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Malu Paper Mills Q2 FY27 results: net profit ₹2.49 crore vs ₹5.59 crore loss, revenue up 108.7%
Malu Paper Mills Limited reported standalone Q2 FY27 revenue of ₹117.69 crore and a net profit of ₹2.49 crore for the July–September 2026 quarter. EBITDA was ₹6.70 crore with a 5.7% margin, while revenue was higher than Q2 FY26 but lower than Q1 FY27.
Key points
- Q2 FY27 revenue was ₹117.69 crore, up 108.7% from ₹56.39 crore in Q2 FY26.
- EBITDA was ₹6.70 crore in Q2 FY27 against a loss of ₹3.24 crore in the year-ago quarter, with margin at 5.7%.
- Net profit was ₹2.49 crore in Q2 FY27 against a net loss of ₹5.59 crore in Q2 FY26.
- Basic EPS was ₹1.46, compared with a loss of ₹3.28 in Q2 FY26 and ₹0.75 in Q1 FY27.
- H1 FY27 revenue was ₹241.11 crore and net profit was ₹3.77 crore, versus revenue of ₹150.72 crore and a net loss of ₹11.74 crore in H1 FY26.
How did Malu Paper Mills perform in Q2 FY27?
Malu Paper Mills reported standalone revenue of ₹117.69 crore in Q2 FY27, up 108.7% from ₹56.39 crore in Q2 FY26. Against Q1 FY27, revenue was lower by ₹5.73 crore, or 4.6%. The quarter ended on 30 September 2026. The board approved the unaudited standalone results for the quarter and half year.
EBITDA was ₹6.70 crore in Q2 FY27, against a loss of ₹3.24 crore in Q2 FY26, and the EBITDA margin was 5.7% compared with a negative 5.7% a year earlier. Sequentially, EBITDA was ₹0.96 crore higher than Q1 FY27, while margin rose 1.0 percentage point from 4.7%.
Profit before tax was ₹3.06 crore in Q2 FY27, against a loss of ₹7.63 crore in Q2 FY26 and ₹1.83 crore in Q1 FY27. After tax of ₹0.57 crore, Malu Paper Mills reported a net profit of ₹2.49 crore, compared with a net loss of ₹5.59 crore a year earlier and net profit of ₹1.28 crore in the previous quarter. Basic EPS was ₹1.46, versus a loss of ₹3.28 in Q2 FY26 and ₹0.75 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 117.69 | 123.42 | 56.39 | +108.7% | −4.6% |
| Other income | 0.10 | 0.10 | 0.10 | +0.0% | +0.0% |
| Total expenses | 114.73 | 121.69 | 64.12 | +78.9% | −5.7% |
| EBITDA | 6.70 | 5.74 | −3.24 | turned to profit | +16.7% |
| EBITDA margin | 5.7% | 4.7% | -5.7% | +11.4 pp | +1.0 pp |
| Profit before tax | 3.06 | 1.83 | −7.63 | turned to profit | +67.2% |
| Tax | 0.57 | 0.55 | −2.03 | +3.6% | |
| Net profit | 2.49 | 1.28 | −5.59 | turned to profit | +94.5% |
| EPS (₹) | 1.46 | 0.75 | −3.28 | turned to profit | +94.7% |
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 Malu Paper Mills' costs and profit?
Total expenses were ₹114.73 crore in Q2 FY27, up ₹50.61 crore, or 78.9%, from ₹64.12 crore in Q2 FY26. Cost of materials increased ₹29.29 crore to ₹69.07 crore, employee cost rose ₹0.38 crore to ₹3.26 crore, and other expenses rose ₹20.83 crore to ₹38.36 crore. Finance costs were ₹2.31 crore, lower by ₹0.80 crore, or 25.7%, while depreciation was ₹1.43 crore, up ₹0.06 crore.
Other income was unchanged at ₹0.10 crore and there was no exceptional item in either Q2 FY27 or Q2 FY26. The EBITDA margin moved from a negative 5.7% to 5.7%, an improvement of 11.4 percentage points. Tax was ₹0.57 crore in Q2 FY27, against a negative ₹2.03 crore in Q2 FY26. The filing did not state a reason for the changes in costs or other expenses.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 69.07 | 39.78 | +29.29 | +73.6% |
| Employee cost | 3.26 | 2.88 | +0.38 | +13.2% |
| Finance costs | 2.31 | 3.11 | −0.80 | −25.7% |
| Depreciation | 1.43 | 1.37 | +0.06 | +4.4% |
| Other expenses | 38.36 | 17.53 | +20.83 | +118.8% |
| Total expenses | 114.73 | 64.12 | +50.61 | +78.9% |
| Other income | 0.10 | 0.10 | 0 | +0.0% |
| Tax | 0.57 | −2.03 | +2.60 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Malu Paper Mills reported revenue of ₹241.11 crore, up 60.0% from ₹150.72 crore in H1 FY26. Total income was ₹241.31 crore, compared with ₹150.93 crore in the year-ago first half. Profit before tax moved from a loss of ₹16.30 crore to ₹4.89 crore, while net profit moved from a loss of ₹11.74 crore to ₹3.77 crore. Basic EPS was ₹2.21, compared with a loss of ₹6.88 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 241.11 | 150.72 | +60.0% |
| Profit before tax | 4.89 | −16.30 | turned to profit |
| Net profit | 3.77 | −11.74 | turned to profit |
| EPS (₹) | 2.21 | −6.88 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹176.75 crore, compared with ₹181.00 crore at 31 March 2026. Total equity remained negative, at negative ₹21.85 crore against negative ₹25.49 crore, while borrowings fell from ₹152.62 crore to ₹144.51 crore. Cash was ₹0.16 crore, compared with ₹0.13 crore. Inventories were ₹37.39 crore against ₹43.29 crore, trade receivables ₹44.19 crore against ₹38.97 crore, and trade payables ₹49.12 crore against ₹47.13 crore.
