Bhansali Engineering Polymers Q2 PAT Up 54% YoY

Revenue from operations: ₹403.4 crores, up 24.1% YoY from ₹325.1 crores in Q2 FY26
EBITDA: ₹88.6 crores, up 56.1% YoY from ₹56.7 crores in Q2 FY26
EBITDA Margin: 21.4% compared to 17.1% in Q2 FY26 (440 bps improvement)
PAT: ₹62.5 crores, up 54.4% YoY from ₹40.5 crores in Q2 FY26
PAT Margin: 15.1% compared to 12.2% in Q2 FY26 (296 bps improvement)
EPS (Diluted): ₹2.5, up 54.0% YoY from ₹1.6 in Q2 FY26
Finance Cost: ₹0.0 crores, down 35.0% YoY
Depreciation: ₹2.0 crores, down 3.7% YoY
Tax Expenses: ₹24.4 crores, up 68.4% YoY

Revenue from operations: ₹875.5 crores, up 38.3% YoY from ₹633.0 crores in H1 FY26
EBITDA: ₹180.9 crores, up 50.0% YoY from ₹120.7 crores in H1 FY26
EBITDA Margin: 20.2% compared to 18.5% in H1 FY26 (171 bps improvement)
PAT: ₹128.1 crores, up 48.3% YoY from ₹86.3 crores in H1 FY26
PAT Margin: 14.3% compared to 13.2% in H1 FY26 (107 bps improvement)
Other Income: ₹19.5 crores, up 2.3% YoY

ABS capacity expansion from 75,000 TPA to 100,000 TPA with estimated capex of ₹200 crore
Project delayed due to geopolitical disruptions, supply chain constraints, and logistical challenges
Equipment delivery and commissioning delays have impacted execution
Reactor now expected in November 2026
Commissioning now targeted for March 2027, subject to timely equipment delivery and completion of installation activities

India's leading manufacturer of Acrylonitrile Butadiene Styrene (ABS) and Styrenic Resins since 1984
Two manufacturing facilities at Abu Road (Rajasthan) and Satnoor (Madhya Pradesh)
In-house R&D centre at Abu Road, modelled on Nippon A&L Inc.'s facility
Strategic joint venture with Nippon A&L Inc., Japan since 2013
ISO 9001:2015 certification for quality systems
Installed capacity: 75,000 MTPA
80+ variants of ABS & Specialty Polymers
Products cater to automobiles, consumer durables, electronics, healthcare, and kitchenware

ABS (Acrylonitrile Butadiene Styrene) - High impact resistance, tensile strength, toughness at low temperatures
ASA (Acrylonitrile Styrene Acrylate) - UV resistance, weather resistance, durability
PC-ABS (Polycarbonate-Acrylonitrile Butadiene Styrene) - High impact strength, heat resistance, flame retardancy
Specialties - Tailor-made polymer compounds and blends
SAN (Styrene Acrylonitrile) - Transparency, heat resistance, rigidity
HRG (High Rubber Graft) - Impact resistance, stiffness, thermal stability

Board of Directors:

Key Managerial Personnel:

Strategic JV with Nippon A&L providing proprietary technologies and formulations
Backward-integrated operations with in-house SAN and HRG production
Among lowest-cost ABS producers in India
Debt-free balance sheet with consistent positive operating cash flows
Healthy dividend payout (~50%+)
Strong liquidity position

DSIR-Recognized R&D center at Abu Road
Developed 17 new grades and enhanced properties of 12 existing grades
Successfully commercialized 20 new/improved products including 18 color grades
1,500+ color portfolio with licensed global brands Kralastic, Techniace and Unibrite
112 new color grades created for specific client requirements

Appliances and Automotive dominate global ABS demand
EV adoption accelerating consumption for lightweight, high-performance plastics
Shift toward specialty & colored grades from commoditized transparent resins
Policy protection through monitoring of imports and potential anti-dumping duties
Import substitution theme with domestic players capturing 30-40% of import demand

FY22-FY26 Performance:

Revenue: FY22 ₹1,394.0 cr, FY23 ₹1,362.6 cr, FY24 ₹1,221.7 cr, FY25 ₹1,397.7 cr, FY26 ₹1,276.0 cr
PAT: FY22 ₹350.0 cr, FY23 ₹136.7 cr, FY24 ₹179.4 cr, FY25 ₹180.0 cr, FY26 ₹180.2 cr
EBITDA Margin: FY22 34.1%, FY23 14.8%, FY24 19.9%, FY25 17.6%, FY26 19.4%
PAT Margin: FY22 24.8%, FY23 9.8%, FY24 14.2%, FY25 12.5%, FY26 13.7%

H1 FY27 Balance Sheet Position: