Financial Results Overview

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue from Operations: ₹2,288.385 lakh (₹228.84 crore), up 18.81% from ₹1,926.069 lakh in Q2 FY26
  • Other Income: ₹257.74 lakh, down from ₹350.78 lakh in Q2 FY26
  • Total Income: ₹2,314.159 lakh, up 18.08% from ₹1,961.147 lakh in Q2 FY26
  • Profit Before Tax: ₹1,452.91 lakh, up 45.18% from ₹1,000.73 lakh in Q2 FY26
  • Net Profit: ₹1,065.44 lakh, up 43.28% from ₹743.58 lakh in Q2 FY26
  • Basic EPS: ₹4.10 (face value ₹5 each), up from ₹2.86 in Q2 FY26

Quarterly Performance (Q2 FY27 vs Q1 FY27)

  • Revenue from Operations: ₹2,288.385 lakh, up 3.26% from ₹2,216.089 lakh in Q1 FY27
  • Other Income: ₹257.74 lakh, up from ₹236.65 lakh in Q1 FY27
  • Total Income: ₹2,314.159 lakh, up 3.32% from ₹2,239.754 lakh in Q1 FY27
  • Profit Before Tax: ₹1,452.91 lakh, down 28.17% from ₹2,022.73 lakh in Q1 FY27
  • Net Profit: ₹1,065.44 lakh, down 28.74% from ₹1,495.05 lakh in Q1 FY27
  • Basic EPS: ₹4.10, down from ₹5.75 in Q1 FY27

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹4,504.474 lakh, up 14.84% from ₹3,922.353 lakh in H1 FY26
  • Other Income: ₹494.39 lakh, down from ₹602.90 lakh in H1 FY26
  • Total Income: ₹4,553.913 lakh, up 14.36% from ₹3,982.643 lakh in H1 FY26
  • Profit Before Tax: ₹3,475.63 lakh, up 58.71% from ₹2,189.93 lakh in H1 FY26
  • Net Profit: ₹2,560.46 lakh, up 56.51% from ₹1,635.91 lakh in H1 FY26
  • Basic EPS: ₹9.85, up from ₹6.29 in H1 FY26

Margin Analysis

Q2 FY27 Margins

  • EBITDA Margin: 8.18% (up 72 bps YoY, down 280 bps QoQ)
  • PBT Margin: 6.35% (up 115 bps YoY, down 278 bps QoQ)
  • PAT Margin: 4.66% (up 80 bps YoY, down 209 bps QoQ)

H1 FY27 Margins

  • EBITDA Margin: 9.56% (up 182 bps YoY)
  • PBT Margin: 7.72% (up 213 bps YoY)
  • PAT Margin: 5.68% (up 151 bps YoY)

Expense Breakdown (Q2 FY27)

  • Cost of Material Consumed: ₹1,700.462 lakh
  • Purchase of Stock in Trade: ₹202.39 lakh
  • Changes in Inventories: ₹128.80 lakh
  • Employee Benefit Expenses: ₹1,130.35 lakh
  • Finance Costs: ₹39.21 lakh
  • Depreciation and Amortization: ₹379.77 lakh
  • Other Expenses: ₹2,803.54 lakh
  • Total Expenses: ₹2,168.868 lakh

Tax Expenses (Q2 FY27)

  • Current Tax: ₹391.11 lakh
  • Deferred Tax: (₹3.64) lakh
  • Total Tax: ₹387.47 lakh

Assets and Liabilities Position (as at September 30, 2026)

Assets

  • Total Assets: ₹62,561.35 lakh
  • Non-Current Assets: ₹26,863.23 lakh
  • Property, Plant and Equipment: ₹18,491.34 lakh
  • Capital Work-in-Progress: ₹614.83 lakh
  • Investment Properties: ₹192.38 lakh
  • Financial Assets: ₹1,514.09 lakh (Investments), ₹42.39 lakh (Loans)
  • Current Assets: ₹35,698.12 lakh
  • Inventories: ₹15,369.76 lakh
  • Trade Receivables: ₹12,844.59 lakh
  • Cash and Cash Equivalents: ₹571.34 lakh
  • Bank Balances (other than cash): ₹101.85 lakh

Equity and Liabilities

  • Total Equity: ₹51,110.38 lakh
  • Equity Share Capital: ₹1,299.46 lakh (face value ₹5 each)
  • Other Equity: ₹49,810.92 lakh
  • Non-Current Liabilities: ₹3,277.94 lakh
  • Current Liabilities: ₹8,173.03 lakh
  • Borrowings: ₹1,547.01 lakh
  • Trade Payables: ₹2,160.91 lakh (including ₹317.41 lakh to micro and small enterprises)
  • Current Tax Liabilities: ₹466.53 lakh

Cash Flow Statement (Half Year Ended September 30, 2026)

  • Net Cash from Operating Activities: ₹115.46 lakh
  • Net Cash from Investing Activities: ₹1,305.62 lakh
  • Net Cash from Financing Activities: (₹850.87) lakh
  • Net Increase in Cash: ₹570.21 lakh
  • Cash and Cash Equivalents at End: (₹975.67) lakh (including bank overdrafts of ₹1,547.01 lakh)

Operational and Strategic Highlights

  • The USA-Iran war beginning February 28, 2026, adversely impacted the Masterbatch industry
  • Company delivered revenue growth despite challenging environment, supported by improved price realizations
  • Raw material prices, power costs, and freight expenses remained elevated throughout the period
  • In Gujarat, power costs increased significantly in Q2 due to fuel surcharge hikes
  • Company absorbed part of elevated costs to protect customer relationships and market share, with plans to pass on costs in ensuing quarters
  • Export business performed well with access to new markets and better product mix
  • Rupee depreciation to approximately ₹96 per US dollar (from ₹88 a year ago) improved export competitiveness but impacted import costs
  • Engineering plastics division showed growth with strong momentum expected to continue
  • 5.2 MW solar open access power project commissioned in Gujarat in September 2026 to offset higher fuel surcharges

Management Commentary

Shri S. N. Kabra, Chairman & Managing Director, commented on challenges including high raw material, freight and energy costs along with rupee weakening. He stated that the broader manufacturing environment remains supportive but businesses must remain agile. The company remains focused on cost optimization, operational efficiency, and creating long-term value for stakeholders.

Regulatory and Compliance Information

  • Results reviewed by Audit Committee and approved by Board of Directors
  • Prepared in accordance with Indian Accounting Standards (Ind AS)
  • Company operates in single segment: Masterbatches
  • No subsidiaries, associates, or joint ventures as of September 30, 2026
  • Limited review conducted by Kirtane & Pandit LLP, Chartered Accountants
  • Previous period figures regrouped and rearranged for comparability