P & G Health Ltd Q2 FY27 Results (NSE: PGHL)
Signal: Steady quarter
The read
The key inflection is the Q2 operating-margin rebound to a calculated 39.8% from 32.8% a year earlier, driven by lower employee and other expenses rather than gross-margin expansion; however, H1 PAT growth of 34.2% to 20 766 lakh overstates recurring momentum because it includes the 3 180 lakh property-sale gain.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹382.49 Cr | +17.7% | +5.2% |
| Net profit | ₹111.51 Cr | +25.9% | |
| EPS | ₹67.18 | +26.0% | |
| EBIT margin | 39.8% |
P&L walk
Standalone Q2 revenue increased 17.7% YoY to 38 249 lakh and PAT increased 25.9% to 11 151 lakh; lower operating costs lifted the calculated EBITDA margin to 39.8%, while the H1 PAT comparison includes a 3 180 lakh property-sale gain.
Key positives
- Revenue increased 17.7% YoY to 38 249 lakh, ahead of H1 growth of 12.4%, indicating Q2 acceleration.
- Calculated EBITDA rose 42.0% YoY to 15 237 lakh versus revenue growth of 17.7%, while employee benefits fell 0.2% YoY and other expenses fell 14.0% YoY.
- Operating cash flow increased to 19 086 lakh in H1FY27 from 17 223 lakh, and cash and equivalents rose to 32 286 lakh.
Key concerns
- H1 PAT growth of 34.2% to 20 766 lakh includes a non-recurring 3 180 lakh gain from the sale of the Worli office premises.
- Gross margin was broadly flat at 72.4%, down 0.4pp YoY, so the margin rebound depends mainly on operating-expense control rather than product mix or pricing evidence.
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