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HP Adhesives Q2 FY27 results: net profit down 92.1% to ₹0.28 crore, revenue up 16.7%
HP Adhesives Limited reported consolidated revenue of ₹75.93 crore in Q2 FY27, up 16.7% from ₹65.06 crore a year ago, but EBITDA fell 54.0% to ₹2.93 crore and net profit declined to ₹0.28 crore from ₹3.53 crore. The company returned to profit from Q1 FY27, when it reported a net loss of ₹0.91 crore, while basic EPS was ₹0.03.
Key points
- Consolidated revenue was ₹75.93 crore in Q2 FY27, up 16.7% from ₹65.06 crore in Q2 FY26 and up 19.7% from ₹63.42 crore in Q1 FY27.
- EBITDA was ₹2.93 crore, down 54.0% from ₹6.37 crore, while EBITDA margin fell 5.9 percentage points to 3.9%.
- Net profit was ₹0.28 crore versus ₹3.53 crore a year ago and a net loss of ₹0.91 crore in Q1 FY27; basic EPS was ₹0.03.
- H1 FY27 revenue rose 6.2% to ₹139.34 crore, but the company reported a net loss of ₹0.62 crore compared with a net profit of ₹7.73 crore in H1 FY26.
- At 30 September 2026, total assets were ₹257.62 crore, borrowings were ₹25.58 crore and cash was ₹0.61 crore.
How did HP Adhesives perform in Q2 FY27?
HP Adhesives reported consolidated revenue of ₹75.93 crore in Q2 FY27, up 16.7% from ₹65.06 crore in Q2 FY26 and 19.7% from ₹63.42 crore in Q1 FY27. Total income was ₹76.29 crore, compared with ₹65.90 crore a year ago and ₹64.48 crore in the previous quarter.
EBITDA was ₹2.93 crore, down 54.0% from ₹6.37 crore in Q2 FY26, and its margin fell 5.9 percentage points to 3.9%. The company reported profit before tax of ₹0.74 crore and net profit of ₹0.28 crore, down 92.1% from ₹3.53 crore, while basic EPS was ₹0.03 compared with ₹0.38 a year ago. Against Q1 FY27, net profit moved from a loss of ₹0.91 crore to a profit of ₹0.28 crore.
The results are consolidated. On a standalone basis, revenue was ₹75.76 crore, up 16.3%, while profit after tax was ₹0.23 crore against profit before tax of ₹3.55 crore. The board approved the unaudited standalone and consolidated results on 5 November 2026, and the independent auditor reported that its review conclusion was not modified.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 75.93 | 63.42 | 65.06 | +16.7% | +19.7% |
| Other income | 0.36 | 1.06 | 0.84 | −57.1% | −66.0% |
| Total expenses | 75.54 | 65.83 | 60.78 | +24.3% | +14.8% |
| EBITDA | 2.93 | −0.34 | 6.37 | −54.0% | turned to profit |
| EBITDA margin | 3.9% | -0.5% | 9.8% | −5.9 pp | +4.4 pp |
| Profit before tax | 0.74 | −1.35 | 4.80 | −84.6% | turned to profit |
| Tax | 0.46 | −0.45 | 1.27 | −63.8% | |
| Net profit | 0.28 | −0.91 | 3.53 | −92.1% | turned to profit |
| EPS (₹) | 0.03 | −0.10 | 0.38 | −92.1% | turned to profit |
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 HP Adhesives' costs and profit?
Total expenses rose 24.3% to ₹75.54 crore from ₹60.78 crore in Q2 FY26, exceeding the 16.7% increase in revenue. Cost of materials was the largest increase, up 48.4% by ₹17.93 crore to ₹54.95 crore. Other expenses rose 10.3% by ₹1.01 crore to ₹10.82 crore, while finance costs rose 98.4% by ₹0.62 crore to ₹1.25 crore.
Employee cost fell 0.7% by ₹0.07 crore to ₹9.83 crore and depreciation fell 11.0% by ₹0.16 crore to ₹1.29 crore. Other income declined 57.1% by ₹0.48 crore to ₹0.36 crore. The year-ago quarter included an exceptional charge of ₹0.32 crore, while Q2 FY27 had no exceptional item.
Tax expense fell 63.8% by ₹0.81 crore to ₹0.46 crore, compared with ₹1.27 crore in Q2 FY26. Despite the lower tax charge, profit before tax fell 84.6% by ₹4.06 crore to ₹0.74 crore and net profit fell 92.1% by ₹3.25 crore to ₹0.28 crore. The filing does not state reasons for the movements in costs or income.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 54.95 | 37.02 | +17.93 | +48.4% |
| Employee cost | 9.83 | 9.90 | −0.07 | −0.7% |
| Finance costs | 1.25 | 0.63 | +0.62 | +98.4% |
| Depreciation | 1.29 | 1.45 | −0.16 | −11.0% |
| Other expenses | 10.82 | 9.81 | +1.01 | +10.3% |
| Total expenses | 75.54 | 60.78 | +14.76 | +24.3% |
| Other income | 0.36 | 0.84 | −0.48 | −57.1% |
| Tax | 0.46 | 1.27 | −0.81 | −63.8% |
| Exceptional items | none | −0.32 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue rose 6.2% by ₹8.17 crore to ₹139.34 crore from ₹131.17 crore in H1 FY26. Total income increased 5.8% by ₹7.67 crore to ₹140.77 crore from ₹133.10 crore.
