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Kiri Industries Q2 FY27 results: net loss of ₹22.53 crore vs ₹19.65 crore profit, revenue up 39.9%
Kiri Industries Limited reported consolidated revenue of ₹298.55 crore for Q2 FY27, up 39.9% from Q2 FY26, but the company posted a net loss of ₹22.53 crore against a net profit of ₹19.65 crore a year earlier. EBITDA improved to a loss of ₹4.82 crore from a loss of ₹13.68 crore, while EBITDA margin was -1.6%, compared with -6.4% in Q2 FY26.
Key points
- Consolidated revenue was ₹298.55 crore in Q2 FY27, up 39.9% from ₹213.44 crore in Q2 FY26.
- The company reported a net loss of ₹22.53 crore in Q2 FY27, against a net profit of ₹19.65 crore in Q2 FY26.
- EBITDA was a loss of ₹4.82 crore, improving from a loss of ₹13.68 crore, while EBITDA margin rose 4.8 percentage points to -1.6%.
- Revenue fell 4.4% from ₹312.36 crore in Q1 FY27, while net profit moved from ₹290.70 crore to a net loss of ₹22.53 crore.
- For H1 FY27, revenue was ₹610.9 crore and net profit was ₹268.17 crore, compared with revenue of ₹415.56 crore and net profit of ₹29.78 crore in H1 FY26.
How did Kiri Industries perform in Q2 FY27?
Kiri Industries reported consolidated revenue of ₹298.55 crore for Q2 FY27, up ₹85.11 crore or 39.9% from ₹213.44 crore in Q2 FY26. Total income rose ₹68.91 crore or 32.2% to ₹282.98 crore. EBITDA improved by ₹8.86 crore to a loss of ₹4.82 crore, with margin improving 4.8 percentage points to -1.6% from -6.4%.
Against Q1 FY27, revenue fell ₹13.81 crore or 4.4% from ₹312.36 crore, and total income fell ₹315.31 crore or 52.7% to ₹282.98 crore. EBITDA moved from ₹15.88 crore to a loss of ₹4.82 crore, while profit before tax changed from ₹288.52 crore to a loss of ₹33.48 crore. The company reported a net loss of ₹22.53 crore and EPS of -₹3.17.
On a standalone basis, Q2 FY27 revenue was ₹288.18 crore, up 48.1%, and the company reported a loss before tax of ₹21.12 crore and a net loss of ₹22.70 crore. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 5 November 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 298.55 | 312.36 | 213.44 | +39.9% | −4.4% |
| Other income | −15.57 | 285.93 | 0.64 | ||
| Total expenses | 316.46 | 309.76 | 299.30 | +5.7% | +2.2% |
| EBITDA | −4.82 | 15.88 | −13.68 | turned to loss | |
| EBITDA margin | -1.6% | 5.1% | -6.4% | +4.8 pp | −6.7 pp |
| Profit before tax | −33.48 | 288.52 | −85.22 | turned to loss | |
| Tax | 5.20 | 18.51 | −5.75 | −71.9% | |
| Net profit | −22.53 | 290.70 | 19.65 | turned to loss | turned to loss |
| EPS (₹) | −3.17 | 44.89 | turned to loss |
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 Kiri Industries' costs and profit?
Total expenses increased ₹17.16 crore or 5.7% from ₹299.30 crore in Q2 FY26 to ₹316.46 crore in Q2 FY27. Cost of materials rose ₹57.03 crore or 40.2% to ₹198.92 crore, employee cost increased ₹1.50 crore or 11.7% to ₹14.32 crore, depreciation rose ₹0.50 crore or 4.3% to ₹12.15 crore, and other expenses increased ₹22.33 crore or 41.6% to ₹76.06 crore. Finance costs fell ₹59.58 crore or 98.4% to ₹0.94 crore.
Other income declined ₹16.21 crore from ₹0.64 crore in Q2 FY26 to negative ₹15.57 crore in Q2 FY27. There was no exceptional item in either quarter. Tax was ₹5.20 crore, compared with negative ₹5.75 crore in the year-ago quarter, and the profit before tax loss narrowed to ₹33.48 crore from a loss of ₹85.22 crore. The filing does not state why the changes occurred.
Compared with Q1 FY27, other income fell ₹301.50 crore from ₹285.93 crore to negative ₹15.57 crore, while total expenses rose ₹6.70 crore or 2.2%. Cost of materials fell ₹17.80 crore or 8.2%, finance costs fell ₹0.43 crore or 31.4%, and other expenses rose ₹8.50 crore or 12.6%. Tax fell ₹13.31 crore or 71.9% to ₹5.20 crore; there was no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 198.92 | 141.89 | +57.03 | +40.2% |
| Employee cost | 14.32 | 12.82 | +1.50 | +11.7% |
| Finance costs | 0.94 | 60.52 | −59.58 | −98.4% |
| Depreciation | 12.15 | 11.65 | +0.50 | +4.3% |
| Other expenses | 76.06 | 53.73 | +22.33 | +41.6% |
| Total expenses | 316.46 | 299.30 | +17.16 | +5.7% |
| Other income | −15.57 | 0.64 | −16.21 | |
| Tax | 5.20 | −5.75 | +10.95 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹610.9 crore, up ₹195.34 crore or 47.0% from ₹415.56 crore in H1 FY26. Total income rose ₹430.3 crore or 95.4% to ₹881.26 crore from ₹450.96 crore, and profit before tax moved from a loss of ₹137.8 crore to a profit of ₹255.04 crore.
