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Gagan Gases Q2 FY27 results: net profit ₹0.02 crore vs ₹0.01 crore loss, revenue down 57.6%
Gagan Gases Ltd reported standalone Q2 FY27 revenue of ₹0.70 crore and net profit of ₹0.02 crore, compared with a net loss of ₹0.01 crore in Q2 FY26. EBITDA was ₹0.03 crore at a 4.7% margin, while revenue rose 32.1% from Q1 FY27 but fell 57.6% year on year.
Key points
- Q2 FY27 revenue was ₹0.70 crore, down 57.6% from ₹1.65 crore in Q2 FY26 but up 32.1% from ₹0.53 crore in Q1 FY27.
- EBITDA was ₹0.03 crore, with a 4.7% margin, compared with ₹0.01 crore and a 0.6% margin a year earlier.
- The company reported a net profit of ₹0.02 crore in Q2 FY27 against a net loss of ₹0.01 crore in Q2 FY26.
- Basic EPS was ₹0.04, compared with negative ₹0.01 in Q2 FY26 and ₹0.09 in Q1 FY27.
- H1 FY27 revenue was ₹1.24 crore, down 50.6% from ₹2.51 crore in H1 FY26, while net profit was ₹0.06 crore against a net loss of ₹0.07 crore.
How did Gagan Gases perform in Q2 FY27?
Gagan Gases reported standalone revenue of ₹0.70 crore for Q2 FY27, down ₹0.95 crore or 57.6% from ₹1.65 crore in Q2 FY26. Revenue increased ₹0.17 crore or 32.1% from ₹0.53 crore in Q1 FY27. EBITDA was ₹0.03 crore, with a 4.7% margin, compared with ₹0.01 crore and a 0.6% margin in the year-ago quarter.
Against Q1 FY27, EBITDA fell ₹0.02 crore or 40.0% from ₹0.05 crore, while the margin declined 5.3 percentage points from 10.0%. Profit before tax and net profit each fell ₹0.02 crore or 50.0% from ₹0.04 crore to ₹0.02 crore. Basic EPS declined ₹0.05 or 55.6% from ₹0.09 to ₹0.04.
The results are standalone. The Board approved the unaudited quarterly and half-year results on 17 October 2026, and the independent auditor’s review report stated that nothing had come to its attention that caused it to believe the required disclosures had not been made.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 0.70 | 0.53 | 1.65 | −57.6% | +32.1% |
| Other income | 0 | 0 | 0 | ||
| Total expenses | 0.69 | 0.49 | 1.65 | −58.2% | +40.8% |
| EBITDA | 0.03 | 0.05 | 0.01 | +200.0% | −40.0% |
| EBITDA margin | 4.7% | 10.0% | 0.6% | +4.1 pp | −5.3 pp |
| Profit before tax | 0.02 | 0.04 | −0.01 | turned to profit | −50.0% |
| Tax | 0 | 0 | 0 | ||
| Net profit | 0.02 | 0.04 | −0.01 | turned to profit | −50.0% |
| EPS (₹) | 0.04 | 0.09 | −0.01 | turned to profit | −55.6% |
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 Gagan Gases' costs and profit?
Total expenses fell ₹0.96 crore or 58.2% to ₹0.69 crore from ₹1.65 crore in Q2 FY26. Cost of materials consumed declined ₹0.89 crore or 64.0% to ₹0.50 crore, other expenses fell ₹0.07 crore or 53.8% to ₹0.06 crore, and depreciation fell ₹0.01 crore or 50.0% to ₹0.01 crore. Employee cost was unchanged at ₹0.12 crore.
There was no other income or exceptional item in either Q2 FY27 or Q2 FY26, and tax was unchanged at no exceptional item level, with no current or deferred tax reported. As a result, the lower expense base moved profit before tax and net profit from a net loss of ₹0.01 crore to a net profit of ₹0.02 crore. The filing did not state why revenue and costs changed.
Sequentially, total expenses rose ₹0.20 crore or 40.8% from ₹0.49 crore in Q1 FY27, led by a ₹0.25 crore or 100.0% increase in cost of materials to ₹0.50 crore. Other expenses fell ₹0.05 crore or 45.5% to ₹0.06 crore, while employee cost and depreciation were unchanged at ₹0.12 crore and ₹0.01 crore respectively.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0.50 | 1.39 | −0.89 | −64.0% |
| Employee cost | 0.12 | 0.12 | 0 | +0.0% |
| Finance costs | 0 | 0 | 0 | |
| Depreciation | 0.01 | 0.02 | −0.01 | −50.0% |
| Other expenses | 0.06 | 0.13 | −0.07 | −53.8% |
| Total expenses | 0.69 | 1.65 | −0.96 | −58.2% |
| Other income | 0 | 0 | 0 | |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, standalone revenue and total income were ₹1.24 crore, down ₹1.27 crore or 50.6% from ₹2.51 crore in H1 FY26. Profit before tax and net profit were ₹0.06 crore each, compared with net losses of ₹0.07 crore, marking a return to profit. Basic EPS was ₹0.13, compared with negative ₹0.16 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1.24 | 2.51 | −50.6% |
| Profit before tax | 0.06 | −0.07 | turned to profit |
| Net profit | 0.06 | −0.07 | turned to profit |
| EPS (₹) | 0.13 | −0.16 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹4.03 crore at 30 September 2026, compared with ₹4.06 crore at 31 March 2026. Equity rose to ₹3.51 crore from ₹3.45 crore, while borrowings were unchanged at ₹0.39 crore and cash fell to ₹0.27 crore from ₹0.40 crore. Inventories increased to ₹0.23 crore from ₹0.09 crore, and trade receivables declined to ₹0.30 crore from ₹0.57 crore.
