Financial Performance Review

Q2 FY26 Performance (YoY Comparison)

  • Net sales increased by 23.1% to ₹7,286.0 million from ₹5,919.4 million in Q2 FY25
  • EBITDA grew by 55.1% to ₹764.4 million from ₹492.7 million, with EBITDA margin expanding to 10.5% from 8.3%
  • EBIT increased by 71.8% to ₹621.6 million from ₹361.8 million, with EBIT margin expanding to 8.5% from 6.1%
  • Finance cost decreased by 10.1% to ₹33.7 million from ₹30.6 million
  • Profit Before Tax (PBT)* increased by 77.5% to ₹587.9 million from ₹331.2 million
  • Profit Before Tax (including exceptional items) increased by 76.0% to ₹587.9 million from ₹334.0 million
  • Profit for the period increased by 75.3% to ₹437.3 million from ₹249.4 million
  • Earnings Per Share (EPS)* increased by 77.3% to ₹5.79 from ₹3.27
  • Earnings Per Share (including exceptional items) increased by 75.3% to ₹5.79 from ₹3.30

H1 FY26 Performance (YoY Comparison)

  • Net sales increased by 11.6% to ₹13,222.3 million from ₹11,849.8 million
  • EBITDA grew by 39.9% to ₹1,385.0 million from ₹990.2 million, with EBITDA margin expanding to 10.5% from 8.36%
  • EBIT increased by 37.5% to ₹1,007.3 million from ₹732.5 million, with EBIT margin expanding to 7.6% from 6.2%
  • Finance cost decreased by 13.4% to ₹69.0 million from ₹60.8 million
  • Profit Before Tax (PBT)* increased by 39.7% to ₹938.3 million from ₹671.7 million
  • Profit Before Tax (including exceptional items) increased by 37.7% to ₹938.3 million from ₹681.2 million
  • Profit for the period increased by 35.7% to ₹693.3 million from ₹510.9 million
  • Earnings Per Share (EPS)* increased by 37.6% to ₹9.18 from ₹6.67
  • Earnings Per Share (including exceptional items) increased by 35.7% to ₹9.18 from ₹6.76

Financial Position (as of Q2 FY26)

  • Cash and cash equivalents: ₹2,706 million
  • Investments in liquid mutual funds: ₹1,253 million
  • Unutilized fund-based limits with banks: ₹4,272 million
  • Net debt: Nil
  • Current ratio: 2.2
  • Debt-equity ratio: 0.1

Exceptional Items and Adjustments

H1 2026 includes a non-recurring depreciation adjustment of ₹88 million, partly offset by a deferred tax benefit of ₹22 million.

Operational Highlights

Growth was driven by a healthy mix of volume and price increases, which offset commodity inflation impacts. Margin improvement was supported by volume growth and operational efficiencies, partially offset by a one-time impairment charge.

Working Capital and Cash Flow

Operating working capital was impacted mainly due to higher inventory levels and increased trade receivables. Gross debt remained constant since December 2025. Cash flow was driven by higher profit before tax, stronger operating cash generation, and net investing activities that generated cash inflow due to significantly lower investment deployment.

Sustainability Initiatives

Safety Performance

  • 12-month rolling Total Recordable Injury Rate (TRIR) reduced by 40% year-to-date
  • Conducted Family Safety Day to engage employees' families
  • Continued focus on behavioral safety through visible leadership and proactive near-miss reporting

Climate Initiatives

  • Solar captive generation for Khopoli plant expected in Q3 FY26
  • Decarbonization roadmap prepared for meeting 2030 Scope 1&2 commitments

Environmental Management

  • Multiple plants (Khopoli, Rudrapur, Silvassa) maintain Zero Liquid Discharge (ZLD)
  • Taloja implemented MVR technology for enhanced wastewater recycling
  • Rainwater harvesting and groundwater recharge initiatives strengthened across facilities

Product Sustainability

  • Expanded use of recycled content in packaging
  • Improved resource efficiency through packaging lightweighting
  • Three label plants and Khopoli facility are FSC-certified

Forward Reporting Schedule

Next financial results for Q3 and Q1-Q3 2026 will be reported on October 27, 2026.