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Chemfab Alkalis Q2 FY27 results: net loss widens to ₹2.11 crore, revenue down 1.2%
Chemfab Alkalis Limited reported consolidated revenue of ₹75.61 crore and operational EBITDA of ₹7.04 crore in Q2 FY27, but recorded a net loss of ₹2.11 crore and basic EPS of -₹1.47. Revenue was lower than Q2 FY26, while EBITDA and margin improved year on year; profit was lower than both the year-ago quarter and Q1 FY27.
Key points
- Consolidated revenue was ₹75.61 crore in Q2 FY27, down 1.2% from ₹76.56 crore in Q2 FY26 and up 3.3% from ₹73.16 crore in Q1 FY27.
- Operational EBITDA was ₹7.04 crore, up 28.9% from ₹5.46 crore in Q2 FY26 but down 30.5% from ₹10.13 crore in Q1 FY27.
- EBITDA margin was 9.3%, up 2.2 percentage points from 7.1% in Q2 FY26 and down 4.5 percentage points from 13.8% in Q1 FY27.
- Chemfab Alkalis reported a net loss of ₹2.11 crore and basic EPS of -₹1.47 in Q2 FY27, compared with a net loss of ₹2.01 crore and basic EPS of -₹1.4 in Q2 FY26.
- In H1 FY27, revenue was ₹148.77 crore, down 11.5% from ₹168.1 crore in H1 FY26, while profit after tax rose to ₹3.62 crore from ₹0.54 crore.
How did Chemfab Alkalis perform in Q2 FY27?
Chemfab Alkalis reported consolidated revenue of ₹75.61 crore in Q2 FY27, compared with ₹76.56 crore in Q2 FY26 and ₹73.16 crore in Q1 FY27. Operational EBITDA was ₹7.04 crore, up 28.9% year on year but down 30.5% sequentially. The EBITDA margin was 9.3%, against 7.1% in Q2 FY26 and 13.8% in Q1 FY27.
The company reported a net loss of ₹2.11 crore in Q2 FY27, compared with a net loss of ₹2.01 crore in Q2 FY26 and net profit of ₹5.73 crore in Q1 FY27. Basic EPS was -₹1.47, against -₹1.4 in the year-ago quarter and ₹3.99 in the previous quarter. On a standalone basis, revenue was ₹75.62 crore, while profit after tax was a loss of ₹2.23 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 75.61 | 73.16 | 76.56 | −1.2% | +3.3% |
| Other income | 0.37 | 2.08 | 1.76 | −79.0% | −82.2% |
| Total expenses | 78.93 | 73.02 | 79.65 | −0.9% | +8.1% |
| EBITDA | 7.04 | 10.13 | 5.46 | +28.9% | −30.5% |
| EBITDA margin | 9.3% | 13.8% | 7.1% | +2.2 pp | −4.5 pp |
| Profit before tax | −2.95 | 2.22 | −1.33 | turned to loss | |
| Tax | −0.84 | −3.51 | 0.68 | ||
| Net profit | −2.11 | 5.73 | −2.01 | turned to loss | |
| EPS (₹) | −1.47 | 3.99 | −1.40 | turned to loss |
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 Chemfab Alkalis' costs and profit?
Cost of materials rose ₹7.10 crore from ₹23.65 crore in Q2 FY26 to ₹30.75 crore in Q2 FY27. Employee cost increased by ₹0.31 crore to ₹7.28 crore, finance costs by ₹0.52 crore to ₹2.46 crore, and depreciation by ₹1.29 crore to ₹7.90 crore. Other expenses declined by ₹2.74 crore to ₹34.95 crore, while total expenses were lower by ₹0.72 crore at ₹78.93 crore.
