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- Q2 FY27 results
Pakka Q2 FY27 results: net profit ₹8.56 crore vs ₹2.11 crore loss, revenue ₹241.23 crore vs ₹76.32 crore
Pakka Limited reported consolidated revenue of ₹241.23 crore and net profit of ₹8.56 crore for Q2 FY27. EBITDA was ₹32.78 crore at a 13.6% margin, compared with revenue of ₹76.32 crore and a net loss of ₹2.11 crore in Q2 FY26.
Key points
- Consolidated revenue rose 216.1% to ₹241.23 crore in Q2 FY27 from ₹76.32 crore in Q2 FY26.
- EBITDA increased 1794.8% to ₹32.78 crore from ₹1.73 crore, while the margin expanded 11.3 percentage points to 13.6%.
- Pakka reported a net profit of ₹8.56 crore in Q2 FY27, against a net loss of ₹2.11 crore in Q2 FY26; basic EPS was ₹1.9.
- Against Q1 FY27, revenue rose 105.8% to ₹241.23 crore and net profit increased 45.3% to ₹8.56 crore.
- The consolidated limited review report contained a qualified conclusion and an Emphasis of Matter concerning an overseas subsidiary’s project, working-capital deficit and continued financial support.
How did Pakka perform in Q2 FY27?
Pakka reported consolidated revenue of ₹241.23 crore for Q2 FY27, up 216.1% from ₹76.32 crore in Q2 FY26 and 105.8% from ₹117.19 crore in Q1 FY27. EBITDA was ₹32.78 crore, compared with ₹1.73 crore a year ago and ₹15.30 crore in the previous quarter, while the margin was 13.6% against 2.3% and 13.1%.
Profit before tax was ₹12.44 crore, against a net loss of ₹2.02 crore before tax in Q2 FY26 and profit of ₹8.40 crore in Q1 FY27. The company reported a net profit of ₹8.56 crore in Q2 FY27 against a net loss of ₹2.11 crore a year ago and net profit of ₹5.89 crore in the previous quarter; basic EPS was ₹1.9.
On the standalone basis, Pakka reported revenue of ₹124.04 crore and net profit of ₹2.88 crore for Q2 FY27, compared with profit before tax of ₹0.3 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 241.23 | 117.19 | 76.32 | +216.1% | +105.8% |
| Other income | 4.42 | 2.21 | 3.07 | +44.0% | +100.0% |
| Total expenses | 228.55 | 111 | 81.41 | +180.7% | +105.9% |
| EBITDA | 32.78 | 15.30 | 1.73 | +1794.8% | +114.2% |
| EBITDA margin | 13.6% | 13.1% | 2.3% | +11.3 pp | +0.5 pp |
| Profit before tax | 12.44 | 8.40 | −2.02 | turned to profit | +48.1% |
| Tax | 3.87 | 2.51 | 0.09 | +4200.0% | +54.2% |
| Net profit | 8.56 | 5.89 | −2.11 | turned to profit | +45.3% |
| EPS (₹) | 1.90 | 1.29 | −0.47 | turned to profit | +47.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Pakka's costs and profit?
Total expenses rose to ₹228.55 crore in Q2 FY27 from ₹81.41 crore in Q2 FY26, an increase of ₹147.14 crore. Cost of materials consumed increased by ₹52.82 crore to ₹82.45 crore, employee benefit expenses by ₹15.67 crore to ₹21.71 crore, finance costs by ₹9.03 crore to ₹11.69 crore, and depreciation and amortisation by ₹4.26 crore to ₹8.41 crore.
Other expenses increased by ₹44.96 crore to ₹74.63 crore from ₹29.67 crore in Q2 FY26. Other income rose by ₹1.35 crore to ₹4.42 crore from ₹3.07 crore, while tax expense increased by ₹3.78 crore to ₹3.87 crore from ₹0.09 crore.
