Q2 FY27 results analysis · November 14, 2026
Patanjali Foods Ltd Q2 FY27 Results Analysis: PAT Slips 18.76%, Revenue Grows 15.55%
−18.8%PAT year on year, Rs. 419.76 Cr
Source: Quarterly results filing (BSE)
Quick summary
Patanjali Foods Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 11,322.58 Cr (+15.55% YoY) and PAT growth of -18.76% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 14, 2026 |
|---|---|
| Revenue (Q2) | Rs. 11,322.58 Cr (+15.55% YoY) |
| PAT (Q2) | Rs. 419.76 Cr (-18.76% YoY) |
| EBITDA margin | 3.76% (-187 bps YoY) |
| EPS (Q2) | Rs. 3.86 (-18.70% YoY) |
Quarter Snapshot
Revenue grew 15.55% YoY to Rs.11,322.58 Cr on price-led edible-oil growth (+22.39%), but PAT fell 18.76% as material costs (+24.52%) and finance costs (+37.51%) outpaced revenue, compressing operating EBITDA margin to 3.76% from 5.63%. Q2 missed management's FY27 targets on FMCG growth, HPC growth, and FMCG EBITDA, while the Sep 24 duty cut halved edible-oil EBITDA margin QoQ to 3.00%. H1 revenue remains ahead of the +10-12% full-year guidance and H1 CFO turned positive at Rs.718.17 Cr, but working-capital pressure from receivables (+36.93% since March) persists.
Q2 FY27 Expectations vs Results
| Driver | What happened | Verdict |
|---|---|---|
| "Revenue direction ahead YoY, but growth likely more price-dependent than volume-dependent" | Revenue +15.55% YoY, −0.13% QoQ; EO +22.39%, FMCG +0.32% — price-led; volume split not disclosed | Played out |
| "Tailwind partially reversed at quarter-end… margin print sensitive to the exit price level" (duty cut + pass-through) | EO EBITDA margin 3.00% vs 5.22% in Q1; duty cut effective Sep 24, 2026 per press release | Played out |
| "Dairy/ghee — clear cost headwind" | Ghee revenue Rs.306.34 Cr; ghee margin not disclosed — margin | Not observable |
| "FMCG broadly — compressing" | FMCG PBIT margin 7.11% vs 11.72% YoY; FMCG EBITDA −38.2% YoY | Played out |
| "Working capital — a watch… continued finance-cost pressure" | Finance costs +37.51% YoY; receivables +36.93% since Mar-26 | Played out |
| "The base is demanding — Q2 FY26 flattered by palm pricing and an unusually high 27.7% HPC margin" | Total EBITDA margin 4.50% vs 6.16%; FMCG EBITDA vs flagged-abnormal base — base effect | Played out |
| Sunrich TBHQ prohibition inside window | Order dated Sep 15, 2026 in window; impact "limited to batch values", unquantified | Partially |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Overall revenue growth +10–12% [FY27] | Q1 FY27 earnings call (Aug 17, 2026), reaffirmed on call | H1 +22.06%; Q2 +15.55% | On Track |
| Edible-oil EBITDA margin 3–5% (2–4% in Q&A) [FY27] | Q1 FY27 call | 3.00% (vs 5.22% in Q1) — at bottom of band | Met |
| FMCG revenue toward Rs.12,500 Cr [FY27] | Q1 FY27 call | H1 Rs.5,861.23 Cr; implied H2 needs +8.76% on H2FY26 base Rs.6,104.22 Cr | Stretch |
| Food & FMCG growth +8–10% [FY27] | Q1 FY27 call | Q2 +0.32% YoY; H1 +15.28% — quarter | Missed |
| HPC growth ~15% [FY27] | Q1 FY27 call | +11.06% (Rs.713.88 Cr) — quarter | Missed |
| FMCG EBITDA growth +12–15% [FY27] | Q1 FY27 call | −38.2% YoY in Q2 (vs flagged-abnormal base) | Missed |
| Plantation growth >15% [FY27] | Q1 FY27 call | +23.82% YoY | On Track |
| EBITDA ~Rs.2,500 Cr annualized [18 months] | Q1 FY27 call | H1 op EBITDA annualizes to ~Rs.1,938 Cr | Stretch |
| Q1 positive run "should pretty much continue into Q2 also" | Q1 FY27 call | Revenue flat QoQ (−0.13%) at a high level; EBITDA fell QoQ — on EBITDA), Partially on revenue | Contradicted |
| Commodity inflation "a net positive" for the long-position edible-oil business | Q1 FY27 call | EO revenue +22.39% but EO EBITDA margin halved QoQ to 3.00% after the Sep 24 duty cut + pass-through | Partially |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|
| Revenue | 9,798.84 | 11,155.60 | 11,337.45 | 11,322.58 |
| Total EBITDA | 603.31 | 501.96 | 547.72 | 509.52 |
| EBITDA margin % | 6.16 | 4.48 | 4.83 | 4.50 |
| FMCG EBITDA | 358.00 | 292.16 | 189.52 | 221.33 |
| FMCG EBITDA margin % | 12.28 | 10.11 | 6.45 | 7.57 |
| Edible-oil EBITDA | — | — | 443.87 | 256.22 |
Key Investment Insights
Key Positives
- Revenue grew 15.55% YoY to Rs.11,322.58 Cr, second-highest ever; H1 revenue +22.06% YoY
- Edible oils revenue +22.39% YoY to Rs.8,532.25 Cr, highest-ever
- Biscuits revenue +27.69% YoY to Rs.638.31 Cr with EBITDA margin improving to 11.91% from 9.79%
- HPC revenue +11.06% YoY (Skin +25.58%, Home +17.53%)
- Oil palm plantation revenue +23.82% YoY to Rs.742.29 Cr; cultivation area up from 1,15,861 ha to 1,27,265 ha
- H1 CFO of Rs.718.17 Cr turned positive from −Rs.557.59 Cr in H1 FY26; FCF Rs.676.96 Cr
- FMCG margins improved QoQ (PBIT 5.91% → 7.11%) as HPC margins reverted from the flagged 27.7% peak
- Wind turbine segment swung to PBIT profit of Rs.8.14 Cr from a Rs.5.37 Cr loss
Risk Factors
- PAT declined 18.76% YoY to Rs.419.76 Cr; normalized PAT −18.96%
- Operating EBITDA margin compressed to 3.76% from 5.63% YoY; edible-oil EBITDA margin halved QoQ to 3.00% after the Sep 24 duty cut
- Cost of materials grew 24.52% YoY vs revenue +15.55% amid 7.7% food inflation
- Finance costs +37.51% YoY; trade receivables +36.93% since March against flat QoQ revenue
- FMCG revenue flat (+0.32% YoY); FMCG EBITDA −38.2% YoY; FMCG revenue share fell to 25.50% from 29.44%
- Exports fell 43.7% YoY to Rs.29.09 Cr; four food-safety regulatory orders on Cow Ghee/Sunrich batches (Sep-Nov 2026)
Ask about this
Ask Cofacto a question about this result. Answers cite filings and company data.
Companies on this page
Related
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.