Bodal Chemicals Q2 FY27 results: net profit ₹81.44 crore vs ₹5.99 crore, revenue up 79.7%

How did Bodal Chemicals perform in Q2 FY27?

Bodal Chemicals reported consolidated revenue of ₹863.37 crore for Q2 FY27, up ₹382.92 crore or 79.7% from ₹480.45 crore in Q2 FY26. EBITDA rose by ₹84.01 crore to ₹107 crore, and the margin increased 7.6 percentage points to 12.4% from 4.8%. Profit before tax was ₹90 crore and net profit was ₹81.44 crore, up ₹75.45 crore from ₹5.99 crore. Basic EPS was ₹6.48, compared with ₹0.47 a year earlier.

Against Q1 FY27, revenue increased by ₹154.33 crore or 21.8% to ₹863.37 crore, while total income rose 23.6% to ₹883.96 crore. EBITDA increased by ₹38.05 crore to ₹107 crore and its margin rose 2.7 percentage points to 12.4%. Profit before tax was ₹90 crore, up from ₹39.12 crore, and net profit rose by ₹51.06 crore to ₹81.44 crore; basic EPS increased to ₹6.48 from ₹2.41. On the standalone basis, revenue was ₹852.66 crore and net profit was ₹80.47 crore.

What changed in Bodal Chemicals' costs and profit?

Against Q2 FY26, total expenses increased by ₹299.17 crore or 60.5% to ₹793.97 crore. Cost of materials was the largest increase, rising by ₹279.68 crore to ₹522.16 crore, while other expenses rose by ₹52.46 crore to ₹203.66 crore. Employee cost increased by ₹7.93 crore to ₹40.07 crore, depreciation rose by ₹0.35 crore to ₹17.76 crore, and finance cost fell by ₹0.08 crore to ₹19.83 crore.

Other income rose by ₹0.66 crore to ₹20.59 crore against Q2 FY26. There was no exceptional item in Q2 FY27, compared with a ₹0.03 crore charge in the year-ago quarter. Tax was ₹8.55 crore, against a tax credit of ₹0.44 crore, a difference of ₹8.99 crore. The filing attributed H1 revenue growth to better realisation and improved volumes across divisions, supported by margins in key dye intermediates and pass-through of higher raw-material costs.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹1,572.41 crore, up ₹637.76 crore or 68.2% from ₹934.65 crore in H1 FY26. Total income rose 66.8% to ₹1,599.15 crore, while profit before tax increased by ₹111.05 crore to ₹129.12 crore. Net profit was ₹111.82 crore, up ₹96.29 crore or 620.0% from ₹15.53 crore, and basic EPS rose to ₹8.89 from ₹1.23.

The company’s presentation said H1 revenue growth was led by better realisation and improved volume across divisions. It also cited higher raw-material cost pass-through, growth in dye intermediates and dyestuffs, and the start of benzene downstream products contributing to the topline.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹2,579.24 crore, compared with ₹2,355.77 crore at 31 March 2026, while total equity rose to ₹1,270.63 crore from ₹1,157.54 crore. Borrowings were ₹810.33 crore against ₹800.18 crore, and cash was ₹22.98 crore compared with ₹16.77 crore. Inventories increased to ₹392.05 crore from ₹323.59 crore, trade receivables to ₹601.98 crore from ₹438.63 crore, and trade payables to ₹304.62 crore from ₹246.81 crore.

H1 FY27 operating cash flow was ₹28.27 crore, compared with ₹77.88 crore in H1 FY26. Investing cash flow was ₹8.32 crore against ₹7.54 crore, financing cash flow was negative ₹29.2 crore against negative ₹91.57 crore, and capital expenditure was ₹17.41 crore compared with ₹19.16 crore.

How has Bodal Chemicals done over the last 8 quarters?

Revenue increased year on year in each of the last eight quarters. In the reported quarterly series, revenue reached its low of ₹443.47 crore in Q3 FY25 and its high of ₹863.37 crore in Q2 FY27. Profit after tax fell to ₹0.24 crore in Q3 FY26 before recovering to ₹32.06 crore in Q4 FY26, ₹30.38 crore in Q1 FY27 and ₹81.44 crore in Q2 FY27.

EBITDA margin moved from 10.0% in Q3 FY25 to a low of 4.5% in Q3 FY26, then increased to 11.7% in Q4 FY26, eased to 9.7% in Q1 FY27 and reached 12.4% in Q2 FY27. The current direction was higher for revenue, profit and margin.

What else did the company announce?

The board approved and declared the standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026, with limited-review reports from B N P S and Associates LLP. The company also filed its November 2026 investor presentation under Regulation 30. The supplied same-day filings do not mention a dividend, fund raise or appointment.

What did Bodal Chemicals' management say?

The CFO said, “Presently, we are keen to reduce the debt.” Management said receivables and inventory had absorbed most cash generation, and no fixed debt-reduction or receivables-collection timeline was provided. Risks included uncertain HSA price durability beyond January, continued TCCA imports rerouted from other origins, and deferral of HSS expansion until China’s supply shift was considered durable. The Executive Director said, “We expect the plant to begin contributing to net profit from the current quarter.”

How did Bodal Chemicals shares react?

The stock was up 5.0% from its pre-results close on the reaction day. It was up 0.2% after five minutes, down 0.5% after 15 minutes and up 0.2% after 30 minutes from the price when the filing appeared. By the next day’s close, the stock was down 1.8% from its pre-results close; no five-day or one-month move was available.

The nearest market benchmark was the Nifty Microcap 250, but no industry median, benchmark move or excess-return comparison was available for the reaction day, next day or five-day period. Earlier results-day moves were negative 4.7% on 5 August 2026, positive 13.0% on 21 May 2026, negative 3.6% on 14 February 2026 and negative 2.5% on 12 November 2025.