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Metal Coatings Q2 FY27 results: net profit down 44.3% to ₹0.39 crore, revenue up 2.7%
Metal Coatings (India) Ltd reported standalone Q2 FY27 revenue of ₹40.04 crore, up 2.7% from Q2 FY26, while net profit fell 44.3% to ₹0.39 crore. EBITDA declined to ₹0.64 crore and the margin narrowed to 1.6%, as higher costs outweighed the increase in revenue.
Key points
- Standalone Q2 FY27 revenue was ₹40.04 crore, up 2.7% from ₹38.98 crore in Q2 FY26 and 4.7% from ₹38.25 crore in Q1 FY27.
- EBITDA fell to ₹0.64 crore from ₹0.89 crore a year ago, while the EBITDA margin declined from 2.3% to 1.6%.
- Net profit was ₹0.39 crore, down from ₹0.70 crore in Q2 FY26 and ₹0.77 crore in Q1 FY27; basic EPS was ₹0.54.
- Total expenses rose to ₹39.53 crore from ₹38.25 crore in Q2 FY26, led by higher cost of materials and other expenses.
- H1 FY27 revenue rose 5.8% to ₹78.28 crore, but net profit fell 11.5% to ₹1.16 crore.
How did Metal Coatings perform in Q2 FY27?
Metal Coatings reported standalone revenue of ₹40.04 crore in Q2 FY27, up 2.7% from ₹38.98 crore in Q2 FY26 and 4.7% from ₹38.25 crore in Q1 FY27. EBITDA was ₹0.64 crore, down from ₹0.89 crore and ₹0.74 crore respectively, while the EBITDA margin fell to 1.6% from 2.3% and 1.9%.
Profit before tax fell to ₹0.55 crore from ₹0.97 crore in Q2 FY26 and ₹1.05 crore in Q1 FY27. Net profit declined to ₹0.39 crore from ₹0.70 crore and ₹0.77 crore, and basic EPS was ₹0.54 against ₹0.95 and ₹1.05. The results were approved by the board on 5 November 2026 and underwent a limited review.
The filing stated that Metal Coatings operates in a single segment under Ind AS 108, so segment disclosures were not provided. No consolidated figures were given in the filing excerpts.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 40.04 | 38.25 | 38.98 | +2.7% | +4.7% |
| Other income | 0.05 | 0.45 | 0.23 | −78.3% | −88.9% |
| Total expenses | 39.53 | 37.64 | 38.25 | +3.3% | +5.0% |
| EBITDA | 0.64 | 0.74 | 0.89 | −28.1% | −13.5% |
| EBITDA margin | 1.6% | 1.9% | 2.3% | −0.7 pp | −0.3 pp |
| Profit before tax | 0.55 | 1.05 | 0.97 | −43.3% | −47.6% |
| Tax | 0.16 | 0.28 | 0.27 | −40.7% | −42.9% |
| Net profit | 0.39 | 0.77 | 0.70 | −44.3% | −49.4% |
| EPS (₹) | 0.54 | 1.05 | 0.95 | −43.2% | −48.6% |
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 Metal Coatings' costs and profit?
Against Q2 FY26, total expenses rose by ₹1.28 crore to ₹39.53 crore. Cost of materials increased by ₹2.30 crore to ₹31.95 crore, employee cost rose by ₹0.19 crore to ₹2.14 crore, and other expenses increased by ₹1.33 crore to ₹5.50 crore.
Other income declined by ₹0.18 crore to ₹0.05 crore from ₹0.23 crore in Q2 FY26. Finance costs fell by ₹0.01 crore to ₹0 crore, and depreciation fell by ₹0.01 crore to ₹0.13 crore. Tax expense was lower by ₹0.11 crore at ₹0.16 crore.
There was no exceptional item in either Q2 FY27 or Q2 FY26. The filing did not state why the cost of materials or other expenses increased. Compared with Q1 FY27, other expenses rose by ₹1.23 crore and other income fell by ₹0.40 crore, while tax expense was lower by ₹0.12 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 31.95 | 29.65 | +2.30 | +7.8% |
| Employee cost | 2.14 | 1.95 | +0.19 | +9.7% |
| Finance costs | 0 | 0.01 | −0.01 | |
| Depreciation | 0.13 | 0.14 | −0.01 | −7.1% |
| Other expenses | 5.50 | 4.17 | +1.33 | +31.9% |
| Total expenses | 39.53 | 38.25 | +1.28 | +3.3% |
| Other income | 0.05 | 0.23 | −0.18 | −78.3% |
| Tax | 0.16 | 0.27 | −0.11 | −40.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Metal Coatings reported standalone revenue of ₹78.28 crore, up ₹4.27 crore or 5.8% from ₹74.01 crore in H1 FY26. Total income rose by ₹4.14 crore to ₹78.78 crore from ₹74.64 crore.