Q2 FY27 included an exceptional charge of ₹4.66 crore, against no exceptional item in Q2 FY26. The filing did not state a reason for the higher costs; the reported figures show that the expense increase was accompanied by higher revenue and a return to profit.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 82.45 | 29.63 | +52.82 | +178.3% |
| Employee cost | 21.71 | 6.04 | +15.67 | +259.4% |
| Finance costs | 11.69 | 2.66 | +9.03 | +339.5% |
| Depreciation | 8.41 | 4.15 | +4.26 | +102.7% |
| Other expenses | 74.63 | 29.67 | +44.96 | +151.5% |
| Total expenses | 228.55 | 81.41 | +147.14 | +180.7% |
| Other income | 4.42 | 3.07 | +1.35 | +44.0% |
| Tax | 3.87 | 0.09 | +3.78 | +4200.0% |
| Exceptional items | −4.66 (charge) | none |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹1260.57 crore, compared with ₹827.16 crore at 30 September 2025. Total equity rose to ₹522.58 crore from ₹450.39 crore, while borrowings increased to ₹542.49 crore from ₹299.15 crore and cash fell to ₹1.26 crore from ₹21.18 crore.
Inventories increased to ₹103.39 crore from ₹95.94 crore, trade receivables to ₹56.07 crore from ₹39.47 crore, and trade payables to ₹14.59 crore from ₹13.14 crore. For H1 FY27, operating cash flow was ₹46.93 crore, compared with ₹34.44 crore in H1 FY26.
Investing cash flow was negative ₹190.95 crore in H1 FY27, compared with negative ₹168.92 crore in H1 FY26, and financing cash flow was ₹127.34 crore against ₹88.56 crore. Capital expenditure was ₹186.87 crore, compared with ₹173.64 crore in the earlier half-year.
| ₹ crore | As of 30 September 2026 | As of 30 September 2025 |
|---|---|---|
| Total assets | 1,261 | 827.16 |
| Total equity | 522.58 | 450.39 |
| Borrowings | 542.49 | 299.15 |
| Cash and equivalents | 1.26 | 21.18 |
| Inventories | 103.39 | 95.94 |
| Trade receivables | 56.07 | 39.47 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 46.93 | 34.44 |
| Cash from investing | −190.95 | −168.92 |
| Cash from financing | 127.34 | 88.56 |
| Capital expenditure | 186.87 | 173.64 |
Source: Company's results filing (XBRL).
How has Pakka done over the last 8 quarters?
Revenue rose in each of the last two quarters. It fell from ₹111.09 crore in Q2 FY25 to a low of ₹76.32 crore in Q2 FY26 before reaching ₹241.23 crore in Q2 FY27. The latest reading was above the earlier peak of ₹117.19 crore in Q1 FY27.
Net profit moved from a high of ₹16.88 crore in Q2 FY25 to a loss of ₹2.11 crore in Q2 FY26, then recovered to ₹8.56 crore in Q2 FY27. The EBITDA margin bottomed at 2.3% in Q2 FY26 and reached 13.6% in Q2 FY27, slightly above 13.1% in Q1 FY27.
Which businesses drove the quarter?
Paper & Pulp revenue rose 227.4% to ₹208.4 crore in Q2 FY27 from ₹63.65 crore in Q2 FY26. Segment EBIT was ₹21.13 crore, compared with a loss of ₹0.55 crore in the year-ago quarter, and the reported EBIT margin was 10.1%.
Moulded Products revenue rose 136.6% to ₹37.25 crore from ₹15.74 crore in Q2 FY26. Segment EBIT was a loss of ₹2.82 crore, compared with a loss of ₹1.06 crore in the year-ago quarter, while the reported EBIT margin was negative 7.6%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Paper & Pulp | 208.40 | +227.4% | 21.13 | 10.1% |
| Moulded Products | 37.25 | +136.6% | −2.82 | -7.6% |
Source: Company's results filing (XBRL segment data).
What did the auditors point out?
