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Mitsu Chem Plast Q2 FY27 results: net profit ₹6.10 crore vs ₹1.88 crore, revenue up 3.7%
Mitsu Chem Plast Ltd reported standalone Q2 FY27 revenue of ₹95.81 crore and a net profit of ₹6.10 crore, up from ₹92.42 crore and ₹1.88 crore in Q2 FY26. Profit declined sequentially from ₹8.74 crore in Q1 FY27, while the first-half net profit rose 365.2% to ₹14.84 crore.
Key points
- Q2 FY27 revenue rose 3.7% year-on-year to ₹95.81 crore and increased 0.7% from ₹95.15 crore in Q1 FY27.
- Q2 FY27 EBITDA was ₹11.89 crore, up 102.2% from ₹5.88 crore, while margin expanded 6.0 percentage points to 12.4%.
- Standalone net profit rose 224.5% year-on-year to ₹6.10 crore but fell 30.2% from ₹8.74 crore in the previous quarter.
- Basic EPS was ₹4.50, compared with ₹1.39 in Q2 FY26 and ₹6.44 in Q1 FY27.
- H1 FY27 revenue rose 7.5% to ₹190.95 crore and net profit rose 365.2% to ₹14.84 crore.
How did Mitsu Chem Plast perform in Q2 FY27?
Mitsu Chem Plast’s standalone revenue from operations was ₹95.81 crore in Q2 FY27, up 3.7% from ₹92.42 crore in Q2 FY26 and 0.7% from ₹95.15 crore in Q1 FY27. EBITDA rose 102.2% year-on-year to ₹11.89 crore, and margin expanded by 6.0 percentage points to 12.4% from 6.4%.
Standalone net profit was ₹6.10 crore in Q2 FY27, compared with ₹1.88 crore in Q2 FY26 and ₹8.74 crore in Q1 FY27. Basic EPS was ₹4.50, against ₹1.39 a year earlier and ₹6.44 in the previous quarter. The filing covered unaudited standalone results for the quarter ended 30 September 2026; no consolidated result was provided.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 95.81 | 95.15 | 92.42 | +3.7% | +0.7% |
| Other income | 0.31 | 0.18 | 0.14 | +121.4% | +72.2% |
| Total expenses | 87.92 | 83.40 | 90.01 | −2.3% | +5.4% |
| EBITDA | 11.89 | 15.49 | 5.88 | +102.2% | −23.2% |
| EBITDA margin | 12.4% | 16.3% | 6.4% | +6.0 pp | −3.9 pp |
| Profit before tax | 8.20 | 11.93 | 2.55 | +221.6% | −31.3% |
| Tax | 2.10 | 3.19 | 0.67 | +213.4% | −34.2% |
| Net profit | 6.10 | 8.74 | 1.88 | +224.5% | −30.2% |
| EPS (₹) | 4.50 | 6.44 | 1.39 | +223.7% | −30.1% |
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 Mitsu Chem Plast's costs and profit?
Total expenses fell 2.3% year-on-year to ₹87.92 crore from ₹90.01 crore, although they rose 5.4% from ₹83.40 crore in Q1 FY27. Cost of materials increased 5.0% to ₹63.14 crore from ₹60.12 crore, finance costs rose 8.5% to ₹1.78 crore and depreciation increased 21.3% to ₹2.22 crore.
Employee cost fell 7.7% to ₹6.01 crore from ₹6.51 crore, while other expenses declined 22.0% to ₹17.29 crore from ₹22.18 crore. Other income increased 121.4% to ₹0.31 crore from ₹0.14 crore. There was no exceptional item, and tax expense rose 213.4% to ₹2.10 crore from ₹0.67 crore.
