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Ashapura Minechem Q2 FY27 results: net profit down 34.2% to ₹69.71 crore, revenue up 11.6%
Ashapura Minechem Ltd reported consolidated revenue of ₹1,063 crore in Q2 FY27, up 11.6% from Q2 FY26 but down 34.2% from Q1 FY27. EBITDA fell 4.3% year on year to ₹125.07 crore, while profit after tax fell 34.2% to ₹69.71 crore and basic EPS declined to ₹5.41.
Key points
- Consolidated revenue was ₹1,063 crore in Q2 FY27, up 11.6% from ₹952.50 crore in Q2 FY26.
- EBITDA was ₹125.07 crore, down 4.3% from ₹130.68 crore, with the margin at 11.8% versus 13.7%.
- Profit after tax was ₹69.71 crore, down 34.2% from ₹105.98 crore, and basic EPS was ₹5.41.
- H1 FY27 revenue rose 16.1% to ₹2,679.52 crore, while profit after tax fell 19.0% to ₹178.0 crore.
- Consolidated borrowings were ₹1,424.51 crore and cash was ₹377.91 crore as on 30 September 2026.
How did Ashapura Minechem perform in Q2 FY27?
Ashapura Minechem’s consolidated revenue for Q2 FY27 was ₹1,063 crore, compared with ₹952.50 crore in Q2 FY26 and ₹1,616 crore in Q1 FY27. EBITDA was ₹125.07 crore, compared with ₹130.68 crore a year earlier and ₹181.30 crore in the previous quarter. The EBITDA margin was 11.8%, against 13.7% in Q2 FY26 and 11.2% in Q1 FY27.
Consolidated profit after tax was ₹69.71 crore in Q2 FY27, compared with ₹105.98 crore in Q2 FY26 and ₹108.31 crore in Q1 FY27. Basic EPS was ₹5.41, compared with ₹10.11 a year earlier and ₹12.07 in the previous quarter. Profit attributable to owners was ₹51.64 crore, against ₹96.61 crore in Q2 FY26 and ₹115.34 crore in Q1 FY27.
On a standalone basis, Q2 FY27 revenue was ₹77.47 crore and profit after tax was ₹11.3 crore. The consolidated results recorded total income of ₹1,076.01 crore, profit before tax of ₹72.73 crore and tax expense of ₹8.06 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,063 | 1,616 | 952.50 | +11.6% | −34.2% |
| Other income | 12.61 | 7.60 | 1.44 | +775.7% | +65.9% |
| Total expenses | 1,003 | 1,500 | 883.20 | +13.6% | −33.1% |
| EBITDA | 125.07 | 181.30 | 130.68 | −4.3% | −31.0% |
| EBITDA margin | 11.8% | 11.2% | 13.7% | −1.9 pp | +0.6 pp |
| Profit before tax | 72.73 | 123.31 | 70.74 | +2.8% | −41.0% |
| Tax | 8.06 | 21.72 | −24.77 | −62.9% | |
| Net profit | 69.71 | 108.31 | 105.98 | −34.2% | −35.6% |
| EPS (₹) | 5.41 | 12.07 | 10.11 | −46.5% | −55.2% |
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 Ashapura Minechem's costs and profit?
Total expenses were ₹1,003.28 crore in Q2 FY27, up ₹120.08 crore or 13.6% from Q2 FY26. Cost of materials consumed increased ₹96.45 crore to ₹240.30 crore, employee costs rose ₹8.55 crore to ₹41.09 crore, finance costs increased ₹2.23 crore to ₹31.45 crore and depreciation rose ₹1.34 crore to ₹33.50 crore. Other expenses increased ₹95.22 crore to ₹659 crore. There was no exceptional item in either quarter.
Other income was ₹12.61 crore in Q2 FY27, up ₹11.17 crore from ₹1.44 crore in Q2 FY26. PBT was ₹72.73 crore, up ₹1.99 crore from ₹70.74 crore, while tax moved from a credit of ₹24.77 crore to an expense of ₹8.06 crore, a difference of ₹32.83 crore. These figures show why profit after tax fell even as PBT rose.
Against Q1 FY27, total expenses fell ₹497.13 crore to ₹1,003.28 crore. Cost of materials consumed declined ₹272.10 crore to ₹240.30 crore and other expenses fell ₹366.53 crore to ₹659 crore, while employee costs rose ₹5.10 crore, finance costs increased ₹2.58 crore and depreciation fell ₹3.22 crore. Other income increased ₹5.01 crore, tax expense fell ₹13.66 crore and there was no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 240.30 | 143.85 | +96.45 | +67.0% |
| Employee cost | 41.09 | 32.54 | +8.55 | +26.3% |
| Finance costs | 31.45 | 29.22 | +2.23 | +7.6% |
| Depreciation | 33.50 | 32.16 | +1.34 | +4.2% |
| Other expenses | 659 | 563.78 | +95.22 | +16.9% |
| Total expenses | 1,003 | 883.20 | +120.08 | +13.6% |
| Other income | 12.61 | 1.44 | +11.17 | +775.7% |
| Tax | 8.06 | −24.77 | +32.83 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹2,679.52 crore, up 16.1% from ₹2,308.07 crore in H1 FY26. Total income rose 16.6% to ₹2,699.73 crore from ₹2,315.46 crore. PBT was ₹196.03 crore, compared with ₹196.09 crore in the previous first half.
