Balaji Amines Q2 FY27 results: net profit up 81.9% to ₹67.47 crore, revenue up 37.3%

How did Balaji Amines perform in Q2 FY27?

Balaji Amines reported consolidated revenue of ₹467.60 crore for Q2 FY27, up ₹127.05 crore or 37.3% from ₹340.55 crore in Q2 FY26 and ₹11.67 crore or 2.6% from ₹455.93 crore in Q1 FY27. EBITDA rose to ₹101.58 crore from ₹59.81 crore a year earlier, but fell from ₹115.87 crore in the previous quarter. The EBITDA margin was 21.7%, compared with 17.6% in Q2 FY26 and 25.4% in Q1 FY27.

Profit before tax was ₹89.30 crore, up 73.0% from ₹51.63 crore in Q2 FY26 and down 15.9% from ₹106.20 crore in Q1 FY27. Net profit was ₹67.47 crore, up 81.9% year-on-year but down 13.6% sequentially; basic EPS was ₹20.76, compared with ₹10.67 and ₹23.13, respectively. The board approved both standalone and consolidated unaudited results for the quarter and first half ended 30 September 2026.

On a standalone basis, Q2 FY27 revenue was ₹427.8 crore and profit after tax was ₹68.73 crore, against ₹31.45 crore in the year-ago quarter, based on the filed standalone statement. The consolidated figures above use revenue from operations, while the investor presentation referred to consolidated total revenue of ₹472 crore and EBITDA of ₹106 crore on its own presentation basis.

What changed in Balaji Amines' costs and profit?

Total expenses rose to ₹382.68 crore in Q2 FY27 from ₹295.98 crore in Q2 FY26, an increase of ₹86.70 crore or 29.3%. Cost of materials was the largest reported increase, rising ₹81.91 crore or 46.8% to ₹256.96 crore. Employee cost increased ₹6.53 crore or 33.7% to ₹25.93 crore, finance costs rose ₹0.38 crore or 39.6% to ₹1.34 crore, and depreciation increased ₹1.04 crore or 7.3% to ₹15.32 crore.

Other expenses fell ₹1.15 crore or 1.5% to ₹75.14 crore, while other income decreased ₹2.67 crore or 37.9% to ₹4.38 crore. Tax expense rose ₹7.30 crore or 50.2% to ₹21.83 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26, and the filing does not provide a further explanation for the movement in the cost lines.

Management said raw material availability and delayed supply chains dented volumes. In the investor presentation, management also said standalone volumes improved 11% over Q1. The reported figures show that higher material costs and employee expenses, partly offset by lower other expenses and other income, accompanied the year-on-year increase in profit.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹923.52 crore, up ₹224.63 crore or 32.1% from ₹698.89 crore in H1 FY26. Total income rose 30.6% to ₹933.43 crore, while profit before tax increased 94.3% to ₹195.5 crore. Net profit rose ₹71.96 crore or 97.7% to ₹145.59 crore.

Basic EPS for H1 FY27 was ₹43.89, up from ₹22.39 in H1 FY26. The investor presentation showed consolidated H1 FY27 total revenue of ₹933 crore, EBITDA of ₹227 crore and profit after tax of ₹146 crore, compared with ₹715 crore, ₹131 crore and ₹74 crore, respectively, in its presentation format.

What do the balance sheet and cash flow show?

Total assets stood at ₹2,731.05 crore on 30 September 2026, compared with ₹2,742.54 crore on 31 March 2026. Total equity was ₹2,261.67 crore against ₹2,151.72 crore, while borrowings increased to ₹161.15 crore from ₹132.91 crore. Cash declined to ₹52.62 crore from ₹73.93 crore; inventories were ₹281.82 crore against ₹247.12 crore and trade receivables were ₹388.8 crore against ₹345.86 crore.

H1 FY27 operating cash flow was ₹54.46 crore, compared with ₹22.21 crore in H1 FY26. Investing cash flow was negative ₹66.55 crore against negative ₹115.12 crore, financing cash flow was negative ₹9.22 crore against negative ₹16.9 crore, and capital expenditure was ₹157.92 crore against ₹181.28 crore. The consolidated presentation also showed non-current borrowings of ₹129 crore and current borrowings of ₹32 crore on 30 September 2026.