The company’s earnings release attributed the H1 improvement to operational efficiencies and a stronger product mix. Against Q1 FY27, cost of materials rose 6.6%, other expenses rose 6.2%, and depreciation rose 7.8%, while employee cost fell 13.4% and tax fell 34.2%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 63.14 | 60.12 | +3.02 | +5.0% |
| Employee cost | 6.01 | 6.51 | −0.50 | −7.7% |
| Finance costs | 1.78 | 1.64 | +0.14 | +8.5% |
| Depreciation | 2.22 | 1.83 | +0.39 | +21.3% |
| Other expenses | 17.29 | 22.18 | −4.89 | −22.0% |
| Total expenses | 87.92 | 90.01 | −2.09 | −2.3% |
| Other income | 0.31 | 0.14 | +0.17 | +121.4% |
| Tax | 2.10 | 0.67 | +1.43 | +213.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, standalone revenue rose 7.5% to ₹190.95 crore from ₹177.70 crore in H1 FY26, while total income increased 7.6% to ₹191.45 crore from ₹177.96 crore. Profit before tax rose 363.8% to ₹20.13 crore from ₹4.34 crore.
Net profit for the first half rose 365.2% to ₹14.84 crore from ₹3.19 crore, and basic EPS increased 365.1% to ₹10.93 from ₹2.35. The company’s earnings release reported H1 FY27 EBITDA of ₹2,738 Lakhs, up 151.4%, and EBITDA margin of 14.3%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 190.95 | 177.70 | +7.5% |
| Profit before tax | 20.13 | 4.34 | +363.8% |
| Net profit | 14.84 | 3.19 | +365.2% |
| EPS (₹) | 10.93 | 2.35 | +365.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹259.90 crore at 30 September 2026 from ₹217.86 crore at 31 March 2026, while total equity rose to ₹126.89 crore from ₹112.41 crore. Total borrowings were ₹100.98 crore, compared with ₹63.86 crore; cash and cash equivalents were ₹0.06 crore, against ₹0.05 crore.
H1 FY27 operating cash flow was ₹9.02 crore, compared with ₹12.95 crore in H1 FY26. Investing cash flow was negative ₹42.99 crore against negative ₹3.03 crore, while financing cash flow was ₹33.98 crore against negative ₹9.82 crore. Capital expenditure was ₹43.01 crore, compared with ₹4.18 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 259.90 | 217.86 |
| Total equity | 126.89 | 112.41 |
| Borrowings | 100.98 | 63.86 |
| Cash and equivalents | 0.06 | 0.05 |
| Inventories | 37.04 | 43.05 |
| Trade receivables | 64.77 | 58.24 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 9.02 | 12.95 |
| Cash from investing | −42.99 | −3.03 |
| Cash from financing | 33.98 | −9.82 |
| Capital expenditure | 43.01 | 4.18 |
Source: Company's results filing (XBRL).
How has Mitsu Chem Plast done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹95.81 crore in Q2 FY27, after ₹95.15 crore in Q1 FY27; the lowest was ₹80.46 crore in Q3 FY25. Revenue has now risen year-on-year for two consecutive quarters.
Net profit reached its highest level at ₹8.74 crore in Q1 FY27, before falling to ₹6.10 crore in Q2 FY27; the lowest was ₹1.31 crore in Q1 FY26. Profit has increased year-on-year for seven consecutive quarters.
EBITDA margin peaked at 16.5% in Q4 FY26 and eased to 12.4% in Q2 FY27 from 16.3% in Q1 FY27. The lowest margin in the reported series was 5.9% in Q1 FY26.
What else did the company announce?
The board approved the unaudited standalone financial results for the quarter ended 30 September 2026 on 31 October 2026. It also appointed Damini Salunke as Company Secretary and Compliance Officer, with effect from 31 October 2026, and designated her as a Key Managerial Personnel.
The company appointed M/s. Maharshi Ganatra & Associates as Secretarial Auditor to fill the vacancy following the resignation of the existing Secretarial Auditor, until the conclusion of the ensuing Annual General Meeting. The board was also informed that Gokhale & Sathe had been converted into Gokhale & Sathe LLP with effect from 27 August 2026. No dividend or new fund-raising announcement was included in the same-day filings.
