VINATIORGA's Q2 FY27 numbers came in soft, with revenue of Rs. 680.21 Cr (+23.63% YoY) and PAT growth of -31.79% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 680.21 Cr (+23.63% YoY) |
| PAT (Q2) | Rs. 78.36 Cr (-31.79% YoY) |
| EBITDA margin | 20.90% (-1240 bps YoY) |
| EPS (Q2) | Rs. 7.56 (-32.69% YoY) |
Revenue grew 23.63% YoY to Rs.680.21 Cr (consolidated) but PAT fell 31.79% to Rs.78.36 Cr as the RM plus inventory consumption ratio jumped to 58.72% of revenue and EBITDA margin collapsed to 20.90%, decisively below management's 26-27% band. The margin miss versus management's own guidance is the dominant signal, with H2 requiring a 28.04% margin merely to reach the 26% FY floor. Debt-free balance sheet, narrowed subsidiary drag, and on-track capex are offsets, but raw-material and energy inflation remain the unresolved story.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "growth likely continues… likely ahead on the top line, on volume" | +23.63% YoY, −2.26% QoQ (consolidated) — YoY); Partially (sequential decline | Played out |
| Margins | "margins likely still compressing vs FY26's 21.89% PAT margin" | EBITDA margin 20.90% (co. def, standalone); PAT margin 13.00% — compression steeper than the set-up implied | Played out |
| RM cost pressure | crude-linked inputs a headwind; Q1 RM flat at 51.90% of revenue | Gross RM ratio 63.51% (+11.61pp QoQ) | Played out |
| VOPL drag | drag of Rs.14.70 Cr (Q1) "widens as the ramp continues" | Drag narrowed to Rs.8.48 | Contradicted |
| ADD decision | "no duty decision inside the window — tailwind pending" | Not addressed in the filing | Not observable |
| Debt-free intact | "The debt-free policy entered the quarter intact" | Nil borrowings | Played out |
| Inventory buffer | "a buffer that converts some input inflation into inventory gain" | −31.99 P&L build; +43.47 balance-sheet build — build occurred but was a P&L drag this quarter | Partially |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| EBITDA margin 26–27% (long-term band) | Q4 FY26 earnings call — CEO: "reasonably achievable EBITDA margin on a long-term basis" | Standalone 20.90% on the company's own definition (Q1: 26.91%); consolidated 19.96% — below band | Missed |
| VOPL revenue Rs.100–120 Cr (FY27) | Q4 FY26 earnings call (Q2 vs Q3 start timing inconsistent in the two renderings) | Subsidiary revenue proxy Rs.12.21 in Q2 (Rs.10.37 H1) | Too Early |
| Capex Rs.200–250 Cr (FY27) | Q4 FY26 earnings call | H1 consolidated capex Rs.74.06 (37% of the low end) | On Track |
| Debt-free policy | Management commentary in prior-quarter disclosures | Nil borrowings at Sep 30, 2026 | Met |
| "Maintained EBITDA margin of 26–27%… reasonably achievable on a long-term basis" | Q4 FY26 earnings call | Q2 margin 20.90% standalone — ~500+ bps below the band's floor | Contradicted for this quarter |
| IBB raw-material constraint resolved; production/sales "back on track" | Q4 FY26 earnings call | Revenue +23.63% YoY consolidated, consistent with volume-led recovery | Confirmed |
| Demand softened from Oct 2025 but recovery expected in FY27 | Q4 FY26 earnings call | Q2 revenue declined only −2.26% QoQ but margin collapse drove PAT down — top line, not bottom line | Partially confirmed |
| Debt-free growth policy | Management commentary | Nil borrowings confirmed | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.