Kotyark Industries Q2 FY27 results: net profit ₹6.24 crore, revenue down 58.4%

How did Kotyark Industries perform in Q2 FY27?

Kotyark Industries’ consolidated Q2 FY27 revenue was ₹61.27 crore, down 58.4% from ₹147.32 crore in Q2 FY26 and 33.4% from ₹91.98 crore in Q1 FY27. EBITDA rose 3.2% year on year to ₹12.67 crore and increased 8.2% from ₹11.71 crore in the previous quarter, taking the margin to 20.7% from 8.3% and 12.7%, respectively.

Net profit was ₹6.24 crore in Q2 FY27, up 39.9% from ₹4.46 crore in Q1 FY27. Basic EPS rose to ₹0.55 from ₹0.34, while profit before tax increased to ₹8.36 crore from ₹7.47 crore. For Q2 FY26, the available figures show PBT of ₹8.92 crore and basic EPS of ₹5.97, while a net profit figure was not provided. On a standalone basis, revenue was ₹57.42 crore and PAT was ₹3.71 crore.

What changed in Kotyark Industries' costs and profit?

Total expenses fell ₹85.54 crore, or 61.8%, to ₹52.93 crore from ₹138.47 crore in Q2 FY26. Cost of materials decreased ₹91.04 crore, or 90.0%, to ₹10.17 crore; employee cost fell ₹0.85 crore to ₹1.52 crore, finance costs fell ₹1.58 crore to ₹1.85 crore, and other expenses fell ₹6.49 crore to ₹2.74 crore. There was no exceptional item in either quarter.

Other income declined ₹0.05 crore, or 71.4%, to ₹0.02 crore from ₹0.07 crore, while tax was ₹2.12 crore, down ₹0.16 crore or 7.0% from ₹2.28 crore. Management said Q2 profitability was supported by consuming raw materials procured earlier at comparatively lower prices, although raw material prices had since increased. Against Q1 FY27, lower total expenses of ₹31.58 crore supported a ₹1.78 crore rise in PAT.

What do the balance sheet and cash flow show?

Total assets rose to ₹299.92 crore as of 30 September 2026 from ₹260.61 crore as of 31 March 2026. Total equity increased to ₹186.48 crore from ₹182.31 crore, borrowings rose to ₹92.63 crore from ₹64.87 crore, and cash and cash equivalents increased to ₹17.09 crore from ₹1.39 crore. Inventories fell to ₹133.75 crore from ₹151.14 crore, while trade receivables rose to ₹67.85 crore from ₹17.70 crore.

Operating cash flow for H1 FY27 was negative ₹22.82 crore, compared with negative ₹6.72 crore in H1 FY26. Investing cash flow was positive ₹0.03 crore against negative ₹0.51 crore, financing cash flow was positive ₹38.50 crore against positive ₹8.44 crore, and capital expenditure was ₹0.53 crore compared with ₹0.57 crore. For the first half, revenue was ₹153.25 crore, total income was ₹153.28 crore, PBT was ₹15.83 crore, PAT was ₹10.70 crore, and EPS was ₹0.95.

How has Kotyark Industries done over the last 5 quarters?

Revenue in the available series reached its high of ₹147.32 crore in Q2 FY26 and fell to its low of ₹61.27 crore in Q2 FY27, following ₹91.98 crore in Q1 FY27. The latest quarter therefore extended the decline from the previous quarter, with revenue down 33.4% sequentially and 58.4% year on year.

PAT reached its high of ₹9.38 crore in Q4 FY26, fell to ₹4.46 crore in Q1 FY27 and rose to ₹6.24 crore in Q2 FY27. The EBITDA margin bottomed at -1.4% in Q4 FY25, peaked at 30.1% in Q4 FY26 and eased to 20.7% in Q2 FY27 from 12.7% in the preceding quarter. Profitability improved sequentially, while revenue moved lower.

What did Kotyark Industries' management say?

Management said the company was targeting a revenue CAGR of 25-30% over the next three years and an EBITDA margin aspiration of 18-22%. It also said it was targeting 60-70% utilisation over the next two to three years, against current plant utilisation of 7-8%, and had expanded Rajasthan biodiesel capacity from 500 KLPD to 1,500 KLPD.

Management said FY28 priorities included expanding industrial and bulk-buyer presence, increasing retail fuel network reach, improving logistics integration, raising glycerin processing efficiency and expanding supplies to pharma and personal care sectors. For FY29, it said it would explore carbon-credit monetisation through waste-to-energy and biodiesel operations. Management said the existing infrastructure could support growth without immediate large-scale capital expenditure requirements.

Management identified OMC tender cycles and procurement timing as factors affecting earnings and said Q2 profitability benefited from raw materials bought earlier at comparatively lower prices. It also cited increasing electric-vehicle adoption, alternative clean-energy solutions and volatility in energy and carbon markets as risks, with glycerin revenue identified as a diversification support. No analysts’ questions were provided in the presentation excerpt.

How did Kotyark Industries shares react?

After the filing appeared after market hours on 28 October 2026, the stock was up 2.1% after five minutes, 2.6% after 15 minutes and 2.3% after 30 minutes. From the previous close of ₹34.50, it closed the reaction day up 11.9%. By the next day's close, it was up 11.3% from the pre-results close; a five-day move was not available.

The Refineries & Marketing industry median moved 0.1% on the reaction day and fell 0.7% by the next day's close, while the Nifty Microcap 250 rose 0.7% and fell 1.9%, respectively. Kotyark’s reaction-day move exceeded the industry median by 11.8 percentage points, and its next-day cumulative move exceeded it by 12.0 percentage points. Earlier reaction-day moves were -2.3% on 7 September 2026, -4.1% on 27 April 2026, -4.8% on 13 November 2025 and -2.0% on 23 May 2025.

How did other Refineries & Marketing companies do?

Seven other Refineries & Marketing companies that had filed for the quarter were compared with Kotyark Industries. Their median revenue growth was 28.6%; all seven were recorded as growing faster than Kotyark Industries, while none grew slower. Of the seven peers with comparable profit figures, four reported higher profit.