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Apt Packaging Q2 FY27 results: net profit ₹2.12 crore vs ₹0.45 crore, revenue up 122.1%
Apt Packaging Ltd reported standalone revenue of ₹13.08 crore and a net profit of ₹2.12 crore for Q2 FY27, with EBITDA of ₹2.53 crore and an EBITDA margin of 19.3%. Revenue rose 122.1% year on year and 21.8% from the previous quarter, while basic EPS was ₹1.79.
Key points
- Standalone revenue was ₹13.08 crore in Q2 FY27, up 122.1% from ₹5.89 crore in Q2 FY26.
- EBITDA was ₹2.53 crore, compared with ₹0.65 crore in Q2 FY26, while the margin rose 8.3 percentage points to 19.3%.
- Net profit was ₹2.12 crore, up from ₹0.45 crore in Q2 FY26 and ₹1.82 crore in Q1 FY27.
- Basic EPS was ₹1.79, compared with ₹0.37 in Q2 FY26 and ₹1.54 in Q1 FY27.
- H1 FY27 revenue was ₹23.83 crore and profit after tax was ₹3.93 crore, compared with ₹10.65 crore and ₹0.46 crore in H1 FY26.
How did Apt Packaging perform in Q2 FY27?
Apt Packaging reported standalone revenue of ₹13.08 crore for Q2 FY27, compared with ₹5.89 crore in Q2 FY26 and ₹10.74 crore in Q1 FY27. The year-on-year increase was 122.1%, while the sequential increase was 21.8%. Total income was ₹13.12 crore, against ₹6.09 crore a year earlier and ₹10.84 crore in the previous quarter.
EBITDA was ₹2.53 crore, up from ₹0.65 crore in Q2 FY26 and ₹2.16 crore in Q1 FY27. The EBITDA margin increased 8.3 percentage points year on year to 19.3%, but was 0.8 percentage points lower than Q1 FY27. Profit before tax and net profit were both ₹2.12 crore, against ₹0.45 crore a year earlier and ₹1.82 crore in the previous quarter.
Basic EPS was ₹1.79, compared with ₹0.37 in Q2 FY26 and ₹1.54 in Q1 FY27. The filing presents these results on a standalone basis; the quarter and half-year figures were approved by the board on 31 October 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 13.08 | 10.74 | 5.89 | +122.1% | +21.8% |
| Other income | 0.04 | 0.09 | 0.21 | −81.0% | −55.6% |
| Total expenses | 11 | 9.02 | 5.64 | +95.0% | +22.0% |
| EBITDA | 2.53 | 2.16 | 0.65 | +289.2% | +17.1% |
| EBITDA margin | 19.3% | 20.1% | 11.0% | +8.3 pp | −0.8 pp |
| Profit before tax | 2.12 | 1.82 | 0.45 | +371.1% | +16.5% |
| Tax | 0 | 0 | 0 | ||
| Net profit | 2.12 | 1.82 | 0.45 | +371.1% | +16.5% |
| EPS (₹) | 1.79 | 1.54 | 0.37 | +383.8% | +16.2% |
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 Apt Packaging's costs and profit?
Total expenses rose to ₹11 crore from ₹5.64 crore in Q2 FY26, an increase of ₹5.36 crore. Cost of materials fell by ₹2.01 crore to ₹0.64 crore, while employee cost rose by ₹0.27 crore to ₹0.87 crore, other expenses increased by ₹1.25 crore to ₹2.94 crore, depreciation rose by ₹0.03 crore to ₹0.34 crore, and finance costs increased by ₹0.02 crore to ₹0.11 crore.
Other income fell by ₹0.17 crore to ₹0.04 crore from ₹0.21 crore in Q2 FY26. There was no exceptional item, and tax remained unchanged at ₹0 crore. EBITDA increased by ₹1.88 crore to ₹2.53 crore, while profit after tax increased by ₹1.67 crore to ₹2.12 crore; the filing does not state reasons for these movements.
Against Q1 FY27, total expenses were ₹1.98 crore higher at ₹11 crore. Cost of materials fell by ₹4.49 crore, while employee cost rose by ₹0.10 crore, finance costs by ₹0.01 crore, depreciation by ₹0.01 crore, and other expenses by ₹0.17 crore. Other income fell by ₹0.05 crore, and there was no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0.64 | 2.65 | −2.01 | −75.8% |
| Employee cost | 0.87 | 0.60 | +0.27 | +45.0% |
| Finance costs | 0.11 | 0.09 | +0.02 | +22.2% |
| Depreciation | 0.34 | 0.31 | +0.03 | +9.7% |
| Other expenses | 2.94 | 1.69 | +1.25 | +74.0% |
| Total expenses | 11 | 5.64 | +5.36 | +95.0% |
| Other income | 0.04 | 0.21 | −0.17 | −81.0% |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Apt Packaging reported standalone revenue of ₹23.83 crore, compared with ₹10.65 crore in H1 FY26, an increase of ₹13.18 crore or 123.8%. Total income was ₹23.96 crore, up ₹13.01 crore or 118.8% from ₹10.95 crore.
Profit before tax and profit after tax were each ₹3.93 crore in H1 FY27, against ₹0.46 crore in H1 FY26, an increase of ₹3.47 crore or 754.3%. Basic EPS was ₹3.33, compared with ₹0.38 in H1 FY26, an increase of ₹2.95 or 776.3%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 23.83 | 10.65 | +123.8% |
| Profit before tax | 3.93 | 0.46 | +754.3% |
| Net profit | 3.93 | 0.46 | +754.3% |
| EPS (₹) | 3.33 | 0.38 | +776.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹37 crore, compared with ₹26.18 crore at 31 March 2026, and total equity was ₹20.5 crore against ₹16.62 crore. Borrowings rose to ₹11.21 crore from ₹6.54 crore, while cash and cash equivalents increased to ₹0.71 crore from ₹0.21 crore.
