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India Gelatine & Chemicals Q2 FY27 results: net profit up 12.4% to ₹7.24 crore, revenue down 3.6%
India Gelatine & Chemicals Ltd reported standalone revenue of ₹45.20 crore for Q2 FY27, down 3.6% from a year earlier, while EBITDA rose 11.6% to ₹9.63 crore and net profit rose 12.4% to ₹7.24 crore. EBITDA margin improved to 21.3% from 18.4%, though profit was lower than the previous quarter. The board approved the unaudited results on 4 November 2026.
Key points
- Q2 FY27 revenue was ₹45.20 crore, down 3.6% from ₹46.90 crore in Q2 FY26 and down 1.1% from ₹45.68 crore in Q1 FY27.
- EBITDA rose 11.6% year on year to ₹9.63 crore, with margin at 21.3% against 18.4% a year earlier.
- Net profit rose 12.4% to ₹7.24 crore from ₹6.44 crore, and basic EPS was ₹10.21 against ₹9.08.
- Against the previous quarter, net profit fell 10.4% to ₹7.24 crore and basic EPS fell to ₹10.21 from ₹11.40.
- For H1 FY27, revenue rose 5.7% to ₹90.88 crore and net profit rose 13.3% to ₹15.32 crore.
How did India Gelatine & Chemicals perform in Q2 FY27?
India Gelatine & Chemicals reported standalone revenue of ₹45.20 crore for Q2 FY27, down 3.6% from ₹46.90 crore in Q2 FY26 and down 1.1% from ₹45.68 crore in Q1 FY27. Total income was ₹46.48 crore, down 4.6% from a year earlier and down 3.4% from the previous quarter. There was no exceptional item in the quarter.
EBITDA rose 11.6% year on year to ₹9.63 crore from ₹8.63 crore, and the EBITDA margin widened by 2.9 percentage points to 21.3% from 18.4%. Against Q1 FY27, EBITDA rose 2.2% from ₹9.42 crore and margin rose 0.7 percentage points from 20.6%.
Profit before tax was ₹9.65 crore, up 4.9% from ₹9.20 crore a year earlier but down 9.4% from ₹10.65 crore in the previous quarter. Net profit was ₹7.24 crore, up 12.4% from ₹6.44 crore and down 10.4% from ₹8.08 crore. Basic EPS was ₹10.21 against ₹9.08 a year earlier and ₹11.40 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 45.20 | 45.68 | 46.90 | −3.6% | −1.1% |
| Other income | 1.28 | 2.43 | 1.84 | −30.4% | −47.3% |
| Total expenses | 36.83 | 37.46 | 39.54 | −6.9% | −1.7% |
| EBITDA | 9.63 | 9.42 | 8.63 | +11.6% | +2.2% |
| EBITDA margin | 21.3% | 20.6% | 18.4% | +2.9 pp | +0.7 pp |
| Profit before tax | 9.65 | 10.65 | 9.20 | +4.9% | −9.4% |
| Tax | 2.41 | 2.56 | 2.76 | −12.7% | −5.9% |
| Net profit | 7.24 | 8.08 | 6.44 | +12.4% | −10.4% |
| EPS (₹) | 10.21 | 11.40 | 9.08 | +12.4% | −10.4% |
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 India Gelatine & Chemicals' costs and profit?
Total expenses fell 6.9% to ₹36.83 crore from ₹39.54 crore a year earlier, which was lower than the ₹37.46 crore of the previous quarter. Cost of materials consumed rose 6.7% to ₹17.68 crore from ₹16.57 crore and was up 7.4% from ₹16.46 crore in Q1 FY27, while employee cost rose 17.2% year on year to ₹1.84 crore from ₹1.57 crore.
Other expenses rose 6.0% to ₹16.53 crore from ₹15.60 crore, though they were down 5.9% from ₹17.57 crore in the previous quarter. Depreciation was ₹1.15 crore against ₹1.16 crore a year earlier, and finance costs were unchanged at ₹0.11 crore. Other income fell 30.4% to ₹1.28 crore from ₹1.84 crore and was down 47.3% from ₹2.43 crore in Q1 FY27.
Tax expense fell 12.7% to ₹2.41 crore from ₹2.76 crore a year earlier and was down 5.9% from ₹2.56 crore in the previous quarter. There was no exceptional item in the quarter, and the filing does not state reasons for the movement in individual cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 17.68 | 16.57 | +1.11 | +6.7% |
| Employee cost | 1.84 | 1.57 | +0.27 | +17.2% |
| Finance costs | 0.11 | 0.11 | 0 | +0.0% |
| Depreciation | 1.15 | 1.16 | −0.01 | −0.9% |
| Other expenses | 16.53 | 15.60 | +0.93 | +6.0% |
| Total expenses | 36.83 | 39.54 | −2.71 | −6.9% |
| Other income | 1.28 | 1.84 | −0.56 | −30.4% |
| Tax | 2.41 | 2.76 | −0.35 | −12.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, revenue rose 5.7% to ₹90.88 crore from ₹86.0 crore in H1 FY26, and total income rose 5.1% to ₹94.59 crore from ₹90.04 crore. The filing presents these figures on a standalone basis.
