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Atul Q2 FY27 results: net profit down 13.0% to ₹158.71 crore, revenue up 21.0%
Atul Limited reported consolidated revenue of ₹1,877 crore for Q2 FY27, up 21.0% from Q2 FY26, while EBITDA fell 7.8% and profit for the period fell 13.0%. Against Q1 FY27, revenue rose 1.6%, but EBITDA declined 37.3% and profit for the period fell 37.5% to ₹158.71 crore, with basic EPS of ₹52.89.
Key points
- Consolidated Q2 FY27 revenue was ₹1,877 crore, up ₹325.19 crore or 21.0% from Q2 FY26 and ₹29.09 crore or 1.6% from Q1 FY27.
- EBITDA was ₹246.64 crore in Q2 FY27, down ₹20.85 crore or 7.8% year on year and ₹146.90 crore or 37.3% from Q1 FY27.
- Consolidated profit for the period was ₹158.71 crore, down ₹23.66 crore or 13.0% from Q2 FY26 and ₹95.22 crore or 37.5% from Q1 FY27.
- Basic EPS was ₹52.89, down ₹7.99 or 13.1% from Q2 FY26 and ₹30.43 or 36.5% from Q1 FY27.
- For H1 FY27, revenue was ₹3,724.99 crore and profit for the period was ₹412.64 crore, up 22.9% and 31.1% from H1 FY26.
How did Atul perform in Q2 FY27?
Atul reported consolidated revenue of ₹1,877 crore for Q2 FY27, up ₹325.19 crore or 21.0% from Q2 FY26. Total income rose ₹325.09 crore or 20.3% to ₹1,925.44 crore. EBITDA was ₹246.64 crore, down ₹20.85 crore or 7.8%, while the EBITDA margin fell to 13.1% from 17.2%.
Against Q1 FY27, revenue rose ₹29.09 crore or 1.6% to ₹1,877 crore and total income increased ₹44.18 crore or 2.3%. EBITDA fell ₹146.90 crore or 37.3% to ₹246.64 crore, and the margin declined to 13.1% from 21.3%.
Profit before tax was ₹214.38 crore, down ₹15.72 crore or 6.8% from Q2 FY26 and ₹130.36 crore or 37.8% from Q1 FY27. Profit for the period was ₹158.71 crore, while profit attributable to owners was ₹155.72 crore. Basic EPS was ₹52.89.
On a standalone basis, Q2 FY27 revenue was ₹1,623.46 crore, up 15.2% from ₹1,409.52 crore in the year-ago quarter. Standalone profit for the period was ₹141.44 crore, compared with ₹172.31 crore in Q2 FY26.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,877 | 1,848 | 1,552 | +21.0% | +1.6% |
| Other income | 48.40 | 33.31 | 48.50 | −0.2% | +45.3% |
| Total expenses | 1,713 | 1,537 | 1,370 | +25.0% | +11.5% |
| EBITDA | 246.64 | 393.54 | 267.49 | −7.8% | −37.3% |
| EBITDA margin | 13.1% | 21.3% | 17.2% | −4.1 pp | −8.2 pp |
| Profit before tax | 214.38 | 344.74 | 230.10 | −6.8% | −37.8% |
| Tax | 55.67 | 92.29 | 48.91 | +13.8% | −39.7% |
| Net profit | 158.71 | 253.93 | 182.37 | −13.0% | −37.5% |
| EPS (₹) | 52.89 | 83.32 | 60.88 | −13.1% | −36.5% |
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 Atul's costs and profit?
Total expenses rose ₹342.28 crore or 25.0% from Q2 FY26 to ₹1,713 crore, exceeding the increase in revenue of ₹325.19 crore. Cost of materials consumed increased ₹243.35 crore or 29.4% to ₹1,072 crore, employee cost rose ₹6.36 crore or 5.3% to ₹127.48 crore, and other expenses increased ₹46.65 crore or 13.9% to ₹381.53 crore.
Finance costs fell ₹0.90 crore or 18.4% to ₹3.99 crore, while depreciation fell ₹2.86 crore or 3.5% to ₹78.14 crore. Other income was ₹48.40 crore, down ₹0.10 crore or 0.2% from ₹48.50 crore. The company reported an exceptional gain of ₹1.47 crore, compared with no exceptional item in Q2 FY26.
