Financial Performance Highlights

Q2 FY27 Performance (Quarter Ended September 2026)

  • Revenue from Operations: Rs 412.6 crores, representing 38.6% YoY growth (Q2 FY26: Rs 297.6 crores)
  • Gross Margin: Rs 124.3 crores (30.1% margin) vs Rs 82.9 crores (27.9% margin) in Q2 FY26, a 49.8% increase
  • EBITDA: Rs 57.7 crores (14.0% margin) vs Rs 31.0 crores (10.4% margin) in Q2 FY26, an 86.1% increase
  • Profit After Tax: Rs 37.9 crores (9.2% margin) vs Rs 17.1 crores (5.7% margin) in Q2 FY26, a 122.2% increase
  • EPS: Rs 6.53 vs Rs 2.95 in Q2 FY26

H1 FY27 Performance (Half Year Ended September 2026)

  • Revenue from Operations: Rs 846.2 crores, representing 37.1% YoY growth (H1 FY26: Rs 617.2 crores)
  • Gross Margin: Rs 288.8 crores (34.1% margin) vs Rs 178.8 crores (29.0% margin) in H1 FY26, a 61.5% increase
  • EBITDA: Rs 148.0 crores (17.5% margin) vs Rs 71.6 crores (11.6% margin) in H1 FY26, a 106.6% increase
  • Profit After Tax: Rs 99.0 crores (11.7% margin) vs Rs 41.4 crores (6.7% margin) in H1 FY26, a 138.9% increase
  • EPS: Rs 17.04 vs Rs 7.15 in H1 FY26

Margin Impact Factors

  • Geopolitical-led supply chain issues contributed Rs 25 crores to gross profit in Q1 FY27
  • Foreign currency fluctuations had a positive impact of Rs 0.92 crores in Q1 FY27
  • Both impacts normalized in Q2 FY27

Balance Sheet Position (as of September 2026 vs March 2026)

Assets

  • Total Assets: Rs 1,070.8 crores (vs Rs 839.3 crores)
  • Non-Current Assets: Rs 391.8 crores (vs Rs 365.1 crores)
  • Property, plant and equipment: Rs 314.3 crores (vs Rs 311.0 crores)
  • Capital work-in-progress: Rs 70.2 crores (vs Rs 47.1 crores)
  • Current Assets: Rs 679.0 crores (vs Rs 474.2 crores)
  • Inventories: Rs 301.1 crores (vs Rs 153.2 crores)
  • Trade receivables: Rs 352.0 crores (vs Rs 278.7 crores)
  • Cash and cash equivalents: Rs 4.9 crores (vs Rs 24.1 crores)

Liabilities and Equity

  • Total Equity: Rs 617.4 crores (vs Rs 448.5 crores)
  • Equity share capital: Rs 11.8 crores (vs Rs 11.6 crores)
  • Other equity: Rs 605.6 crores (vs Rs 436.9 crores)
  • Non-Current Liabilities: Rs 37.4 crores (vs Rs 83.0 crores)
  • Borrowings: Rs 0.0 crores (vs Rs 47.0 crores)
  • Current Liabilities: Rs 415.9 crores (vs Rs 307.7 crores)
  • Borrowings: Rs 68.8 crores (vs Rs 63.1 crores)
  • Trade payables: Rs 304.5 crores (vs Rs 208.2 crores)

Cash Flow Statement (H1 FY27)

  • Net cash from operating activities: Negative Rs 11.7 crores (vs positive Rs 7.2 crores in H1 FY26)
  • Net cash from investing activities: Negative Rs 36.1 crores (vs negative Rs 16.1 crores in H1 FY26)
  • Net cash from financing activities: Positive Rs 28.6 crores (vs positive Rs 6.8 crores in H1 FY26)
  • Net decrease in cash: Rs 19.2 crores
  • Cash & cash equivalents at period end: Rs 4.9 crores (vs Rs 24.1 crores at beginning)

Business Performance and Operational Highlights

  • Achieved highest ever Q2 and half-yearly revenue performance
  • Growth driven by better realizations and improving product mix
  • Raw material prices continued to rise in Q2, leading to progressive price increases
  • Demand remained healthy across Acetone-based and Phosphorus-based products despite external challenges
  • Higher freight costs and limited vessel availability due to Middle East crisis caused delays in some export shipments
  • Further diversified raw material sourcing base to strengthen supply chain resilience
  • Company serves 1,600+ customers across 65+ export countries with 150+ specialty chemical products
  • Installed capacity: 98,644 MTPA as of FY26 across two manufacturing units (Khopoli and Mahad)

Expansion Plans and Growth Strategy

Phase I Expansion (Existing Products)

  • Investment: Rs 250-300 crores including Rs 50-60 crores for land & infrastructure development
  • Focus: Debottlenecking and process augmentation at Khopoli & Mahad units
  • Timeline: To be completed in multiple sub-phases over next 2 years
  • Expected revenue at peak utilization: Rs 500-550 crores

Phase II Expansion (New R&D Products)

  • Investment: Rs 250-300 crores including Rs 50-60 crores in infrastructure development
  • Focus: New product lines with higher margins
  • Status: Products identified, site preparation and regulatory approvals in progress
  • Timeline: Capex spending expected to begin in H2 FY28

Long-term Revenue Target

  • Aspire to achieve Rs 2,800-3,000 crores revenue over next 5 years

Management Commentary

Mr. Nishith Shah, Chairman & Whole Time Director, stated: "We delivered a strong performance for the second consecutive quarter, clocking our highest ever Q2 revenue of Rs. 413 crores, taking our H1 FY27 revenue to Rs. 846 crores. This represents a YoY growth of 39% for the quarter and 37% for the first half."

He further added: "We remain on track to deliver our FY27 guidance of revenue of Rs.1,550–1,650 crores and EBITDA of Rs. 240–250 crores, excluding the impact of price fluctuations arising from geopolitical-led supply chain disruptions and foreign exchange gains or losses, if any."

Historical Financial Context

  • FY26 Revenue: Rs 1,232.6 crores (vs FY25: Rs 1,012.5 crores)
  • FY26 EBITDA: Rs 139.3 crores (11.3% margin) excluding Mahad losses of Rs 3.9 crores
  • Mahad plant losses reduced from Rs 14.9 crores in FY24 to Rs 3.9 crores in FY26

Key Management

  • Kiran Rajendra Agrawal: Company Secretary & Compliance Officer (Membership No.: A13188)
  • Board of Directors: Nishith Shah (Chairman), Gaurang Natwarlal Parikh (Managing Director), Dhaval Nalin Parikh (Joint Managing Director), Pankil Nishith Dharia (Whole-time Director), Rakesh Shivaji Jadhav (Whole-time Director), and five independent directors

Investor Relations Contact

  • IR Advisor: Strategic Growth Advisors Pvt. Ltd., Mr. Shrikant Sangani/Ms. Vaamaa Choksi