H1 FY27 operating cash flow was ₹0.13 crore, compared with negative ₹0.80 crore in H1 FY26. Investing cash flow was negative ₹0.26 crore, compared with positive ₹0.75 crore a year earlier, while financing cash flow was negative ₹0.00 crore in both periods and capital expenditure was ₹0.00 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4.03 | 4.06 |
| Total equity | 3.51 | 3.45 |
| Borrowings | 0.39 | 0.39 |
| Cash and equivalents | 0.27 | 0.40 |
| Inventories | 0.23 | 0.09 |
| Trade receivables | 0.30 | 0.57 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 0.13 | −0.80 |
| Cash from investing | −0.26 | 0.75 |
| Cash from financing | 0 | 0 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Gagan Gases done over the last 8 quarters?
Revenue peaked at ₹1.86 crore in Q3 FY25 and bottomed at ₹0.53 crore in Q1 FY27. It recovered to ₹0.70 crore in Q2 FY27 after reaching ₹1.81 crore in Q4 FY26, so the latest quarter remained below the preceding quarter even as revenue rose sequentially.
Net profit peaked at ₹0.13 crore in Q4 FY26 and bottomed at a net loss of ₹0.07 crore in Q1 FY26. In Q2 FY27, net profit was ₹0.02 crore, lower than ₹0.04 crore in Q1 FY27. The EBITDA margin reached 10.0% in Q1 FY27 before falling to 4.7% in Q2 FY27.
How did Gagan Gases shares react?
The results were announced after market hours, with no five-minute, 15-minute or 30-minute reaction recorded. The stock closed unchanged on the reaction day from a pre-results close of ₹19.00 and was down 0.1% by the next day's close. By the fifth session, it was up 9.2% from the pre-results close.
The Industrial Gases sector's median move was negative 0.8% on the reaction day, negative 5.2% by the next close and negative 6.8% by the fifth session. Gagan Gases therefore outperformed the sector median by 0.8 percentage points on the reaction day, 5.1 percentage points by the next close and 16.0 percentage points by the fifth session.
Earlier reaction-day moves were mixed: 2.9% on 10 August 2026, negative 5.0% on 30 May 2026, negative 6.4% on 28 January 2026 and 0.6% on 8 November 2025. Earlier moves also included negative 5.0% on 26 July 2025 and 12.1% on 22 October 2024.
| After the filing | Stock | Industrial Gases median |
|---|---|---|
| Reaction day | +0.0% | −0.8% |
| Next day | −0.1% | −5.2% |
| 5 days | +9.2% | −6.8% |
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 |
|---|---|
| 10 August 2026 | +2.9% |
| 30 May 2026 | −5.0% |
| 28 January 2026 | −6.4% |
| 8 November 2025 | +0.6% |
| 26 July 2025 | −5.0% |
| 30 May 2025 | −1.3% |
| 22 October 2024 | +12.1% |
| 20 July 2024 | +1.7% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Gagan Gases' revenue in Q2 FY27?
Revenue from operations was ₹0.70 crore, down 57.6% from ₹1.65 crore in Q2 FY26 (standalone).
Did Gagan Gases make a profit in Q2 FY27?
Yes. Net profit was ₹0.02 crore, against a net loss of ₹0.01 crore in Q2 FY26.
What was Gagan Gases' EPS in Q2 FY27?
Basic earnings per share were ₹0.04, against a loss of ₹0.01 in Q2 FY26.
How did Gagan Gases shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.0% from the previous close; the median Industrial Gases stock moved −0.8%.
When did Gagan Gases announce its Q2 FY27 results?
On 17 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Unaudited Results For The Quarter Ending 30.09.2026. (BSE, 8 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting & Unaudited Financial Results For Quarter Ended On 30Th September 2026. (BSE, 17 October 2026) · PDF
- Outcome Of Board Meeting & Unaudited Financial Results For Quarter Ended On 30Th September 2026. (BSE, 17 October 2026) · PDF
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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