MMP Industries Q2 FY27 results: net profit up 72.8% to ₹12.11 crore, revenue up 34.6%

How did MMP Industries perform in Q2 FY27?

MMP Industries reported consolidated revenue from operations of ₹252.68 crore for Q2 FY27, up ₹65 crore or 34.6% from ₹187.68 crore in Q2 FY26 and ₹20.08 crore or 8.6% from ₹232.60 crore in Q1 FY27. Total income was ₹252.91 crore, up 34.4% year on year and 8.6% sequentially.

EBITDA for the quarter was ₹19.12 crore, up ₹6.27 crore or 48.8% from ₹12.85 crore a year earlier but down ₹1.68 crore or 8.1% from ₹20.80 crore in Q1 FY27. The EBITDA margin was 7.6%, against 6.8% in Q2 FY26 and 8.9% in Q1 FY27.

Profit before tax was ₹12.75 crore, up ₹5.54 crore or 76.8% from ₹7.21 crore a year earlier but down ₹1.81 crore or 12.4% from ₹14.56 crore in Q1 FY27. Net profit was ₹12.11 crore, up ₹5.10 crore or 72.8% from ₹7.01 crore and down 11.6% from ₹13.70 crore, and basic EPS was ₹4.77 against ₹2.76 and ₹5.39 respectively.

On a standalone basis, Q2 FY27 revenue was ₹252.07 crore and profit after tax was ₹10.68 crore, against standalone profit before tax of ₹6.03 crore. The figures in this article are consolidated unless stated otherwise.

What changed in MMP Industries' costs and profit?

Total expenses were ₹240.16 crore in Q2 FY27, up ₹59.15 crore or 32.7% from ₹181.01 crore in Q2 FY26. Cost of materials consumed was ₹205.29 crore, up ₹46.93 crore or 29.6% from ₹158.36 crore, while employee benefit expense rose ₹1.73 crore or 14.6% to ₹13.62 crore.

Finance costs were ₹3.45 crore, up ₹0.07 crore or 2.1% from ₹3.38 crore, depreciation was ₹3.15 crore, up ₹0.35 crore or 12.5%, and other expenses were ₹15.30 crore, up ₹1.53 crore or 11.1% from ₹13.77 crore. Other income fell ₹0.32 crore or 59.3% to ₹0.22 crore from ₹0.54 crore.

There was no exceptional item in Q2 FY27, while Q2 FY26 included an exceptional charge of ₹0.01 crore. Tax expense was ₹3.35 crore, up ₹1.49 crore or 80.1% from ₹1.86 crore in the year-ago quarter.

The company said stronger performance across aluminium powders and foils, supported by exports and improved plant utilisation, drove higher income and year-on-year margins. It added that sequential profitability was lower mainly because of inventory valuation losses, alongside elevated aluminium prices and higher consumable costs.

How did the first half of FY27 go?

In the first half of FY27, MMP Industries reported consolidated revenue of ₹485.28 crore, up ₹114.30 crore or 30.8% from ₹370.98 crore in H1 FY26. Total income was ₹485.68 crore, up ₹113.80 crore or 30.6%, and profit before tax was ₹27.31 crore against a loss of ₹2.31 crore a year earlier.

Net profit for H1 FY27 was ₹25.8 crore, up ₹24.20 crore or 1512.5% from ₹1.60 crore in H1 FY26, and EPS was ₹10.16 against ₹0.63. The company said H1 FY27 profit growth reflects a lower base in H1 FY26, which was affected by an exceptional charge related to the Q1 FY26 fire incident.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹734.55 crore against ₹624.94 crore at 31 March 2026, and total equity was ₹374.51 crore against ₹346.51 crore. Borrowings stood at ₹236.06 crore, higher than ₹184.52 crore at the previous balance sheet date, while cash was ₹0.59 crore against ₹1.97 crore.

Inventories rose to ₹169.26 crore from ₹158.10 crore, trade receivables to ₹115.55 crore from ₹88.85 crore, and trade payables to ₹62.25 crore from ₹46.22 crore at 31 March 2026.

For H1 FY27, operating cash flow was ₹69.14 crore against ₹11.95 crore in H1 FY26. Investing cash flow was ₹12.63 crore against negative ₹12.82 crore, financing cash flow was negative ₹39.52 crore against negative ₹3.54 crore, and capital expenditure was negative ₹15.06 crore against ₹0.00 crore in the earlier period.

How has MMP Industries done over the last 8 quarters?

Revenue in Q2 FY27 of ₹252.68 crore was the highest of the eight quarters listed, above ₹249.68 crore in Q4 FY26 and ₹232.60 crore in Q1 FY27. Revenue has risen year on year in each of the last eight quarters, and the sequential direction remained upward.

