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Chemplast Sanmar Q2 FY27 results: net loss narrows to ₹5.45 crore, revenue up 28.1%
Chemplast Sanmar Limited reported Q2 FY27 consolidated revenue of ₹1,323 crore, up 28.1% from Q2 FY26, with EBITDA of ₹111.25 crore and an 8.4% margin. The company remained at a net loss of ₹5.45 crore, but the loss narrowed against both Q2 FY26 and Q1 FY27.
Key points
- Consolidated revenue was ₹1,323 crore, up 28.1% from ₹1,033 crore in Q2 FY26 and 17.7% from ₹1,125 crore in Q1 FY27.
- EBITDA was ₹111.25 crore at an 8.4% margin, compared with ₹43.25 crore and a 4.2% margin in Q2 FY26.
- The net loss narrowed to ₹5.45 crore from ₹51.04 crore in Q2 FY26 and ₹175.58 crore in Q1 FY27.
- Basic EPS improved to ₹0.34, from ₹3.21 in Q2 FY26 and ₹11.10 in Q1 FY27.
- H1 FY27 revenue was ₹2,447.87 crore, up 14.8% from ₹2,133.10 crore, while the net loss was ₹181.03 crore.
How did Chemplast Sanmar perform in Q2 FY27?
Chemplast Sanmar reported consolidated revenue of ₹1,323 crore for Q2 FY27, up ₹290.01 crore or 28.1% from ₹1,033 crore in Q2 FY26 and ₹198.55 crore or 17.7% from ₹1,125 crore in Q1 FY27. EBITDA was ₹111.25 crore at an 8.4% margin, against ₹43.25 crore and a 4.2% margin a year earlier and negative EBITDA of ₹114.55 crore and a negative 10.2% margin in the previous quarter.
The company reported a loss before tax of ₹8.51 crore, compared with ₹62.19 crore in Q2 FY26 and ₹232.26 crore in Q1 FY27. The net loss was ₹5.45 crore, down from ₹51.04 crore and ₹175.58 crore, respectively, while basic EPS improved to ₹0.34 from ₹3.21 and ₹11.10. On a standalone basis, revenue was ₹622.14 crore and the net loss was ₹11.48 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,323 | 1,125 | 1,033 | +28.1% | +17.7% |
| Other income | 3.64 | 2.53 | 6.99 | −47.9% | +43.9% |
| Total expenses | 1,335 | 1,359 | 1,102 | +21.1% | −1.8% |
| EBITDA | 111.25 | −114.55 | 43.25 | +157.2% | turned to profit |
| EBITDA margin | 8.4% | -10.2% | 4.2% | +4.2 pp | +18.6 pp |
| Profit before tax | −8.51 | −232.26 | −62.19 | ||
| Tax | −3.06 | −56.68 | −11.15 | ||
| Net profit | −5.45 | −175.58 | −51.04 | ||
| EPS (₹) | −0.34 | −11.10 | −3.21 |
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 Chemplast Sanmar's costs and profit?
Against Q2 FY26, total expenses increased by ₹232.98 crore, or 21.1%, to ₹1,335.36 crore, broadly tracking the rise in revenue. Cost of materials rose by ₹142.53 crore, or 21.9%, to ₹791.90 crore; employee cost increased by ₹1.68 crore to ₹66.43 crore; finance costs rose by ₹7.94 crore to ₹68.27 crore; and depreciation increased by ₹3.03 crore to ₹55.13 crore. Other expenses declined by ₹8.66 crore, or 3.1%, to ₹272.72 crore.
Other income declined by ₹3.35 crore, or 47.9%, to ₹3.64 crore. Tax expense was ₹3.06 crore, compared with ₹11.15 crore in Q2 FY26. There was no exceptional item in either quarter. The filing said Paste PVC realisations improved amid better market conditions, while commodity PVC economics remained constrained by VCM cost catch-up, structural oversupply and volatile spreads.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 791.90 | 649.37 | +142.53 | +21.9% |
| Employee cost | 66.43 | 64.75 | +1.68 | +2.6% |
| Finance costs | 68.27 | 60.33 | +7.94 | +13.2% |
| Depreciation | 55.13 | 52.10 | +3.03 | +5.8% |
| Other expenses | 272.72 | 281.38 | −8.66 | −3.1% |
| Total expenses | 1,335 | 1,102 | +232.98 | +21.1% |
| Other income | 3.64 | 6.99 | −3.35 | −47.9% |
| Tax | −3.06 | −11.15 | +8.09 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Chemplast Sanmar reported consolidated revenue of ₹2,447.87 crore, up ₹314.77 crore or 14.8% from ₹2,133.10 crore in H1 FY26. Total income rose 14.2% to ₹2,454.04 crore from ₹2,149.09 crore, while EBITDA for the half was not provided in the consolidated figures.