How has Balaji Amines done over the last 8 quarters?

Revenue increased in each of the last four quarters on a year-on-year basis, while profit increased year-on-year in each of the last three quarters. Revenue reached its highest reported point in Q2 FY27 at ₹467.60 crore, after ₹455.93 crore in Q1 FY27, but was lower than ₹394.79 crore in Q4 FY26 at the start of that sequence. The revenue low in the series was ₹312.73 crore in Q3 FY25.

Net profit was ₹67.47 crore in Q2 FY27, below ₹78.12 crore in Q1 FY27 and above ₹64.77 crore in Q4 FY26; the lowest reported quarterly profit was ₹30.76 crore in Q3 FY26. EBITDA margin reached its high of 25.4% in Q1 FY27 and its low of 14.6% in Q3 FY25, before easing to 21.7% in the latest quarter.

Which businesses drove the quarter?

Amines & Speciality Chemicals generated revenue of ₹464.2 crore and EBIT of ₹89.26 crore in Q2 FY27, with an EBIT margin of 19.2%. The filing did not provide the segment’s year-ago revenue, EBIT or revenue growth, so no comparison was available.

Hotel Division reported revenue of ₹7.17 crore, down 1.1% from ₹7.25 crore, and EBIT of ₹0.53 crore against ₹0.98 crore. Its EBIT margin was 7.4%. Unallocated revenue rose 64.1% to ₹1.57 crore from ₹0.96 crore, while EBIT was ₹0.85 crore against ₹1.06 crore, with an EBIT margin of 54.1%.

What did Balaji Amines' management say?

Management guided to FY27 profit growth of 200-300 bps and targeted an EBITDA margin of 22-23%, compared with about 20% in FY26. It said commercial production had commenced at the expanded Acetonitrile facility and that PESO approval had been obtained for DME road-tanker valves, while the DME customer network was being built.

Management said raw material availability and delayed supply chains dented volumes, although standalone volumes improved 11% over Q1. It identified the ramp-up of the 100,000 TPA DME plant and Acetonitrile commercialisation, the 5,000 TPA N-Methyl Morpholine project, and BSCL’s Unit-I and Unit-II expansions as priorities. Commissioning of N-Methyl Morpholine was expected during FY27, BSCL’s Unit-I brownfield expansion was expected by end-FY27, and the Unit-II HCN, NaCN and EDTA project was targeted for Q4 FY27.

Management described the more than ₹1,000 crore consolidated expansion cycle as nearing completion, with a stated capex-to-cashflow inflection as new capacities ramp. It also identified raw material availability, delayed supply chains, working-capital use, consolidated borrowings and the hotel division as risks, while the investor presentation stated that the company’s actual results could differ materially from forward-looking statements.

How did Balaji Amines shares react?

Balaji Amines filed the results after market hours on 2 November 2026. From the price when the filing appeared, the stock fell 3.4% after 5 minutes, 5.0% after 15 minutes and 7.0% after 30 minutes. It closed 3.2% below its pre-results close on the reaction day, and by the next day’s close it was down 2.4% from that close.

The Specialty Chemicals industry median moved 0.0% on the reaction day and up 1.0% by the next day’s close. Balaji Amines therefore underperformed the industry median by 3.3 percentage points on the reaction day and 3.4 percentage points by the next day’s close. Earlier reaction-day moves were negative on seven of the eight listed dates, including 19.3% on 13 May 2026; no five-day move was provided.

How did other Specialty Chemicals companies do?

Forty-seven other Specialty Chemicals companies that had filed for the quarter were compared with Balaji Amines. Their median revenue growth was 28.1%. Thirty peers grew more slowly than Balaji Amines, while 17 grew faster than the company.

Among the 43 peers for which profit was compared, 38 reported higher profit. Balaji Amines’ Q2 FY27 consolidated revenue growth of 37.3% was above the peer median revenue growth of 28.1%. The peer data was available as of 4 November 2026.