TPL Plastech Q2 FY27 Results (NSE: TPLPLASTEH)
Signal: Margin pressure
The read
The growth trajectory accelerated to 39.9% YoY revenue growth on 15.0% volume growth, but the key inflection remains negative for margins: EBITDA margin declined 180bps YoY to 9.3% for the second consecutive quarter of YoY contraction, even as Q2 EBITDA rose 16.7% and Bhuj began commercial operations.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹149.52 Cr | 39.9% | N/A |
| Net profit | ₹8.38 Cr | 22.3% | |
| EBIT margin | 9.3% |
P&L walk
Revenue increased 39.9% YoY to ₹1,495.2 million on 15.0% volume growth, but EBITDA grew only 16.7% to ₹138.6 million and margin contracted 180bps to 9.3%; PAT rose 22.3% to ₹83.8 million, ahead of EBITDA growth but without EPS disclosure.
Segments
The filing identifies the IBC segment as the primary volume driver, with volume growth of 15.0% YoY supporting consolidated revenue growth of 39.9%; no segment-level revenue or result table is provided.
Key positives
- Revenue from operations increased 39.9% YoY to ₹1,495.2 million, supported by 15.0% volume growth and strong IBC demand.
- Bhuj commenced commercial operations within the committed timeline and is expected to add approximately ₹100 Cr of annual revenue over three years.
- ROCE improved 160bps YoY to 22.6% in H1FY27, while the company targets a further 1.5–2.0% annual improvement.
- The institutional pricing model and mutually agreed mechanisms are intended to pass through input-cost fluctuations and support margin stability.
Key concerns
- EBITDA growth of 16.7% lagged revenue growth of 39.9%, and EBITDA margin contracted 180bps YoY to 9.3%.
- PAT growth of 22.3% to ₹83.8 million also lagged revenue growth by 17.6 percentage points, indicating limited operating conversion despite volume-led expansion.
- The filing does not provide an EPS, depreciation, finance-cost, raw-material-cost or cash-flow bridge, limiting earnings-quality assessment.
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