Tax expense increased ₹6.76 crore or 13.8% to ₹55.67 crore. As a result, EBITDA fell 7.8%, profit before tax fell 6.8% and profit for the period fell 13.0% from the year-ago quarter. The filing does not state the reasons for the changes in cost and profit.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,072 | 828.62 | +243.35 | +29.4% |
| Employee cost | 127.48 | 121.12 | +6.36 | +5.3% |
| Finance costs | 3.99 | 4.89 | −0.90 | −18.4% |
| Depreciation | 78.14 | 81 | −2.86 | −3.5% |
| Other expenses | 381.53 | 334.88 | +46.65 | +13.9% |
| Total expenses | 1,713 | 1,370 | +342.28 | +25.0% |
| Other income | 48.40 | 48.50 | −0.10 | −0.2% |
| Tax | 55.67 | 48.91 | +6.76 | +13.8% |
| Exceptional items | +1.47 (gain) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹3,724.99 crore, up ₹695.14 crore or 22.9% from ₹3,029.85 crore in H1 FY26. Total income rose ₹702.11 crore or 22.6% to ₹3,806.7 crore. Profit before tax increased ₹155.95 crore or 38.5% to ₹561.21 crore.
Profit for the period was ₹412.64 crore, up ₹97.91 crore or 31.1% from ₹314.73 crore in H1 FY26. Basic EPS rose ₹31.93 or 30.6% to ₹136.21 from ₹104.28.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,725 | 3,030 | +22.9% |
| Profit before tax | 561.21 | 405.26 | +38.5% |
| Net profit | 412.64 | 314.73 | +31.1% |
| EPS (₹) | 136.21 | 104.28 | +30.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Atul's consolidated total assets were ₹8,418.21 crore on 30 September 2026, compared with ₹7,900.49 crore on 31 March 2026. Total equity rose to ₹6,668.34 crore from ₹6,296.53 crore, while borrowings fell to ₹166.5 crore from ₹179.76 crore and cash increased to ₹85.84 crore from ₹85.06 crore.
Inventories rose to ₹993.14 crore from ₹815.47 crore, trade receivables increased to ₹1,389.57 crore from ₹1,271.0 crore, and trade payables were ₹921.13 crore compared with ₹852.24 crore. H1 FY27 operating cash flow was ₹391.16 crore, against ₹507.52 crore in H1 FY26.
Investing cash flow was negative ₹280.26 crore in H1 FY27, compared with negative ₹392.37 crore in H1 FY26, while financing cash flow was negative ₹107.46 crore against negative ₹99.12 crore. Capital expenditure was ₹86.83 crore, compared with ₹80.76 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 8,418 | 7,900 |
| Total equity | 6,668 | 6,297 |
| Borrowings | 166.50 | 179.76 |
| Cash and equivalents | 85.84 | 85.06 |
| Inventories | 993.14 | 815.47 |
| Trade receivables | 1,390 | 1,271 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 391.16 | 507.52 |
| Cash from investing | −280.26 | −392.37 |
| Cash from financing | −107.46 | −99.12 |
| Capital expenditure | 86.83 | 80.76 |
Source: Company's results filing (XBRL).
How has Atul done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters. Over the reported period, revenue was lowest at ₹1,416.83 crore in Q3 FY25 and highest at ₹1,877.04 crore in Q2 FY27, after ₹1,847.95 crore in Q1 FY27.
Profit for the period was lowest at ₹117.1 crore in Q3 FY25 and peaked at ₹253.93 crore in Q1 FY27 before falling to ₹158.71 crore in Q2 FY27. The EBITDA margin peaked at 21.3% in Q1 FY27 and fell to 13.1% in Q2 FY27, its lowest level in the reported series.
Which businesses drove the quarter?
Performance and Other Chemicals reported Q2 FY27 revenue of ₹1,503.94 crore, up 31.3% from ₹1,145.11 crore in Q2 FY26. Segment EBIT rose to ₹127.83 crore from ₹103.84 crore, with an EBIT margin of 8.5%.