Net profit was ₹12.11 crore in Q2 FY27, below ₹13.70 crore in Q1 FY27 and ₹17.99 crore in Q4 FY26. The profit low of the period was a loss of ₹5.41 crore in Q1 FY26, and the highest net profit was ₹17.99 crore in Q4 FY26.

The EBITDA margin was 7.6% in Q2 FY27, down from 8.9% in Q1 FY27 and 8.7% in Q4 FY26. Across the listed quarters, the margin peaked at 9.9% in Q3 FY25 and bottomed at 6.8% in Q2 FY26.

Which businesses drove the quarter?

Aluminium Powder and Paste was the largest reported segment, with Q2 FY27 revenue of ₹161.05 crore, up 37.2% from ₹117.38 crore in the year-ago quarter, and EBIT of ₹17.99 crore against ₹12.27 crore. The segment's EBIT margin was 11.2%.

Aluminium Foils recorded revenue of ₹74.79 crore, up 46.9% from ₹50.93 crore, with EBIT of ₹2.84 crore against ₹0.50 crore and an EBIT margin of 3.8%. The company said revenue grew 47% year on year across bare and printed foils, with positive EBITDA margins maintained despite pricing pressures.

Aluminium Conductors reported revenue of ₹15.60 crore, down 16.0% from ₹18.56 crore, and EBIT of ₹0.17 crore against ₹1.06 crore, with an EBIT margin of 1.1%. The company attributed the decline to a monsoon-related slowdown in project execution and expects H2 FY27 revenue to rise about 40-50% over H1 FY27.

Others recorded revenue of ₹0.80 crore, up 31.8% from ₹0.61 crore, and EBIT of ₹0.33 crore against ₹0.31 crore. Insulators reported revenue of ₹0.61 crore and EBIT of negative ₹1.60 crore, while others unallocated showed revenue of ₹0.06 crore.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and six months ended 30 September 2026, following review by the audit committee and a limited review report from the statutory auditor. The results were filed with the National Stock Exchange on 2 November 2026.

The board noted the resignation of T. N. Murthy from the post of whole-time director, which the filing said was due to preoccupation, and approved the appointment of Amit Kothari as additional executive whole-time director in his place. Kothari's profile described experience across clothing and textiles, gems and jewellery, electrical goods and electronics, ferrous and non-ferrous metals, and the automobile industry.

No dividend, fund raise or capital-reduction decision was disclosed in the same-day filings reviewed for this result.

What did MMP Industries' management say?

Management said H2 FY27 conductors and cables revenue is projected to increase approximately 40-50% compared with H1 FY27, while LT-cable commercial sales are expected from Q4 FY27. The 18,000 MTPA wire-rod facility targets production in early Q4 FY27 and contribution from Q1 FY28.

The earlier FY27 polymer-insulator revenue target of ₹18-20 crore now looks difficult pending approvals, with meaningful contribution expected from Q1 FY28 and optimum utilisation in H2 FY28. The business is expected to generate an 18-20% EBITDA margin once it scales. CFO Sharad Khandelwal said: “Eighteen to twenty crores at this stage looks a little difficult to achieve, but you know it is all subject to our approvals.”

Management said the 7 MW captive solar park commissioning, originally targeted for Q3 FY27, was delayed due to pending regulatory approvals and is likely to be arranged by January or February next year. The managing director, Arunji Bhandari, said: “However, commissioning, which was originally targeted for Q3 FY27, has been delayed due to pending regulatory approvals, and this is likely to be arranged sometime by January, February next year.”

Management identified foil pricing pressure, higher consumable costs linked to geopolitical developments, and inventory valuation losses of about ₹2.5 crore after metal-price fluctuations as risks, with Q3 exposure not quantified. It also said monsoon-related slowdown in infrastructure project execution constrained conductors and cables in H1 FY27, and that polymer-insulator commercialisation depends on pending Power Grid and other utility approvals.

How did MMP Industries shares react?

The stock fell 1.3% within five minutes of the filing and 5.0% after 15 minutes, with the decline widening to 6.7% after 30 minutes. On the reaction day, MMP Industries closed 6.2% below the previous close of ₹458.00, at a base price of ₹455.60. By the next day's close, the stock was 8.8% below its pre-results close.

The median move of the other aluminium stocks was 1.1% on the reaction day and 1.1% by the next day's close, while the Nifty Microcap 250 rose 1.4% on the reaction day. MMP Industries therefore trailed the industry median by 7.3 percentage points on the reaction day and by 9.9 percentage points by the next day's close.

Earlier results-day reactions were mixed: the stock rose 4.2% on 10 August 2026, 0.7% on 23 May 2026 and 0.5% on 13 February 2026, and fell 4.9% on 7 November 2025, 3.9% on 8 August 2025, 6.2% on 23 May 2025, 5.2% on 13 February 2025 and 4.0% on 12 November 2024.