The loss before tax widened to ₹240.77 crore from ₹148.60 crore in H1 FY26. The net loss increased to ₹181.03 crore from ₹115.29 crore, and basic EPS was ₹11.45 compared with ₹7.22. Total expenses for the half were ₹1,359.45 crore, compared with ₹1,102.38 crore in Q2 FY26, and there was no exceptional item.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,448 | 2,133 | +14.8% |
| Profit before tax | −240.77 | −148.60 | |
| Net profit | −181.03 | −115.29 | |
| EPS (₹) | −11.45 | −7.22 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹6,280.06 crore, down from ₹6,315.23 crore at 31 March 2026. Total equity was ₹1,573.70 crore, compared with ₹1,754.63 crore, while borrowings fell to ₹1,748.44 crore from ₹1,951.84 crore. Cash was ₹430.44 crore, against ₹430.39 crore at the previous balance-sheet date.
Inventories rose to ₹617.22 crore from ₹601.68 crore, and trade payables increased to ₹2,169.98 crore from ₹1,637.30 crore. Trade receivables fell to ₹81.61 crore from ₹92.22 crore. In H1 FY27, operating cash flow was ₹458.31 crore, compared with ₹126.43 crore in H1 FY26; investing cash flow was negative ₹143.91 crore against negative ₹142.00 crore, and financing cash flow was negative ₹314.35 crore against negative ₹86.82 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 6,280 | 6,315 |
| Total equity | 1,574 | 1,755 |
| Borrowings | 1,748 | 1,952 |
| Cash and equivalents | 430.44 | 430.39 |
| Inventories | 617.22 | 601.68 |
| Trade receivables | 81.61 | 92.22 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 458.31 | 126.43 |
| Cash from investing | −143.91 | −142 |
| Cash from financing | −314.35 | −86.82 |
| Capital expenditure | 146.66 | 201.11 |
Source: Company's results filing (XBRL).
How has Chemplast Sanmar done over the last 8 quarters?
Revenue has risen year on year for the last three quarters, reaching ₹1,323 crore in Q2 FY27 from ₹1,033 crore in Q2 FY26. The latest revenue was above the ₹1,255.55 crore recorded in Q4 FY26 but below the ₹1,150.88 crore peak in Q4 FY25; within the latest two quarters, revenue fell from ₹1,124.66 crore in Q1 FY26 before recovering.
The net loss narrowed to ₹5.45 crore in Q2 FY27 from ₹175.58 crore in Q1 FY27, although it remained wider than the ₹45.38 crore loss in Q4 FY26 and the ₹48.82 crore loss in Q3 FY25. EBITDA margin moved from negative 10.2% in Q1 FY27 to 8.4% in Q2 FY27, remaining below the 15.5% recorded in Q4 FY26. The latest EBITDA margin was above the 4.2% of Q2 FY26.
Which businesses drove the quarter?
Specialities reported revenue of ₹622.14 crore in Q2 FY27, up 11.5% from ₹558.12 crore in Q2 FY26. EBIT was ₹15.45 crore, compared with a loss of ₹17.08 crore in the year-ago quarter, and the segment reported an EBIT margin of 2.5%. The company said healthy Paste PVC demand and the continued scale-up of CMCD supported the specialty portfolio.
Commodity revenue was ₹724.84 crore, up 33.7% from ₹542.01 crore in Q2 FY26. EBIT increased to ₹43.82 crore from ₹14.52 crore, with an EBIT margin of 6.0%. The filing said PVC prices and realisations improved during the quarter, although Chinese dumping, subdued pipe demand, low government-project offtake and VCM cost catch-up continued to pressure the segment.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Specialities | 622.14 | +11.5% | 15.45 | 2.5% |
| Commodity | 724.84 | +33.7% | 43.82 | 6.0% |
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 on 4 November 2026, together with the statutory auditors’ limited review report. The results filing did not announce a dividend, fund raise or appointment.
