• The document is a transcript of the Q2 & H1 FY27 Earnings Conference Call held on October 30, 2026, hosted by IIFL Capital Services Limited.
  • The call featured management participants: Mr. Maulik Mehta (Deputy Managing Director), Mr. Sanjay Upadhyay (Director (Finance) and Group CFO), and Mr. Somsekhar Nanda (CFO).
  • The purpose was to discuss the company's operating performance, financial results, strategic developments, and growth plans for the quarter and half-year ended September 30, 2026.

Financial Performance Highlights:

  • Q2 FY27 Consolidated Performance: Revenue from operations stood at INR 3,091 crore (61% YoY growth, 19% QoQ). EBITDA reached a record INR 643 crore (187% YoY growth, 16% QoQ) with an EBITDA margin of 21%. PBT was INR 543 crore (16% QoQ growth), and PAT was INR 398 crore (15% QoQ growth).
  • H1 FY27 Consolidated Performance: Revenue was INR 5,682 crore (48% YoY growth). EBITDA was INR 1,197 crore (173% YoY growth) with margins expanding to 21% from ~11% in H1 FY26. PAT was INR 743 crore (221% YoY growth).

Segmental Performance:

  • Phenolics Segment: Achieved highest-ever quarterly revenue of INR 2,291 crore (72% YoY, 29% QoQ). EBIT was INR 515 crore (23% QoQ) with an EBIT margin of ~22%. H1 FY27 revenue was INR 4,066 crore with EBIT of INR 933 crore, already surpassing the previous annual record of INR 867 crore (FY22).
  • Advanced Intermediates Segment: Q2 revenue was INR 811 crore (38% YoY). EBIT was INR 49 crore (down from INR 67 crore in Q1) with an EBIT margin of 6%. H1 FY27 revenue was INR 1,615 crore with EBIT of INR 116 crore (doubled YoY).

Strategic and Operational Updates:

  • The performance was driven by high capacity utilization, favorable domestic realizations, procurement efficiencies, and capitalizing on supply chain disruptions.
  • The company commissioned new facilities at Deepak Chemtech in Dahej with a capital investment of ~INR 300 crore, including chlorination, photohalogenation, and specialty chemicals plants, expanding its specialty chemicals portfolio.
  • The integrated polycarbonate project is advancing. The polycarbonate resin plant is slated for commissioning in FY29, with full integration (propylene to polycarbonate) expected by FY30.
  • Management expects the Advanced Intermediates segment EBIT to reach ~INR 400-420 crore in FY28 (from ~INR 240 crore in FY27) as new assets ramp up, targeting 14-15% EBIT margins.
  • Capex guidance: ~INR 800-900 crore in H2 FY27, INR 2,200-2,400 crore in FY28, INR 2,500 crore in FY29, and INR 2,500-3,000 crore in FY30, totaling INR 11,700 crore for the polycarbonate project.

Balance Sheet:

  • Consolidated net worth stood at INR 6,521 crore as of September 2026.
  • Net debt was INR 1,657 crore (vs. INR 1,676 crore in Q1), with a net debt-to-equity ratio of 0.25x (from 0.27x).
  • Net cash conversion cycle improved to 53 days from 57 days in Q1.

Management Commentary (Key Points):

  • The record performance was achieved despite geopolitical volatility, elevated freight/energy costs, and uneven demand.
  • Phenolics benefited from disruptions to international supply chains and firm domestic demand.
  • Advanced Intermediates faced headwinds from input prices and customer volume variations in Q2 but expects improvement in H2 FY27.
  • The company is focusing on integrated manufacturing platforms for raw material security, cost competitiveness, and value addition.

Additional Notes Section

  • The transcript was submitted to the National Stock Exchange of India Limited as a regulatory disclosure.
  • The transcript includes a full Q&A session with analysts covering details on segment outlook, capacity utilizations, product approvals, and competitive landscape.
  • The financial results and investor presentation were available on the company's website at the provided link.