Financial Results Summary (Consolidated)

H1 FY27 Performance (April-September 2026)

  • Revenue from operations: ₹4,828.8 Mn, increased 1.0% YoY from ₹4,779.5 Mn in H1 FY26
  • Gross margin: 48.3%, improved 79 basis points YoY from 47.5%
  • EBITDA: ₹601.3 Mn, decreased 5.5% YoY from ₹636.0 Mn
  • EBITDA margin: 12.5%, declined 85 basis points YoY from 13.3%
  • Finance cost: ₹81.1 Mn, decreased 11.3% YoY from ₹91.4 Mn
  • Depreciation & amortization: ₹107.5 Mn, increased 2.9% YoY from ₹104.5 Mn
  • PBT: ₹433.8 Mn, decreased 6.4% YoY from ₹463.3 Mn
  • PAT: ₹313.8 Mn, decreased 8.3% YoY from ₹342.2 Mn
  • EPS: ₹8.91, decreased 8.2% YoY from ₹9.71

Q2 FY27 Performance (July-September 2026)

  • Revenue from operations: ₹2,381.6 Mn, increased 3.2% YoY from ₹2,307.8 Mn
  • Gross margin: 47.7%, improved 14 basis points YoY from 47.6%
  • EBITDA: ₹277.3 Mn, decreased 12.9% YoY from ₹318.5 Mn
  • EBITDA margin: 11.6%, declined 216 basis points YoY from 13.8%
  • PBT: ₹192.0 Mn, decreased 18.1% YoY from ₹234.6 Mn
  • PAT: ₹136.4 Mn, decreased 21.4% YoY from ₹173.5 Mn
  • EPS: ₹3.87, decreased 21.5% YoY from ₹4.93

Key Operational Highlights

  • Revenue growth returned in Q2 FY27 (+3.2% YoY) after flat Q1 performance
  • Gross margin expansion driven by richer product mix and better raw-material utilization
  • EBITDA decline attributed to absorption of higher energy and freight costs
  • Finance cost reduction of 11.3% YoY reflects improved financial discipline
  • Net debt/equity ratio maintained at comfortable 0.16x

Management Commentary

CEO & Managing Director Atil Parikh stated priorities for H2 FY27:

  • Recover operating margins through pricing adjustments and operational efficiency
  • Execute ₹100 crore capacity expansion plan on schedule
  • Continue scaling specialty and value-added products beyond paints into plastics, polymers, rubber and adhesives

Capacity Expansion Update

  • Total program: ₹100 Cr capacity expansion underway
  • Deployed to date: ₹30 Cr (30% of total program)
  • Q3 FY27 planned deployment: ₹17 Cr for captive solar projects
  • Breakdown of deployed funds: ₹12 Cr for captive solar, ₹7 Cr for two mine acquisitions
  • Solar capacity: 9 MW across two plants (5.5 MW Rajasthan, 3.5 MW Gujarat)
  • Commissioning target: Q4 FY27 for solar projects

Raw Material Security

  • Mining leases: 13.5 Mn tonnes across six sites in four states
  • Location details: Rajasthan (Sirohi - calcite, Bhilwara - quartz, feldspar), Gujarat (Bhuj - china clay, Vadodara - dolomite), Tamil Nadu (Tirunelveli - limestone), Andhra Pradesh (Anantapur - steatite, dolomite)
  • Malaysian operations: Limestone quarrying of 0.96 lakh MT targeted by mid-FY28
  • Recent acquisition: 99.99% partnership interest in M/s Shree Shrest Minerals (August 2026) with quartz and feldspar mining lease near Bhilwara, Rajasthan

Regulatory Environment Update

  • Titanium Dioxide: Anti-dumping duty of US$460-681/t reimposed on Chinese imports for five years (effective October 2026)
  • Impact: Supports demand for company's opacifiers that partly replace TiO₂

Business Overview

  • Core business: Surface-engineered mineral inputs and functional additives
  • Customer base: 1,000+ B2B customers across multiple sectors
  • Revenue distribution: Paints & coatings (46%), Polymers, pipes & cables (26%), Rubber (10%), Paper (5%), Ceramics (4%), Others (9%)
  • Key customers: Asian Paints, Berger, Kansai Nerolac, Supreme, Astral, Finolex, JK Tyre, CEAT, Pidilite
  • Product portfolio: 250+ specialized grades across three tiers (Industrial minerals, Performance & specialty minerals, Functional additives & Nano)
  • R&D capability: DSIR-recognized R&D center with pilot wet & dry processing, calcination, spray drying facilities

Market Position & Shareholding

  • Market capitalization: ₹6,346 Mn (as of October 26, 2026)
  • Share price: ₹179.85 (52-week high/low: ₹238/₹130)
  • P/E ratio: 9.9x TTM
  • Equity shares: 3,52,86,502 with face value ₹5
  • Shareholding pattern: Promoters 45.0%, Public float 55.0%

Medium-term Targets

  • Revenue growth: 18% CAGR over three years
  • Margin expansion: +200-250 bps EBITDA margin improvement
  • ROCE target: 18-20%
  • Market share: 20%+ in high-value products by FY2030

Access to Earnings Call

  • Audio-video recording: Available on company website through provided link
  • Investor presentation: Enclosed with regulatory filing
  • Website access: Investors Section → Investor Presentation → FY 2026-27 on www.20microns.com