The company also filed an investor presentation for Q2 and H1 FY27 on 4 November 2026. The presentation described developments in Paste PVC, CMCD and Refrigerant Gases, as well as Suspension PVC and Value-Added Chemicals.
What did Chemplast Sanmar's management say?
Management said specialty chemicals were expected to drive value creation and described CMCD’s 20%+ EBITDA margin at scale as the stated intent. It viewed a $200/ton PVC spread as the level needed for PBT breakeven, while giving no timing for consolidated profit because the restructuring review remained pending. The call identified shipping disruptions, Middle East geopolitics, Chinese oversupply, weak demand and the Karaikal shutdown as risks.
The company said Paste PVC recovery was driven by automotive and footwear demand, CMCD’s pipeline was broadening beyond agrochemicals, and R32 qualification and capacity build-out were progressing. Management also said value-added chemicals remained under operational and pricing pressure, while commodity PVC economics were constrained by VCM costs and oversupply.
How did Chemplast Sanmar shares react?
The results appeared after market hours. From the price when the filing appeared, the stock fell 0.5% after 5 minutes, 2.0% after 15 minutes and 2.3% after 30 minutes. It closed the first session that could trade on the news up 4.2% from the previous close of ₹203.38.
The Specialty Chemicals industry median moved 0.5% on the reaction day, leaving Chemplast Sanmar 3.7 percentage points ahead of the sector. Earlier results-day moves were mixed: 0.4% on 14 July 2026, negative 5.8% on 25 May 2026, 7.7% on 7 February 2026 and 0.5% on 13 November 2025.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −0.5% | |
| 15 minutes | −2.0% | |
| 30 minutes | −2.3% | |
| Reaction day | +4.2% | +0.5% |
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 |
|---|---|
| 14 July 2026 | +0.4% |
| 25 May 2026 | −5.8% |
| 7 February 2026 | +7.7% |
| 13 November 2025 | +0.5% |
| 28 July 2025 | +0.0% |
| 13 May 2025 | +1.8% |
| 7 February 2025 | −2.1% |
| 5 November 2024 | −0.3% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Among 69 Specialty Chemicals companies compared for the quarter, the median revenue growth was 28.9%. Chemplast Sanmar’s revenue growth was below that median. Of the other peers, 32 grew more slowly than Chemplast Sanmar and 37 grew faster.
Profit was compared across 63 peers, of whom 53 reported higher profit. The peer figures were available as of 6 November 2026 and do not include Chemplast Sanmar.
| Chemplast Sanmar revenue growth (YoY) | +28.1% |
|---|---|
| Median of 69 other Specialty Chemicals companies | +28.9% |
| Companies with slower revenue growth than Chemplast Sanmar | 32 of 69 |
| Companies with faster revenue growth than Chemplast Sanmar | 37 of 69 |
| Companies whose net profit rose | 53 of 63 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Chemplast Sanmar's revenue in Q2 FY27?
Revenue from operations was ₹1,323 crore, up 28.1% from ₹1,033 crore in Q2 FY26 (consolidated).
Did Chemplast Sanmar make a profit in Q2 FY27?
No. It reported a net loss of ₹5.45 crore, against a net loss of ₹51.04 crore in Q2 FY26.
What was Chemplast Sanmar's EPS in Q2 FY27?
Basic loss per share was ₹0.34, against a loss of ₹3.21 in Q2 FY26.
How did Chemplast Sanmar shares react to the Q2 FY27 results?
On the reaction day the stock moved +4.2% from the previous close; the median Specialty Chemicals stock moved +0.5%.
When did Chemplast Sanmar announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Inter Alia, To Consider, Approve And Take On Record The Unaudited Standalone As Well As Consolidated Financial Results Along With The Limited Review Report Thereon Of The Company For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 4 November 2026) · PDF
- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 4 November 2026) · PDF
- The earnings call (5 November 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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