What did Mitsu Chem Plast's management say?
Management said the fully automated intermediate bulk container facility at Khalapur was on track for commissioning in Q3 FY27 and that it expected growth momentum to continue through FY27. The company also stated an ambition of ₹1,000 Cr in annual revenue through organic and inorganic growth opportunities, without specifying a timeframe.
Management said it planned to scale Furnastra as a dedicated healthcare brand, expand advanced hospital-furniture solutions, increase production of pails, containers and jerrycans, focus on specialised caps and closures, and explore export opportunities in selected countries. Management identified capacity utilisation, operational efficiency, product innovation and customer diversification as priorities.
The presentation highlighted higher September 2026 non-current borrowings and capital work-in-progress, lower sequential Q2 profit, customer concentration and the need for packaging redesign under the India Plastics Pact as watchpoints. No specific analyst questions or answers were included in the available materials.
How did Mitsu Chem Plast shares react?
After the filing appeared, the stock was 1.6% higher after five minutes, 1.8% higher after 15 minutes and 1.2% higher after 30 minutes. On the reaction day, it closed 7.5% below its pre-results close, while the Packaging industry median was unchanged; the relative move was negative 7.5 percentage points.
By the next day’s close, the stock was down 9.7% from its pre-results close, compared with a 0.8% increase for the Packaging industry median, a relative difference of negative 10.4 percentage points. Earlier results-day reactions included gains of 0.7% on 9 July 2026, 17.6% on 2 May 2026, 9.0% on 30 January 2026 and 14.6% on 6 November 2025.
| After the filing | Stock | Packaging median |
|---|---|---|
| 5 minutes | +1.6% | |
| 15 minutes | +1.8% | |
| 30 minutes | +1.2% | |
| Reaction day | −7.5% | +0.0% |
| Next day | −9.7% | +0.8% |
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 |
|---|---|
| 9 July 2026 | +0.7% |
| 2 May 2026 | +17.6% |
| 30 January 2026 | +9.0% |
| 6 November 2025 | +14.6% |
| 7 August 2025 | −3.3% |
| 8 May 2025 | +1.0% |
| 29 October 2024 | −2.4% |
| 9 August 2024 | −4.1% |
Source: MarketPing price-reaction measurement.
How did other Packaging companies do?
Among 23 Packaging companies compared for revenue growth, the median was 21.3%. Mitsu Chem Plast’s 3.7% revenue growth was higher than that of five peers and lower than that of 18 peers.
Among the 24 peers for which profit was compared, 13 reported higher profit. These peer figures were available as of 4 November 2026.
| Mitsu Chem Plast revenue growth (YoY) | +3.7% |
|---|---|
| Median of 23 other Packaging companies | +21.3% |
| Companies with slower revenue growth than Mitsu Chem Plast | 5 of 23 |
| Companies with faster revenue growth than Mitsu Chem Plast | 18 of 23 |
| Companies whose net profit rose | 13 of 24 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Mitsu Chem Plast's revenue in Q2 FY27?
Revenue from operations was ₹95.81 crore, up 3.7% from ₹92.42 crore in Q2 FY26 (standalone).
Did Mitsu Chem Plast make a profit in Q2 FY27?
Yes. Net profit was ₹6.10 crore, against a net profit of ₹1.88 crore in Q2 FY26.
What was Mitsu Chem Plast's EPS in Q2 FY27?
Basic earnings per share were ₹4.50, against ₹1.39 in Q2 FY26.
How did Mitsu Chem Plast shares react to the Q2 FY27 results?
On the reaction day the stock moved −7.5% from the previous close; the median Packaging stock moved +0.0%.
When did Mitsu Chem Plast announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For To Consider And Approve, Inter Alia, The Unaudited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 26 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Press Release / Media Release (BSE, 31 October 2026) · PDF
- The investor presentation (31 October 2026)
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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