Life Science Chemicals reported revenue of ₹427.27 crore, down 2.9% from ₹439.97 crore in the year-ago quarter. EBIT fell to ₹69.68 crore from ₹100.93 crore, while the segment EBIT margin was 16.3%. Others recorded revenue of ₹18.9 crore, down 28.1% from ₹26.29 crore, and an EBIT loss of ₹0.61 crore compared with EBIT of ₹6.48 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Life Science Chemicals | 427.27 | −2.9% | 69.68 | 16.3% |
| Performance and Other Chemicals | 1,504 | +31.3% | 127.83 | 8.5% |
| Others | 18.90 | −28.1% | −0.61 | -3.2% |
Source: Company's results filing (XBRL segment data).
What did Atul's management say?
The company said in its 24 October 2026 communication that the board had approved the unaudited standalone and consolidated financial results for Q2 and H1 FY27, together with an investors’ presentation. The extracted presentation communication contained no operating metrics, segment commentary, guidance, expansion plans, risk disclosures, capex plans, or analysts’ questions.
The communication said the financial results and investors’ presentation were available for download from the company’s website. No management priorities or financial guidance were stated in the extracted material.
How did Atul shares react?
After the filing appeared in the market, Atul’s share price was down 2.3% after five minutes and down 4.1% after 30 minutes. On the reaction day, it closed 7.5% below the previous close; by the next day’s close, it was down 10.8% from that pre-results close, and by the fifth session it was down 16.1%.
The Specialty Chemicals sector median fell 3.3% on the reaction day, 3.4% by the next day and 2.6% by five sessions. Atul therefore underperformed the sector by 4.2 percentage points on the reaction day, 7.4 percentage points by the next day and 13.4 percentage points over five sessions. Earlier results-day moves included rises of 5.6% on 24 July 2026 and 1.9% on 17 October 2025, and falls of 5.0% on 18 July 2025 and 3.7% on 25 October 2024.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −2.3% | |
| 15 minutes | −2.3% | |
| 30 minutes | −4.1% | |
| Reaction day | −7.5% | −3.3% |
| Next day | −10.8% | −3.4% |
| 5 days | −16.1% | −2.6% |
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 |
|---|---|
| 24 July 2026 | +5.6% |
| 24 April 2026 | −0.7% |
| 23 January 2026 | +1.4% |
| 17 October 2025 | +1.9% |
| 18 July 2025 | −5.0% |
| 24 January 2025 | −3.2% |
| 25 October 2024 | −3.7% |
| 19 July 2024 | −3.4% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Fifty Specialty Chemicals companies had filed for the quarter by 4 November 2026. Their median revenue growth was 28.3%, compared with Atul's revenue growth of 21.0% in Q2 FY27. Of the peers, 15 grew more slowly than Atul and 35 grew faster.
Profit was higher for 41 of the 46 peers whose profit was compared. The peer comparison included revenue results for 50 companies.
| Atul revenue growth (YoY) | +21.0% |
|---|---|
| Median of 50 other Specialty Chemicals companies | +28.3% |
| Companies with slower revenue growth than Atul | 15 of 50 |
| Companies with faster revenue growth than Atul | 35 of 50 |
| Companies whose net profit rose | 41 of 46 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Atul's revenue in Q2 FY27?
Revenue from operations was ₹1,877 crore, up 21.0% from ₹1,552 crore in Q2 FY26 (consolidated).
Did Atul make a profit in Q2 FY27?
Yes. Net profit was ₹158.71 crore, against a net profit of ₹182.37 crore in Q2 FY26.
What was Atul's EPS in Q2 FY27?
Basic earnings per share were ₹52.89, against ₹60.88 in Q2 FY26.
How did Atul shares react to the Q2 FY27 results?
On the reaction day the stock moved −7.5% from the previous close; the median Specialty Chemicals stock moved −3.3%.
When did Atul announce its Q2 FY27 results?
On 23 October 2026, in a filing to the BSE.
Sources
- Results For Period Ended September 30, 2026 (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Buy-Back Of Share (BSE, 23 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s (BSE, 23 October 2026) · PDF
- The investor presentation (24 October 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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