Financial Performance (Consolidated)

Q2 FY27 (Jul-Sep 2026) Results:

  • Revenue from operations: ₹63.9 crore, up 17% YoY (Q2FY26: ₹54.8 crore) and up 140% sequentially from Q1FY27 (₹26.6 crore)
  • EBITDA: ₹24.4 crore, up 70% YoY (Q2FY26: ₹14.3 crore)
  • Profit after tax: ₹15.2 crore, up 91% YoY (Q2FY26: ₹7.9 crore)
  • EPS (basic and diluted): ₹19.38, up 91% YoY (Q2FY26: ₹10.14)
  • EBITDA margin: 38.1% (Q2FY26: 26.1%)
  • EBITDA margin before other income: 36.1% (Q2FY26: 25.4%)

H1 FY27 (Apr-Sep 2026) Results:

  • Revenue from operations: ₹90.5 crore, down 8% YoY (H1FY26: ₹98.6 crore)
  • EBITDA: ₹31.3 crore, up 43% YoY (H1FY26: ₹21.9 crore)
  • Profit after tax: ₹17.9 crore, up 62% YoY (H1FY26: ₹11.0 crore)
  • EPS (basic and diluted): ₹22.89, up 62% YoY (H1FY26: ₹14.11)

Income Mix (Consolidated)

  • Aluminum Fluoride operations: ₹63.9 crore in Q2FY27 (₹54.8 crore in Q2FY26)
  • Captive solar units: ₹0.0 crore in both Q2FY27 and Q2FY26
  • Other income: ₹1.3 crore in Q2FY27, up 234% YoY (₹0.4 crore in Q2FY26)
  • Total income: ₹65.2 crore in Q2FY27, up 18% YoY (₹55.2 crore in Q2FY26)

Performance Analysis

  • Materials cost, net of inventory change, improved to 36.4% of revenue from 48.8% in Q2FY26
  • Profit before tax increased by ₹9.2 crore to ₹20.5 crore, driven by:
  • Lower materials cost: ~₹7.9 crore contribution
  • Higher revenue: ~₹2.3 crore contribution at last year's operating margin
  • Higher other income: ₹0.9 crore contribution
  • Partially offset by increased employee and other operating costs (~₹1.1 crore) and higher depreciation and finance costs (~₹0.9 crore)
  • Tax expense: ₹5.4 crore at effective rate of 26.1% (Q2FY26: ₹3.4 crore at 29.9%)
  • Other operating costs: Power and fuel ₹8.7 crore (13.6% of revenue), Employee benefit expense ₹3.8 crore (6.0% of revenue)
  • Finance costs: ₹1.0 crore (Q2FY26: ₹0.6 crore)
  • Depreciation: ₹2.9 crore (Q2FY26: ₹2.4 crore)

Balance Sheet Position (as of September 30, 2026)

  • Net worth: ₹140.6 crore (March 31, 2026: ₹125.7 crore)
  • Net block of property, plant and equipment: ₹92.9 crore (March 31, 2026: ₹65.0 crore)
  • Capital work-in-progress: ₹1.8 crore (March 31, 2026: ₹22.5 crore)
  • Cash, bank balances and current investments: ₹62.9 crore (March 31, 2026: ₹45.0 crore)
  • Total borrowings: ₹34.3 crore (March 31, 2026: ₹28.5 crore)
  • Inventories: ₹29.1 crore (March 31, 2026: ₹21.0 crore)
  • Trade receivables: ₹18.9 crore (March 31, 2026: ₹10.9 crore)

Corporate Actions

  • Board declared interim dividend of ₹2.50 per equity share for FY27
  • FY26 final dividend of ₹4.00 per share was paid during H1FY27 (amounting to ₹3.1 crore)

Operational Context

  • The quarter marks recovery from raw material constraints disclosed on May 23, 2026, when reduced availability of hydrofluosilicic acid (FSA) led to temporary reduction in operations at Visakhapatnam plant
  • Supplier reported resolution of the issue on July 15, 2026, with operations returning toward normal levels
  • FSA sourcing remains a focus area with supplies from adjacent fertilizer complex, long-term contract with IFFCO, and Coromandel International (began supplying in April 2026)
  • Installed capacity stands at 24,000 TPA following completion of final expansion phase in June 2026
  • Company is qualified supplier to major Indian aluminium smelters including Hindalco, Vedanta and NALCO

Management Commentary

Venkata Akkineni, Managing Director, stated: "The second quarter showed what our expanded platform can do once raw material flows. Revenue was up 17% on the year and 2.4 times the first quarter, and profit after tax nearly doubled to INR 15.2 crore. Our operating margin before other income reached 36%, helped by our contracts and a sharper conversion efficiency. FSA cost and availability remain the variable we manage most closely, and our supply arrangements and our enhanced capacity leave us well placed for the second half."