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Gratex Industries Q2 FY27 results: net profit flat at ₹0.03 crore, revenue up 36.9%
Gratex Industries Ltd reported standalone revenue of ₹1.52 crore in Q2 FY27, up 36.9% from Q2 FY26. EBITDA rose to ₹0.10 crore, while the EBITDA margin fell to 6.3% and net profit was ₹0.03 crore.
Key points
- Revenue was ₹1.52 crore in Q2 FY27, up 36.9% from ₹1.11 crore in Q2 FY26 and 21.6% from ₹1.25 crore in Q1 FY27.
- EBITDA was ₹0.10 crore, up from ₹0.07 crore in Q2 FY26 and ₹0.09 crore in Q1 FY27.
- EBITDA margin was 6.3%, down 0.3 percentage points year on year and 1.3 percentage points sequentially.
- Net profit was ₹0.03 crore, unchanged from Q2 FY26 but down from ₹0.04 crore in Q1 FY27; basic EPS was ₹0.10.
- H1 FY27 revenue was ₹2.76 crore, up 37.3% from ₹2.01 crore in H1 FY26, while PAT rose 40.0% to ₹0.07 crore.
How did Gratex Industries perform in Q2 FY27?
Gratex Industries’ standalone revenue for Q2 FY27 was ₹1.52 crore, up 36.9% from ₹1.11 crore in Q2 FY26 and 21.6% from ₹1.25 crore in Q1 FY27. EBITDA was ₹0.10 crore, compared with ₹0.07 crore a year earlier and ₹0.09 crore in the previous quarter. The EBITDA margin was 6.3%, against 6.6% in Q2 FY26 and 7.6% in Q1 FY27.
Profit before tax was ₹0.04 crore, unchanged from Q2 FY26 but down from ₹0.06 crore in Q1 FY27. Net profit was ₹0.03 crore, unchanged from Q2 FY26 and lower than ₹0.04 crore in the previous quarter. Basic EPS was ₹0.10, compared with ₹0.10 in Q2 FY26 and ₹0.14 in Q1 FY27. The results were approved by the board on standalone basis.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1.52 | 1.25 | 1.11 | +36.9% | +21.6% |
| Other income | 0 | 0 | 0 | ||
| Total expenses | 1.47 | 1.19 | 1.07 | +37.4% | +23.5% |
| EBITDA | 0.10 | 0.09 | 0.07 | +42.9% | +11.1% |
| EBITDA margin | 6.3% | 7.6% | 6.6% | −0.3 pp | −1.3 pp |
| Profit before tax | 0.04 | 0.06 | 0.04 | +0.0% | −33.3% |
| Tax | 0.01 | 0.01 | 0.01 | +0.0% | +0.0% |
| Net profit | 0.03 | 0.04 | 0.03 | +0.0% | −25.0% |
| EPS (₹) | 0.10 | 0.14 | 0.10 | +0.0% | −28.6% |
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 Gratex Industries' costs and profit?
Total expenses were ₹1.47 crore in Q2 FY27, up ₹0.40 crore or 37.4% from ₹1.07 crore in Q2 FY26. Cost of materials was the largest increase, rising ₹0.58 crore or 113.7% to ₹1.09 crore. Employee cost rose ₹0.03 crore or 14.3% to ₹0.24 crore, while depreciation increased ₹0.01 crore or 33.3% to ₹0.04 crore and finance costs rose ₹0.01 crore to ₹0.01 crore.
Other expenses were ₹0.28 crore, unchanged from Q2 FY26. There was no other income in either period and no exceptional item. Tax was ₹0.01 crore, unchanged from Q2 FY26. Although EBITDA increased ₹0.03 crore, the EBITDA margin declined 0.3 percentage points and the net profit margin fell 0.7 percentage points. The filing did not state the reasons for the movements in the cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1.09 | 0.51 | +0.58 | +113.7% |
| Employee cost | 0.24 | 0.21 | +0.03 | +14.3% |
| Finance costs | 0.01 | 0 | +0.01 | |
| Depreciation | 0.04 | 0.03 | +0.01 | +33.3% |
| Other expenses | 0.28 | 0.28 | 0 | +0.0% |
| Total expenses | 1.47 | 1.07 | +0.40 | +37.4% |
| Other income | 0 | 0 | 0 | |
| Tax | 0.01 | 0.01 | 0 | +0.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, standalone revenue was ₹2.76 crore, up ₹0.75 crore or 37.3% from ₹2.01 crore in H1 FY26. Total income rose ₹0.74 crore or 36.6% to ₹2.76 crore from ₹2.02 crore. Profit before tax increased ₹0.04 crore or 66.7% to ₹0.10 crore.
