Kindly find enclosed unaudited results for the quarter ended on 30-09-2025.
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Vikram Thermo (India) reported Q2 FY26 (quarter ended 30 Sept 2025) revenue from operations of Rs. 3,463.53 lakhs, up about 21% from Q1 FY26 (Rs. 2,860.46 lakhs) and roughly 3% higher than Q2 FY25 (Rs. 3,365.89 lakhs). Profit after tax from continuing operations jumped to Rs. 1,107.66 lakhs, a strong ~39% rise from Rs. 794.13 lakhs in Q1 FY26 and marginally higher than Rs. 1,088.94 lakhs a year ago, lifting EPS to Rs. 3.53 vs Rs. 2.53 in the prior quarter. On a half-year basis, revenue dipped slightly to Rs. 6,323.99 lakhs from Rs. 6,480.41 lakhs in H1 FY25, while PAT held firm at Rs. 1,901.79 lakhs. The statutory auditor (T. Shah & Co.) issued an unmodified limited review opinion. The company continues to operate in a single segment — Pharma Polymers (carbomers). A prior demerger of the Aromatic Chemical business into Vikram Aroma Ltd led to a one-time exceptional loss of Rs. 2,534.10 lakhs in FY25 and restatement of earlier periods. The balance sheet improved, with reserves rising to Rs. 10,596 lakhs and borrowings declining.
Sharp sequential rebound in revenue and profits signals a strong recovery after a softer Q1, with margin expansion likely to be viewed positively by investors. However, the mild half-year revenue dip year-on-year and the residual impact of the Aromatic Chemical demerger mean shareholders should track whether the Q2 momentum sustains.