Profit before tax moved from ₹10.37 crore in H1 FY26 to a loss of ₹0.61 crore in H1 FY27. Net profit moved from ₹7.73 crore to a loss of ₹0.62 crore, while EPS declined from ₹0.84 to a loss of ₹0.07. The H1 FY26 period included an exceptional charge of ₹0.32 crore, while H1 FY27 had no exceptional item.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 139.34 | 131.17 | +6.2% |
| Profit before tax | −0.61 | 10.37 | turned to loss |
| Net profit | −0.62 | 7.73 | turned to loss |
| EPS (₹) | −0.07 | 0.84 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹257.62 crore, compared with ₹232.11 crore at 31 March 2026. Total equity was ₹183.75 crore against ₹187.75 crore, borrowings rose to ₹25.58 crore from ₹3.26 crore, and cash fell to ₹0.61 crore from ₹0.89 crore.
Inventories increased to ₹69.04 crore from ₹50.5 crore, trade receivables to ₹41.31 crore from ₹37.26 crore and trade payables to ₹36.02 crore from ₹27.65 crore. H1 FY27 operating cash flow was an outflow of ₹16.78 crore, compared with an inflow of ₹10.97 crore in H1 FY26.
Financing cash flow was an inflow of ₹17.41 crore in H1 FY27 against an outflow of ₹6.85 crore a year earlier. Investing cash flow was an outflow of ₹0.91 crore compared with ₹4.82 crore, while capital expenditure was ₹11.14 crore against ₹2.57 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 257.62 | 232.11 |
| Total equity | 183.75 | 187.75 |
| Borrowings | 25.58 | 3.26 |
| Cash and equivalents | 0.61 | 0.89 |
| Inventories | 69.04 | 50.50 |
| Trade receivables | 41.31 | 37.26 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −16.78 | 10.97 |
| Cash from investing | −0.91 | −4.82 |
| Cash from financing | 17.41 | −6.85 |
| Capital expenditure | 11.14 | 2.57 |
Source: Company's results filing (XBRL).
How has HP Adhesives done over the last 8 quarters?
Revenue reached its highest point of the last eight quarters in Q2 FY27 at ₹75.93 crore, compared with its lowest at ₹57.82 crore in Q4 FY26. Profit also recovered to ₹0.28 crore from a loss of ₹2.37 crore in Q4 FY26, although it remained below ₹4.25 crore recorded in Q4 FY25.
The EBITDA margin bottomed at -6.5% in Q4 FY26 and has since recovered to -0.5% in Q1 FY27 and 3.9% in Q2 FY27. Across the earlier quarters, the margin was highest at 9.9% in Q1 FY26, while quarterly profit peaked at ₹4.25 crore in Q4 FY25. The current direction is upward for revenue, profit and margin, based on the latest reported quarter.
How did other Specialty Chemicals companies do?
A total of 63 Specialty Chemicals companies were compared for the quarter. Their median revenue growth was 28.9%, above HP Adhesives’ revenue growth of 16.7% in Q2 FY27; 12 peers grew more slowly than HP Adhesives and 51 grew faster.
Among the 59 peers for which profit was compared, 51 reported higher profit. HP Adhesives’ own net profit was ₹0.28 crore in Q2 FY27, compared with ₹3.53 crore in Q2 FY26.
| HP Adhesives revenue growth (YoY) | +16.7% |
|---|---|
| Median of 63 other Specialty Chemicals companies | +28.9% |
| Companies with slower revenue growth than HP Adhesives | 12 of 63 |
| Companies with faster revenue growth than HP Adhesives | 51 of 63 |
| Companies whose net profit rose | 51 of 59 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was HP Adhesives' revenue in Q2 FY27?
Revenue from operations was ₹75.93 crore, up 16.7% from ₹65.06 crore in Q2 FY26 (consolidated).
Did HP Adhesives make a profit in Q2 FY27?
Yes. Net profit was ₹0.28 crore, against a net profit of ₹3.53 crore in Q2 FY26.
What was HP Adhesives' EPS in Q2 FY27?
Basic earnings per share were ₹0.03, against ₹0.38 in Q2 FY26.
When did HP Adhesives announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Un-Audited Financial Results For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 1 November 2026) · PDF
- Board Meeting Intimation for Un-Audited Financial Results For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 1 November 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On 5Th November, 2026. (BSE, 5 November 2026) · PDF
- Results - Financial Results For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 5 November 2026) · PDF
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