The limited review report on Pakka’s unaudited consolidated results for the quarter and half year ended 30 September 2026 contained a qualified conclusion. The auditors cited uncertainty regarding resumption of an overseas subsidiary’s project and recoverability of Capital Work-in-Progress amounting to ₹3,247.23 lakh, including whether an adjustment to its carrying amount was required.
The report also contained an Emphasis of Matter concerning an overseas subsidiary’s working-capital deficit and its dependence on continued financial support from related parties and shareholders. The auditors said their opinion was not modified in respect of this matter.
The standalone report contained an Emphasis of Matter concerning management’s assessment that no impairment of the investment in an overseas subsidiary was warranted despite temporary suspension of construction of the manufacturing facility in Guatemala. Management cited the temporary pause, alternate use for most expenditure and evaluation of alternate funding; the auditors’ conclusion was not modified in respect of this paragraph.
What did Pakka's management say?
Management identified risks around the PM4 commissioning schedule, premium NSR acceptance and order absorption, and refinancing at an annual EBITDA run-rate of about ₹130-150 crore by late 2027. It also said the paused Guatemala work and discarded Chak machinery may require further write-offs or impairment.
Management targeted refinancing around December 2027 and said an annual EBITDA run-rate of approximately ₹130-150 crore, equivalent to roughly ₹35-40 crore quarterly, would be acceptable to lenders. It said no principal repayment on the Neo term loan was due until after May/June 2028, while an interest differential of approximately ₹25 crore was payable in eight quarterly instalments of about ₹3 crore from October 2027.
How did Pakka shares react?
Pakka’s shares fell 5.6% within five minutes of the filing and remained at that level after 15 and 30 minutes. On the reaction day, the stock closed 3.2% below its pre-results close, and by the next day’s close it was down 3.1% from that close. No five-day reaction was available.
Earlier reaction-day moves were negative 4.2% on 30 May 2026, positive 5.2% on 30 January 2026, negative 7.6% on 8 November 2025 and negative 8.4% on 13 August 2025. The most recent comparable move was negative 3.2% on 31 May 2025.
| After the filing | Stock | Paper & Paper Products median |
|---|---|---|
| 5 minutes | −5.6% | |
| 15 minutes | −5.6% | |
| 30 minutes | −5.6% | |
| Reaction day | −3.2% | +0.3% |
| Next day | −3.1% | +0.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 May 2026 | −4.2% |
| 30 January 2026 | +5.2% |
| 8 November 2025 | −7.6% |
| 13 August 2025 | −8.4% |
| 31 May 2025 | −3.2% |
| 8 February 2025 | −9.8% |
| 9 November 2024 | +6.2% |
| 10 August 2024 | −5.7% |
Source: MarketPing price-reaction measurement.
How did other Paper & Paper Products companies do?
Twelve other Paper & Paper Products companies had filed for the quarter by 4 November 2026. Their median revenue growth was 21.3%, while all 12 peers grew more slowly than Pakka and none grew faster. The peer set for profit comparisons covered 14 companies, and 12 reported higher profit.
| Pakka revenue growth (YoY) | +216.1% |
|---|---|
| Median of 12 other Paper & Paper Products companies | +21.3% |
| Companies with slower revenue growth than Pakka | 12 of 12 |
| Companies with faster revenue growth than Pakka | 0 of 12 |
| Companies whose net profit rose | 12 of 14 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Pakka's revenue in Q2 FY27?
Revenue from operations was ₹241.23 crore, up 216.1% from ₹76.32 crore in Q2 FY26 (consolidated).
Did Pakka make a profit in Q2 FY27?
Yes. Net profit was ₹8.56 crore, against a net loss of ₹2.11 crore in Q2 FY26.
What was Pakka's EPS in Q2 FY27?
Basic earnings per share were ₹1.90, against a loss of ₹0.47 in Q2 FY26.
How did Pakka shares react to the Q2 FY27 results?
On the reaction day the stock moved −3.2% from the previous close; the median Paper & Paper Products stock moved +0.3%.
When did Pakka announce its Q2 FY27 results?
On 31 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 31 October 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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