The call ran from 2:59 PM to 3:51 PM IST (51 min).

Key takeaways

Standalone revenue rose 31.7% to ₹324 Cr and PAT turned to ₹6 Cr, but stationery margins compressed and publication growth is largely Q1 spillover.

Highlights
Revenue growth	Standalone +31.7% YoY; publication +53.8% partly Q1 spillover; H1 publication +6.7%.
Margins	Standalone EBITDA margin 3.3%→6.2%; consolidated 0.4%→3.4%; stationery margins contracted.
Order book	No order book figure; US export orders said 'being finalized' Oct–Nov.
Demand visibility	Curriculum cycle continues two years; US export orders firming Oct–Nov.
Management confidence	Defensive on margins; 'one-time' framing; 'very sure' long-term payoff.

Growth

Revenue +31.7% to ₹324 Cr; publication +53.8% partly Q1 spillover, H1 only +6.7%. Stationery +18.7%.

Outlook

FY27 H2 stationery exports ~₹250 Cr; stationery margin ~2ppt lower. K12 stake ~8% left; ₹330 Cr received, ₹70 Cr pending.

Risks

Stationery margins hit by brand spend, manpower, plant depreciation; Indianica losses ~₹9.5 Cr in Q2; textbook-release delays cost ₹20–30 Cr.

Last quarter's promises, checked

Delivered

Q2 pub >₹130 Cr → ₹140 Cr (= BEAT)
Domestic stationery 15-17% → +34% (= BEAT)
Q2 margin 'much better' → 3.3%→6.2% (= BEAT)

Partly delivered

FY pub ~10% → H1 +6.7% (= PARTIAL)
K12 8.8% left, ₹330 Cr → ~8% left, ₹330 Cr in, ₹70 pending (= PARTIAL)

Missed

Stationery margin ~12% → contracted, undisclosed (= MISS)
Polymer plant normalise FY27 → still underused (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 6:39 PM IST. Open it on ALFA Filings ›