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20 Microns Q2 FY27 results: net profit down 21.4% to ₹13.64 crore, revenue up 3.2%
20 Microns Limited reported consolidated Q2 FY27 revenue of ₹238.16 crore, up 3.2% from Q2 FY26, while EBITDA fell 12.9% and net profit declined 21.4% to ₹13.64 crore. The September 2026 quarter also saw lower revenue and profit than Q1 FY27, with the EBITDA margin declining to 11.6%.
Key points
- Consolidated revenue was ₹238.16 crore in Q2 FY27, up 3.2% from ₹230.78 crore in Q2 FY26 but down 2.7% from ₹244.72 crore in Q1 FY27.
- EBITDA was ₹27.73 crore, down 12.9% year on year and 14.4% sequentially; the EBITDA margin fell to 11.6% from 13.8% and 13.2%.
- Net profit was ₹13.64 crore in Q2 FY27, down 21.4% from ₹17.35 crore a year earlier and 23.1% from ₹17.74 crore in the previous quarter; basic EPS was ₹3.87.
- For H1 FY27, revenue was ₹482.88 crore, up 1.0%, while profit after tax was ₹31.38 crore, down 8.3%; basic EPS was ₹8.91.
- Management said revenue should improve in H2 FY27 and maintained an 18% revenue CAGR ambition over the next 2–3 years, while the stock fell 16.3% on the reaction day.
How did 20 Microns perform in Q2 FY27?
20 Microns reported consolidated revenue of ₹238.16 crore for Q2 FY27, compared with ₹230.78 crore in Q2 FY26 and ₹244.72 crore in Q1 FY27. Revenue rose 3.2% year on year but fell 2.7% sequentially. Total income was ₹239.47 crore, up 3.1% from the year-ago quarter and down 2.7% from the previous quarter.
Consolidated EBITDA was ₹27.73 crore, compared with ₹31.85 crore in Q2 FY26 and ₹32.40 crore in Q1 FY27. The EBITDA margin was 11.6%, down 2.2 percentage points year on year and 1.6 percentage points sequentially. PBT was ₹19.46 crore, while net profit was ₹13.64 crore and basic EPS was ₹3.87.
On a standalone basis, revenue was ₹199.79 crore and profit after tax was ₹12.68 crore for Q2 FY27. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 28 October 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 238.16 | 244.72 | 230.78 | +3.2% | −2.7% |
| Other income | 1.31 | 1.32 | 1.53 | −14.4% | −0.8% |
| Total expenses | 220.01 | 221.59 | 208.84 | +5.3% | −0.7% |
| EBITDA | 27.73 | 32.40 | 31.85 | −12.9% | −14.4% |
| EBITDA margin | 11.6% | 13.2% | 13.8% | −2.2 pp | −1.6 pp |
| Profit before tax | 19.46 | 24.45 | 23.48 | −17.1% | −20.4% |
| Tax | 5.56 | 6.43 | 6.11 | −9.0% | −13.5% |
| Net profit | 13.64 | 17.74 | 17.35 | −21.4% | −23.1% |
| EPS (₹) | 3.87 | 5.04 | 4.92 | −21.3% | −23.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in 20 Microns' costs and profit?
Total expenses rose ₹11.17 crore, or 5.3%, to ₹220.01 crore in Q2 FY27 from ₹208.84 crore in Q2 FY26. Cost of materials increased ₹14.07 crore, or 11.9%, employee cost rose ₹2.60 crore, or 12.5%, and other expenses increased ₹5.36 crore, or 9.4%. Finance costs fell ₹0.25 crore and depreciation fell ₹0.07 crore.
Other income fell ₹0.22 crore, or 14.4%, to ₹1.31 crore from ₹1.53 crore in the year-ago quarter. There was no exceptional item in Q2 FY27 or Q2 FY26. Tax expense was ₹5.56 crore, down ₹0.55 crore, or 9.0%, from ₹6.11 crore.
Against Q1 FY27, cost of materials rose ₹10.64 crore and finance costs rose ₹0.29 crore, while total expenses fell ₹1.58 crore. Management said energy, fuel and freight costs absorbed about ₹4.78 crore, or roughly 200 bps, versus Q1. The company had no exceptional item in either quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 132.01 | 117.94 | +14.07 | +11.9% |
| Employee cost | 23.33 | 20.73 | +2.60 | +12.5% |
| Finance costs | 4.20 | 4.45 | −0.25 | −5.6% |
| Depreciation | 5.39 | 5.46 | −0.07 | −1.3% |
| Other expenses | 62.61 | 57.25 | +5.36 | +9.4% |
| Total expenses | 220.01 | 208.84 | +11.17 | +5.3% |
| Other income | 1.31 | 1.53 | −0.22 | −14.4% |
| Tax | 5.56 | 6.11 | −0.55 | −9.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹482.88 crore, up 1.0% from ₹477.95 crore in H1 FY26. Total income rose 1.0% to ₹485.51 crore from ₹480.58 crore.
PBT declined 5.8% to ₹43.9 crore from ₹46.6 crore, while profit after tax fell 8.3% to ₹31.38 crore from ₹34.22 crore. Basic EPS was ₹8.91, compared with ₹9.71 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 482.88 | 477.95 | +1.0% |
| Profit before tax | 43.90 | 46.60 | −5.8% |
| Net profit | 31.38 | 34.22 | −8.3% |
| EPS (₹) | 8.91 | 9.71 | −8.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹791.93 crore, compared with ₹756.22 crore at 31 March 2026. Total equity rose to ₹514.55 crore from ₹486.86 crore, while borrowings fell to ₹144.91 crore from ₹145.82 crore and cash declined to ₹26.26 crore from ₹73.58 crore.
