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- Q2 FY27 results
Ishan Dyes and Chemicals Q2 FY27 results: net profit ₹6.22 crore vs ₹3.62 crore loss
Ishan Dyes and Chemicals Limited reported standalone revenue of ₹20.37 crore and a net profit of ₹6.22 crore for Q2 FY27, against revenue of ₹6.74 crore and a net loss of ₹3.62 crore in Q2 FY26. EBITDA was ₹10.50 crore, with a margin of 51.5%, while basic EPS was ₹2.28. The results carry a qualified limited-review conclusion concerning inventory valuation.
Key points
- Standalone revenue rose to ₹20.37 crore in Q2 FY27 from ₹6.74 crore in Q2 FY26, an increase of 202.2%.
- EBITDA was ₹10.50 crore in Q2 FY27, compared with a loss of ₹1.68 crore in Q2 FY26; the margin was 51.5% versus -25.0%.
- The company reported a net profit of ₹6.22 crore in Q2 FY27 against a net loss of ₹3.62 crore a year earlier; basic EPS was ₹2.28.
- H1 FY27 revenue was ₹61.85 crore, up 168.6% from ₹23.03 crore in H1 FY26, while PAT was ₹6.37 crore versus a net loss of ₹3.32 crore.
- The auditors’ qualified conclusion said inventories were overstated by Rs. 899.59 Lakhs and profit before tax for the quarter and half year would have been lower by Rs. 614.81 Lakhs.
How did Ishan Dyes and Chemicals perform in Q2 FY27?
Ishan Dyes and Chemicals reported standalone revenue of ₹20.37 crore for Q2 FY27, compared with ₹6.74 crore in Q2 FY26 and ₹41.48 crore in Q1 FY27. Revenue increased 202.2% year on year but fell 50.9% sequentially. Total income was ₹20.89 crore, against ₹6.88 crore a year earlier and ₹42.84 crore in the previous quarter.
EBITDA for Q2 FY27 was ₹10.50 crore, compared with a loss of ₹1.68 crore in Q2 FY26 and ₹3.36 crore in Q1 FY27. The EBITDA margin was 51.5%, compared with -25.0% a year ago and 8.1% in the previous quarter. Profit before tax was ₹6.51 crore, against a loss of ₹3.72 crore a year earlier and ₹0.18 crore in Q1 FY27.
The company reported a net profit of ₹6.22 crore in Q2 FY27, versus a net loss of ₹3.62 crore in Q2 FY26 and a net profit of ₹0.15 crore in Q1 FY27. Basic EPS was ₹2.28, compared with a loss of ₹1.68 a year earlier and ₹0.06 in the previous quarter. The filing contains standalone figures; no consolidated figures are given for the quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 20.37 | 41.48 | 6.74 | +202.2% | −50.9% |
| Other income | 0.52 | 1.36 | 0.13 | +300.0% | −61.8% |
| Total expenses | 14.38 | 42.66 | 10.59 | +35.8% | −66.3% |
| EBITDA | 10.50 | 3.36 | −1.68 | turned to profit | +212.5% |
| EBITDA margin | 51.5% | 8.1% | -25.0% | +76.5 pp | +43.4 pp |
| Profit before tax | 6.51 | 0.18 | −3.72 | turned to profit | +3516.7% |
| Tax | 0.30 | 0.03 | −0.09 | +900.0% | |
| Net profit | 6.22 | 0.15 | −3.62 | turned to profit | +4046.7% |
| EPS (₹) | 2.28 | 0.06 | −1.68 | turned to profit | +3700.0% |
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 Ishan Dyes and Chemicals' costs and profit?
Total expenses were ₹14.38 crore in Q2 FY27, up ₹3.79 crore or 35.8% from ₹10.59 crore in Q2 FY26. Cost of materials consumed was ₹16.99 crore against a negative ₹1.49 crore, while employee cost fell by ₹0.13 crore or 8.1% to ₹1.47 crore. Finance costs rose by ₹0.88 crore or 56.4% to ₹2.44 crore, and depreciation rose by ₹1.46 crore or 243.3% to ₹2.06 crore.
Other expenses increased by ₹0.78 crore or 49.7% to ₹2.35 crore, while other income rose by ₹0.39 crore or 300.0% to ₹0.52 crore. Tax was ₹0.30 crore, compared with a negative ₹0.09 crore in the year-ago quarter. There was no exceptional item in either quarter, and the filing does not state reasons for the cost changes.