Profit before tax rose 12.5% to ₹20.29 crore from ₹18.04 crore, and net profit rose 13.3% to ₹15.32 crore from ₹13.52 crore. Basic EPS for the half year was ₹21.61 against ₹19.07 a year earlier.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 90.88 | 86 | +5.7% |
| Profit before tax | 20.29 | 18.04 | +12.5% |
| Net profit | 15.32 | 13.52 | +13.3% |
| EPS (₹) | 21.61 | 19.07 | +13.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹229.23 crore as on 30 September 2026, against ₹217.16 crore as on 31 March 2026, and total equity rose to ₹204.80 crore from ₹193.56 crore. Borrowings fell to ₹2.73 crore from ₹4.12 crore, while cash rose to ₹3.05 crore from ₹1.02 crore.
Inventories were ₹34.34 crore against ₹35.41 crore, trade receivables rose to ₹14.84 crore from ₹9.86 crore, and trade payables rose to ₹7.41 crore from ₹3.96 crore. In the first half, net cash from operating activities was ₹15.38 crore, against ₹20.09 crore a year earlier.
Investing cash flow for H1 FY27 was negative ₹7.58 crore, compared with negative ₹17.82 crore a year earlier, while financing cash flow was negative ₹5.78 crore against negative ₹1.53 crore. Capital expenditure was ₹9.33 crore in H1 FY27, up from ₹7.93 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 229.23 | 217.16 |
| Total equity | 204.80 | 193.56 |
| Borrowings | 2.73 | 4.12 |
| Cash and equivalents | 3.05 | 1.02 |
| Inventories | 34.34 | 35.41 |
| Trade receivables | 14.84 | 9.86 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 15.38 | 20.09 |
| Cash from investing | −7.58 | −17.82 |
| Cash from financing | −5.78 | −1.53 |
| Capital expenditure | 9.33 | 7.93 |
Source: Company's results filing (XBRL).
How has India Gelatine & Chemicals done over the last 8 quarters?
Revenue over the last eight quarters ran between ₹38.98 crore and ₹53.16 crore, with the peak in Q4 FY25 at ₹53.16 crore and the low in Q4 FY26 at ₹38.98 crore. Revenue recovered to ₹45.68 crore in Q1 FY27 before easing to ₹45.20 crore in Q2 FY27. The filing does not state reasons for the quarter-to-quarter movements.
Net profit ranged from ₹3.56 crore to ₹8.08 crore, bottoming in Q3 FY25 and peaking in Q1 FY27. It stood at ₹7.24 crore in Q2 FY27. EBITDA margin reached 20.6% in Q1 FY27 and rose to 21.3% in the latest quarter, against a low of 7.8% in Q3 FY25. Profit rose year on year in each of the last two quarters.
How did India Gelatine & Chemicals shares react?
The filing was announced on BSE on 4 November 2026, with the board meeting concluding at 1.15 P.M. The stock traded at ₹374.0 against a previous close of ₹382.0, and was down 0.7% after 5 minutes, 0.8% after 15 minutes and 1.3% after 30 minutes. On the reaction day it closed 4.6% below the pre-results close.
The median move for the other Specialty Chemicals stocks on the reaction day was 1.3%, so the stock underperformed the industry median by 5.9 percentage points. Earlier reaction-day moves were 0.9% on 10 August 2026, negative 14.0% on 21 May 2026 and 5.6% on 10 February 2026.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −0.7% | |
| 15 minutes | −0.8% | |
| 30 minutes | −1.3% | |
| Reaction day | −4.6% | +1.3% |
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 | +0.9% |
| 21 May 2026 | −14.0% |
| 10 February 2026 | +5.6% |
| 10 November 2025 | +12.5% |
| 11 August 2025 | +2.6% |
| 22 May 2025 | +1.4% |
| 8 August 2024 | −5.2% |
| 30 April 2024 | −9.9% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Among the Specialty Chemicals companies that have filed for this quarter, 57 were compared and the median revenue growth was 28.5%. Three peers grew slower than India Gelatine & Chemicals and 54 grew faster than it, based on the company figures used in the comparison as of 5 November 2026.
Of the 53 peers for which profit was compared, 46 reported higher profit. India Gelatine & Chemicals itself recorded a revenue decline of 3.6% year on year in Q2 FY27 and a net profit of ₹7.24 crore, up 12.4% from ₹6.44 crore in Q2 FY26.
| India Gelatine & Chemicals revenue growth (YoY) | −3.6% |
|---|---|
| Median of 57 other Specialty Chemicals companies | +28.5% |
| Companies with slower revenue growth than India Gelatine & Chemicals | 3 of 57 |
| Companies with faster revenue growth than India Gelatine & Chemicals | 54 of 57 |
| Companies whose net profit rose | 46 of 53 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was India Gelatine & Chemicals' revenue in Q2 FY27?
Revenue from operations was ₹45.20 crore, down 3.6% from ₹46.90 crore in Q2 FY26 (standalone).
Did India Gelatine & Chemicals make a profit in Q2 FY27?
Yes. Net profit was ₹7.24 crore, against a net profit of ₹6.44 crore in Q2 FY26.
What was India Gelatine & Chemicals' EPS in Q2 FY27?
Basic earnings per share were ₹10.21, against ₹9.08 in Q2 FY26.
How did India Gelatine & Chemicals shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.6% from the previous close; the median Specialty Chemicals stock moved +1.3%.
When did India Gelatine & Chemicals announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Un-Audited Financial Results For The Quarter And Half-Year Ended 30Th September 2026. (BSE, 4 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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