Key Financial Performance - Q2FY27

Profit & Loss:

  • Total Revenue (including other income): Rs 1,269.4 crore, up 18.0% YoY from Rs 1,075.9 crore in Q2FY26
  • Gross Profit: Rs 210.7 crore, up 20.3% YoY from Rs 175.1 crore
  • EBITDA: Rs 115.4 crore, up 25.6% YoY from Rs 91.8 crore
  • Profit Before Tax: Rs 61.2 crore, up 24.5% YoY from Rs 49.1 crore
  • Exceptional Item: Loss of Rs 1.3 crore due to deductible on insurance policy for floods at Silvassa facility
  • Profit After Tax: Rs 45.0 crore, up 18.2% YoY from Rs 38.1 crore
  • Adjusted PAT (excluding exceptional item): Rs 46.4 crore, up 21.7% YoY and 8.4% QoQ
  • EPS: Rs 3.71

Key Financial Performance - H1FY27

Profit & Loss:

  • Total Revenue (including other income): Rs 2,476.4 crore, up 18.0% YoY from Rs 2,098.1 crore
  • Gross Profit: Rs 408.4 crore, up 19.3% YoY from Rs 342.4 crore
  • EBITDA: Rs 221.6 crore, up 25.8% YoY from Rs 176.1 crore
  • Profit Before Tax: Rs 117.7 crore, up 28.2% YoY from Rs 91.8 crore
  • Exceptional Item: Loss of Rs 1.3 crore
  • Profit After Tax: Rs 87.8 crore, up 27.6% YoY from Rs 68.8 crore
  • Adjusted PAT (excluding exceptional item): Rs 89.1 crore, up 29.5% YoY
  • EPS: Rs 7.24

Balance Sheet as of September 30, 2026

Assets:

  • Total Assets: Rs 3,503.2 crore (vs Rs 3,173.7 crore on March 31, 2026)
  • Non-Current Assets: Rs 1,683.3 crore
  • Property, plant and equipment: Rs 1,403.2 crore
  • Capital work-in-progress: Rs 62.8 crore
  • Right of Use assets: Rs 96.6 crore
  • Current Assets: Rs 1,819.9 crore
  • Inventories: Rs 1,150.5 crore
  • Trade receivables: Rs 252.2 crore
  • Cash and cash equivalents: Rs 17.0 crore
  • Bank balances: Rs 1.1 crore

Liabilities & Equity:

  • Equity: Rs 1,259.1 crore
  • Equity share capital: Rs 24.3 crore
  • Non-Current Liabilities: Rs 936.2 crore
  • Borrowings: Rs 778.6 crore
  • Lease liabilities: Rs 32.8 crore
  • Current Liabilities: Rs 1,308.0 crore
  • Borrowings: Rs 404.3 crore
  • Trade payables: Rs 750.0 crore

Cash Flow Statement - H1FY27

  • Cash generated from operations: Rs 74.9 crore
  • Direct taxes paid (net of refund): Rs -17.2 crore
  • Net Cash from Operating Activities: Rs 57.7 crore
  • Net Cash from Investing Activities: Rs -158.3 crore
  • Net Cash from Financing Activities: Rs 81.8 crore
  • Net Change in cash and cash equivalents: Rs -18.8 crore
  • Cash and Cash equivalents at period end: Rs 17.0 crore

Business Highlights and Operational Updates

Footwear Division Turnaround:

  • Division returned to profitability in Q2FY27 after completing delivery of legacy fixed-price orders and booking new orders at revised prices reflecting current cost structure
  • October 2026 delivered the division's highest-ever monthly turnover
  • Order book is full until March 2027
  • Profitability expected to ramp up further in H2FY27

Cash Flow Recovery:

  • H1FY27 CFO recovered to Rs 57.7 crore from lows of H2FY26
  • Improvement driven by moving select customer businesses from gross to net revenue recognition, releasing working capital
  • Additional customers agreed to move to net revenue recognition from Q4FY27
  • Recently announced GST changes expected to further improve CFO in H2FY27

Project Updates and Capex:

Home & Personal Care:

  • Silvassa - Liquid Detergent Facility (Rs 40 Crore): Commercialized in Q2FY27, ramp-up impacted by floods, expected completion by end of Q3FY27
  • Lucknow - Detergent Bars Facility (Rs 50 Crore): Commissioning deferred by 1-2 months due to delays in supply of critical imported equipment, now scheduled for Q4FY27

Food & Beverages:

  • Goa - Greek Yoghurt Manufacturing (Rs 60 Crore): Commissioning deferred by 1-2 months, now scheduled for Q4FY27
  • Aurangabad - Bottled Water and Juices Plant (Rs 70 Crore): Progressing as per schedule, to be commercialized by Q4FY27
  • Mysuru - Bottled Water Plant (Rs 50 Crore): Progressing as per schedule, to be commercialized by Q4FY27
  • Coimbatore - Malt Beverages Brownfield expansion (Rs 50 Crore): Progressing as per schedule, to be commercialized by Q3FY27
  • Hyderabad - Greenfield plant for bottled water, Juices and Glucose Drinks (Rs 50 Crore): Progressing well, expected commercialization by Q1FY28
  • Guwahati - Carbonated Soft Drinks (Rs 15 Crore): New line being set up, expected to commence production in Q4FY27

Ice Cream:

  • Phase II expansion at Panipat Ice Cream plant progressing as per schedule, will double existing manufacturing capacity
  • Additional line for manufacturing Ice Cream Cones and Sleeves at Nashik plant being set up, scheduled for Q1FY28

Healthcare:

  • Expansion of Health & Wellness manufacturing capabilities for Ayurveda Wellness brand at Baddi plant deferred by 1-2 months, now scheduled for Q4FY27

Capex Summary:

  • Gross Block (including CWIP and capital advances): Rs 652 crore as of September 2026 (vs Rs 388 crore in March 2025)
  • In-Progress Projects: Rs 39 crore
  • New Projects: Rs 148 crore

Outlook and Guidance

  • Company reiterates FY27 PAT guidance of Rs 200-220 crore
  • Expects to land around INR 200 crores, with Q4FY27 as the major contributor
  • H1FY27 profitability was affected by supply chain disruptions in footwear and ~1.5 months of disruption at Silvassa due to floods
  • Floods also delayed liquid detergent plant ramp-up, now expected complete by end of Q3FY27
  • Commissioning of select new projects (detergent bar plant Lucknow, Greek yoghurt plant Goa, Ayurveda wellness plant Baddi) deferred by 1-2 months due to delays in supply of critical imported equipment