- Home
- Results news
- IOL Chemicals and Pharmaceuticals
- Q2 FY27 results
IOL Chemicals and Pharmaceuticals Q2 FY27 results: net profit up 117.1% to ₹65.07 crore, revenue up 40.1%
IOL Chemicals and Pharmaceuticals Limited reported Q2 FY27 consolidated revenue of ₹795.03 crore, up 40.1% from Q2 FY26. Net profit rose 117.1% year on year to ₹65.07 crore, while EBITDA margin expanded to 13.8%. The board approved standalone and consolidated unaudited results for the quarter and first half ended 30 September 2026.
Key points
- Consolidated revenue was ₹795.03 crore, up 40.1% from ₹567.53 crore in Q2 FY26 and 5.1% from ₹756.26 crore in Q1 FY27.
- Consolidated EBITDA rose to ₹109.42 crore from ₹57.08 crore, while EBITDA margin increased to 13.8% from 10.1%.
- Net profit was ₹65.07 crore, up 117.1% from ₹29.97 crore a year earlier and 1.0% from ₹64.40 crore in the previous quarter; basic EPS was ₹2.21.
- For H1 FY27, revenue was ₹1,551.29 crore, up 38.6%, and net profit was ₹129.47 crore, up 102.6% from H1 FY26.
- Management raised FY27 revenue-growth guidance to 25%+ from 15-20% and expects an approximately 14-15% EBITDA margin.
How did IOL Chemicals and Pharmaceuticals perform in Q2 FY27?
On the consolidated basis, IOL Chemicals and Pharmaceuticals reported Q2 FY27 revenue of ₹795.03 crore, up ₹227.50 crore or 40.1% from ₹567.53 crore in Q2 FY26. Revenue was also up ₹38.77 crore or 5.1% from ₹756.26 crore in Q1 FY27. Total income was ₹800.54 crore, against ₹574.41 crore a year earlier and ₹764.44 crore in the previous quarter.
Consolidated EBITDA rose to ₹109.42 crore from ₹57.08 crore in Q2 FY26, an increase of ₹52.34 crore or 91.7%. The EBITDA margin increased 3.7 percentage points to 13.8% from 10.1%; against Q1 FY27, EBITDA rose ₹5.93 crore and margin was 13.7%.
Profit before tax was ₹87.29 crore, up from ₹40.49 crore a year earlier and ₹86.69 crore in Q1 FY27. Net profit was ₹65.07 crore, compared with ₹29.97 crore in Q2 FY26 and ₹64.40 crore in Q1 FY27; basic EPS was ₹2.21, against ₹1.02 and ₹2.20, respectively. The standalone basis showed revenue of ₹795.03 crore, profit after tax of ₹65.03 crore and EPS of ₹2.21.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 795.03 | 756.26 | 567.53 | +40.1% | +5.1% |
| Other income | 5.51 | 8.18 | 6.88 | −19.9% | −32.6% |
| Total expenses | 713.25 | 677.75 | 533.92 | +33.6% | +5.2% |
| EBITDA | 109.42 | 103.49 | 57.08 | +91.7% | +5.7% |
| EBITDA margin | 13.8% | 13.7% | 10.1% | +3.7 pp | +0.1 pp |
| Profit before tax | 87.29 | 86.69 | 40.49 | +115.6% | +0.7% |
| Tax | 22.22 | 22.29 | 10.52 | +111.2% | −0.3% |
| Net profit | 65.07 | 64.40 | 29.97 | +117.1% | +1.0% |
| EPS (₹) | 2.21 | 2.20 | 1.02 | +116.7% | +0.5% |
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 IOL Chemicals and Pharmaceuticals' costs and profit?
Total expenses rose ₹179.33 crore or 33.6% to ₹713.25 crore in Q2 FY27, compared with ₹533.92 crore in Q2 FY26. Cost of materials increased ₹138.61 crore or 37.8% to ₹505.31 crore, employee cost rose ₹5.36 crore or 8.5% to ₹68.71 crore, and other expenses rose ₹36.65 crore or 46.4% to ₹115.58 crore.
Finance costs increased ₹1.96 crore or 56.3% to ₹5.44 crore, while depreciation and amortisation rose ₹2.21 crore or 11.1% to ₹22.20 crore. Other income declined ₹1.37 crore or 19.9% to ₹5.51 crore from ₹6.88 crore. There was no exceptional item, and tax expense increased ₹11.70 crore or 111.2% to ₹22.22 crore.