Other income fell ₹1.39 crore from ₹1.76 crore in Q2 FY26 to ₹0.37 crore in Q2 FY27. The company reported no exceptional item. Tax moved from ₹0.68 crore in the year-ago quarter to a tax credit of ₹0.84 crore. Profit before tax was a loss of ₹2.95 crore, compared with a loss of ₹1.33 crore in Q2 FY26.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 30.75 | 23.65 | +7.10 | +30.0% |
| Employee cost | 7.28 | 6.97 | +0.31 | +4.4% |
| Finance costs | 2.46 | 1.94 | +0.52 | +26.8% |
| Depreciation | 7.90 | 6.61 | +1.29 | +19.5% |
| Other expenses | 34.95 | 37.69 | −2.74 | −7.3% |
| Total expenses | 78.93 | 79.65 | −0.72 | −0.9% |
| Other income | 0.37 | 1.76 | −1.39 | −79.0% |
| Tax | −0.84 | 0.68 | −1.52 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Chemfab Alkalis reported consolidated revenue of ₹148.77 crore, down ₹19.33 crore or 11.5% from ₹168.1 crore in H1 FY26. Total income was ₹151.23 crore, down ₹19.99 crore or 11.7% from ₹171.22 crore. Profit before tax moved to a loss of ₹0.72 crore from profit of ₹3.37 crore.
Profit after tax in H1 FY27 was ₹3.62 crore, compared with ₹0.54 crore in H1 FY26. Basic EPS was ₹2.52 in H1 FY27; the comparable H1 FY26 EPS was not provided.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 148.77 | 168.10 | −11.5% |
| Profit before tax | −0.72 | 3.37 | turned to loss |
| Net profit | 3.62 | 0.54 | +570.4% |
| EPS (₹) | 2.52 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹582.24 crore, compared with ₹576.73 crore at 31 March 2026. Total equity was ₹377.57 crore, against ₹375.41 crore, while borrowings rose to ₹141.31 crore from ₹122.96 crore. Cash was ₹0.07 crore, compared with ₹0.08 crore. Inventories were ₹30.76 crore, trade receivables ₹21.21 crore, and trade payables ₹23.02 crore.
H1 FY27 operating cash flow was -₹0.18 crore, compared with ₹11.23 crore in H1 FY26. Investing cash flow was -₹19.84 crore, against -₹51.18 crore, while financing cash flow was ₹12.56 crore, against ₹20.48 crore. Capital expenditure was ₹11.87 crore in H1 FY27, compared with ₹76.49 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 582.24 | 576.73 |
| Total equity | 377.57 | 375.41 |
| Borrowings | 141.31 | 122.96 |
| Cash and equivalents | 0.07 | 0.08 |
| Inventories | 30.76 | 25.90 |
| Trade receivables | 21.21 | 24.08 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −0.18 | 11.23 |
| Cash from investing | −19.84 | −51.18 |
| Cash from financing | 12.56 | 20.48 |
| Capital expenditure | 11.87 | 76.49 |
Source: Company's results filing (XBRL).
How has Chemfab Alkalis done over the last 8 quarters?
Revenue reached its highest point in the reported period at ₹92.32 crore in Q4 FY25 and its lowest at ₹68.14 crore in Q3 FY26. It rose to ₹75.61 crore in Q2 FY27 from ₹73.16 crore in Q1 FY27. Profit after tax was highest at ₹5.73 crore in Q1 FY27 and lowest at a loss of ₹9.19 crore in Q4 FY25; Q2 FY27 recorded a loss of ₹2.11 crore.
The EBITDA margin reached its highest point at 14.4% in Q4 FY25 and its lowest at 2.8% in Q3 FY26. It recovered to 13.8% in Q1 FY27 before easing to 9.3% in Q2 FY27.
Which businesses drove the quarter?
The Chemicals and Related Products segment reported revenue of ₹69.22 crore in Q2 FY27, up 39.0% from ₹49.82 crore in Q2 FY26. Segment EBIT was ₹2.32 crore, compared with a loss of ₹8.62 crore in the year-ago quarter, and the EBIT margin was 3.3%.
