, limiting earnings-quality assessment.
- Volume, realisation and product-mix contributions to the ₹982.56 crore revenue increase were not disclosed, making it difficult to distinguish underlying demand from price or commodity movement.
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