PAT for the first half was ₹0.07 crore, up ₹0.02 crore or 40.0% from ₹0.05 crore in H1 FY26. Basic EPS increased from ₹0.16 to ₹0.24. The board approved the unaudited standalone results for the half year ended 30 September 2026 on 5 November 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2.76 | 2.01 | +37.3% |
| Profit before tax | 0.10 | 0.06 | +66.7% |
| Net profit | 0.07 | 0.05 | +40.0% |
| EPS (₹) | 0.24 | 0.16 | +50.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹5.31 crore at 30 September 2026 from ₹4.73 crore at 31 March 2026, while total equity increased to ₹3.83 crore from ₹3.75 crore. Borrowings were ₹0.28 crore, compared with ₹0.17 crore at the previous balance sheet date, and cash was ₹0.01 crore in both periods. Inventories rose to ₹2.33 crore from ₹2.18 crore, trade receivables to ₹1.29 crore from ₹1.04 crore and trade payables to ₹0.95 crore from ₹0.48 crore.
For H1 FY27, operating cash flow was ₹0.12 crore, compared with ₹0.04 crore in H1 FY26. Investing cash flow was negative ₹0.21 crore against negative ₹0.02 crore, while financing cash flow was ₹0.10 crore against negative ₹0.02 crore. Capital expenditure was ₹0.21 crore in H1 FY27, compared with ₹0.0 crore in the earlier period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5.31 | 4.73 |
| Total equity | 3.83 | 3.75 |
| Borrowings | 0.28 | 0.17 |
| Cash and equivalents | 0.01 | 0.01 |
| Inventories | 2.33 | 2.18 |
| Trade receivables | 1.29 | 1.04 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 0.12 | 0.04 |
| Cash from investing | −0.21 | −0.02 |
| Cash from financing | 0.10 | −0.02 |
| Capital expenditure | 0.21 | 0 |
Source: Company's results filing (XBRL).
How has Gratex Industries done over the last 8 quarters?
Gratex Industries’ revenue rose year on year in each of the last three quarters. In the latest trend data, revenue peaked at ₹1.52 crore in Q2 FY27 after ₹1.25 crore in Q1 FY27. PAT was ₹0.03 crore in Q2 FY27, compared with ₹0.04 crore in the previous quarter, while the EBITDA margin fell to 6.3% from 7.6%.
Across the reported quarters, revenue bottomed at ₹0.70 crore in Q4 FY25 and reached ₹1.52 crore in Q2 FY27. PAT bottomed at ₹0.01 crore in Q4 FY25, while the EBITDA margin ranged from 10.3% in Q3 FY25 to 6.3% in Q2 FY27. The latest quarter therefore showed higher revenue but a lower margin than the preceding quarter.
How did other Paper & Paper Products companies do?
Eighteen other Paper & Paper Products companies filed results for the quarter. Their median revenue growth was 21.3%, compared with Gratex Industries’ revenue growth of 36.9%. Twelve peers grew more slowly than Gratex Industries, while six grew faster.
Among the peers for which profit was compared, 16 reported higher profit. The peer comparison was as of 6 November 2026.
| Gratex Industries revenue growth (YoY) | +36.9% |
|---|---|
| Median of 18 other Paper & Paper Products companies | +21.3% |
| Companies with slower revenue growth than Gratex Industries | 12 of 18 |
| Companies with faster revenue growth than Gratex Industries | 6 of 18 |
| Companies whose net profit rose | 16 of 21 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Gratex Industries' revenue in Q2 FY27?
Revenue from operations was ₹1.52 crore, up 36.9% from ₹1.11 crore in Q2 FY26 (standalone).
Did Gratex Industries make a profit in Q2 FY27?
Yes. Net profit was ₹0.03 crore, against a net profit of ₹0.03 crore in Q2 FY26.
What was Gratex Industries' EPS in Q2 FY27?
Basic earnings per share were ₹0.10, against ₹0.10 in Q2 FY26.
When did Gratex Industries announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approving The Un-Audited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 24 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held Today I.E. On Thursday, 05Th November, 2026. (BSE, 5 November 2026) · PDF
- Financial Results For Quarter And Half Year Ended On September 30, 2026 (BSE, 5 November 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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