Net profit for the first half was ₹268.17 crore, compared with ₹29.78 crore in H1 FY26, a difference of ₹238.39 crore or 800.5%. Basic EPS was ₹41.59. The company’s board approved the unaudited standalone and consolidated results and the limited review reports for the half year ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 610.90 | 415.56 | +47.0% |
| Profit before tax | 255.04 | −137.80 | turned to profit |
| Net profit | 268.17 | 29.78 | +800.5% |
| EPS (₹) | 41.59 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹7,324.83 crore, compared with ₹7,038.96 crore at 31 March 2026. Total equity was ₹6,808.14 crore against ₹6,445.2 crore, while borrowings increased to ₹74.17 crore from ₹40.62 crore. Cash and cash equivalents fell to ₹408.63 crore from ₹551.14 crore; inventories rose to ₹194.08 crore from ₹169.27 crore and trade receivables to ₹133.24 crore from ₹104.0 crore.
For H1 FY27, operating cash flow was ₹98.81 crore, compared with ₹57.89 crore in H1 FY26. Investing cash flow was negative ₹355.21 crore against positive ₹88.21 crore, financing cash flow was ₹113.89 crore against ₹19.03 crore, and capital expenditure was ₹256.91 crore compared with ₹105.29 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 7,325 | 7,039 |
| Total equity | 6,808 | 6,445 |
| Borrowings | 74.17 | 40.62 |
| Cash and equivalents | 408.63 | 551.14 |
| Inventories | 194.08 | 169.27 |
| Trade receivables | 133.24 | 104 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 98.81 | 57.89 |
| Cash from investing | −355.21 | 88.21 |
| Cash from financing | 113.89 | 19.03 |
| Capital expenditure | 256.91 | 105.29 |
Source: Company's results filing (XBRL).
How has Kiri Industries done over the last 8 quarters?
Revenue rose year on year in each of the last three quarters. It peaked at ₹312.36 crore in Q1 FY27 and fell to ₹298.55 crore in Q2 FY27; the lowest revenue in the series was ₹173.59 crore in Q3 FY26. Net profit peaked at ₹5,022.8 crore in Q3 FY26, while Q2 FY27 recorded a net loss of ₹22.53 crore.
The EBITDA margin moved from 5.1% in Q1 FY27 to -1.6% in Q2 FY27. Its lowest point was -56.8% in Q4 FY26, while the highest point was 5.1% in Q1 FY27. Profit before tax in Q2 FY27 was a loss of ₹33.48 crore, compared with a profit of ₹288.52 crore in Q1 FY27.
How did Kiri Industries shares react?
The filing appeared while the market was open. The stock was down 9.8% after 5 minutes, 6.8% after 15 minutes and 7.4% after 30 minutes from the price when the filing appeared. On the reaction day, it fell 5.6% from the previous close, while the Dyes And Pigments industry median rose 0.5%, leaving the stock’s relative performance at -6.1 percentage points. No one-day or five-day reaction figures were available.
Earlier results-day moves were mixed: the stock rose 1.9% on 12 August 2026 and 1.7% on 7 November 2025, while it fell 5.5% on 30 May 2026 and 9.2% on 10 February 2026. It also fell 11.2% on 30 May 2025, the largest decline among the listed past reactions.
| After the filing | Stock | Dyes And Pigments median |
|---|---|---|
| 5 minutes | −9.8% | |
| 15 minutes | −6.8% | |
| 30 minutes | −7.4% | |
| Reaction day | −5.6% | +0.5% |
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 |
|---|---|
| 12 August 2026 | +1.9% |
| 30 May 2026 | −5.5% |
| 10 February 2026 | −9.2% |
| 7 November 2025 | +1.7% |
| 11 August 2025 | +1.3% |
| 30 May 2025 | −11.2% |
| 13 February 2025 | −0.7% |
| 13 November 2024 | −3.3% |
Source: MarketPing price-reaction measurement.
How did other Dyes And Pigments companies do?
Five other Dyes And Pigments companies that had filed for the quarter were compared with Kiri Industries. Their median revenue growth was 58.2%, compared with Kiri Industries’ revenue growth of 39.9%. One peer grew slower than Kiri Industries and four peers grew faster than Kiri Industries.
Profit was higher at four of the five peers, based on the five companies compared for profit. The peer comparison was recorded as of 5 November 2026.
| Kiri Industries revenue growth (YoY) | +39.9% |
|---|---|
| Median of 5 other Dyes And Pigments companies | +58.2% |
| Companies with slower revenue growth than Kiri Industries | 1 of 5 |
| Companies with faster revenue growth than Kiri Industries | 4 of 5 |
| Companies whose net profit rose | 4 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Kiri Industries' revenue in Q2 FY27?
Revenue from operations was ₹298.55 crore, up 39.9% from ₹213.44 crore in Q2 FY26 (consolidated).
Did Kiri Industries make a profit in Q2 FY27?
No. It reported a net loss of ₹22.53 crore, against a net profit of ₹19.65 crore in Q2 FY26.
What was Kiri Industries' EPS in Q2 FY27?
Basic loss per share was ₹3.17.
How did Kiri Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.6% from the previous close; the median Dyes And Pigments stock moved +0.5%.
When did Kiri Industries announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 29 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 05/11/2026 (BSE, 5 November 2026) · PDF
- Submission Of Unaudited Standalone And Consolidated Financial Results For The Quarter Ended 30/09/2026. (BSE, 5 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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