Profit before tax declined by ₹0.08 crore to ₹1.61 crore from ₹1.69 crore. Net profit fell by ₹0.15 crore to ₹1.16 crore from ₹1.31 crore, while basic EPS decreased to ₹1.59 from ₹1.78.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 78.28 | 74.01 | +5.8% |
| Profit before tax | 1.61 | 1.69 | −4.7% |
| Net profit | 1.16 | 1.31 | −11.5% |
| EPS (₹) | 1.59 | 1.78 | −10.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹55.11 crore against ₹56.37 crore on 31 March 2026, and total equity was ₹44.47 crore against ₹43.97 crore. Borrowings declined to ₹2.79 crore from ₹3.52 crore, while cash fell to ₹0.07 crore from ₹0.11 crore.
Inventories increased to ₹11.19 crore from ₹10.5 crore, trade receivables rose to ₹30.42 crore from ₹29.06 crore, and trade payables were ₹1.29 crore against ₹1.08 crore. H1 FY27 operating cash flow was negative ₹2.68 crore, compared with ₹5.78 crore in H1 FY26.
Investing cash flow was ₹4.12 crore in H1 FY27 against negative ₹3.33 crore in H1 FY26, while financing cash flow was negative ₹1.47 crore against negative ₹2.35 crore. Capital expenditure was ₹0 crore, compared with ₹0.01 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 55.11 | 56.37 |
| Total equity | 44.47 | 43.97 |
| Borrowings | 2.79 | 3.52 |
| Cash and equivalents | 0.07 | 0.11 |
| Inventories | 11.19 | 10.50 |
| Trade receivables | 30.42 | 29.06 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −2.68 | 5.78 |
| Cash from investing | 4.12 | −3.33 |
| Cash from financing | −1.47 | −2.35 |
| Capital expenditure | 0 | 0.01 |
Source: Company's results filing (XBRL).
How has Metal Coatings done over the last 8 quarters?
Revenue increased year on year in each of the last two quarters. In the latest quarter, revenue rose to ₹40.04 crore from ₹38.25 crore in Q1 FY27, but net profit fell to ₹0.39 crore from ₹0.77 crore and the EBITDA margin declined to 1.6% from 1.9%.
Across the reported quarters, revenue peaked at ₹40.78 crore in Q4 FY25 and was lowest at ₹35.03 crore in Q1 FY26. Net profit was highest at ₹1.33 crore in Q4 FY25, while the latest quarter’s ₹0.39 crore followed a net loss of ₹0.53 crore in Q3 FY25. The EBITDA margin was highest at 4.4% in Q4 FY25 and lowest at 1.3% in Q1 FY26.
How did other Iron & Steel Products companies do?
Among 46 other Iron & Steel Products companies compared for the quarter, the median revenue growth was 18.4%. Twelve companies grew more slowly than Metal Coatings, while 34 grew faster than the company’s 2.7% revenue growth.
Thirty of the 49 peers with comparable profit data reported higher profit. The peer comparison was recorded as of 6 November 2026.
| Metal Coatings revenue growth (YoY) | +2.7% |
|---|---|
| Median of 46 other Iron & Steel Products companies | +18.4% |
| Companies with slower revenue growth than Metal Coatings | 12 of 46 |
| Companies with faster revenue growth than Metal Coatings | 34 of 46 |
| Companies whose net profit rose | 30 of 49 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Metal Coatings' revenue in Q2 FY27?
Revenue from operations was ₹40.04 crore, up 2.7% from ₹38.98 crore in Q2 FY26 (standalone).
Did Metal Coatings make a profit in Q2 FY27?
Yes. Net profit was ₹0.39 crore, against a net profit of ₹0.70 crore in Q2 FY26.
What was Metal Coatings' EPS in Q2 FY27?
Basic earnings per share were ₹0.54, against ₹0.95 in Q2 FY26.
When did Metal Coatings announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Financial Results Of The Company For The Quarter And Half Year Ended 30Th September, 2026 Along With Limited Review Report Thereon (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome For Board Meeting Held On 05Th November, 2026 (BSE, 5 November 2026) · PDF
- Results -Unaudited Financial Results For The Quarter And Half Year Ended September 30, 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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