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Aarti Industries Q2 FY27 results: net profit ₹323.53 crore vs ₹105.50 crore, revenue up 188.3%
Aarti Industries Ltd reported consolidated Q2 FY27 revenue of ₹6,055 crore and net profit of ₹323.53 crore, with EBITDA of ₹792.32 crore and an EBITDA margin of 13.1%. Revenue rose 188.3% from Q2 FY26, while profit rose 206.7%; on a standalone basis, revenue was ₹6,182.96 crore and profit after tax was ₹330.5 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹6,055 crore, up 188.3% from Q2 FY26 and 153.7% from Q1 FY27.
- EBITDA was ₹792.32 crore, up 172.1% year on year and 107.4% from Q1 FY27; the EBITDA margin was 13.1%.
- Net profit was ₹323.53 crore, compared with ₹105.50 crore in Q2 FY26 and ₹155 crore in Q1 FY27; basic EPS was ₹8.92.
- Total assets were ₹14,278.6 crore on 30 September 2026, while borrowings were ₹5,146.31 crore and cash was ₹467.78 crore.
How did Aarti Industries perform in Q2 FY27?
Aarti Industries reported consolidated revenue of ₹6,055 crore for Q2 FY27, compared with ₹2,100 crore in Q2 FY26 and ₹2,387 crore in Q1 FY27. The year-on-year increase was 188.3%, while the sequential increase was 153.7%. The board approved the unaudited results for the quarter and half year ended 30 September 2026.
EBITDA was ₹792.32 crore, compared with ₹291.20 crore a year earlier and ₹382 crore in the previous quarter. The EBITDA margin was 13.1%, down 0.8 percentage points from 13.9% in Q2 FY26 and 2.9 percentage points from 16.0% in Q1 FY27. Profit before tax was ₹384.30 crore, while net profit was ₹323.53 crore and basic EPS was ₹8.92.
On a standalone basis, Q2 FY27 revenue was ₹6,182.96 crore and profit after tax was ₹330.5 crore. The standalone results showed revenue growth of 196.5% and profit before tax of ₹100.51 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 6,055 | 2,387 | 2,100 | +188.3% | +153.7% |
| Other income | 10.10 | 3 | 0.30 | +3266.7% | +236.7% |
| Total expenses | 5,683 | 2,212 | 2,029 | +180.1% | +156.9% |
| EBITDA | 792.32 | 382 | 291.20 | +172.1% | +107.4% |
| EBITDA margin | 13.1% | 16.0% | 13.9% | −0.8 pp | −2.9 pp |
| Profit before tax | 384.30 | 180 | 93.50 | +311.0% | +113.5% |
| Tax | 59.11 | 25 | −12 | +136.4% | |
| Net profit | 323.53 | 155 | 105.50 | +206.7% | +108.7% |
| EPS (₹) | 8.92 | 4.27 | 2.91 | +206.5% | +108.9% |
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 Aarti Industries' costs and profit?
Cost of materials was ₹4,216 crore, up ₹2,899 crore from Q2 FY26 and ₹2,569 crore from Q1 FY27. Other expenses were ₹855.10 crore, up ₹526.10 crore year on year, while employee cost was ₹243.86 crore, finance costs were ₹170.88 crore and depreciation was ₹248.99 crore. Total expenses were ₹5,683 crore.
Other income was ₹10.10 crore, up ₹9.80 crore from Q2 FY26 and ₹7.10 crore from Q1 FY27. A gain of ₹1.75 crore from exceptional items was reported, against a gain of ₹22 crore in the year-ago quarter and a gain of ₹2 crore in the previous quarter. Tax was ₹59.11 crore, compared with ₹12 crore in Q2 FY26 and ₹25 crore in Q1 FY27.
The filing reported that Q2 and H1 FY27 revenue and EBITDA reached record levels on volume growth and price pass-through. Management said NCB spread upside was offset by the Zone 4 delay, while the company also cited resilient non-energy demand from NCB, DCB, pharma and ethylation.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 4,216 | 1,317 | +2,899 | +220.1% |
| Employee cost | 243.86 | 105 | +138.86 | +132.2% |
| Finance costs | 170.88 | 100 | +70.88 | +70.9% |
| Depreciation | 248.99 | 120 | +128.99 | +107.5% |
| Other expenses | 855.10 | 329 | +526.10 | +159.9% |
| Total expenses | 5,683 | 2,029 | +3,654 | +180.1% |
| Other income | 10.10 | 0.30 | +9.80 | +3266.7% |
| Tax | 59.11 | −12 | +71.11 | |
| Exceptional items | +1.75 (gain) | +22 (gain) |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
On 30 September 2026, total assets were ₹14,278.6 crore, compared with ₹13,300.23 crore on 31 March 2026, and total equity was ₹6,264.76 crore against ₹5,955.27 crore. Borrowings were ₹5,146.31 crore, compared with ₹4,921 crore, while cash was ₹467.78 crore against ₹582.73 crore. Inventories were ₹2,265.73 crore, trade receivables were ₹1,700.65 crore and trade payables were ₹2,411.76 crore.
