Raghav Productivity Enhancers Q2 FY27 Results: Consolidated Net Profit ₹21.63 Crore on Total Income of ₹93.92 Crore

Earnings
Refractories

Blacklitt Research16 October 20263 min read

A steel mill with blast furnaces and storage towers, in an old black-and-white photograph — John Vachon, Library of Congress, via Wikimedia Commons (public domain). Illustrative image.

Raghav Productivity Enhancers reported consolidated total income of ₹93.92 crore and net profit of ₹21.63 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹40.66 crore and net profit was ₹8.24 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹93.92 crore, up 46.3% YoY, up 6.8% QoQ
Net profit: ₹21.63 crore, up 56.3% YoY, up 10.5% QoQ
EPS: ₹4.71, against ₹3.02 in Q2 FY26
Cost of materials: ₹20.30 crore, up 12.2% YoY against revenue up 46%

Standalone

The company on its own, without its subsidiaries

Total income: ₹40.66 crore, up 43.8% YoY, down 2.2% QoQ
Net profit: ₹8.24 crore, down 9.0% YoY, down 33.7% QoQ
EPS: ₹1.79, against ₹1.97 in Q2 FY26
Other income: ₹1.44 crore, against ₹5.31 crore in Q2 FY26

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	93.92	64.21	+46.3%	87.90	+6.8%
Revenue from operations	92.82	63.59	+46.0%	86.92	+6.8%
Other income	1.10	0.62	+77.4%	0.98	+12.2%
	21.63	13.84	+56.3%	19.57	+10.5%
Finance costs	0.16	0.19	-15.8%	0.16	0.0%
Depreciation	1.70	1.75	-2.9%	1.82	-6.6%
Tax expense	5.48	3.51	+56.1%	5.17	+6.0%
Net profit margin	23.03%	21.55%	+1.48 pp	22.26%	+0.77 pp
Tax as share of profit before tax	20.2%	20.2%	-0.02 pp	20.9%	-0.69 pp
EPS, basic (₹)	4.71	3.02	+56.0%	4.26	+10.6%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Cheaper input per rupee of sales did the work. Revenue from operations rose 46.0% to ₹92.82 crore, but cost of materials consumed rose only 12.2%, from ₹18.10 crore to ₹20.30 crore, so materials fell to about 22% of revenue from about 28% a year ago (derived). Profit before tax rose from ₹17.35 crore to ₹27.12 crore and net profit 56.3% to ₹21.63 crore, a net margin of 23.03% against 21.55%.

Fixed costs are negligible: finance costs of ₹0.16 crore and depreciation of ₹1.70 crore, both slightly lower, and tax took 20.2% of profit before tax, as a year ago. Against Q1 FY27 revenue rose 6.8% and net profit 10.5%, from ₹19.57 crore. For H1 FY27 revenue from operations is ₹179.79 crore against ₹122.03 crore, up 47.3%, and net profit about ₹41.20 crore (derived as the two quarters).

The company is a single-segment ramming mass maker. The filing gives no breakdown of revenue by product or customer, so the source of the 46% growth is not stated.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	40.66	28.27	+43.8%	41.58	-2.2%
Revenue from operations	39.22	22.96	+70.8%	35.76	+9.7%
Other income	1.44	5.31	-72.9%	5.82	-75.3%
	8.24	9.05	-9.0%	12.43	-33.7%
Finance costs	0.04	0.03	+33.3%	0.04	0.0%
Depreciation	0.67	0.68	-1.5%	0.66	+1.5%
Tax expense	2.68	1.55	+72.9%	2.71	-1.1%
Net profit margin	20.27%	32.01%	-11.75 pp	29.89%	-9.63 pp
Tax as share of profit before tax	24.5%	14.6%	+9.92 pp	17.9%	+6.64 pp
EPS, basic (₹)	1.79	1.97	-9.1%	2.71	-33.9%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The standalone company grew revenue faster than the group but earned less. Revenue from operations rose 70.8% to ₹39.22 crore, yet net profit fell 9.0% to ₹8.24 crore, because other income dropped to ₹1.44 crore from ₹5.31 crore, and tax took 24.5% of profit before tax against 14.6%. The net margin fell to 20.27% from 32.01%. The notes record dividend income of ₹4.56 crore booked during the period under review, which is why other income is lumpy from quarter to quarter.

Against Q1 FY27 standalone revenue rose 9.7% but net profit fell 33.7% from ₹12.43 crore, with other income down from ₹5.82 crore. The group's profit is therefore more than twice the parent's: ₹21.63 crore against ₹8.24 crore, so the subsidiaries now do most of the earning.

Inference

Raghav's profit is growing faster than its sales because materials cost has grown far more slowly than revenue, and almost none of the profit is absorbed by interest or depreciation. The filing does not say whether the lower materials cost is price, mix or efficiency.

The parent's own profit fell as other income swung, so most of the group's earnings now come from the subsidiaries, whose results the filing does not break out.

Reference: Original filing (PDF)

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Raghav Productivity Enhancers Q2 FY27 Results: Consolidated Net Profit ₹21.63 Crore on Total Income of ₹93.92 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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