Consolidated profit after tax for H1 FY27 was ₹178.0 crore, down 19.0% from ₹219.88 crore in H1 FY26. Basic EPS declined 19.1% to ₹17.48 from ₹21.61. The first half included no exceptional item, while H1 FY26 included an exceptional loss of ₹4.56 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,680 | 2,308 | +16.1% |
| Profit before tax | 196.03 | 196.09 | −0.0% |
| Net profit | 178 | 219.88 | −19.0% |
| EPS (₹) | 17.48 | 21.61 | −19.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, consolidated total assets were ₹4,777.93 crore, against ₹4,698.08 crore as on 31 March 2026. Total equity rose to ₹1,807.49 crore from ₹1,644.83 crore, while borrowings fell to ₹1,424.51 crore from ₹1,443.74 crore. Cash and cash equivalents were ₹377.91 crore, compared with ₹315.80 crore in the supplied balance-sheet data.
Inventories increased to ₹789.93 crore from ₹584.75 crore as on 31 March 2026. Trade receivables fell to ₹619.16 crore from ₹1,000.99 crore, while trade payables declined to ₹702.18 crore from ₹934.14 crore. The company’s filing lists cash and cash equivalents of ₹300.98 crore at the earlier date, compared with the supplied balance-sheet figure of ₹315.80 crore.
H1 FY27 operating cash flow was ₹188.36 crore, compared with ₹222.07 crore in H1 FY26. Investing cash flow was negative ₹82.67 crore against negative ₹75.64 crore, while financing cash flow was negative ₹28.76 crore against positive ₹42.37 crore. Capital expenditure was ₹87.57 crore, compared with ₹4.29 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,778 | 4,698 |
| Total equity | 1,807 | 1,645 |
| Borrowings | 1,425 | 1,444 |
| Cash and equivalents | 377.91 | 315.80 |
| Inventories | 789.93 | 584.75 |
| Trade receivables | 619.16 | 1,001 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 188.36 | 222.07 |
| Cash from investing | −82.67 | −75.64 |
| Cash from financing | −28.76 | 42.37 |
| Capital expenditure | 87.57 | 4.29 |
Source: Company's results filing (XBRL).
How has Ashapura Minechem done over the last 8 quarters?
Revenue peaked at ₹1,968.63 crore in Q4 FY26 and fell to ₹1,063.40 crore in Q2 FY27. It had also reached a low of ₹555.24 crore in Q4 FY25. Revenue rose year on year in each of the last eight quarters, although the sequential direction is now lower.
Profit after tax peaked at ₹120.64 crore in Q4 FY26 and was ₹69.71 crore in Q2 FY27, down from ₹108.31 crore in Q1 FY27. The EBITDA margin improved to 11.8% from 11.2% in the previous quarter, but remained below the 13.7% recorded in Q2 FY26. The margin had bottomed at 6.5% in Q4 FY26.
How did other Industrial Minerals companies do?
Five other Industrial Minerals companies that filed for the quarter had a median revenue growth of 37.8%. One peer grew more slowly than Ashapura Minechem, while four peers grew faster than the company. Three of the five peers reported higher profit.
| Ashapura Minechem revenue growth (YoY) | +11.6% |
|---|---|
| Median of 5 other Industrial Minerals companies | +37.8% |
| Companies with slower revenue growth than Ashapura Minechem | 1 of 5 |
| Companies with faster revenue growth than Ashapura Minechem | 4 of 5 |
| Companies whose net profit rose | 3 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Ashapura Minechem's revenue in Q2 FY27?
Revenue from operations was ₹1,063 crore, up 11.6% from ₹952.50 crore in Q2 FY26 (consolidated).
Did Ashapura Minechem make a profit in Q2 FY27?
Yes. Net profit was ₹69.71 crore, against a net profit of ₹105.98 crore in Q2 FY26.
What was Ashapura Minechem's EPS in Q2 FY27?
Basic earnings per share were ₹5.41, against ₹10.11 in Q2 FY26.
When did Ashapura Minechem announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for The Meeting Of The Board Of Directors Of The Company Scheduled To Be Held 5Th November, 2026. (BSE, 29 October 2026) · PDF
- Outcome of Board Meeting (NSE, 5 November 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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