For H1 FY27, operating cash flow was ₹397.89 crore, compared with ₹556.57 crore in H1 FY26. Investing cash flow was negative ₹534.18 crore, against negative ₹542.79 crore a year earlier, while financing cash flow was ₹21.34 crore against negative ₹68.87 crore. Capital expenditure was ₹511.68 crore, compared with ₹591.7 crore.
The filing stated that listed commercial papers outstanding on 30 September 2026 were ₹600 crore, and that the company retained AA/Negative long-term issuer and bank-facility ratings from CRISIL and India Ratings and Research.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 14,279 | 13,300 |
| Total equity | 6,265 | 5,955 |
| Borrowings | 5,146 | 4,921 |
| Cash and equivalents | 467.78 | 582.73 |
| Inventories | 2,266 | 1,732 |
| Trade receivables | 1,701 | 1,403 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 397.89 | 556.57 |
| Cash from investing | −534.18 | −542.79 |
| Cash from financing | 21.34 | −68.87 |
| Capital expenditure | 511.68 | 591.70 |
Source: Company's results filing (XBRL).
How has Aarti Industries done over the last 8 quarters?
Revenue rose in each of the last five quarters on a year-on-year basis, and profit also rose year on year in each of the last five quarters. Revenue increased from ₹2,387 crore in Q1 FY27 to ₹6,055 crore in Q2 FY27, while profit moved from ₹155 crore to ₹323.53 crore.
Profit reached its highest level in the series in Q2 FY27 at ₹323.53 crore. The EBITDA margin peaked at 16.0% in Q1 FY27 and fell to 13.1% in Q2 FY27, while Q2 FY26 recorded 13.9%. Revenue was lowest at ₹1,675.66 crore in Q1 FY26 and highest at ₹6,055 crore in Q2 FY27.
What did Aarti Industries' management say?
The company said the primary objective of the capital raise is to deleverage the balance sheet, strengthen its financial position and build long-term flexibility for strategic growth beyond FY28 and FY29. No analyst questions were listed in the management information.
How did Aarti Industries shares react?
Aarti Industries’ shares rose 3.8% after 5 minutes, 4.0% after 15 minutes and 2.8% after 30 minutes from the price when the filing appeared. On the reaction day, the stock fell 1.6% from the previous close of ₹435.0, and by the next day’s close it was up 0.9% from that pre-results close. The industry median moved 1.9% on the reaction day and 1.0% by the next day’s close, leaving the stock at -3.5 percentage points and -0.1 percentage points relative to the industry median.
Earlier results-day reactions were mixed: the stock rose 1.1% on 30 July 2026, fell 5.1% on 4 May 2026, rose 13.7% on 2 February 2026, fell 1.3% on 6 November 2025, fell 2.5% on 31 July 2025, rose 1.8% on 8 May 2025, rose 1.5% on 1 February 2025 and fell 7.3% on 8 November 2024.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | +3.8% | |
| 15 minutes | +4.0% | |
| 30 minutes | +2.8% | |
| Reaction day | −1.6% | +1.9% |
| Next day | +0.9% | +1.0% |
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 |
|---|---|
| 30 July 2026 | +1.1% |
| 4 May 2026 | −5.1% |
| 2 February 2026 | +13.7% |
| 6 November 2025 | −1.3% |
| 31 July 2025 | −2.5% |
| 8 May 2025 | +1.8% |
| 1 February 2025 | +1.5% |
| 8 November 2024 | −7.3% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Among 47 other Specialty Chemicals companies that had filed for the quarter, the median revenue growth was 28.1%. Of these peers, 45 grew more slowly than Aarti Industries and 2 grew faster than Aarti Industries. Thirty-eight peers reported higher profit, compared with 43 peers assessed for profit. The peer comparison was available as of 4 November 2026.
| Aarti Industries revenue growth (YoY) | +188.3% |
|---|---|
| Median of 47 other Specialty Chemicals companies | +28.1% |
| Companies with slower revenue growth than Aarti Industries | 45 of 47 |
| Companies with faster revenue growth than Aarti Industries | 2 of 47 |
| Companies whose net profit rose | 38 of 43 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Aarti Industries' revenue in Q2 FY27?
Revenue from operations was ₹6,055 crore, up 188.3% from ₹2,100 crore in Q2 FY26 (consolidated).
Did Aarti Industries make a profit in Q2 FY27?
Yes. Net profit was ₹323.53 crore, against a net profit of ₹105.50 crore in Q2 FY26.
What was Aarti Industries' EPS in Q2 FY27?
Basic earnings per share were ₹8.92, against ₹2.91 in Q2 FY26.
How did Aarti Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.6% from the previous close; the median Specialty Chemicals stock moved +1.9%.
When did Aarti Industries announce its Q2 FY27 results?
On 30 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 23 October 2026) · PDF
- Outcome of Board Meeting (NSE, 30 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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