Financial Performance Highlights

Q2 FY27 Consolidated Results (Year-over-Year Comparison)

  • Revenue from operations: ₹760.45 Cr (vs ₹678.71 Cr in Q2 FY26)
  • Other income: ₹12.71 Cr (vs ₹0.11 Cr in Q2 FY26)
  • Total income: ₹773.16 Cr, representing 13.9% YoY growth
  • EBITDA: ₹212.49 Cr, representing 16.7% YoY growth
  • EBITDA margin: 27.5% (expanded by 65 bps from 26.8% in Q2 FY26)
  • Net Profit attributable to Company: ₹117.03 Cr, representing 24.6% YoY growth
  • PAT margin: 15.1% (expanded by 130 bps from 13.8% in Q2 FY26)
  • EPS: ₹29.96

H1 FY27 Consolidated Results (Year-over-Year Comparison)

  • Revenue from operations: ₹1,426.67 Cr (vs ₹1,237.53 Cr in H1 FY26)
  • Other income: ₹27.92 Cr (vs ₹9.10 Cr in H1 FY26)
  • Total income: ₹1,454.59 Cr, representing 16.7% YoY growth
  • EBITDA: ₹379.96 Cr, representing 17.6% YoY growth
  • EBITDA margin: 26.1% (expanded by 20 bps from 25.9% in H1 FY26)
  • Net Profit attributable to Company: ₹201.23 Cr, representing 29.1% YoY growth
  • PAT margin: 13.8% (expanded by 133 bps from 12.5% in H1 FY26)
  • EPS: ₹51.52

Expense Breakdown (Q2 FY27)

  • Raw Material: ₹404.76 Cr
  • Power and fuel: ₹50.93 Cr
  • Employee expense: ₹29.81 Cr
  • Other expenses: ₹75.16 Cr
  • Finance cost: ₹16.90 Cr
  • Tax: ₹41.02 Cr

Balance Sheet Position (as of September 30, 2026)

Assets

  • Total Assets: ₹3,370.57 Cr (vs ₹3,169.82 Cr as of March 31, 2026)
  • Non-Current Assets: ₹1,729.52 Cr
  • Property, Plant and Equipment: ₹1,044.38 Cr
  • Capital work-in-progress: ₹453.01 Cr
  • Intangible assets: ₹54.21 Cr
  • Intangible assets Under Development: ₹7.70 Cr
  • Right of use assets: ₹20.62 Cr
  • Investments: ₹1.10 Cr
  • Other financial assets: ₹24.60 Cr
  • Income Tax Asset: ₹20.77 Cr
  • Other non-current assets: ₹103.13 Cr
  • Current Assets: ₹1,641.04 Cr
  • Inventories: ₹845.77 Cr
  • Investments: ₹87.01 Cr
  • Trade receivables: ₹463.09 Cr
  • Cash and cash equivalents: ₹73.95 Cr
  • Other bank balances: ₹0.54 Cr
  • Other financial assets: ₹1.49 Cr
  • Other current assets: ₹169.20 Cr

Liabilities and Equity

  • Total Equity: ₹1,602.46 Cr
  • Equity Share capital: ₹39.06 Cr
  • Other Equity: ₹1,536.08 Cr
  • Non Controlling Interest: ₹27.31 Cr
  • Non-Current Liabilities: ₹633.78 Cr
  • Borrowings: ₹571.30 Cr
  • Lease liabilities: ₹6.28 Cr
  • Provisions: ₹34.21 Cr
  • Deferred tax liabilities (Net): ₹21.99 Cr
  • Current Liabilities: ₹1,134.33 Cr
  • Borrowings: ₹405.49 Cr
  • Lease liabilities: ₹8.64 Cr
  • Trade Payables: ₹583.76 Cr
  • Other financial liabilities: ₹72.85 Cr
  • Provisions: ₹5.61 Cr
  • Other current liabilities: ₹53.56 Cr
  • Current tax liabilities (Net): ₹4.42 Cr

Cash Flow Statement (H1 FY27)

  • Net Profit Before Tax: ₹271.92 Cr
  • Net Cash from Operating Activities: ₹360.26 Cr
  • Net Cash from Investing Activities: -₹220.21 Cr
  • Net Cash from Financing Activities: -₹110.19 Cr
  • Net Decrease in Cash and Cash equivalents: ₹29.86 Cr
  • Cash & Cash equivalents at beginning: ₹44.09 Cr
  • Cash & Cash equivalents at end: ₹73.95 Cr

Operational and Strategic Updates

Business Performance Context

  • The company delivered strong financial performance despite adverse global headwinds
  • Growth was supported by broad-based demand across domestic and export markets
  • Diversified geographic presence supported stability across markets

Expansion Projects

  • Expansion projects are progressing as planned
  • Expected to be ready for commercial operations in second half of 2028
  • New products are expected to expand addressable market and deepen customer relationships

Growth Targets

  • Management targets ₹5,000 Cr revenue and ₹1,000 Cr+ EBITDA by FY29-30
  • This represents more than 2x growth from current levels
  • EBITDA margins expected to sustain north of 20%
  • Figures based on management estimates and subject to change depending on external factors and requisite approvals

Subsidiary Updates

  • Privi Fine Sciences Private Limited (PFSPL): Includes Privial, Anethole, and Cyclamen Aldehyde used in fine and functional flavours and fragrances
  • Privi Biotechnologies Private Limited (PBPL): 100% subsidiary specializing in biotechnology-driven flavour and fragrance development
  • Planned Merger: Integration of PFSPL and PBPL with parent company to strengthen core operations and enhance agility

Joint Venture Update (PRIGIV with Givaudan)

  • Manufacturing more than 40+ specialty products exclusively for Givaudan
  • Privi and Givaudan together invested ₹50 crores as equity
  • Project under implementation
  • Evaluating additional CAPEX to manufacture high-value specialty molecules using in-house technology
  • Potential revenue of approximately ₹100+ crore from high-value specialty expansion

Operational Capabilities

  • Products: 75+
  • Production Capacity: 48,000 MTPA
  • R&D Centers: 2 dedicated centers
  • Manufacturing Facilities: 7 state-of-the-art facilities
  • Exports to: 40+ countries
  • CST Processing Capacity: 36,000 MTPA
  • GTO Processing Capacity: 12,000 MTPA
  • Renewable Resources: 70% raw materials derived from renewable sources

R&D Capabilities

  • 114-member R&D team with scientists, microbiologists, chemists
  • Concept-to-Commercialisation framework ensures faster time-to-market
  • Focus on biotechnology, synthetic innovations & green chemistry