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IG Petrochemicals Q2 FY27 results: net profit ₹85.01 crore vs ₹2 crore loss, revenue up 63.1%
IG Petrochemicals Limited reported consolidated revenue of ₹758.96 crore in Q2 FY27, up 63.1% from Q2 FY26, alongside a net profit of ₹85.01 crore compared with a net loss of ₹2 crore. EBITDA rose to ₹132.38 crore and the margin increased to 17.4% from 4.3%, while basic EPS was ₹27.6.
Key points
- Consolidated Q2 FY27 revenue was ₹758.96 crore, up 63.1% from ₹465.34 crore in Q2 FY26 and 22.8% from ₹617.80 crore in Q1 FY27.
- EBITDA was ₹132.38 crore in Q2 FY27, up from ₹20.21 crore in Q2 FY26, with the margin rising to 17.4% from 4.3%.
- The company reported a net profit of ₹85.01 crore in Q2 FY27 against a net loss of ₹2 crore in Q2 FY26; basic EPS was ₹27.6.
- For H1 FY27, revenue was ₹1,376.76 crore, up 47.2% from ₹935.39 crore in H1 FY26, while PAT moved from a net loss of ₹14.99 crore to ₹151.45 crore.
- The board declared an interim dividend of ₹10 per equity share for FY27, with the record date on 13 November 2026.
How did IG Petrochemicals perform in Q2 FY27?
On the consolidated basis, IG Petrochemicals reported revenue of ₹758.96 crore in Q2 FY27, up ₹293.62 crore or 63.1% from ₹465.34 crore in Q2 FY26 and ₹141.16 crore or 22.8% from ₹617.80 crore in Q1 FY27. Total income was ₹769.01 crore, while other income was ₹10.04 crore.
EBITDA rose to ₹132.38 crore from ₹20.21 crore in Q2 FY26 and ₹112.18 crore in Q1 FY27. The EBITDA margin was 17.4%, up 13.1 percentage points year on year but down 0.8 percentage points from the previous quarter. Profit before tax was ₹115.50 crore, compared with a net loss before tax of ₹1.42 crore in Q2 FY26.
The company reported a net profit of ₹85.01 crore in Q2 FY27, against a net loss of ₹2 crore in Q2 FY26 and a net profit of ₹66.44 crore in Q1 FY27. Basic EPS was ₹27.6, compared with a loss of ₹0.65 per share in Q2 FY26 and EPS of ₹21.57 in Q1 FY27. On the standalone basis, revenue was ₹758.96 crore and PAT was ₹90.39 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 758.96 | 617.80 | 465.34 | +63.1% | +22.8% |
| Other income | 10.04 | 6.61 | 5.57 | +80.3% | +51.9% |
| Total expenses | 653.51 | 534.02 | 472.33 | +38.4% | +22.4% |
| EBITDA | 132.38 | 112.18 | 20.21 | +555.0% | +18.0% |
| EBITDA margin | 17.4% | 18.2% | 4.3% | +13.1 pp | −0.8 pp |
| Profit before tax | 115.50 | 90.39 | −1.42 | turned to profit | +27.8% |
| Tax | 30.49 | 23.95 | 0.59 | +5067.8% | +27.3% |
| Net profit | 85.01 | 66.44 | −2 | turned to profit | +28.0% |
| EPS (₹) | 27.60 | 21.57 | −0.65 | turned to profit | +28.0% |
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 IG Petrochemicals' costs and profit?
Total expenses were ₹653.51 crore in Q2 FY27, up ₹181.18 crore or 38.4% from ₹472.33 crore in Q2 FY26. Cost of materials increased by ₹52.34 crore to ₹459.36 crore, employee cost rose by ₹3.83 crore to ₹27.80 crore, and depreciation rose by ₹1.61 crore to ₹17.63 crore.
Finance costs fell by ₹1.88 crore to ₹9.30 crore from ₹11.18 crore in Q2 FY26, while other expenses declined by ₹2.25 crore to ₹61.51 crore from ₹63.76 crore. Other income rose by ₹4.47 crore to ₹10.04 crore from ₹5.57 crore. There was no exceptional item.
Tax expense was ₹30.49 crore in Q2 FY27, up ₹29.90 crore from ₹0.59 crore in Q2 FY26. Despite the higher tax expense, profit before tax moved from a net loss of ₹1.42 crore to ₹115.50 crore, while net profit moved from a net loss of ₹2 crore to ₹85.01 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 459.36 | 407.02 | +52.34 | +12.9% |
| Employee cost | 27.80 | 23.97 | +3.83 | +16.0% |
| Finance costs | 9.30 | 11.18 | −1.88 | −16.8% |
| Depreciation | 17.63 | 16.02 | +1.61 | +10.0% |
| Other expenses | 61.51 | 63.76 | −2.25 | −3.5% |
| Total expenses | 653.51 | 472.33 | +181.18 | +38.4% |
| Other income | 10.04 | 5.57 | +4.47 | +80.3% |
| Tax | 30.49 | 0.59 | +29.90 | +5067.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, IG Petrochemicals reported consolidated revenue of ₹1,376.76 crore, up ₹441.37 crore or 47.2% from ₹935.39 crore in H1 FY26. Total income rose 46.5% to ₹1,393.42 crore from ₹950.98 crore.
