Date: 05-Nov-2026

Financial Results (Standalone)

Quarterly Performance (₹ in Lakhs)

Q2 FY27 Results:

  • Net Sales: ₹9,816.53, up 9.2% YoY (vs Q2 FY26: ₹8,987.59) but down 0.2% QoQ (vs Q1 FY27: ₹9,840.41)
  • Other Income: ₹114.10, down 2.0% YoY but up 79.2% QoQ
  • Total Income: ₹9,930.63, up 9.1% YoY and 0.3% QoQ
  • Materials (net of inventory change): ₹5,869.81, up 0.5% YoY but down 12.1% QoQ
  • Gross Margin: ₹3,946.72, up 25.3% YoY and 24.8% QoQ
  • Employee Benefits: ₹833.80, up 26.1% YoY but down 0.7% QoQ
  • Other Expenses: ₹2,419.33, up 21.6% YoY and 39.2% QoQ
  • EBITDA: ₹693.59, up 38.9% YoY and 19.0% QoQ
  • Depreciation & Amortisation: ₹358.59, up 25.8% YoY and 16.7% QoQ
  • Finance Cost: ₹86.05, up 116.2% YoY and 7.7% QoQ
  • PBT before Exceptional: ₹363.05, up 24.8% YoY and 40.0% QoQ
  • Exceptional Items: None in current or comparable quarters
  • Total Tax: ₹69.15, up 17.6% YoY and 4.6% QoQ
  • Profit After Tax: ₹293.90, up 26.6% YoY and 52.1% QoQ
  • EPS (₹, basic): ₹0.29 vs ₹0.23 in Q2 FY26 and ₹0.19 in Q1 FY27
  • Total Comprehensive Income: ₹371.00, up 4.6% YoY and 38.3% QoQ

Margin Analysis

Gross Margin %: 40.2% in Q2 FY27 vs 35.0% in Q2 FY26 (+516 bps YoY) and 32.1% in Q1 FY27 (+808 bps QoQ)

EBITDA Margin %: 7.1% in Q2 FY27 vs 5.6% in Q2 FY26 (+151 bps YoY) and 5.9% in Q1 FY27 (+114 bps QoQ)

PAT Margin %: 3.0% in Q2 FY27 vs 2.6% in Q2 FY26 (+41 bps YoY) and 2.0% in Q1 FY27 (+103 bps QoQ)

Material Cost Efficiency

Material cost as percentage of sales improved to 59.8% in Q2 FY27 from 65.0% in Q2 FY26 (-516 bps) and 67.9% in Q1 FY27

Half-Year Performance (H1 FY27)

  • EPS: ₹0.48 for first six months of FY27

FY26 Reference Data

Full FY26 figures provided for context:

  • Net Sales: ₹37,198.13
  • Other Income: ₹340.83
  • Total Income: ₹37,538.96
  • Materials: ₹23,384.28
  • Gross Margin: ₹13,813.85
  • Employee Benefits: ₹2,662.79
  • Other Expenses: ₹8,378.71
  • EBITDA: ₹2,772.35
  • Depreciation & Amortisation: ₹1,134.92
  • Finance Cost: ₹179.55
  • PBT before Exceptional: ₹1,798.71
  • Exceptional Items: ₹302.32
  • Total Tax: ₹376.51
  • Profit After Tax: ₹1,119.88
  • EPS: ₹1.11

Management's Opinion

Key Takeaways from the Quarter

1. Sales Performance: Net sales increased 9.2% YoY but remained flat QoQ. Material-to-sales ratio fell significantly.

2. Margin Expansion: Gross margin rose 25.3% YoY with material costs at 59.8% of sales vs 65.0% YoY and 67.9% QoQ, lifting EBITDA margin to 7.1%.

3. Cost Increases: Other expenses increased 21.6% YoY due to additional selling and distribution expenses for retaining existing customers and exploring new markets.

4. Fixed Charges Rise: Employee cost increased 26.1% due to human resources addition and impact of change in Labour code compliances. Finance cost surged 116% YoY.

5. Profitability: PAT increased 26.6% YoY but total comprehensive income rose only 4.6% YoY as OCI fell to ₹77 lakh from ₹123 lakh.

Stock Information

Shareholding Pattern (as on 5 November 2026)

  • Promoters: 75%
  • Public: 25%

Stock Data

  • Market Cap: ₹428 crore
  • Stock Price: ₹42.30
  • 52 Week Range: High ₹103.33 / Low ₹30.75
  • Shares Outstanding: 10,05,69,000
  • Face Value: ₹1.00
  • Other Equity (Sep 30, 2026): ₹31,133 lakh

Definitions and Methodology

  • Materials (net): Cost of materials consumed + change in inventories of FG, WIP and stock-in-trade
  • Gross margin: Net sales − Materials (net)
  • EBITDA: Gross margin − employee − other expenses (excludes other income)
  • QoQ: vs Q1 FY27; YoY: vs Q2 FY26
  • Financial results are unaudited and subjected to limited review by Statutory Auditors
  • All figures in ₹ Lakhs unless otherwise stated

Disclaimer Notes

  • Presentation contains forward-looking statements subject to risks including raw material price movements, demand conditions, foreign exchange fluctuations, regulatory changes, and general economic conditions
  • EBITDA and EBITDA margin are non-Ind AS measures and may not be comparable with other companies
  • Does not constitute investment advice or offer to buy/sell securities