H1 FY27 operating cash flow was ₹14.16 crore, compared with ₹1.12 crore in H1 FY26. Investing cash flow was a negative ₹1.00 crore against positive ₹0.68 crore, while financing cash flow was a negative ₹13.12 crore against a negative ₹1.81 crore. No capital expenditure was recorded in either period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 176.75 | 181 |
| Total equity | −21.85 | −25.49 |
| Borrowings | 144.51 | 152.62 |
| Cash and equivalents | 0.16 | 0.13 |
| Inventories | 37.39 | 43.29 |
| Trade receivables | 44.19 | 38.97 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 14.16 | 1.12 |
| Cash from investing | −1 | 0.68 |
| Cash from financing | −13.12 | −1.81 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Malu Paper Mills done over the last 8 quarters?
Revenue rose year-on-year in each of the last four quarters. Over the period shown, revenue was lowest at ₹56.39 crore in Q2 FY26 and highest at ₹123.42 crore in Q1 FY27; it then fell to ₹117.69 crore in Q2 FY27. EBITDA margin moved from a low of negative 5.7% in Q2 FY26 to 5.7% in Q2 FY27, its highest level in the series.
Net profit bottomed at a loss of ₹6.15 crore in Q1 FY26 and reached a profit of ₹2.49 crore in Q2 FY27. The latest quarter therefore extended the improvement in profit and margin, although revenue declined from ₹123.42 crore in the preceding quarter.
How did Malu Paper Mills shares react?
By the next day's close, the stock was down 1.7% from its pre-results close, versus a 0.2% industry median rise. Its reaction-day excess move against the industry was a negative 0.2 percentage points, and the one-day excess move was a negative 1.8 percentage points. Earlier reaction-day moves were positive on four dates and negative on four dates, including 0.7% on 23 July 2026 and a fall of 3.6% on 11 February 2026.
| After the filing | Stock | Paper & Paper Products median |
|---|---|---|
| 5 minutes | −1.1% | |
| 15 minutes | −0.3% | |
| 30 minutes | −0.5% | |
| Reaction day | +0.1% | +0.3% |
| Next day | −1.7% | +0.2% |
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 |
|---|---|
| 23 July 2026 | +0.7% |
| 28 May 2026 | +1.1% |
| 11 February 2026 | −3.6% |
| 12 November 2025 | −1.5% |
| 8 August 2025 | +1.6% |
| 23 May 2025 | +0.1% |
| 10 February 2025 | −0.3% |
| 13 November 2024 | −2.1% |
Source: MarketPing price-reaction measurement.
How did other Paper & Paper Products companies do?
Twelve Paper & Paper Products companies were compared for revenue growth as of 4 November 2026, with a median revenue growth of 21.3%. Ten peers grew revenue more slowly than Malu Paper Mills, while two grew faster than the company. Profit was higher for 12 peers among the 14 compared for profit.
| Malu Paper Mills revenue growth (YoY) | +108.7% |
|---|---|
| Median of 12 other Paper & Paper Products companies | +21.3% |
| Companies with slower revenue growth than Malu Paper Mills | 10 of 12 |
| Companies with faster revenue growth than Malu Paper Mills | 2 of 12 |
| Companies whose net profit rose | 12 of 14 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Malu Paper Mills' revenue in Q2 FY27?
Revenue from operations was ₹117.69 crore, up 108.7% from ₹56.39 crore in Q2 FY26 (standalone).
Did Malu Paper Mills make a profit in Q2 FY27?
Yes. Net profit was ₹2.49 crore, against a net loss of ₹5.59 crore in Q2 FY26.
What was Malu Paper Mills' EPS in Q2 FY27?
Basic earnings per share were ₹1.46, against a loss of ₹3.28 in Q2 FY26.
How did Malu Paper Mills shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.1% from the previous close; the median Paper & Paper Products stock moved +0.3%.
When did Malu Paper Mills announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for To Consider, Approve And Take On Record Un-Audited Financial Results For The Quarter And Half Year Ended On 30/09/2026. (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 30 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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