Rajputana Stain. Q2 FY27 Results (NSE: RSL)
Signal: Steady quarter
The read
The trajectory remains constructive but needs confirmation: Q2FY27 revenue grew 13.5% YoY while EBITDA margin held near 10.1%, and gross margin expanded 721bps as raw-material intensity fell to 58.7% of revenue; however, revenue and PAT both declined 14.8% QoQ, trade receivables rose to ₹23234.10 lakh, and EPS growth lagged PAT because of dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹306.54 Cr | +13.5% | -14.8% |
| Net profit | ₹20.2 Cr | +52.8% | |
| EPS | ₹2.42 | +26.0% | |
| EBIT margin | 10.1% |
P&L walk
Standalone Q2FY27 revenue was ₹30654.22 lakh, up 13.5% YoY but down 14.8% QoQ; gross margin expanded to 20.9% from 13.7% YoY as raw-material intensity fell, EBITDA margin reached approximately 10.1%, and PAT rose 52.8% to ₹2019.93 lakh despite sequential moderation.
Segments
The company reports a single operating segment, so no internal momentum split is disclosed; the key group-level divergence is between PAT growth of 52.8% and EPS growth of 26.0% after the IPO share-count increase.
Key positives
- Gross margin expanded 721bps YoY to approximately 20.9%, with raw-material cost falling to 58.7% of revenue from 71.3%; the filing does not disclose the precise driver.
- Q2 PAT rose 52.8% YoY to ₹2019.93 lakh while finance costs fell 65.5% YoY to ₹172.42 lakh.
- EBITDA margin held at approximately 10.1% despite a 14.8% QoQ revenue decline, indicating sequential profitability resilience.
Key concerns
- Revenue declined 14.8% QoQ to ₹30654.22 lakh from ₹35980.82 lakh, and PAT also fell 14.8% QoQ to ₹2019.93 lakh.
- Trade receivables increased 68.9% to ₹23234.10 lakh from ₹13751.26 lakh at March 31, 2026, absorbing cash and contributing to H1 operating cash flow of only ₹2352.26 lakh.
- EPS grew 26.0% versus PAT growth of 52.8% because of the higher post-IPO share base.
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