Inventories were ₹2.91 crore at 30 September 2026, against ₹2.65 crore at 31 March 2026. Trade receivables increased to ₹12.77 crore from ₹5.83 crore, and trade payables rose to ₹4.02 crore from ₹2.29 crore.
For H1 FY27, operating cash flow was negative ₹0.14 crore, compared with negative ₹1.21 crore in H1 FY26. Investing cash flow was negative ₹3.84 crore against negative ₹1.28 crore, financing cash flow was ₹4.47 crore against ₹3.99 crore, and capital expenditure was ₹4.11 crore against ₹1.36 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 37 | 26.18 |
| Total equity | 20.50 | 16.62 |
| Borrowings | 11.21 | 6.54 |
| Cash and equivalents | 0.71 | 0.21 |
| Inventories | 2.91 | 2.65 |
| Trade receivables | 12.77 | 5.83 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −0.14 | −1.21 |
| Cash from investing | −3.84 | −1.28 |
| Cash from financing | 4.47 | 3.99 |
| Capital expenditure | 4.11 | 1.36 |
Source: Company's results filing (XBRL).
How has Apt Packaging done over the last 8 quarters?
Revenue rose in each of the last seven quarters on a year-on-year basis, while profit rose year on year in each of the last five quarters. Revenue reached ₹13.08 crore in Q2 FY27 after ₹10.74 crore in Q1 FY27, compared with a low of ₹3.23 crore in Q3 FY25.
Profit after tax increased to ₹2.12 crore in Q2 FY27 from ₹1.82 crore in Q1 FY27, having bottomed at ₹0.01 crore in Q1 FY26. The EBITDA margin reached 16.5% in Q4 FY26 and peaked at 20.1% in Q1 FY27 before easing to 19.3% in Q2 FY27.
What did the auditors point out?
The independent auditor’s review report contained an observation that Apt Packaging had not provided for doubtful debts of Rs. 11.45 Lakhs. The auditor stated that, except for this observation, nothing had come to its attention that caused it to believe that the standalone unaudited financial results were not disclosed as required under Regulation 33 or contained any material misstatement.
The review report said that the review was substantially less in scope than an audit and that the auditor did not express an audit opinion. The filing classified the qualification as a qualified opinion and stated that the frequency of qualification was eight times.
How did Apt Packaging shares react?
After the filing appeared after market hours, Apt Packaging’s shares were down 0.1% after 5 minutes, down 2.3% after 15 minutes, and down 3.5% after 30 minutes. On the reaction day, the stock closed 5.3% lower from the previous close of ₹68.8, while the Packaging industry median was unchanged. By the next day’s close, the stock was down 3.3% from its pre-results close, compared with an industry median gain of 0.8%.
| After the filing | Stock | Packaging median |
|---|---|---|
| 5 minutes | −0.1% | |
| 15 minutes | −2.3% | |
| 30 minutes | −3.5% | |
| Reaction day | −5.3% | +0.0% |
| Next day | −3.3% | +0.8% |
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 |
|---|---|
| 27 July 2026 | −5.0% |
| 28 April 2026 | +5.0% |
| 10 November 2025 | +2.3% |
| 1 August 2025 | −0.5% |
| 28 May 2025 | +4.6% |
| 22 October 2024 | −5.0% |
Source: MarketPing price-reaction measurement.
How did other Packaging companies do?
Among 23 Packaging companies compared for the quarter, the median revenue growth was 19.1%. Twenty-two peers grew more slowly than Apt Packaging, while one grew faster than the company, based on the revenue-growth comparison.
Profit increased for 13 of the 24 peers included in the profit comparison. The peer figures were available as of 4 November 2026.
| Apt Packaging revenue growth (YoY) | +122.1% |
|---|---|
| Median of 23 other Packaging companies | +19.1% |
| Companies with slower revenue growth than Apt Packaging | 22 of 23 |
| Companies with faster revenue growth than Apt Packaging | 1 of 23 |
| Companies whose net profit rose | 13 of 24 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Apt Packaging's revenue in Q2 FY27?
Revenue from operations was ₹13.08 crore, up 122.1% from ₹5.89 crore in Q2 FY26 (standalone).
Did Apt Packaging make a profit in Q2 FY27?
Yes. Net profit was ₹2.12 crore, against a net profit of ₹0.45 crore in Q2 FY26.
What was Apt Packaging's EPS in Q2 FY27?
Basic earnings per share were ₹1.79, against ₹0.37 in Q2 FY26.
How did Apt Packaging shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.3% from the previous close; the median Packaging stock moved +0.0%.
When did Apt Packaging announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Submission Of Information Under Clause 29 Of The SEBI (Listing Obligation And Disclosure Requirements) Regulations, 2015_APT Packaging Limited (BSE, 21 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 31St October, 2026 Under Regulations 30 Of The Securities And Exchange Board Of India (Listing Obligation And Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations). (BSE, 31 October 2026) · PDF
- Outcome Of Board Meeting Held On 31St October, 2026 Under Regulations 30 Of The Securities And Exchange Board Of India (Listing Obligation And Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations). (BSE, 31 October 2026) · PDF
- Outcome Of Board Meeting Held On 31St October, 2026 Under Regulations 30 Of The Securities And Exchange Board Of India (Listing Obligation And Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations). (BSE, 31 October 2026) · PDF
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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