Profit before tax turned to ₹205.89 crore from a net loss of ₹17 crore in H1 FY26. PAT was ₹151.45 crore, compared with a net loss of ₹14.99 crore, while EPS was ₹49.17 against a loss of ₹4.87 per share.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,377 | 935.39 | +47.2% |
| Profit before tax | 205.89 | −17 | turned to profit |
| Net profit | 151.45 | −14.99 | turned to profit |
| EPS (₹) | 49.17 | −4.87 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹2,358.06 crore, compared with ₹2,300.47 crore at 31 March 2026. Total equity was ₹1,471.47 crore against ₹1,332.89 crore, while borrowings fell to ₹307.04 crore from ₹355.72 crore and cash rose to ₹28.34 crore from ₹27.06 crore.
Inventories declined to ₹184.86 crore from ₹206.86 crore at the previous balance sheet date. Trade receivables were ₹386.29 crore against ₹350.31 crore, while trade payables fell to ₹315.63 crore from ₹387 crore.
H1 FY27 operating cash flow was ₹174.11 crore, compared with negative ₹38.59 crore in H1 FY26. Investing cash flow was negative ₹93.12 crore against negative ₹17.75 crore, financing cash flow was negative ₹44.80 crore against ₹1.03 crore, and capital expenditure was ₹85.75 crore against ₹79.91 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,358 | 2,300 |
| Total equity | 1,471 | 1,333 |
| Borrowings | 307.04 | 355.72 |
| Cash and equivalents | 28.34 | 27.06 |
| Inventories | 184.86 | 206.86 |
| Trade receivables | 386.29 | 350.31 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 174.11 | −38.59 |
| Cash from investing | −93.12 | −17.75 |
| Cash from financing | −44.80 | 1.03 |
| Capital expenditure | 85.75 | 79.91 |
Source: Company's results filing (XBRL).
How has IG Petrochemicals done over the last 8 quarters?
Revenue rose in each of the last three quarters on a year-on-year basis. Across the reported period, revenue was highest in Q2 FY27 at ₹758.96 crore and lowest in Q1 FY26 at ₹470.05 crore, while profit was highest in Q2 FY27 at ₹85.01 crore and lowest in Q1 FY26 at a net loss of ₹12.99 crore.
The EBITDA margin bottomed at -0.1% in Q1 FY26 and reached its highest level of 18.2% in Q1 FY27 before easing to 17.4% in Q2 FY27. Revenue and profit both continued to rise in the latest quarter, with revenue up 22.8% and PAT up 28.0% from Q1 FY27.
What else did the company announce?
On 5 November 2026, the board approved the standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026. The results had been reviewed by the Audit Committee and were subject to limited review by the statutory auditors, who issued an unqualified review report.
The board declared an interim dividend at 100%, or ₹10 per equity share of face value ₹10 each, for FY27. The record date for payment was Friday, 13 November 2026. The same-day filings did not announce a fund raise or any appointment.
How did other Commodity Chemicals companies do?
Twenty-six other Commodity Chemicals companies had filed results for the quarter as of 5 November 2026. Their median revenue growth was 23.5%, while 19 grew more slowly than IG Petrochemicals and 7 grew faster than the company.
Among the 30 peers assessed for profit, 23 reported higher profit. IG Petrochemicals’ own quarterly revenue growth was 63.1%, above the peer median of 23.5%.
| IG Petrochemicals revenue growth (YoY) | +63.1% |
|---|---|
| Median of 26 other Commodity Chemicals companies | +23.5% |
| Companies with slower revenue growth than IG Petrochemicals | 19 of 26 |
| Companies with faster revenue growth than IG Petrochemicals | 7 of 26 |
| Companies whose net profit rose | 23 of 30 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was IG Petrochemicals' revenue in Q2 FY27?
Revenue from operations was ₹758.96 crore, up 63.1% from ₹465.34 crore in Q2 FY26 (consolidated).
Did IG Petrochemicals make a profit in Q2 FY27?
Yes. Net profit was ₹85.01 crore, against a net loss of ₹2 crore in Q2 FY26.
What was IG Petrochemicals' EPS in Q2 FY27?
Basic earnings per share were ₹27.60, against a loss of ₹0.65 in Q2 FY26.
When did IG Petrochemicals announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Unaudited Financial Results For The Quarter And Half Year Ended 30Th September, 2026 And Declaration Of Interim Dividend (BSE, 2 November 2026) · PDF
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
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