SMT reports Rs 26.47 cr Q2 profit as capacity expands
The consolidated quarter carried a 17.56% operating margin, while management highlighted higher Telangana capacity and a new Surat line at 40% utilisation.
Filed 05 Nov 2026, 17:04 IST · after market close · SMT (SMT)
Key takeaways
- SMT reported consolidated Q2FY27 operating profit of Rs 65.55 cr at a 17.56% operating margin, with depreciation of Rs 20.91 cr and interest of Rs 6.81 cr below that level.
- Net profit was Rs 26.47 cr after a 33.94% tax rate, while other income of Rs 2.24 cr was small relative to profit before tax of Rs 40.07 cr.
- Management highlighted Telangana capacity increases to 180,000 DES units and 600,000 PTCA units, alongside a new Surat DCB line running at 40% utilisation in H1 FY27.
Q2 profit reflects operating earnings after fixed charges
SMT's consolidated Q2FY27 revenue was Rs 373.41 cr, generating Rs 65.55 cr of operating profit. Depreciation of Rs 20.91 cr and interest of Rs 6.81 cr reduced operating earnings to profit before tax of Rs 40.07 cr. Net profit was Rs 26.47 cr, or Rs 2.63 per share.
Other income did not drive reported profit
Other income of Rs 2.24 cr was small relative to profit before tax of Rs 40.07 cr, so the quarter's profit was primarily supported by operating earnings rather than non-operating income. The 33.94% tax rate was the main deduction between profit before tax and net profit.
Management flags capacity additions across product lines
Management said Telangana DES annual capacity increased from 120,000 to 180,000 units and PTCA capacity from 480,000 to 600,000 units between FY26 and H1 FY27. It also said a new Surat DCB line has 56,000 units of annual capacity and was at 40% utilisation in H1 FY27. The presentation said Sironity, SMT's sirolimus drug-coated balloon, has been commercialized in India.
Results were filed after market close
The company filed the consolidated results after market close on 5 November 2026. The stock response is therefore not part of this initial results read.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹373 cr |
| Other income | ₹2 cr |
| Expenses | ₹308 cr |
| Operating profit | ₹66 cr |
| Operating margin (%) | 17.56% |
| Interest | ₹7 cr |
| Depreciation | ₹21 cr |
| Profit before tax | ₹40 cr |
| Tax | ₹14 cr |
| Net profit | ₹26 cr |
| EPS (₹) | ₹2.63 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- Telangana DES annual capacity increased from 120,000 to 180,000 units between FY26 and H1 FY27.
- Telangana PTCA annual capacity increased from 480,000 to 600,000 units between FY26 and H1 FY27.
- A new Surat DCB line has 56,000 units of annual capacity and 40% utilisation in H1 FY27.
- Thailand TAVI annual capacity increased from 3,000 to 3,600 units between FY26 and H1 FY27.
- SMT has room to add DES and catheter capacity at Telangana as demand grows.
New products
- Sironity, SMT's sirolimus drug-coated balloon, has been commercialized in India.
What to watch
- Whether consolidated operating margin holds at 17.56%.
- Reported utilisation of the 56,000-unit Surat DCB line versus 40% in H1 FY27.
- Whether Telangana DES and PTCA capacity remains at 180,000 units and 600,000 units, respectively, as utilisation develops.