Against Q1 FY27, total expenses rose ₹35.50 crore, including a ₹12 crore rise in other expenses and a ₹1.80 crore rise in finance costs. Cost of materials fell ₹1.45 crore and employee cost fell ₹2.50 crore, while other income fell ₹2.67 crore. The filings did not state reasons for the cost and income movements.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 505.31 | 366.70 | +138.61 | +37.8% |
| Employee cost | 68.71 | 63.35 | +5.36 | +8.5% |
| Finance costs | 5.44 | 3.48 | +1.96 | +56.3% |
| Depreciation | 22.20 | 19.99 | +2.21 | +11.1% |
| Other expenses | 115.58 | 78.93 | +36.65 | +46.4% |
| Total expenses | 713.25 | 533.92 | +179.33 | +33.6% |
| Other income | 5.51 | 6.88 | −1.37 | −19.9% |
| Tax | 22.22 | 10.52 | +11.70 | +111.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹1,551.29 crore, up ₹432.07 crore or 38.6% from ₹1,119.22 crore in H1 FY26. Total income rose 38.1% to ₹1,564.98 crore from ₹1,133.47 crore. Profit before tax increased 102.3% to ₹173.98 crore from ₹86.0 crore.
H1 net profit rose 102.6% to ₹129.47 crore from ₹63.9 crore, while basic EPS increased to ₹4.41 from ₹2.18. Revenue, total income, profit before tax, net profit and EPS were all higher than in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,551 | 1,119 | +38.6% |
| Profit before tax | 173.98 | 86 | +102.3% |
| Net profit | 129.47 | 63.90 | +102.6% |
| EPS (₹) | 4.41 | 2.18 | +102.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹2,830.64 crore at 30 September 2026 from ₹2,586.95 crore at 31 March 2026. Total equity rose to ₹1,925.65 crore from ₹1,798.55 crore, while borrowings increased to ₹194.16 crore from ₹132.0 crore. Cash declined to ₹9.35 crore from ₹65.35 crore.
Inventories increased to ₹464.38 crore from ₹371.07 crore, trade receivables rose to ₹689.17 crore from ₹603.13 crore, and trade payables were ₹487.79 crore against ₹482.56 crore. In H1 FY27, operating cash flow was ₹8.29 crore, compared with ₹11.06 crore in H1 FY26; investing cash flow was negative ₹116.71 crore against negative ₹96.16 crore, and financing cash flow was ₹52.42 crore against ₹34.23 crore.
Capital expenditure in H1 FY27 was ₹141.32 crore, up from ₹64.63 crore in H1 FY26. The company’s presentation showed cash and cash equivalents declining by ₹56.1 crore during H1 FY27 to ₹9.2 crore, from ₹65.3 crore at the beginning of the year.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,831 | 2,587 |
| Total equity | 1,926 | 1,799 |
| Borrowings | 194.16 | 132 |
| Cash and equivalents | 9.35 | 65.35 |
| Inventories | 464.38 | 371.07 |
| Trade receivables | 689.17 | 603.13 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 8.29 | 11.06 |
| Cash from investing | −116.71 | −96.16 |
| Cash from financing | 52.42 | 34.23 |
| Capital expenditure | 141.32 | 64.63 |
Source: Company's results filing (XBRL).
How has IOL Chemicals and Pharmaceuticals done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters. Across the reported sequence, revenue was lowest at ₹523.3 crore in Q3 FY25 and reached ₹795.03 crore in Q2 FY27, after ₹756.26 crore in Q1 FY27. The current direction remained higher.
Net profit was lowest at ₹20.53 crore in Q3 FY25 and highest at ₹65.07 crore in Q2 FY27. EBITDA margin bottomed at 9.0% in Q3 FY25, peaked at 14.9% in Q4 FY26 and was 13.8% in Q2 FY27. Profit had risen year on year in each of the last seven quarters.
Which businesses drove the quarter?
The Pharmaceutical segment reported revenue of ₹472.75 crore in Q2 FY27 and EBIT of ₹68.05 crore, with an EBIT margin of 14.4%. In the same filing’s segment table, Pharmaceutical revenue was ₹336.36 crore and segment profit before tax and interest was ₹35.45 crore in Q2 FY26.
The Chemical segment reported revenue of ₹394.49 crore and EBIT of ₹23.18 crore, with an EBIT margin of 5.9%. The comparative segment figures were revenue of ₹285.23 crore and profit before tax and interest of ₹5.05 crore in Q2 FY26. Unallocated revenue was ₹5.51 crore, with no segment profit reported.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Pharmaceutical | 472.75 | 68.05 | 14.4% | |
| Chemical | 394.49 | 23.18 | 5.9% | |
| Unallocated | 5.51 | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board met on 30 October 2026 and approved the standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026. The statutory auditors’ limited review reports were unmodified. The meeting began at 4:00 PM and concluded at 5:45 PM.