Against Q1 FY27, total expenses fell by ₹28.28 crore or 66.3% to ₹14.38 crore. Cost of materials consumed declined by ₹13.60 crore or 44.5% to ₹16.99 crore, and employee cost fell by ₹0.23 crore or 13.5% to ₹1.47 crore. Finance cost declined by ₹0.06 crore or 2.4% to ₹2.44 crore, while depreciation and other expenses were higher by ₹0.01 crore and ₹0.12 crore, respectively.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 16.99 | −1.49 | +18.48 | |
| Employee cost | 1.47 | 1.60 | −0.13 | −8.1% |
| Finance costs | 2.44 | 1.56 | +0.88 | +56.4% |
| Depreciation | 2.06 | 0.60 | +1.46 | +243.3% |
| Other expenses | 2.35 | 1.57 | +0.78 | +49.7% |
| Total expenses | 14.38 | 10.59 | +3.79 | +35.8% |
| Other income | 0.52 | 0.13 | +0.39 | +300.0% |
| Tax | 0.30 | −0.09 | +0.39 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, standalone revenue was ₹61.85 crore, an increase of ₹38.82 crore or 168.6% from ₹23.03 crore in H1 FY26. Total income rose by ₹40.12 crore or 169.9% to ₹63.73 crore from ₹23.61 crore, while basic EPS was ₹2.33 compared with a loss of ₹1.56.
Profit before tax for the first half was ₹6.69 crore, against a loss of ₹3.31 crore in H1 FY26. PAT was ₹6.37 crore, compared with a net loss of ₹3.32 crore, marking a shift to profit. The board approved the unaudited standalone results for the quarter and half year ended 30 September 2026 on 26 October 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 61.85 | 23.03 | +168.6% |
| Profit before tax | 6.69 | −3.31 | turned to profit |
| Net profit | 6.37 | −3.32 | turned to profit |
| EPS (₹) | 2.33 | −1.56 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹272.07 crore, compared with ₹255.99 crore at 31 March 2026. Total equity was ₹148.5 crore versus ₹142.13 crore, and borrowings were ₹96.13 crore versus ₹90.29 crore. Cash was ₹0.01 crore, compared with ₹0.4 crore at the previous balance sheet date.
Inventories rose to ₹46.02 crore from ₹33.78 crore at 31 March 2026. Trade receivables fell to ₹2.3 crore from ₹3.85 crore, while trade payables declined to ₹5.13 crore from ₹5.61 crore. The auditors said the inventory overstatement under Ind AS 2 had increased to Rs. 899.59 Lakhs by 30 September 2026.
For H1 FY27, operating cash flow was ₹0.57 crore, compared with ₹2.09 crore in H1 FY26. Investing cash flow was negative ₹1.86 crore against negative ₹35.21 crore, financing cash flow was ₹0.9 crore against ₹33.14 crore, and capital expenditure was ₹1.95 crore compared with ₹32.17 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 272.07 | 255.99 |
| Total equity | 148.50 | 142.13 |
| Borrowings | 96.13 | 90.29 |
| Cash and equivalents | 0.01 | 0.40 |
| Inventories | 46.02 | 33.78 |
| Trade receivables | 2.30 | 3.85 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 0.57 | 2.09 |
| Cash from investing | −1.86 | −35.21 |
| Cash from financing | 0.90 | 33.14 |
| Capital expenditure | 1.95 | 32.17 |
Source: Company's results filing (XBRL).
How has Ishan Dyes and Chemicals done over the last 8 quarters?
Revenue rose year on year in each of the last three quarters. It bottomed at ₹6.74 crore in Q2 FY26 and later reached ₹41.48 crore in Q1 FY27 before falling to ₹20.37 crore in Q2 FY27. The latest revenue reading was lower than the preceding quarter but above the year-ago quarter.
PAT bottomed at a loss of ₹5.25 crore in Q3 FY26 and then turned to a profit of ₹1.47 crore in Q4 FY26 and ₹0.15 crore in Q1 FY27. It rose to ₹6.22 crore in Q2 FY27, the highest profit in the reported quarterly sequence. The EBITDA margin also reached 51.5% in Q2 FY27, compared with -25.0% at the reported low in Q2 FY26.
What did the auditors point out?
