Financial Performance (Consolidated)

Q2 FY27 Results:

  • Total Revenue: ₹472 crore, up 35.78% YoY (₹348 crore in Q2 FY26) and up 2.28% QoQ (₹461 crore in Q1 FY27).
  • EBITDA: ₹106 crore, up 58.46% YoY, with an EBITDA Margin of 22%.
  • Profit After Tax (PAT): ₹67 crore, up 81.85% YoY, with a PAT Margin of 14%.
  • EPS: ₹20.76.

H1 FY27 Results:

  • Total Revenue: ₹933 crore, up from ₹715 crore in H1 FY26.
  • EBITDA: ₹227 crore, with an EBITDA Margin of 24%.
  • PAT: ₹146 crore, nearly doubling from ₹74 crore in H1 FY26.
  • EPS: ₹43.89.

Financial Performance (Standalone)

Q2 FY27 Results:

  • Total Revenue: ₹434 crore, up 37.33% YoY.
  • EBITDA: ₹103 crore, up 81.39% YoY, with an EBITDA Margin of 24%.
  • PAT: ₹69 crore, up 118.55% YoY, with a PAT Margin of 16%.
  • EPS: ₹21.21.

H1 FY27 Results:

  • Total Revenue: ₹863 crore.
  • EBITDA: ₹213 crore, with an EBITDA Margin of 25%.
  • PAT: ₹141 crore.
  • EPS: ₹43.48.

Balance Sheet (Consolidated as of September 2026)

Assets:

  • Non-Current Assets: ₹1,723 crore (Property, plant & equipment: ₹1,160 crore; Capital work-in-progress: ₹513 crore).
  • Current Assets: ₹1,008 crore (Inventories: ₹282 crore; Trade receivables: ₹389 crore; Cash and cash equivalents: ₹53 crore; Other bank balances: ₹175 crore).

Equity and Liabilities:

  • Equity: ₹2,262 crore (Equity Share capital: ₹6 crore; Other equity: ₹2,077 crore).
  • Non-Current Liabilities: ₹261 crore (Borrowings: ₹129 crore; Deferred Tax Liabilities: ₹122 crore).
  • Current Liabilities: ₹208 crore (Borrowings: ₹32 crore; Trade Payables: ₹70 crore; Other Financial Liabilities: ₹81 crore).

Cash Flow Statement (H1 FY27 Consolidated)

  • Net Cash from Operating Activities: ₹54 crore.
  • Cash Flow from Investing Activities: -₹67 crore.
  • Cash Flow from Financing Activities: -₹9 crore.
  • Net decrease in Cash & Cash equivalent: -₹21 crore.
  • Cash and cash equivalents as at 30th September 2026: ₹53 crore.

Operational and Strategic Highlights

  • Volumes were impacted by raw material availability and delayed supply chains, but standalone volumes improved 11% over Q1 FY27.
  • Commercial production commenced at the upgraded Acetonitrile (ACN) facility.
  • Received PESO approval for DME road tanker valves, enabling the build-out of the DME customer network.
  • N-Methyl Morpholine (NMM) is the next product slated for commercialization.

Expansion Projects (Balaji Speciality Chemicals Ltd - BSCL)

  • BSCL Unit-I Brownfield Expansion: EDA derivatives project (DETA, TETA, PIP, AEEA & AEP) is on track for commissioning by end-FY27.
  • BSCL Unit-II Greenfield Project: Comprising HCN, Sodium Cyanide, EDTA & EDTA-2Na, targeted for commissioning in Q4 FY27.
  • Phase II Expansion: Tri Ethyl Ortho Formate (TEOF) identified as the next phase.
  • A cyanation R&D process is being developed to replace import dependencies for domestic pharma and agrochemical sectors.

Guidance and Outlook

  • The company provided an EBITDA margin guidance of 22-23% for FY27, compared to ~20% in FY26.
  • The standalone business remains debt-free, with expansion funded through internal accruals.
  • The core chemical business delivered a ROCE of 13% for H1 FY27.

Corporate Structure and Capacity

  • The presentation detailed the extensive product portfolio and installed capacities across four manufacturing units in Solapur and Telangana.
  • Balaji Speciality Chemicals Ltd (BSCL), a 55% subsidiary, is a strategic platform for high-value speciality chemicals with 45,330 MTPA installed capacity and an ongoing 57,000 MTPA expansion.

Other Business Segments

  • Hotel Balaji Sarovar: The 5-star hotel in Solapur commenced operations in October 2013 with an investment of ₹110 crore. It is managed by the Sarovar Group on a management fee plus revenue share model.

Awards and Recognition

  • The company received several awards, including the Best Project Award in Healthcare (Rotary India CSR Awards 2025), Sustainability Leader of the Year in Chemicals (FICCI Awards 2025), and the Narayan Meghaji Lokhande Occupational Safety & Health Award 2026.

ESG & CSR Initiatives

  • Various initiatives were undertaken, including constructing classrooms and toilet blocks, distributing sanitary napkin incinerators, providing exam books, and sponsoring a tennis player.