Sadhana Nitro Q2 FY27 Results (NSE: SADHNANIQ)
Signal: Loss reversed
The read
The operating inflection is real but early: consolidated revenue recovered to ₹4,275 lakh, +56.7% QoQ, EBITDA turned positive at ₹792 lakh and PAT reached ₹137 lakh after three consecutive quarters of losses; however, the 18.5% EBITDA margin was 7.3pp below QoQ, H1 operating cash flow was negative ₹78 lakh, and the subsidiary remained loss-making.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹42.75 Cr | +1483.3% | +56.7% |
| EBIT | ₹4.68 Cr | N/M (loss to profit) | |
| Net profit | ₹1.37 Cr | N/M (loss to profit) | |
| EPS | ₹0 | N/M (loss to profit) | |
| EBIT margin | 18.5% |
P&L walk
Consolidated revenue recovered to ₹4,275 lakh, +56.7% QoQ and sharply above the ₹270 lakh year-ago base; EBITDA was ₹792 lakh at an 18.5% margin, while PAT turned positive at ₹137 lakh despite a ₹77.25 lakh H1 loss before tax at the subsidiary.
Segments
No formal segment table is disclosed; the consolidated group reported ₹137 lakh quarterly PAT versus standalone PAT of ₹85 lakh, while the wholly owned Belgium subsidiary reported H1 revenue of ₹1,481.21 lakh and a ₹77.25 lakh loss before tax, making it a drag on the group.
Key positives
- Consolidated revenue recovered to ₹4,275 lakh, +56.7% QoQ, from ₹2,722 lakh.
- PAT turned positive at ₹137 lakh from a ₹2,555 lakh loss YoY and a ₹55 lakh loss QoQ.
- EBITDA improved to ₹792 lakh from ₹703 lakh QoQ, while finance cost declined 35.3% YoY to ₹314 lakh.
- Raw-material cost fell to 45.9% of revenue from approximately 69.2% QoQ, supporting gross-margin stability despite the revenue rebound.
Key concerns
- EBITDA margin declined 7.3pp QoQ to 18.5%, so the profit recovery has not yet shown sequential margin expansion.
- H1 operating cash flow was negative ₹78 lakh despite H1 PBT of ₹145 lakh, with trade receivables rising to ₹15,379 lakh from ₹13,200 lakh.
- The Belgium subsidiary reported H1 revenue of ₹1,481.21 lakh but a ₹77.25 lakh loss before tax, dragging consolidated earnings.
- The current quarter's revenue recovery is measured against an unusually low ₹270 lakh year-ago base, making the +1483.3% YoY growth rate less representative of normalized demand.
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