A.R. Sulakhe & Co issued a limited review report with a qualified conclusion. The auditors drew attention to certain finished-goods inventories held against specific customer contracts being valued above cost, which they said was not in conformity with Ind AS 2, which requires inventories to be measured at the lower of cost and net realisable value.
The auditors said the overstatement was Rs. 284.78 Lakhs at 31 March 2026, remained uncorrected in the opening balances, and increased to Rs. 899.59 Lakhs at 30 September 2026. Under Ind AS 2, profit before tax for the quarter and half year would have been lower by Rs. 614.81 Lakhs, while total equity would have been lower by Rs. 899.59 Lakhs before the consequential tax effect.
Except for the effects of the inventory-valuation matter, nothing came to the auditors’ attention that caused them to believe the results did not disclose the required information or contained a material misstatement. Their conclusion was modified in respect of the matter described in the Basis for Qualified Conclusion. The review was conducted under SRE 2410 and did not constitute an audit opinion.
How did Ishan Dyes and Chemicals shares react?
The filing appeared after market hours. The stock was down 1.4% after 5 minutes, down 2.3% after 15 minutes and down 2.0% after 30 minutes. From the pre-results close of ₹45.55, it was up 6.1% on the reaction day and up 6.5% by the next day’s close. The base price was ₹51.2.
By the fifth session’s close, the stock was down 4.2% from the pre-results close. The Specialty Chemicals industry median was up 1.6% on the reaction day, up 1.9% by the next day and up 1.8% over five sessions. Ishan Dyes’ excess moves were 4.5 percentage points, 4.6 percentage points and -5.9 percentage points, respectively.
Earlier results-day moves were mixed: the stock was up 4.5% on 3 September 2026, down 4.0% on 28 May 2026, down 0.4% on 12 February 2026, down 1.9% on 14 November 2025, down 1.8% on 12 August 2025 and down 6.2% on 28 May 2025. These are historical price reactions and do not indicate a future move.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −1.4% | |
| 15 minutes | −2.3% | |
| 30 minutes | −2.0% | |
| Reaction day | +6.1% | +1.6% |
| Next day | +6.5% | +1.9% |
| 5 days | −4.2% | +1.8% |
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 |
|---|---|
| 3 September 2026 | +4.5% |
| 28 May 2026 | −4.0% |
| 12 February 2026 | −0.4% |
| 14 November 2025 | −1.9% |
| 12 August 2025 | −1.8% |
| 28 May 2025 | −6.2% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Fifty other Specialty Chemicals companies had filed for the quarter by 4 November 2026, compared with 46 for the profit comparison. Their median revenue growth was 27.8%, while 40 companies reported higher profit. Of the peers with revenue growth comparisons, 49 grew more slowly than Ishan Dyes and Chemicals and one grew faster than the company.
| Ishan Dyes and Chemicals revenue growth (YoY) | +202.2% |
|---|---|
| Median of 50 other Specialty Chemicals companies | +27.8% |
| Companies with slower revenue growth than Ishan Dyes and Chemicals | 49 of 50 |
| Companies with faster revenue growth than Ishan Dyes and Chemicals | 1 of 50 |
| Companies whose net profit rose | 40 of 46 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Ishan Dyes and Chemicals' revenue in Q2 FY27?
Revenue from operations was ₹20.37 crore, up 202.2% from ₹6.74 crore in Q2 FY26 (standalone).
Did Ishan Dyes and Chemicals make a profit in Q2 FY27?
Yes. Net profit was ₹6.22 crore, against a net loss of ₹3.62 crore in Q2 FY26.
What was Ishan Dyes and Chemicals' EPS in Q2 FY27?
Basic earnings per share were ₹2.28, against a loss of ₹1.68 in Q2 FY26.
How did Ishan Dyes and Chemicals shares react to the Q2 FY27 results?
On the reaction day the stock moved +6.1% from the previous close; the median Specialty Chemicals stock moved +1.6%.
When did Ishan Dyes and Chemicals announce its Q2 FY27 results?
On 26 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Un-Audited Standalone Financial Results Of The Company For The Quarter And Half-Year Ended 30Th September 2026. (BSE, 19 October 2026) · PDF
- Board Meeting Outcome for Dated 26Th October 2026. (BSE, 26 October 2026) · PDF
- Un-Audited Financial Results For The Quarter And Half Year Ended 30Th September 2026. (BSE, 26 October 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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