HMA Agro Industries Q2 FY27 results: net profit up 16.5% to ₹104.57 crore, revenue up 29.0%

How did HMA Agro Industries perform in Q2 FY27?

HMA Agro Industries reported consolidated revenue of ₹2,779 crore for Q2 FY27, up 29.0% from ₹2,155 crore in Q2 FY26 and 31.7% from ₹2,110 crore in Q1 FY27. EBITDA was ₹118.99 crore, compared with ₹95.46 crore a year ago and ₹9.28 crore in the previous quarter. The EBITDA margin was 4.3%, versus 4.4% in Q2 FY26 and 0.4% in Q1 FY27.

Profit before tax was ₹132.48 crore, up from ₹117.02 crore in Q2 FY26 and ₹62.51 crore in Q1 FY27. Net profit was ₹104.57 crore, compared with ₹89.79 crore a year ago and ₹50.51 crore in the previous quarter. Basic EPS was ₹2.08, against ₹1.79 in Q2 FY26 and ₹1.01 in Q1 FY27. On the standalone basis, revenue was ₹2,733.11 crore and profit before tax was ₹48.23 crore.

What changed in HMA Agro Industries' costs and profit?

Against Q2 FY26, cost of materials rose ₹1,092 crore to ₹2,735 crore, employee cost rose ₹11.80 crore to ₹47.22 crore, and other expenses rose ₹50.45 crore to ₹133.89 crore. Finance costs rose ₹7.64 crore to ₹14.06 crore, while depreciation fell ₹1.13 crore to ₹7 crore. Total expenses increased ₹607.12 crore to ₹2,682 crore.

Other income fell ₹1.56 crore from ₹36.11 crore in Q2 FY26 to ₹34.55 crore in Q2 FY27. There was no exceptional item in either quarter. Tax expense rose ₹0.68 crore to ₹27.91 crore, while profit before tax increased ₹15.46 crore to ₹132.48 crore and net profit rose ₹14.78 crore to ₹104.57 crore. The EBITDA margin declined 0.1 percentage point, while the PAT margin fell 0.4 percentage points.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹4,889.8 crore, up ₹1,611.85 crore or 49.2% from ₹3,277.95 crore in H1 FY26. Total income was ₹4,996.11 crore, up 50.2%, while profit before tax was ₹194.99 crore, up 64.6%. Net profit was ₹155.08 crore, up ₹64.69 crore or 71.6% from ₹90.39 crore. Basic EPS increased from ₹1.81 to ₹3.09.

What do the balance sheet and cash flow show?

Total assets increased to ₹2,866.46 crore as of 30 September 2026 from ₹2,412.87 crore as of 31 March 2026. Total equity rose to ₹1,118.59 crore from ₹962.46 crore, while borrowings increased to ₹1,083.12 crore from ₹850.03 crore. Cash stood at ₹303.44 crore, compared with ₹135.79 crore. Inventories were ₹1,678.53 crore against ₹1,330.6 crore, trade receivables were ₹30.03 crore against ₹23.73 crore, and trade payables were ₹138.31 crore against ₹126.96 crore.

H1 FY27 operating cash flow was negative ₹69.02 crore, compared with positive ₹31.41 crore in H1 FY26. Investing cash flow was positive ₹33.68 crore against negative ₹98.74 crore, while financing cash flow was positive ₹207.61 crore against ₹63.61 crore. Capital expenditure was ₹26.24 crore, compared with ₹22.01 crore in the earlier first half.

How has HMA Agro Industries done over the last 8 quarters?

Revenue reached its highest level in the eight-quarter series at ₹2,779 crore in Q2 FY27, while the lowest was ₹1,122.61 crore in Q1 FY26. Net profit peaked at ₹104.57 crore in the latest quarter and bottomed at ₹0.6 crore in Q1 FY26. Revenue and profit have now risen from Q1 FY27 levels of ₹2,110 crore and ₹50.51 crore.

The EBITDA margin recovered to 4.3% in Q2 FY27 from 0.4% in Q1 FY27, after reaching a low of -0.4% in Q4 FY26. The previous peak was 4.4% in Q2 FY26. Revenue rose year on year in each of the last eight quarters, while profit rose year on year in each of the last two quarters.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and six-month period ended 30 September 2026, and took note of the statutory auditors’ limited review reports. It also filed an investor presentation describing revenue and profit growth for Q2 and H1 FY27. The filings provided did not include a dividend, fund-raising or appointment announcement.

What did HMA Agro Industries' management say?

Management identified Southeast Asia, West Africa and GCC as the strongest export growth markets and said HMA serves almost 49 countries across four major continents. It said Indian products are competitive on price and that existing plants operating at 65-70% utilisation could handle higher orders without major capital expenditure. Operational efficiency, export expansion, premium chilled meat, a broader product basket, governance and regulatory compliance were among the priorities discussed.

Management did not provide formal FY27 financial guidance. It estimated that freight normalisation could add approximately 1.5-2% to margins, but gave no timing. It said no major capital expenditure was currently required, while additional working capital could be needed if orders rise. Freight and shipping rates, Middle East conflict and geopolitical tension, working-capital needs, and the early stage of the rice and seafood businesses were identified as risks.

How did HMA Agro Industries shares react?

The stock moved up 0.6% after five minutes, 0.8% after 15 minutes and 1.4% after 30 minutes from the price when the filing appeared. On the reaction day, it closed 0.1% above the previous close. By the next day’s close, it was up 13.4% from its pre-results close, against a 4.0% median move for the other stocks in the industry and a 2.4% rise for the Nifty Microcap 250. Its one-day excess move over the industry median was 9.4 percentage points.

Earlier reaction-day moves were mixed. The stock rose 10.0% on 13 August 2026 and 6.5% on 14 November 2025, while it fell 5.2% on 25 May 2026, 7.3% on 12 February 2026 and 3.4% on 12 August 2025. The earlier reaction-day gains included 7.5% on 29 May 2025 and 9.4% on 11 November 2024, while the move on 7 February 2025 was 8.4% lower.