Inventories were ₹177.14 crore against ₹142.24 crore at the previous balance sheet date, trade receivables were ₹166.62 crore against ₹176.71 crore, and trade payables were ₹68.02 crore against ₹60.92 crore. In H1 FY27, operating cash flow was ₹24.52 crore, compared with ₹52.44 crore in H1 FY26, while investing cash flow was ₹57.29 crore of outflow against ₹19.36 crore and financing cash flow was ₹14.55 crore of outflow against ₹15.01 crore. Capital expenditure was ₹31.33 crore, compared with ₹15.73 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 791.93 | 756.22 |
| Total equity | 514.55 | 486.86 |
| Borrowings | 144.91 | 145.82 |
| Cash and equivalents | 26.26 | 73.58 |
| Inventories | 177.14 | 142.24 |
| Trade receivables | 166.62 | 176.71 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 24.52 | 52.44 |
| Cash from investing | −57.29 | −19.36 |
| Cash from financing | −14.55 | −15.01 |
| Capital expenditure | 31.33 | 15.73 |
Source: Company's results filing (XBRL).
How has 20 Microns done over the last 8 quarters?
Across the last eight quarters, revenue peaked at ₹261.06 crore in Q4 FY26 and was lowest at ₹214.65 crore in Q3 FY25. Revenue then fell from ₹244.72 crore in Q1 FY27 to ₹238.16 crore in Q2 FY27. Profit after tax peaked at ₹17.74 crore in Q1 FY27 and was lowest at ₹12.92 crore in Q3 FY25, before falling to ₹13.64 crore.
The EBITDA margin reached its highest level at 13.8% in Q2 FY26 and its lowest at 11.6% in Q2 FY27. After 12.8% in Q1 FY26 and 12.2% in Q4 FY26, the margin rose to 13.2% in Q1 FY27 before declining in the latest quarter.
What did 20 Microns' management say?
Management said revenue is expected to continue growing in H2 FY27 and be better than H1, but it did not provide an FY27 revenue or margin range. The company maintained an 18% revenue CAGR ambition over the next 2–3 years, supported by identified capex projects and acquired mining reserves. CEO and Managing Director Atil Parikh said the second-half priorities were recovering operating margins through pricing and efficiency and delivering capex on schedule.
Management said the ₹100 crore capex programme was about 30% deployed, with ₹17 crore planned for Q3 FY27 to reach nearly 50% and the remaining 70% targeted over 15–18 months. It also said 9 MW of captive solar capacity was targeted for commissioning in Q4 FY27, covering about 40% of power needs, with an estimated ₹8 crore annual EBITDA benefit of roughly 80 bps.
Management identified imported raw materials at around 40% of total material and said freight and input-cost volatility were material risks for H2. It also cited subdued paint demand, limited price pass-through, supply-chain disruption, geopolitical conflict and elections as uncertainties. CFO Nihad Baluch said capex timelines and benefits were management estimates and that progress would be updated every quarter.
How did 20 Microns shares react?
After the filing appeared in market, 20 Microns fell 10.5% within five minutes, 11.1% within 15 minutes and 12.0% within 30 minutes. By the close of the reaction day, it had fallen 16.3% from its pre-results close of ₹189.40, compared with a 0.4% fall for the median Industrial Minerals stock, a 15.9 percentage-point underperformance.
By the next day's close, the stock was down 11.7% from its pre-results close, while the industry median was up 0.3%. No five-day or one-month reaction was available. Earlier results-day moves were 9.7% higher on 22 May 2026, 5.4% higher on 28 July 2025 and 9.6% lower on 22 January 2025.
| After the filing | Stock | Industrial Minerals median |
|---|---|---|
| 5 minutes | −10.5% | |
| 15 minutes | −11.1% | |
| 30 minutes | −12.0% | |
| Reaction day | −16.3% | −0.4% |
| Next day | −11.7% | +0.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 31 July 2026 | −4.0% |
| 22 May 2026 | +9.7% |
| 24 January 2026 | −4.6% |
| 7 November 2025 | −4.6% |
| 28 July 2025 | +5.4% |
| 23 May 2025 | −1.6% |
| 22 January 2025 | −9.6% |
| 25 October 2024 | −2.0% |
Source: MarketPing price-reaction measurement.
Quick answers
What was 20 Microns' revenue in Q2 FY27?
Revenue from operations was ₹238.16 crore, up 3.2% from ₹230.78 crore in Q2 FY26 (consolidated).
Did 20 Microns make a profit in Q2 FY27?
Yes. Net profit was ₹13.64 crore, against a net profit of ₹17.35 crore in Q2 FY26.
What was 20 Microns' EPS in Q2 FY27?
Basic earnings per share were ₹3.87, against ₹4.92 in Q2 FY26.
How did 20 Microns shares react to the Q2 FY27 results?
On the reaction day the stock moved −16.3% from the previous close; the median Industrial Minerals stock moved −0.4%.
When did 20 Microns announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Unaudited Standalone & Consolidated Financial Results And To Transact Any Other Business, If Any. (BSE, 22 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 28 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 28 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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