Financial Results - Quarter Ended September 30, 2026 (Unaudited)

  • Revenue from Operations: ₹25,703.76 lakhs (₹257.04 crore)
  • Other Income: ₹32.79 lakhs
  • Total Income: ₹25,736.55 lakhs (₹257.37 crore)
  • Profit Before Tax: ₹3,768.73 lakhs (₹37.69 crore)
  • Tax Expense: ₹982.67 lakhs (Current tax: ₹771.05 lakhs, Deferred tax: ₹211.62 lakhs)
  • Profit After Tax: ₹2,786.06 lakhs (₹27.86 crore)
  • Earnings Per Share (Basic and Diluted): ₹5.58

Financial Results - Half Year Ended September 30, 2026 (Unaudited)

  • Revenue from Operations: ₹47,670.70 lakhs (₹476.71 crore)
  • Other Income: ₹226.55 lakhs
  • Total Income: ₹47,897.25 lakhs (₹478.97 crore)
  • Profit Before Tax: ₹9,150.89 lakhs (₹91.51 crore)
  • Tax Expense: ₹2,339.74 lakhs (Current tax: ₹1,768.67 lakhs, Deferred tax: ₹571.07 lakhs)
  • Profit After Tax: ₹6,811.15 lakhs (₹68.11 crore)
  • Earnings Per Share (Basic and Diluted): ₹13.64

Year-over-Year Comparison

Q2 FY27 vs Q2 FY26:

  • Revenue from Operations: +115% (from ₹119.64 crore to ₹257.04 crore)
  • EBITDA: +139% to ₹48.34 crore (Margin: 18.81% vs 16.89%)
  • Profit Before Tax: +226% to ₹37.69 crore (from ₹11.56 crore)
  • Profit After Tax: +220% to ₹27.86 crore (from ₹8.69 crore)
  • PAT Margin: 10.84% vs 7.27% (+357 bps)

H1 FY27 vs H1 FY26:

  • Total Income: +96% to ₹478.97 crore (from ₹244.11 crore)
  • EBITDA: +138% to ₹111.94 crore (Margin: 23.48% vs 19.34%)
  • Profit Before Tax: +206% to ₹91.51 crore (from ₹29.90 crore)
  • Profit After Tax: +212% to ₹68.11 crore (from ₹21.83 crore)
  • PAT Margin: 14.29% vs 8.99% (+530 bps)

Dividend Declaration

The Board declared an interim dividend of ₹2 per equity share (face value ₹2 each) for FY 2026-2027, amounting to total dividend payout of ₹999.01 lakhs. Record date fixed as November 13, 2026. Dividend will be paid within 30 days from declaration date.

Balance Sheet Highlights (as of September 30, 2026)

  • Total Assets: ₹75,828.54 lakhs (Increased from ₹60,165.05 lakhs as of March 31, 2026)
  • Equity Share Capital: ₹999.01 lakhs (unchanged)
  • Other Equity: ₹48,040.03 lakhs (Increased from ₹42,127.99 lakhs)
  • Total Equity: ₹49,039.04 lakhs
  • Non-Current Borrowings: ₹1,235.46 lakhs (Increased from ₹549.17 lakhs)
  • Current Borrowings: ₹15,667.70 lakhs (Increased from ₹7,863.52 lakhs)
  • Cash and Cash Equivalents: ₹3,541.50 lakhs (Increased from ₹381.08 lakhs)
  • Inventories: ₹16,729.69 lakhs (Increased from ₹9,443.57 lakhs)
  • Trade Receivables: ₹14,864.29 lakhs (Increased from ₹8,466.32 lakhs)

Cash Flow Statement (H1 FY27)

  • Net Cash from Operating Activities: (₹4,067.83) lakhs outflow
  • Net Cash from Investing Activities: ₹251.64 lakhs inflow
  • Net Cash from Financing Activities: ₹6,976.61 lakhs inflow
  • Net Increase in Cash: ₹3,160.42 lakhs

Business Context and Management Commentary

The company operates in a single business segment of Chemicals, specifically insoluble sulphur for the tyre and rubber industry. Management attributed strong performance to:

  • Increased sales volume and realization in insoluble sulphur business
  • Higher raw material costs and improved demand
  • Reduced Chinese imports due to provisional anti-absorption duties
  • Precautionary inventory stocking amid geopolitical uncertainties
  • Global supply constraints from China due to limited sulphur availability, shipping disruptions, and Huatai plant closure

The company maintains manufacturing facilities at Dharuhera (Haryana) and Mundra (Gujarat). Focus remains on strengthening market position, improving capacity utilization, timely pass-through of raw material costs, and maintaining contribution margins.

Additional Information

  • Company has one associate as defined by Companies Act, 2013 but no subsidiaries or joint ventures
  • Paid-up equity share capital: ₹999.01 lakhs (49,950,500 shares of ₹2 face value each)
  • Board meeting duration: 2:30 PM to 3:35 PM on November 06, 2026