The company filed an investor presentation on 31 October 2026. It outlined about ₹495 crore of planned investment across three strategic projects: a ₹350 crore ibuprofen capacity expansion to 18,000 MTPA, a ₹110 crore pharmaceutical formulations CDMO project with annual capacity of 1,500 million tablets, and a specialty chemicals project under a long-term tolling arrangement. No dividend, fund raise or appointment was reported in the cited same-day filings.
What did IOL Chemicals and Pharmaceuticals' management say?
Management said FY27 revenue-growth guidance was raised to 25%+ from 15-20%, with an approximately 14-15% EBITDA margin. It expects Q3-Q4 FY27 operating performance to remain broadly similar to H1 FY27. Abhay Raj Singh said: “For FY27 we perhaps will be having around 25% plus revenue growth with 14% to 15% of EBITDA generation.”
Management said non-ibuprofen APIs grew approximately 70% year on year and contributed 45% of pharmaceutical revenue in Q2, compared with 38% in the year-ago quarter. Priorities included executing capital projects, scaling the diversified API portfolio, improving operating efficiencies and strengthening international markets. Management also said formulation CDMO commercialisation moved to FY28 after customer validation and approval work.
Management identified geopolitical uncertainty, global supply-chain disruptions, volatile raw-material prices, higher working-capital needs and finance costs, and dependence on customer validation for CDMO commercialisation as risks. It also said ibuprofen pricing is difficult to forecast beyond the next two to three quarters because of market dynamism. Rakesh Mahajan said: “we are not going to take any borrowing in the coming years.”
How did IOL Chemicals and Pharmaceuticals shares react?
The filing appeared after market hours. From the price when the filing appeared, IOLCP fell 1.2% after five minutes, 0.6% after 15 minutes and 0.5% after 30 minutes. On the reaction day, the stock closed 0.5% above its pre-results close of ₹178.99, while the Pharmaceuticals industry median rose 0.2% and the Nifty Microcap 250 rose 1.4%.
By the next day’s close, the stock was 3.2% below its pre-results close. The industry median was 0.6% higher and the Nifty Microcap 250 was 1.7% higher, leaving IOLCP 3.9 percentage points below the industry median. No five-day or one-month reaction was available.
Earlier reaction-day moves were mixed: 8.1% on 20 May 2026, -7.2% on 11 February 2026, 11.7% on 11 November 2025 and -6.3% on 14 November 2024. The stock also fell 2.1% on 10 August 2026 after the preceding quarterly result.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −0.6% | |
| 30 minutes | −0.5% | |
| Reaction day | +0.5% | +0.2% |
| Next day | −3.2% | +0.6% |
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 | −2.1% |
| 20 May 2026 | +8.1% |
| 11 February 2026 | −7.2% |
| 11 November 2025 | +11.7% |
| 7 August 2025 | +4.3% |
| 16 May 2025 | +0.9% |
| 12 February 2025 | −2.1% |
| 14 November 2024 | −6.3% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Among 77 Pharmaceuticals companies compared for the quarter, the median revenue growth was 18.9%. Of the other 65 companies that grew more slowly than IOL Chemicals and Pharmaceuticals, 12 grew faster than it; the company therefore outpaced the peer median.
Of 73 peers for which profit was compared, 49 reported higher profit. The peer comparison was as of 6 November 2026.
| IOL Chemicals and Pharmaceuticals revenue growth (YoY) | +40.1% |
|---|---|
| Median of 77 other Pharmaceuticals companies | +18.9% |
| Companies with slower revenue growth than IOL Chemicals and Pharmaceuticals | 65 of 77 |
| Companies with faster revenue growth than IOL Chemicals and Pharmaceuticals | 12 of 77 |
| Companies whose net profit rose | 49 of 73 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was IOL Chemicals and Pharmaceuticals' revenue in Q2 FY27?
Revenue from operations was ₹795.03 crore, up 40.1% from ₹567.53 crore in Q2 FY26 (consolidated).
Did IOL Chemicals and Pharmaceuticals make a profit in Q2 FY27?
Yes. Net profit was ₹65.07 crore, against a net profit of ₹29.97 crore in Q2 FY26.
What was IOL Chemicals and Pharmaceuticals' EPS in Q2 FY27?
Basic earnings per share were ₹2.21, against ₹1.02 in Q2 FY26.
How did IOL Chemicals and Pharmaceuticals shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.5% from the previous close; the median Pharmaceuticals stock moved +0.2%.
When did IOL Chemicals and Pharmaceuticals announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Notice Of Board Meeting (BSE, 23 October 2026) · PDF
- Outcome Of The Board Meeting And Submission Of Unaudited Financial Results Of The Company For The Quarter And Half Year Ended 30Th September 2026 (BSE, 30 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting And Submission Of Unaudited Financial Results Of The Company For The Quarter And Half Year Ended 30Th September 2026 (BSE, 30 October 2026) · PDF
- The earnings call (5 November 2026)
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.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.