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Ecoplast Limited reported its Q2 FY26 and H1 FY26 results. Standalone revenue from operations rose to Rs. 3,573.45 lakhs in Q2 FY26 from Rs. 3,035.48 lakhs in Q2 FY25 (up about 17.7% year-on-year). For the half-year, revenue grew to Rs. 7,006.79 lakhs from Rs. 6,074.99 lakhs (up about 15.3%). Profit after tax for H1 FY26 stood at Rs. 408.60 lakhs compared to Rs. 393.53 lakhs in H1 FY25, a modest 3.8% rise. Despite higher absolute profit, EPS for H1 FY26 came in lower at Rs. 11.83 vs Rs. 13.12 in H1 FY25 because the equity base expanded (share capital rose from Rs. 300 lakhs to Rs. 345.45 lakhs last year). The auditor's limited review report is clean, with no qualifications or modifications.
Operating performance is steady with decent top-line growth, but the sharp swing to negative operating cash flow of Rs. 735.38 lakhs in H1 FY26 (vs positive Rs. 506.86 lakhs for full FY25) is a key concern, driven by higher working capital absorption and large capex advances. Shareholders should note the higher depreciation, finance costs and capital advances suggest an ongoing capacity expansion cycle, which may pressure short-term returns.