KRBL Q2 FY27 results: net profit up 50.4% to ₹258.93 crore, revenue up 14.3%

How did KRBL perform in Q2 FY27?

KRBL reported consolidated revenue of ₹1,727 crore for Q2 FY27, up ₹216.28 crore or 14.3% from ₹1,511 crore in Q2 FY26. Against Q1 FY27, revenue was higher by ₹231.50 crore or 15.5%. On the standalone basis, revenue was ₹1,727.36 crore, up 14.3% from the year-ago quarter, and standalone profit before tax was ₹172.02 crore.

Consolidated EBITDA was ₹332.18 crore, up ₹105.73 crore or 46.7% from ₹226.45 crore, and the margin improved 4.2 percentage points to 19.2%. Sequentially, EBITDA rose ₹24.60 crore or 8.0%, while margin was lower by 1.4 percentage points from 20.6%.

Profit before tax was ₹349.04 crore, against ₹232.52 crore in Q2 FY26 and ₹347.68 crore in Q1 FY27. Net profit was ₹258.93 crore, up ₹86.82 crore or 50.4% year on year but down ₹1.81 crore or 0.7% sequentially. Basic EPS was ₹11.31, compared with ₹7.52 a year ago and ₹11.39 in the previous quarter.

What changed in KRBL's costs and profit?

Cost of materials fell ₹68.58 crore or 10.9% to ₹559.96 crore from ₹628.54 crore in Q2 FY26, while employee cost rose ₹2.17 crore or 4.0% to ₹56.72 crore. Finance costs declined ₹0.46 crore or 41.1% to ₹0.66 crore, depreciation increased ₹0.65 crore or 2.8% to ₹23.60 crore, and other expenses rose ₹40.11 crore or 28.8% to ₹179.46 crore.

Total expenses increased ₹110.74 crore or 8.5% to ₹1,419.44 crore from ₹1,308.70 crore in Q2 FY26. Other income rose ₹10.98 crore or 36.4% to ₹41.12 crore, and tax expense increased ₹29.70 crore or 49.2% to ₹90.11 crore. There was no exceptional item. KRBL said gross margin increased because of price increases, a better sales mix and higher other income, while higher proportionate other expenses partly affected EBITDA.

Against Q1 FY27, cost of materials declined ₹243.72 crore or 30.3%, finance costs fell ₹0.12 crore or 15.4%, and other income decreased ₹23.24 crore or 36.1%. Employee cost rose ₹1.60 crore or 2.9%, depreciation increased ₹0.12 crore or 0.5%, and other expenses rose ₹40.88 crore or 29.5%. Total expenses increased ₹206.90 crore or 17.1%, and tax expense rose ₹3.17 crore or 3.6%.

How did the first half of FY27 go?

For H1 FY27, KRBL reported consolidated revenue of ₹3,223.22 crore, up ₹127.79 crore or 4.1% from ₹3,095.43 crore in H1 FY26. Total income was ₹3,328.7 crore, higher by ₹173.81 crore or 5.5%, while profit before tax increased ₹262.65 crore or 60.5% to ₹696.72 crore.

Net profit for the first half was ₹519.67 crore, up ₹196.98 crore or 61.0% from ₹322.69 crore in H1 FY26. Basic EPS rose by ₹8.6 or 61.0% to ₹22.7 from ₹14.1. KRBL said the increase in first-half revenue came mainly from higher domestic revenue, partly offset by lower export revenue.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹7,178.42 crore, against ₹6,597.92 crore on 31 March 2026, while total equity was ₹6,230.12 crore compared with ₹5,807.38 crore. Borrowings fell from ₹169.79 crore to ₹33.46 crore, and cash declined from ₹110.08 crore to ₹60.85 crore. Inventories were ₹2,203.23 crore, against ₹3,713.66 crore at the previous balance-sheet date.

Trade receivables were ₹464.65 crore on 30 September 2026, compared with ₹462.83 crore on 31 March 2026, and trade payables rose from ₹139.68 crore to ₹284.30 crore. KRBL said net bank debt was lower mainly because of lower net working capital and internal accruals.

