Revenue (operations): ₹63.9 crore, up 17% from ₹54.8 crore in Q2FY26.
Other Income: ₹1.3 crore, up 234% from ₹0.4 crore.
Total Income: ₹65.2 crore, up 18% from ₹55.2 crore.
EBITDA: ₹24.4 crore, up 70% from ₹14.3 crore.
Finance Costs: ₹0.97 crore, up 57% from ₹0.62 crore.
Depreciation: ₹2.89 crore, up 21% from ₹2.40 crore.
PBT (Profit Before Tax): ₹20.5 crore, up 81% from ₹11.3 crore.
Tax Expense: ₹5.35 crore, up 58% from ₹3.39 crore.
PAT (Profit After Tax): ₹15.2 crore, up 91% from ₹7.9 crore.
EPS: ₹19.38, up 91% from ₹10.14.
EBITDA margin before other income: 36.1%, up from 25.4%.
Effective tax rate: 26.1%, down from 29.9%.
Interim Dividend Per Share (DPS): ₹2.5.
Key Quantitative Figures - H1 FY27 (YoY)
Revenue (operations): ₹90.5 crore, down 8% from ₹98.6 crore.
EBITDA: ₹31.3 crore, up 43% from ₹21.9 crore.
PBT: ₹23.8 crore, up 51% from ₹15.8 crore.
PAT: ₹17.9 crore, up 62% from ₹11.0 crore.
EPS: ₹22.89, up 62% from ₹14.11.
Balance Sheet (as of 30 Sep 2026 vs 31 Mar 2026)
Net Worth: ₹140.6 crore, up ₹14.9 crore from ₹125.7 crore.
Cash & Investments: ₹62.9 crore, up ₹17.9 crore from ₹45.0 crore.
Borrowings: ₹34.3 crore, up ₹5.8 crore from ₹28.5 crore.
Net Block (PP&E): ₹92.9 crore, up ₹27.9 crore from ₹65.0 crore.
Capital WIP: ₹1.8 crore, down ₹20.7 crore from ₹22.5 crore.
Inventories: ₹29.1 crore, up ₹8.1 crore from ₹21.0 crore.
Trade Receivables: ₹18.9 crore, up ₹8.0 crore from ₹10.9 crore.
Operational and Strategic Updates
FSA Supply Resolution: A previously disclosed FSA (Hydrofluosilicic Acid) supply constraint, reported on 23 May 2026, ended when the supplier reported a resolution on 15 July 2026. This allowed operations at the Visakhapatnam plant to return towards normal.
Expansion Commissioning: The final phase of the company's expansion was commissioned in June 2026 and was available for the whole of Q2FY27. This increased capacity to 24,000 TPA (80 TPD) from 18,000 TPA.
Cost Breakdown: The ₹9.2 crore YoY rise in Q2 PBT was primarily driven by a ₹7.9 crore benefit from lower materials cost (36.4% of revenue vs 48.8%), a ₹2.3 crore benefit from higher revenue, and a ₹0.9 crore benefit from other income. Other costs reduced the benefit by ₹2.0 crore.
Raw Material Management: The company manages FSA cost and availability through long-term contracts with leading phosphatic fertiliser producers (IFFCO Paradeep and Coromandel Kakinada). The supplier base was widened with a new source from April 2026. Annual pricing is agreed with smelters, and key raw materials are bought forward.
Customer Concentration: In FY26, the largest customer's share of revenue fell to 54% from 69% in FY25. The top two customers account for 72% of revenue, and 70% of revenue comes from Odisha.
Strategic Roadmap: The company is exploring several strategic initiatives, including:
A greenfield alumina hydrate facility for raw material security.
Potential additional AlF3 capacity at a second location (domestic and overseas).
Adjacent fluorine-derivative chemistries.
Value-added products from silica, a byproduct.
Green logistics through Electric Vehicles for transport.
Overseas market pursuit through Alufluoride International Pte. Ltd., Singapore, following the exit of the Jordan JV.
Financial and Operational Impact
The capitalization of the expansion project significantly increased the net block of fixed assets.
The resolution of the FSA constraint was the primary driver behind the quarter's strong revenue recovery, which was 2.4 times that of Q1FY27.
The benefit from forward buying of raw materials (alumina hydrate) is expected to taper as stocks are consumed.
Freight costs for FSA from distant sources are rising with fuel prices.