The PVC-O Pipes segment reported revenue of ₹6.39 crore, down 76.3% from ₹27.0 crore in Q2 FY26. Segment EBIT was a loss of ₹3.17 crore, against profit of ₹7.47 crore in the year-ago quarter, and the EBIT margin was -49.6%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Chemicals and Related products | 69.22 | +39.0% | 2.32 | 3.3% |
| PVC-O Pipes | 6.39 | −76.3% | −3.17 | -49.6% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The same-day filing appointed V. R. Raguraman as Chief Operating Officer and Senior Management Personnel with immediate effect, following a recommendation from the Nomination and Remuneration Committee.
The board also redesignated Satish Narain Jajoo as Chairperson of the Stakeholders Relationship Committee and Drushti Desai as a member, both with immediate effect. The same-day filing did not announce a dividend or a fund raise.
What did Chemfab Alkalis' management say?
Management said global caustic-soda prices softened during Q2 FY27, causing ECU realisation to fall from ₹39,600/MT in Q1 FY27 to ₹38,000/MT. Management said global prices appeared to have bottomed out in October 2026 and that, with stabilised realisations, better operating efficiency and structural cost improvements, it expected the Chemical business’s financial performance to improve.
Management said OPVC enquiries and order visibility were improving, with a large share of current enquiries and live tenders for large-diameter pipes. It said a few more states had approved OPVC pipes, although the benefit would show only from FY28. Management expected OPVC revenue to pick up visibly from Q3 FY27 and said the timing of government fund releases remained the main industry risk.
Management said it expected stronger consolidated performance in H2 FY27. The presentation set out an OPVC cumulative capacity of 23,000 TPA for Q4 FY27 and targeted a payback of 2–2.5 years per production line. It also noted that most OPVC demand came from government projects and that demand from JJM 2.0 and AMRUT 2.0 supported the segment outlook.
How did Chemfab Alkalis shares react?
After the filing appeared after market hours, the stock fell 3.3% within 5 minutes, 2.4% within 15 minutes and 1.7% within 30 minutes. On the reaction day, it closed 4.0% below the previous close of ₹305.05. By the next day's close, the cumulative move from that pre-results close was -4.3%.
The Nifty Microcap 250 rose 0.7% on the reaction day and fell 1.9% by the next day's close. No five-day move or industry-peer median was available for comparison. Earlier reaction-day moves were -0.9% on 29 July 2026, -3.0% on 13 May 2026, 0.7% on 12 February 2026 and -3.4% on 31 October 2025.
| After the filing | Stock |
|---|---|
| 5 minutes | −3.3% |
| 15 minutes | −2.4% |
| 30 minutes | −1.7% |
| Reaction day | −4.0% |
| Next day | −4.3% |
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 |
|---|---|
| 29 July 2026 | −0.9% |
| 13 May 2026 | −3.0% |
| 12 February 2026 | +0.7% |
| 31 October 2025 | −3.4% |
| 31 July 2025 | −9.7% |
| 30 January 2025 | +3.3% |
| 4 November 2024 | −9.0% |
| 8 August 2024 | −4.8% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Chemfab Alkalis' revenue in Q2 FY27?
Revenue from operations was ₹75.61 crore, down 1.2% from ₹76.56 crore in Q2 FY26 (consolidated).
Did Chemfab Alkalis make a profit in Q2 FY27?
No. It reported a net loss of ₹2.11 crore, against a net loss of ₹2.01 crore in Q2 FY26.
What was Chemfab Alkalis' EPS in Q2 FY27?
Basic loss per share was ₹1.47, against a loss of ₹1.40 in Q2 FY26.
How did Chemfab Alkalis shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.0% from the previous close.
When did Chemfab Alkalis announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For Approval Of The Un-Audited Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 21 October 2026) · PDF
- Board Meeting Outcome for Intimation Of Outcome Of Board Meeting Held On 28.10.2026 (BSE, 28 October 2026) · PDF
- Unaudited Financial Results Along With Limited Review Report From Statutory Auditors For Quarter And Half Year Ended 30Th September 2026 (BSE, 28 October 2026) · PDF
- The investor presentation (28 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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