Manali Petrochemicals Q1 FY26 results: net profit up 10.1% to ₹14.34 crore, revenue down 2.4%

How did Manali Petrochemicals perform in Q1 FY26?

Manali Petrochemicals reported consolidated revenue of ₹234.67 crore for Q1 FY26, against ₹240.42 crore in Q1 FY25, a fall of ₹5.75 crore or 2.4%. Sequentially, revenue was up ₹4.31 crore or 1.9% from ₹230.36 crore in Q4 FY25. EBITDA for the April–June 2025 quarter was ₹22.83 crore at a 9.7% margin, compared with ₹20.75 crore at 8.6% a year earlier and ₹21.04 crore at 9.1% in the previous quarter.

Profit before tax was ₹19.96 crore, up from ₹17.87 crore in Q1 FY25 and ₹15.94 crore in Q4 FY25. After tax of ₹5.62 crore, net profit was ₹14.34 crore, against ₹13.02 crore in the year-ago quarter and ₹10.81 crore in the previous quarter. Basic EPS was ₹0.83, compared with ₹0.76 and ₹0.63 respectively. On a standalone basis, revenue was ₹163.25 crore, down 8.2%, and profit after tax was ₹3.02 crore against ₹1.75 crore.

What changed in Manali Petrochemicals' costs and profit?

The clearest year-on-year movement came from cost of materials, which fell ₹33.40 crore or 20.6% to ₹128.61 crore from ₹162.01 crore. Total expenses declined ₹6.18 crore or 2.7% to ₹222.73 crore from ₹228.91 crore, while other expenses fell ₹2.78 crore or 5.9% to ₹44.34 crore. Other income rose ₹1.66 crore or 26.1% to ₹8.02 crore from ₹6.36 crore. There was no exceptional item in the quarter, against the year-ago quarter.

Employee cost rose ₹0.58 crore or 3.2% to ₹18.48 crore, finance costs rose ₹0.54 crore or 20.5% to ₹3.17 crore, and depreciation rose ₹1.11 crore or 16.8% to ₹7.72 crore. Tax was ₹5.62 crore, up ₹0.77 crore or 15.9% from ₹4.85 crore. Sequentially, the previous quarter had carried an exceptional charge of ₹3.21 crore, which Q1 FY26 did not. The filings do not state reasons for the changes in the cost lines.

How has Manali Petrochemicals done over the last 8 quarters?

Revenue over the last eight quarters peaked at ₹270.0 crore in Q2 FY24 and bottomed at ₹196.12 crore in Q3 FY25. Since then it moved to ₹230.36 crore in Q4 FY25 and ₹234.67 crore in Q1 FY26, the highest reading in the last four quarters but still below the earlier peak.

Profit after tax bottomed at ₹0.2 crore in Q2 FY25 and reached ₹14.34 crore in Q1 FY26, up from ₹10.81 crore in the previous quarter and ₹13.02 crore a year earlier. EBITDA margin rose from 1.7% in Q2 FY25 to 9.7% in Q1 FY26, its highest point in the eight-quarter series. Profit rose year on year in each of the last three quarters.

What else did the company announce?

The board approved the unaudited standalone and consolidated results for the quarter ended 30 June 2025, along with the auditors' limited review reports. It also recommended a dividend of ₹0.50 per equity share of ₹5 each, fully paid up, at 10%, subject to shareholder approval at the 39th Annual General Meeting scheduled for 16 September 2025, with payment within 30 days of that meeting.

The board appointed Mr. L Thriyambak as Cost Auditor for FY 2025-26, and approved the appointment of B. Chandra & Associates as Secretarial Auditors for five consecutive years from FY 2025-26 to FY 2029-30, subject to member approval. Independent Director Mr. Niranjhan Madras Srinivasan resigned with effect from the close of business hours on 11 August 2025, citing an increase in professional and personal commitments and confirming there were no other material reasons. The board also cancelled the postal ballot proposal on remuneration for non-executive directors for FY 2024-25 and said it would be placed before the AGM.

What did the auditors point out?

Brahmayya & Co, the independent auditors, included an Emphasis of Matter in their review report. One relates to the company's adoption of Ind AS 116 on leases from 1 April 2021, based on lease renewal and lease rent obligations under demand notices received, with right-of-use assets and lease liabilities recognised; any adjustment necessitated by actual renewal terms would be made on receipt from the Government.

The second emphasis of matter concerns the manufacturing plants affected by Cyclone Michaung floods in December 2023, which disrupted operations and caused damage. Operations resumed in phases during December 2023 and in full from January 2024 after repairs. Claims have been lodged with the insurer and remain under evaluation, and the impact on the financial results is described as unascertainable, so no adjustments were made in this regard. The auditors also noted that insurance receivable of ₹2,183 lakh is carried net of an interim claim received of ₹300 lakhs. The excerpts do not indicate a qualified opinion or a going concern qualification.

How did Manali Petrochemicals shares react?

The filing appeared after market hours, and the stock was down 0.4% five minutes after the price of ₹67.23, down 0.3% after 15 minutes and down 0.9% after 30 minutes. On the reaction day the stock closed 1.0% above its pre-results close of ₹65.65. By the next day's close it was up 0.3% from that pre-results close, and by the fifth session it was up 3.9%. Over one month, the move was 7.4%.

How did other Petrochemicals companies do?

Ten other Petrochemicals companies were compared, with a median revenue growth of -2.3%. Five of them grew faster than Manali Petrochemicals and five grew slower, while five reported higher profit. The peer set was as of 5 November 2026.