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Nilkamal Q2 FY27 results: net profit up 38.5% to ₹67.83 crore, revenue down 39.2%
Nilkamal Limited reported consolidated revenue of ₹1,126 crore in Q2 FY27, down 39.2% from the year-ago quarter, while EBITDA was ₹134.72 crore and profit after tax was ₹67.83 crore. Against Q1 FY27, revenue rose 37.3%, EBITDA rose 80.5%, and profit after tax rose 178.0%.
Key points
- Consolidated Q2 FY27 revenue was ₹1,126 crore, down 39.2% from Q2 FY26 and up 37.3% from Q1 FY27.
- EBITDA was ₹134.72 crore, down 6.0% year on year but up 80.5% from the previous quarter; EBITDA margin was 12.0%.
- Profit after tax was ₹67.83 crore, up 38.5% from Q2 FY26 and 178.0% from Q1 FY27; basic EPS was ₹45.41.
- Standalone revenue was ₹1,106.05 crore and profit after tax was ₹66.53 crore for Q2 FY27.
- H1 FY27 revenue was ₹1,945.59 crore and profit after tax was ₹92.23 crore; operating cash flow was ₹63.06 crore.
How did Nilkamal perform in Q2 FY27?
Nilkamal’s consolidated revenue for Q2 FY27 was ₹1,126 crore, compared with ₹1,851 crore in Q2 FY26 and ₹819.73 crore in Q1 FY27. Revenue fell 39.2% year on year and rose 37.3% sequentially. EBITDA was ₹134.72 crore, with an EBITDA margin of 12.0%, against ₹143.28 crore and 7.7% a year earlier and ₹74.63 crore and 9.1% in the previous quarter.
Profit before tax was ₹88.04 crore and profit after tax was ₹67.83 crore in Q2 FY27, compared with ₹60.29 crore and ₹48.99 crore in Q2 FY26. Profit after tax rose 38.5% year on year and 178.0% from Q1 FY27. Basic EPS was ₹45.41, against ₹32.70 in Q2 FY26 and ₹16.29 in Q1 FY27. On a standalone basis, revenue was ₹1,106.05 crore and profit after tax was ₹66.53 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,126 | 819.73 | 1,851 | −39.2% | +37.3% |
| Other income | 3.64 | 4.49 | 7.11 | −48.8% | −18.9% |
| Total expenses | 1,041 | 793.47 | 1,798 | −42.1% | +31.3% |
| EBITDA | 134.72 | 74.63 | 143.28 | −6.0% | +80.5% |
| EBITDA margin | 12.0% | 9.1% | 7.7% | +4.3 pp | +2.9 pp |
| Profit before tax | 88.04 | 30.75 | 60.29 | +46.0% | +186.3% |
| Tax | 23.26 | 9.12 | 15.61 | +49.0% | +155.0% |
| Net profit | 67.83 | 24.40 | 48.99 | +38.5% | +178.0% |
| EPS (₹) | 45.41 | 16.29 | 32.70 | +38.9% | +178.8% |
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 Nilkamal's costs and profit?
Total expenses for Q2 FY27 were ₹1,041 crore, down ₹756.22 crore from Q2 FY26. Cost of materials fell ₹155.67 crore to ₹665.81 crore, employee cost declined ₹68.33 crore to ₹87.34 crore, finance costs fell ₹11.91 crore to ₹9.81 crore, depreciation declined ₹27.88 crore to ₹40.50 crore, and other expenses fell ₹227.52 crore to ₹257.51 crore. There was no exceptional item.
Other income was ₹3.64 crore, down ₹3.47 crore from Q2 FY26, while tax was ₹23.26 crore, up ₹7.65 crore from ₹15.61 crore. Profit before tax increased ₹27.75 crore to ₹88.04 crore and profit after tax increased ₹18.84 crore to ₹67.83 crore. Compared with Q1 FY27, expenses were higher by ₹247.98 crore, other income was lower by ₹0.85 crore and tax was higher by ₹14.14 crore; no filing excerpt stated a specific reason for the changes.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 665.81 | 821.48 | −155.67 | −18.9% |
| Employee cost | 87.34 | 155.67 | −68.33 | −43.9% |
| Finance costs | 9.81 | 21.72 | −11.91 | −54.8% |
| Depreciation | 40.50 | 68.38 | −27.88 | −40.8% |
| Other expenses | 257.51 | 485.03 | −227.52 | −46.9% |
| Total expenses | 1,041 | 1,798 | −756.22 | −42.1% |
| Other income | 3.64 | 7.11 | −3.47 | −48.8% |
| Tax | 23.26 | 15.61 | +7.65 | +49.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,639.88 crore, compared with ₹2,517.61 crore at 31 March 2026, while total equity was ₹1,641.34 crore against ₹1,578.91 crore. Borrowings were ₹254.7 crore versus ₹255.87 crore. Cash declined to ₹29.07 crore from ₹75.69 crore. Inventories rose to ₹747.02 crore from ₹645.07 crore, trade receivables to ₹534.5 crore from ₹467.32 crore, and trade payables to ₹318.52 crore from ₹271.5 crore.