Operating cash flow for H1 FY27 was ₹2,218.17 crore, compared with ₹1,855.27 crore in H1 FY26. Investing cash flow was negative ₹1,108.44 crore against negative ₹229.15 crore, financing cash flow was negative ₹243.83 crore against negative ₹446.04 crore, and capital expenditure was ₹58.78 crore against ₹44.77 crore.

How has KRBL done over the last 8 quarters?

Revenue reached its highest level of the listed series in Q2 FY27 at ₹1,727 crore, after ₹1,495.86 crore in Q1 FY27 and a low of ₹1,442.25 crore in Q4 FY25. The current direction was upward, although the prior quarter had also posted higher revenue than the low recorded in Q4 FY25.

Profit after tax rose year on year in each of the last seven quarters. It reached ₹260.74 crore in Q1 FY27 before easing to ₹258.93 crore in Q2 FY27, while the series low was ₹132.61 crore in Q3 FY25. EBITDA margin peaked at 20.6% in Q1 FY27 and was 19.2% in the latest quarter, above the 11.6% low in Q3 FY25.

Which businesses drove the quarter?

Agri revenue was ₹1,715.34 crore in Q2 FY27, up 14.9% from ₹1,493.30 crore in Q2 FY26. Segment EBIT rose to ₹330.68 crore from ₹215.82 crore, and the reported EBIT margin was 19.3%.

Energy revenue increased 28.4% to ₹74.02 crore from ₹57.66 crore in the year-ago quarter. EBIT was ₹22.68 crore, compared with ₹21.99 crore, and the reported EBIT margin was 30.6%.

What else did the company announce?

KRBL’s board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report issued by Walker Chandiok & Co LLP. The company also filed an investor presentation for the quarter, which said domestic growth partly offset lower export revenue.

The same-day filings did not announce a dividend, fund raise or appointment. The review report stated that the Enforcement Directorate was investigating a joint managing director and had filed allegations against KRBL, KRBL DMCC and the joint managing director; the auditor said there was no conclusive evidence to determine the impact on the financial statements and qualified its conclusion regarding possible effects.

What did KRBL's management say?

Management guided to a 16-20% EBITDA margin for Q3 FY27 and indicated performance was closer to 20%. It also gave FY27 EBITDA-margin guidance of 17-19% and said Q3 domestic realisations were expected to close around 7-8% higher. Chairman and Managing Director Anil Kumar Mittal said price increases had been taken across the portfolio in the third quarter.

Management identified risks including a weak monsoon and localised October rain damage, elevated paddy prices, low carryover stock, Strait of Hormuz disruption, war-risk freight, banking constraints and Iran sanctions. On the export issue, Mittal said, “As I said last quarter, this remains a logistics problem and not a demand problem.”

How did KRBL shares react?

After the filing, KRBL’s price was up 5.4% after five minutes, 4.8% after 15 minutes and 6.7% after 30 minutes. The stock closed the reaction day up 10.3% from its pre-results close of ₹363.0; by the next day’s close, it was up 11.5% from that close.

On the reaction day, the median move for the industry’s other stocks was 0.7%, while KRBL’s 10.3% gain represented 9.5 percentage points of excess movement. By the next day’s close, the industry median had risen 1.6% and KRBL’s excess movement was 9.9 percentage points. No five-day reaction was available.

Earlier reaction-day moves were mixed: KRBL rose 3.7% on 13 August 2026, fell 2.6% on 14 May 2026 and fell 0.9% on 14 February 2026. The company had also posted rises of 12.4%, 13.2%, 7.9% and 4.7% on the four preceding results dates shown.

How did other Other Agricultural Products companies do?

Sixteen Other Agricultural Products companies had filed for comparison by 5 November 2026, and their median revenue growth was 13.8%. KRBL’s revenue growth of 14.3% was above that median. Eight peers grew revenue more slowly than KRBL and eight grew faster.

Eight of the 15 peers for which profit was compared reported higher profit. KRBL’s consolidated net profit increased 50.4% from Q2 FY26, while its EBITDA rose 46.7% and the EBITDA margin improved 4.2 percentage points to 19.2%.