For H1 FY27, operating cash flow was ₹63.06 crore, compared with ₹33.74 crore in H1 FY26. Investing cash flow was negative ₹45.5 crore against negative ₹72.62 crore, financing cash flow was negative ₹63.01 crore against negative ₹46.2 crore, and capital expenditure was ₹78.13 crore against ₹75.29 crore. The company’s filings did not provide a closing cash figure for either half-year period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,640 | 2,518 |
| Total equity | 1,641 | 1,579 |
| Borrowings | 254.70 | 255.87 |
| Cash and equivalents | 29.07 | 75.69 |
| Inventories | 747.02 | 645.07 |
| Trade receivables | 534.50 | 467.32 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 63.06 | 33.74 |
| Cash from investing | −45.50 | −72.62 |
| Cash from financing | −63.01 | −46.20 |
| Capital expenditure | 78.13 | 75.29 |
Source: Company's results filing (XBRL).
How has Nilkamal done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹1,850.85 crore in Q2 FY26 and its lowest at ₹819.73 crore in Q1 FY27. It subsequently rose to ₹1,125.85 crore in Q2 FY27. Profit after tax was highest at ₹67.83 crore in Q2 FY27 and lowest at ₹15.33 crore in Q1 FY26, while the latest profit remained above ₹24.4 crore in Q1 FY27.
EBITDA margin bottomed at 6.6% in Q1 FY26, reached 9.9% in Q4 FY26 and rose to 12.0% in Q2 FY27 after standing at 9.1% in Q1 FY27. The current quarter showed higher revenue, profit and margin than the preceding quarter, while profit rose year on year in each of the last five quarters.
Which businesses drove the quarter?
The Business to Business segment reported revenue of ₹1,007.24 crore in Q2 FY27, down 38.9% from ₹1,649.18 crore in Q2 FY26. Segment EBIT was ₹106.72 crore, compared with ₹98.18 crore in the year-ago quarter, and the reported EBIT margin was 10.6%.
The Retail and Ecommerce segment reported revenue of ₹118.61 crore, down 41.2% from ₹201.67 crore in Q2 FY26. Segment EBIT was negative ₹3.51 crore, compared with negative ₹8.1 crore in the year-ago quarter, and the reported EBIT margin was negative 3.0%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Business to Business | 1,007 | −38.9% | 106.72 | 10.6% |
| Retail and Ecommerce | 118.61 | −41.2% | −3.51 | -3.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the statutory auditors’ limited review report. The company said the limited review report carried an unmodified opinion. The board meeting commenced at 12:30 p.m. and concluded at 1:30 p.m. on 29 October 2026.
The company also filed that Chief Human Resources Officer Maya Varma resigned as Senior Management Personnel, effective 30 November 2026. Her resignation letter stated that she was leaving to pursue new challenges and opportunities. The available same-day filings did not announce a dividend, fund raise or other appointment.
How did Nilkamal shares react?
After the filing appeared, the stock was down 3.9% after 5 minutes, down 5.6% after 15 minutes and down 3.8% after 30 minutes. On the reaction day, it closed 13.5% above the previous close. By the next day’s close, it was up 10.1% from the pre-results close; no five-day move was given.
The Plastic Products - Consumer industry median was up 0.3% on the reaction day and 1.0% by the next day’s close. Nilkamal therefore exceeded the industry move by 13.1 percentage points on the reaction day and 9.1 percentage points by the next day’s close. Earlier reaction-day moves were mixed: negative 4.8% on 1 August 2026, negative 0.1% on 14 May 2026, positive 5.6% on 5 February 2026 and positive 2.8% on 6 November 2025.
| After the filing | Stock | Plastic Products - Consumer median |
|---|---|---|
| 5 minutes | −3.9% | |
| 15 minutes | −5.6% | |
| 30 minutes | −3.8% | |
| Reaction day | +13.5% | +0.3% |
| Next day | +10.1% | +1.0% |
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 |
|---|---|
| 1 August 2026 | −4.8% |
| 14 May 2026 | −0.1% |
| 5 February 2026 | +5.6% |
| 6 November 2025 | +2.8% |
| 29 July 2025 | −7.4% |
| 14 May 2025 | +5.1% |
| 5 February 2025 | −5.7% |
| 28 October 2024 | +6.5% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Nilkamal's revenue in Q2 FY27?
Revenue from operations was ₹1,126 crore, down 39.2% from ₹1,851 crore in Q2 FY26 (consolidated).
Did Nilkamal make a profit in Q2 FY27?
Yes. Net profit was ₹67.83 crore, against a net profit of ₹48.99 crore in Q2 FY26.
What was Nilkamal's EPS in Q2 FY27?
Basic earnings per share were ₹45.41, against ₹32.70 in Q2 FY26.
How did Nilkamal shares react to the Q2 FY27 results?
On the reaction day the stock moved +13.5% from the previous close; the median Plastic Products - Consumer stock moved +0.3%.
When did Nilkamal announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration Of Unaudited Financial Results (Standalone & Consolidated) For The Quarter And Half Year Ended September 30, 2026. (BSE, 22 October 2026) · PDF
- Outcome Of The Board Meeting. (BSE, 29 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Press Release / Media Release (BSE, 29 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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